Full Text of HB4345 94th General Assembly
HB4345ham001 94TH GENERAL ASSEMBLY
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Financial Institutions Committee
Adopted in House Comm. on Jan 24, 2006
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LRB094 15657 MKM 54549 a |
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| AMENDMENT TO HOUSE BILL 4345
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| AMENDMENT NO. ______. Amend House Bill 4345 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Illinois Savings and Loan Act of 1985 is | 5 |
| amended by by adding Section 1-1.5 and by changing Section 1-5 | 6 |
| as follows: | 7 |
| (205 ILCS 105/1-1.5 new) | 8 |
| Sec. 1-1.5. References to Office or Commissioner of Banks | 9 |
| and Real Estate. On and after the effective date of this | 10 |
| amendatory Act of the 94th General Assembly, unless the context | 11 |
| requires otherwise: | 12 |
| (1) References in this Act to the Office of Banks and | 13 |
| Real Estate or "the Office" mean the Department of | 14 |
| Financial and Professional Regulation. | 15 |
| (2) References in this Act to the Commissioner of Banks | 16 |
| and Real Estate or "the Commissioner" mean the Secretary of | 17 |
| Financial and Professional Regulation.
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| (205 ILCS 105/1-5) (from Ch. 17, par. 3301-5)
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| Sec. 1-5. Prohibitions. | 20 |
| (a) No person or group of persons, except an association | 21 |
| duly
incorporated under this Act or a prior Act or a Federal | 22 |
| association or a
foreign association duly authorized to do | 23 |
| business in this State, shall
transact business within the |
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| scope of this Act or do any business under any
name or title or | 2 |
| circulate or use any advertising or make any
representation or | 3 |
| give any information to any person which indicates or
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| reasonably implies the operation of a business which is within | 5 |
| the scope of
this Act.
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| (b) A circuit court may issue an injunction to restrain any | 7 |
| person from
violating or continuing to violate subsection (a)
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| any of the foregoing provisions of this Section.
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| (b-5) Except as otherwise expressly permitted by law or | 10 |
| with the written consent of the association, no person or group | 11 |
| of persons may use the name of or a name similar to the name of | 12 |
| an existing association when marketing or soliciting business | 13 |
| from customers or prospective customers if the name or similar | 14 |
| name is used in a manner that would cause a reasonable person | 15 |
| to believe that the marketing material or solicitation | 16 |
| originated from or is endorsed by the existing association or | 17 |
| that the existing association is in any other way responsible | 18 |
| for the marketing material or solicitation.
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| (c) Any person or group of persons who violates subsection | 20 |
| (a) of
any provision of this Section commits a
business offense | 21 |
| and shall be fined not to exceed $5,000. | 22 |
| (d) In addition to any other available remedies, an | 23 |
| existing association may report an alleged violation of any | 24 |
| provision of this Section to the Secretary. If the Secretary of | 25 |
| Financial and Professional Regulation finds that any person or | 26 |
| group of persons is in violation of any provision of this | 27 |
| Section, then the Secretary may direct that person or group of | 28 |
| persons to cease and desist from that violation. If the | 29 |
| Secretary issues a cease and desist order against any person or | 30 |
| group of persons for violation of subsection (b-5), then the | 31 |
| order must require that person or group of persons to cease and | 32 |
| desist from using the offending marketing material or | 33 |
| solicitation in Illinois. | 34 |
| If the person or group of persons against whom the |
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| Secretary issued the cease and desist order persists in the | 2 |
| violation, then the Secretary may impose a civil penalty of up | 3 |
| to $10,000 for each violation. Each day that a person or group | 4 |
| of persons is in violation of this Section constitutes a | 5 |
| separate violation of this Section and each instance in which | 6 |
| marketing material or a solicitation is sent in violation of | 7 |
| subsection (b-5) constitutes a separate violation of this | 8 |
| Section. | 9 |
| (e) The Department of Financial and Professional | 10 |
| Regulation may adopt rules to administer the provisions of this | 11 |
| Section.
