Amends the Illinois Banking Act. In provisions concerning the penalty for misleading practices and names, changes the civil penalty that may be imposed to the maximum amount otherwise permitted under specified provisions, $100,000 for each violation (rather than $10,000 for each violation). Provides that the remedies provided in those provisions are in addition to, not to the exclusion of, any other remedies available under the law. Defines terms. Makes other changes.
Senate Committee Amendment No. 1: Provides that an existing bank (instead of a State bank) may report an alleged violation to the Commissioner of Banks and Real Estate in provisions concerning soliciting business. Provides that "bank" means a State bank or an entity whose deposits are insured, to the applicable limit, by the Federal Deposit Insurance Corporation or any successors thereto (instead of a State bank or an entity of which a substantial portion of its operations is the business of accepting deposits and which such deposits are insured, to the applicable limit, by the Federal Deposit Insurance Corporation or any successors thereto). Makes other changes in provisions concerning defined terms. Makes a grammatical correction.
Senate Floor Amendment No. 2: Replaces everything after the enacting clause. Amends the Illinois Banking Act. In provisions concerning misleading practices and names prohibited, provides that, if a person, firm, partnership, or corporation that does not accept insured deposits as a substantial portion of its operations and is not chartered by a State or the United States violates specified provisions of the Act, the Secretary of Financial and Professional Regulation (as successor to the Commissioner of Banks and Real Estate) may impose a civil penalty of up to the maximum amount provided for each violation.

Statutes affected:
Introduced: 205 ILCS 5/46
Engrossed: 205 ILCS 5/46