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Commissioner of Savings and Residential Finance - RG 410 | Illinois State Archives

Name: Commissioner of Savings and Residential Finance - RG 410
Variant Name: Commissioner of Savings and Loan Associations


Historical Note:

The position of Commissioner of Savings and Loan Associations was created by law in 1965 (L. 1965, p. 2077). Appointed by the Governor, the commissioner licensed, examined, and regulated state-chartered savings and loan associations and savings banks. The position’s name was changed to the Commissioner of Savings and Residential Finance in 1990 (P.A. 86-1213, p. 1965).

The Supervisor of Savings and Loan Associations within the Department of Financial Institutions had exercised these duties prior to the position of commissioner in 1965.  Before the creation of the Department of Financial Institutions in 1957, the Auditor of Public Accounts had been responsible for the regulation of savings and loan associations.

The Savings and Loan Board, composed of seven members appointed by the Governor, also was created by the 1965 act to conduct hearings on appeals of the commissioner's decisions; to advise the Governor on proposed legislation; and to advise the Governor and commissioner on personnel needs of the office (P.A. 96-1365). This body was renamed the Board of Savings Institutions in 1996 (P.A. 89-508, pp. 2011-2012).

On June 1, 1996, the powers, duties, and responsibilities of the Commissioner of Savings and Residential Finance were merged with those of the Commissioner of Banks and Trust Companies, creating the Office of Banks and Real Estate (Executive Order 96-1, pp. 4128-4131). On July 1, 2004, the Office of Banks and Real Estate itself wasconsolidated with the Department of Financial Institutions, Department of Insurance, and the Department of Professional Regulation to create the Illinois Department of Financial and Professional Regulation (Executive Order 2004-6, pp. 5173-5183).



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