SB2318 - 104th General Assembly (2025-2026)

MISLEADING PRACTICES PENALTY
Last Action
08/01/2025 - Senate: Public Act . . . . . . . . . 104-0144
Statutes Amended In Order of Appearance
205 ILCS 5/46  from 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.

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.
Actions
DateChamberAction
02/07/2025SenateFiled with Secretary by Sen. Laura Ellman
02/07/2025SenateFirst Reading
02/07/2025SenateReferred to Assignments
03/04/2025SenateAssigned to Financial Institutions
03/04/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
03/04/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
03/05/2025SenateAdded as Co-Sponsor Sen. Mark L. Walker
03/12/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
03/19/2025SenateSenate Committee Amendment No. 1 Adopted
03/19/2025SenateDo Pass as Amended Financial Institutions; 008-000-000
03/19/2025SenatePlaced on Calendar Order of 2nd Reading March 20, 2025
03/20/2025SenateSecond Reading
03/20/2025SenatePlaced on Calendar Order of 3rd Reading April 1, 2025
04/03/2025SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman
04/03/2025SenateSenate Floor Amendment No. 2 Referred to Assignments
04/08/2025SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
04/10/2025SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 008-000-000
04/10/2025SenateRecalled to Second Reading
04/10/2025SenateSenate Floor Amendment No. 2 Adopted; Ellman
04/10/2025SenatePlaced on Calendar Order of 3rd Reading
04/10/2025SenateThird Reading - Passed; 055-000-000
04/10/2025HouseArrived in House
04/10/2025HouseChief House Sponsor Rep. Margaret Croke
04/11/2025HouseFirst Reading
04/11/2025HouseReferred to Rules Committee
04/17/2025HouseAssigned to Financial Institutions and Licensing Committee
04/29/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
04/30/2025HousePlaced on Calendar 2nd Reading - Short Debate
05/14/2025HouseSecond Reading - Short Debate
05/14/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
05/21/2025HouseAdded Alternate Chief Co-Sponsor Rep. Christopher "C.D." Davidsmeyer
05/21/2025HouseAdded Alternate Chief Co-Sponsor Rep. Jawaharial Williams
05/21/2025HouseAdded Alternate Chief Co-Sponsor Rep. Eva-Dina Delgado
05/21/2025HouseAdded Alternate Chief Co-Sponsor Rep. Dan Ugaste
05/22/2025HouseAdded Alternate Co-Sponsor Rep. Anthony DeLuca
05/22/2025HouseThird Reading - Short Debate - Passed 114-000-000
05/22/2025SenatePassed Both Houses
05/28/2025SenateAdded as Co-Sponsor Sen. Chris Balkema
06/20/2025SenateSent to the Governor
08/01/2025SenateGovernor Approved
08/01/2025SenateEffective Date January 1, 2026
08/01/2025SenatePublic Act . . . . . . . . . 104-0144