SB2318 increases penalties for misleading practices and names in Illinois banking.
SB2318 amends the Illinois Banking Act to increase the civil penalty for misleading practices and names from $10,000 to $100,000 per violation. The bill prohibits non-bank entities from transacting business in a manner that misleads the public into believing they are a bank, or using the terms "bank," "banker," or "banking" in their business. It also restricts the use of existing bank names or similar names in marketing materials without consent. The Commissioner of Banks and Real Estate can impose penalties and issue cease and desist orders.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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