Substitute Senate Bill No. 121, Public Act No. 24-75, is a legislative act that amends current law to define various terms related to banking and financial regulation, such as "Affiliate," "Bank," "Commissioner," and others, to ensure consistency with federal regulations. It grants the Attorney General the power to enforce provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the authority to issue subpoenas for documentary material, testimony, or written interrogatories during investigations of potential violations. The bill requires the Attorney General to coordinate with the Banking Commissioner before issuing subpoenas to entities under the Commissioner's jurisdiction and establishes a process for approval and consultation. It also outlines procedures for issuing subpoenas to banks or out-of-state banks, including a requirement for the Attorney General to provide a draft subpoena to the bank's primary supervisory agency at least ten business days before issuance.

The bill further details the process for the Attorney General to confer with banks after serving a subpoena and allows banks to designate individuals to testify on their behalf. It specifies conditions under which high-ranking officials must testify if they have unique knowledge about a violation. The bill also addresses the handling of confidential material, allowing the Attorney General to disclose it under certain conditions without waiving privilege. It sets forth procedures for dealing with non-compliance with subpoenas, including the application for a court order to compel compliance and the imposition of civil penalties. Additionally, the bill modifies telemarketing regulations, requiring telemarketers to obtain prior express written consent from consumers before making telephonic sales calls for marketing or sales solicitation of consumer goods or services, with these amendments becoming effective from October 1, 2024.

Statutes affected:
Raised Bill: 3-129e
BA Joint Favorable Substitute: 3-129e
File No. 135: 3-129e
JUD Joint Favorable: 3-129e
Public Act No. 24-75: 3-129e