Illinois SB 2318: RIVERBOAT GMB-COMPETITIVE BIDS

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SB2318 EnrolledLRB104 11891 BAB 21982 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 and finds that a 

20person, firm, partnership, or corporation that is not a bank 

21has transacted or intends to transact business in this State 

22in a manner which has a substantial likelihood of misleading 

23the public by implying that the business is a bank, or has used 

SB2318 Enrolled- 2 -LRB104 11891 BAB 21982 b

1or intends to use the word "bank", "banker", or "banking" in 

2connection with the business, then the Commissioner may direct 

3that person, firm, partnership, or corporation to cease and 

4desist from transacting the busin