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| (Source: P.A. 84-543.)
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| Section 10. The Savings Bank Act is amended by adding | 14 |
| Section 1001.5 and by changing Section 1004 as follows: | 15 |
| (205 ILCS 205/1001.5 new) | 16 |
| Sec. 1001.5. References to Office or Commissioner of Banks | 17 |
| and Real Estate. On and after the effective date of this | 18 |
| amendatory Act of the 94th General Assembly, unless the context | 19 |
| requires otherwise: | 20 |
| (1) References in this Act to the Office of Banks and | 21 |
| Real Estate or "the Office" mean the Department of | 22 |
| Financial and Professional Regulation. | 23 |
| (2) References in this Act to the Commissioner of Banks | 24 |
| and Real Estate or "the Commissioner" mean the Secretary of | 25 |
| Financial and Professional Regulation.
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| (205 ILCS 205/1004) (from Ch. 17, par. 7301-4)
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| Sec. 1004. Applicability.
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| (a) This Act shall apply to all financial institutions no
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| matter how named or chartered, if they comply with the
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| provisions of this Act and with the rules of the Commissioner
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| promulgated pursuant to this Act.
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| (b) No person or group of persons, except a savings bank | 2 |
| duly organized
or authorized under this Act, a predecessor Act, | 3 |
| or a federal Act may
transact business within the scope of this | 4 |
| Act or do business under any
name or title or circulate or use | 5 |
| any advertising or make any
representations or give any | 6 |
| information to anyone using any media,
including electronic | 7 |
| media, that indicates or implies the operation of a
business | 8 |
| within the scope of this Act. Nothing herein
shall prohibit the | 9 |
| continued use of the name or title "savings bank" by any
bank | 10 |
| or savings and loan association if the use of that name or | 11 |
| title was
in effect before January 1, 1990.
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| (c) Except as otherwise expressly permitted by law or with | 13 |
| the written consent of the savings bank, no person or group of | 14 |
| persons may use the name of or a name similar to the name of an | 15 |
| existing savings bank when marketing or soliciting business | 16 |
| from customers or prospective customers if the name or similar | 17 |
| name is used in a manner that would cause a reasonable person | 18 |
| to believe that the marketing material or solicitation | 19 |
| originated from or is endorsed by the existing savings bank or | 20 |
| that the existing savings bank is in any other way responsible | 21 |
| for the marketing material or solicitation.
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| (d) Any person who violates subsection (b) of this Section | 23 |
| commits a business offense and shall be fined in an amount not | 24 |
| to exceed $5,000.
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| (e) In addition to any other available remedies, any | 26 |
| existing savings bank may report an alleged violation of any | 27 |
| provision of this Section to the Secretary of Financial and | 28 |
| Professional Regulation. If the Secretary finds that any person | 29 |
| or group of persons is in violation of any provision of this | 30 |
| Section, then the Secretary may direct that person or group of | 31 |
| persons to cease and desist from that violation. If the | 32 |
| Secretary issues a cease and desist order against any person or | 33 |
| group of persons for violation of subsection (c), then the | 34 |
| order must require that person or group of persons to cease and |
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LRB094 15657 MKM 54549 a |
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| desist from using the offending marketing material or | 2 |
| solicitation in Illinois. | 3 |
| If the person or group of persons against whom the | 4 |
| Secretary issued the cease and desist order persists in the | 5 |
| violation, then the Secretary may impose a civil penalty of up | 6 |
| to $10,000 for each violation. Each day that a person or group | 7 |
| of persons is in violation of this Section constitutes a | 8 |
| separate violation of this Section and each instance in which | 9 |
| marketing material or a solicitation is sent in violation of | 10 |
| subsection (c) constitutes a separate violation of this | 11 |
| Section. | 12 |
| (f) The Department of Financial and Professional | 13 |
| Regulation may adopt rules to administer the provisions of this | 14 |
| Section.
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| (Source: P.A. 86-1213.)
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| Section 99. Effective date. This Act takes effect upon | 17 |
| becoming law.".
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