SB2318 increases penalties for misleading banking practices in Illinois.
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 using names or terms that could mislead the public into believing they are affiliated with an existing bank. It also allows the Commissioner to direct non-bank entities to cease and desist from such practices and imposes penalties for continued violations. The remedies provided are in addition to any other legal remedies available.
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