Illinois Department of Financial and Professional Regulation- Division of Banking (5%)

Question 1

Who oversees the regulation and licensure of State chartered banks, trust companies,
ATMs not owned by financial institutions, check printers, pawnbrokers, savings banks and
savings and loan associations & mortgage bankers and brokers?

Answer 1

The Division of Banking

Question 2

The Illinois Department of Financial and Professional Regulation (IDFPR) is divided into 3 divisions:

Answer 2

the Division of Professional Regulation, the Division of Financial Institutions, and the Division of Banking.

Question 3

The head of the IDFPR is a secretary who is appointed by the Governor with the consent of the Illinois Senate:

Answer 3

Director’s Office

Question 4

As an administrative agency, the IDFPR has quasi-_________ and quasi-_______powers and responsibilities.

Answer 4

• legislative

- judicial

Question 5

What is the IDFPR responsible for?

Answer 5

• is responsible for adopting rules that will guide the regulated community into compliance with applicable laws
• is responsible for conducting adjudicative hearings and imposing penalties for violations of the laws and regulations that fall within its jurisdiction

Question 6

The IDFPR has authority under these laws to:

Answer 6

 Write rules and regulations
 Conduct rulemaking proceedings
 Enforce legal and regulatory compliance
 Conduct investigations and examinations of licensees
 Subpoena witnesses and documents
 Impose penalties for violations of the law
 Issue emergency orders such as injunctions and cease and desist orders

Question 7

Regulatory agencies, such as the IDFPR, are required to provide official notice of proposed rulemakings in what?

Answer 7

Illinois Register

Question 8

The comment period lasts for a ________ period that begins to run on the date that the notice is published in the Illinois Register.

Answer 8

45-day

Question 9

The Illinois Administrative Procedure Act provides that an agency must hold a public hearing if it receives a request for a hearing from:

Answer 9

 Twenty-five interested persons
 An association representing at least 100 interested persons (this would include associations such as the Illinois Association of Mortgage Brokers)
 The Governor
 The Joint Committee on Administrative Rules
 Local government that may be affected by a proposed rule

Question 10

Requests for public hearings must be made within ______ ____ of the publication of a proposed rulemaking in the Illinois Register.

Answer 10

fourteen days

Question 11

The adjudicative powers of the IDFPR include the power to revoke or suspend a license. There are limits to this power including the limitations that the Illinois Administrative Procedure Act imposes by providing that:

Answer 11

 No agency can suspend, revoke, annual, or withdraw a license without giving the licensee notice and an opportunity for a hearing
 No agency can summarily suspend a license unless it can show that “…the public interest, safety, or welfare imperatively requires emergency action” (5 ILCS 100/10-65(d))