Bill Status of HB 3553   104th General Assembly

Short Description:  MISLEADING PRACTICES PENALTY

House Sponsors
Rep. Margaret Croke and Camille Y. Lilly

Last Action  View All Actions

DateChamber Action
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
205 ILCS 5/46from Ch. 17, par. 357

Synopsis As Introduced
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.

House 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.

Actions 
DateChamber Action
  2/7/2025HouseFiled with the Clerk by Rep. Margaret Croke
  2/18/2025HouseFirst Reading
  2/18/2025HouseReferred to Rules Committee
  3/11/2025HouseAssigned to Financial Institutions and Licensing Committee
  3/11/2025HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
  3/11/2025HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/12/2025HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
  3/18/2025HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
  3/18/2025HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 008-004-000
  3/19/2025HousePlaced on Calendar 2nd Reading - Short Debate
  3/26/2025HouseSecond Reading - Short Debate
  3/26/2025HouseHeld on Calendar Order of Second Reading - Short Debate
  4/8/2025HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee

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