HB5538 Summary

• Renames the "Financial Institutions Code" to the "Financial Institutions Act" throughout Illinois law.

• Clarifies that the Secretary of Financial and Professional Regulation (rather than the Director alone) has authority to adopt rules and make decisions regarding financial institution regulation and enforcement.

• Adds "Consumer Legal Funding Act" to the list of Acts administered by the Division of Financial Institutions.

• Creates three new enforcement provisions: court orders to enforce subpoenas for witness attendance and document production, perjury penalties for fraudulent documents filed with the Division, and authority for the Secretary to enter consent orders or settlement agreements without requiring admission of violations.

• Repeals seven outdated sections of the Financial Institutions Code and updates terminology in related licensing acts to clarify roles between the Secretary, Director, and Division.