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Department of Financial Institutions - RG 217 | Illinois State Archives

Name: Department of Financial Institutions - RG 217

Historical Note: The Department of Financial Institutions was created in 1957 to license and regulate banks, savings and loan associations, credit unions, currency exchanges, pawners' societies, cemetery associations, cemetery care trust funds, title-guaranteeing companies, foreign exchanges, trust departments, corporations chartered to guarantee members of credit unions against loss, and businesses making loans of $500 or less (L. 1957, p. 369). It also received responsibility to administer the Sale of Exchange Act and the Financial Planning and Management Services Act (L. 1957, pp. 1749, 2164). These powers and duties were transferred to the department from the Auditor of Public Accounts. In 1965 regulation of banks and trust companies and savings and loan associations was transferred to two newly created commissioners: the Commissioner of Banks and Trust Companies and the Commissioner of Savings and Loan Associations (L. 1965, pp. 2019, 2077). The department also administers the Consumer Finance Act of 1935, Safety Deposit Box Act of 1945, Uniform Disposition of Unclaimed Property Act of 1961, Consumer Installment Loan Act of 1963, Development Credit Corporation Act of 1965, Sales Finance Agency Act of 1967, and the Financial Institutions Disclosure Act of 1975.

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