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Department of Financial and Professional Regulation - RG 209 | Illinois State Archives

Name: Department of Financial and Professional Regulation - RG 209


Historical Note:

The Department of Financial and Professional Regulation was created in 2004 by consolidating the powers, duties, and responsibilities of the Department of Financial Institutions, the Department of Professional Regulation, the Office of Banks and Real Estate, and the Department of Insurance (Executive Order 2004-6). The four consolidated departments are maintained as divisions of the newly created Department of Financial and Professional Regulation.

The Division of Financial Institutions (formerly the Department of Financial Institutions, Record Group 217.000) licenses, examines, and regulates state-chartered credit unions, currency exchanges, consumer finance companies, title insurance companies, money transmitters, foreign exchange office, and debt management companies.

The Division of Banking (formerly the Office of Banks and Real Estate, Record Group 409.000) regulates and licenses state-chartered banks and savings and loans associations, trust companies, Automatic Teller Machines (ATM) not owned by financial institutions, mortgage bankers and brokers, check printers, and pawnbrokers.

The Division of Professional Regulation (formerly the Department of Professional Regulation, Record Group 208.000) regulates the practice of various professions within the state ensuring that licensure applications and standards for professional practice are evaluated, applied, and enforced.

The Division of Insurance (formerly Department of Insurance, Record Group 204.000) protects consumers by providing assistance and information, efficiently regulating the insurance industry’s market behavior and financial solvency, and fostering a competitive insurance marketplace. On June 1, 2009, the Division of Insurance resumed its status as an independent department of state government retaining all its powers, duties, rights, and responsibilities (Executive Order 2009-4).






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