Illinois HB 3553: MISLEADING PRACTICES PENALTY

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3553

Introduced 2/18/2025, by Rep. Margaret Croke 

SYNOPSIS AS INTRODUCED:

205 ILCS 5/46 from Ch. 17, par. 357

 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.

LRB104 11892 BAB 21983 b

A BILL FOR

HB3553LRB104 11892 BAB 21983 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Banking Act is amended by changing 

5Section 46 as follows:

6 (205 ILCS 5/46) (from Ch. 17, par. 357)

7 Sec. 46. Misleading practices and names prohibited; 

8penalty. 

9 (a) No person, firm, partnership, or corporation that is 

10not a bank shall transact business in this State in a manner 

11which has a substantial likelihood of misleading the public by 

12implying that the business is a bank, or shall use the word 

13"bank", "banker", or "banking" in connection with the 

14business. Any person, firm, partnership or corporation 

15violating this Section shall be deemed guilty of a Class A 

16misdemeanor, and the Attorney General or State's Attorney of 

17the county in which any such violation occurs may restrain 

18such violation by a complaint for injunctive relief.

19 (b) If the Commissioner is of the opinion an