Illinois General Assembly - Bill Status for SB2335

Amends the Illinois Savings and Loan Act of 1985 and the Savings Bank Act. Prohibits any person or group of persons from (1) using the name of an existing savings and loan association or savings bank when marketing or soliciting business from customers or prospective customers if the name is used without the written consent of that association or savings bank or (2) using a name that is similar to that of an existing savings and loan association or savings bank when marketing to or soliciting business from customers or prospective customers if the similar name is used in a manner that would cause a reasonable person to believe that the existing association or savings bank originated, endorsed, or is in any other way responsible for the marketing material or solicitation. Authorizes the Secretary of Financial and Professional Regulation to issue cease and desist orders for violation of these provisions. Imposes civil penalties for violation of the these provisions and for violation of the cease and desist order. Authorizes the Department of Financial and Professional Regulation to adopt rules to administer the provisions. Makes other changes. Effective immediately.

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