Article Iv

(205 ILCS 658/Art. IV heading)\nARTICLE IV. Implementation, Confidentiality, Supervision & Relationship to Federal Law\n(Source: P.A. 103-991, eff. 8-9-24.)\n(205 ILCS 658/4-1)\nSec. 4-1. Implementation.\n(a) In order to carry out the purposes of this Act, the Secretary may, subject to the provisions of subsections (a) and (b) of Section 4-2:\n(1) enter into agreements or relationships with other government officials or federal and State regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures, and sharing resources, records or related information obtained under this Act;\n(2) use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this Act.\n(3) accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials; and\n(4) accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee and incorporate the audit report in any report of

and\n(4) accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.\n(b) The Department shall have the broad administrative authority to administer, interpret and enforce this Act, and adopt rules or regulations implementing this Act and to recover the cost of administering and enforcing this Act by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this Act. The Department's rulemaking authority shall include, but not be limited to:\n(1) such rules and regulations in connection with the activities of licensees as may be necessary and appropriate for the protection of consumers in this State;\n(2) such rules and regulations as may be necessary and appropriate to define improper or fraudulent business practices in connection with the activities of licensees;\n(3) such rules and regulations as may define the terms used in this Act and as may be necessary and appropriate to interpret and implement

s practices in connection with the activities of licensees;\n(3) such rules and regulations as may define the terms used in this Act and as may be necessary and appropriate to interpret and implement the provisions of this Act;\n(4) such rules and regulations as may be necessary for the implementation or enforcement of this Act; and\n(5) such rules and regulations establishing fees the Secretary deems necessary to cover the cost of administration of this Act.\n(Source: P.A. 103-991, eff. 8-9-24.)\n(205 ILCS 658/4-2)\nSec. 4-2. Confidentiality.\n(a) Except as otherwise provided in this Section, all information or reports obtained by the Secretary from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use of the Secretary, or financial statements, balance sheets, or authorized delegate information, are confidential and are not subject to disclosure under the Freedom of Information Act.\n(b) The Secretary may disclose information not otherwise subject to disclosure under subsection (a) to representatives of State or federal agencies

o disclosure under the Freedom of Information Act.\n(b) The Secretary may disclose information not otherwise subject to disclosure under subsection (a) to representatives of State or federal agencies who promise in a record that they will maintain the confidentiality of the information or where the Secretary finds that the release is reasonably necessary for the protection and interest of the public.\n(c) This Section does not prohibit the Secretary from disclosing to the public a list of all licensees or the aggregated financial or transactional data concerning those licensees.\n(d) Information contained in the records of the Department that is not confidential and may be made available to the public either on the Department's website, upon receipt by the Department of a written request, or in NMLS shall include:\n(1) the name, business address, telephone number, and unique identifier of a licensee;\n(2) the business address of a licensee's registered agent for service;\n(3) the name, business address, and telephone number of all authorized delegates;\n(4) the terms of or a copy of any bond filed by a licensee, if confidential information, including, but not limited to, prices

me, business address, and telephone number of all authorized delegates;\n(4) the terms of or a copy of any bond filed by a licensee, if confidential information, including, but not limited to, prices and fees, for such bond is redacted;\n(5) copies of any final orders of the Department relating to any violation of this Act or regulations implementing this Act; and\n(e) Imposition of an administrative action under this Act is not confidential.\n(f) The Secretary, in his or her sole discretion, may disclose otherwise confidential information when he or she determines disclosure is in the public interest.\n(Source: P.A. 103-991, eff. 8-9-24.)\n(205 ILCS 658/4-3)\nSec. 4-3. Supervision.\n(a) The Secretary may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this Act or by a rule adopted or order issued under this Act as reasonably necessary or appropriate to administer and enforce this Act, rules and regulations implementing this Act, and other applicable law, including the Bank Secrecy Act and the USA PATRIOT ACT.

reasonably necessary or appropriate to administer and enforce this Act, rules and regulations implementing this Act, and other applicable law, including the Bank Secrecy Act and the USA PATRIOT ACT. The Secretary may:\n(1) conduct an examination either on-site or off-site as the Secretary may reasonably require;\n(2) conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government;\n(3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the Secretary; and\n(4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.\n(b) A licensee or authorized delegate shall provide, and the Secretary shall have full and complete access to, all records the Secretary may reasonably require to conduct a complete

orized delegate.\n(b) A licensee or authorized delegate shall provide, and the Secretary shall have full and complete access to, all records the Secretary may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the Secretary, however, the Secretary may use multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this subsection.\n(c) Unless otherwise directed by the Secretary, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.\n(Source: P.A. 103-991, eff. 8-9-24.)\n(205 ILCS 658/4-4)\nSec. 4-4. Networked supervision.\n(a) To efficiently and effectively administer and enforce this Act and to minimize regulatory burden, the Secretary is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this State and other

rdinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this State and other states. As a participant in multistate supervision, the Secretary may:\n(1) cooperate, coordinate, and share information with other state and federal regulators in accordance with Section 4-2;\n(2) enter into written cooperation, coordination, or information-sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies; and\n(3) cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies, if the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with Section 4-2.\n(b) The Secretary may not waive, and nothing in this Section constitutes a waiver of, the Secretary's authority to conduct an examination or investigation or otherwise take independent action authorized by this Act or a rule adopted or order issued under this Act to enforce compliance with applicable state or federal

uct an examination or investigation or otherwise take independent action authorized by this Act or a rule adopted or order issued under this Act to enforce compliance with applicable state or federal law.\n(c) A joint examination or investigation, or acceptance of an examination or investigation report, does not waive an examination assessment provided for in this Act.\n(Source: P.A. 103-991, eff. 8-9-24.)\n(205 ILCS 658/4-5)\nSec. 4-5. Relationship to federal law.\n(a) If state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this Act and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency.\n(b) In the event of any inconsistencies between this Act and a federal law that governs pursuant to subsection (a), the Secretary may provide interpretive rule or guidance that:\n(1) identifies the inconsistency; and\n(2) identifies the appropriate means of compliance with federal law.\n(Source: P.A. 103-991, eff. 8-9-24.)