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Illinois Compiled Statutes - Full Text
Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
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(765 ILCS 1026/15-1002.2) (This Section may contain text from a Public Act with a delayed effective date) Sec. 15-1002.2. Additional authority for the Secretary of Financial and Professional Regulation. (a) Notwithstanding any law to the contrary, the Secretary of Financial and Professional Regulation may order any regulated person to immediately report and remit property subject to this Act, in whole or in part, to the administrator when the Secretary deems, in the Secretary's sole discretion, such reporting and remittance to be necessary to protect the interest of owners. (b) Any order issued by the Secretary under this Section shall accelerate the dormancy period otherwise set forth in this Act. (c) Notwithstanding any law to the contrary, a regulated person may accelerate the dormancy period otherwise set forth in this Act and immediately report and remit property subject to this Act, in whole or in part, with written permission from the Secretary of Financial and Professional Regulation, subject to any terms and conditions that the Secretary deems, in the Secretary's sole discretion, to be necessary to protect the interest of owners. (d) The Secretary of Financial and Professional Regulation may adopt rules consistent with the purposes of this Section necessary to administer, implement, interpret, and enforce this Section. (e) The administrator is authorized and empowered to adopt rules consistent with the purposes of this Section, including, but not limited to, rules necessary to administer, implement, interpret, and enforce this Section. (f) For purposes of this Section, "regulated person" means any person or entity who is certified, permitted, approved, chartered, registered, licensed, or otherwise authorized to engage in any profession, trade, occupation, or industry by the Department of Financial and Professional Regulation's Division of Banking or Division of Financial Institutions under any Act or rule administered by the Division of Banking or Division of Financial Institutions. Notwithstanding the foregoing, banks, savings banks, and credit unions organized under the laws of this State are not subject to this Section. (Source: P.A. 104-116, eff. 1-1-26.) |