Division of Banking
Welcome to the Division of Banking (DOB)
The mission of the Illinois Department of Financial and Professional Regulation, Division of Banking, is to educate the public and promote confidence in the banking industry through a balanced application of regulations in an efficient, professional, fair, and responsive manner.
The Division of Banking oversees the chartering, supervision, and licensure of:
Modernizing the Pawnbroker Regulation Act of 2023
On March 22, 2024, Governor Pritzker signed into law Public Act 103-0585, which provides important consumer protections, including setting new financing rate caps on pawn transactions, requiring additional disclosures and display of fees. Public Act 103-0585 also institutes new licensing and examination provisions and fees, clarifies the process for handling of pawns of allegedly stolen property, and mandates annual training of pawnbroker employees, subject to Department rules. The full text of the law is available here.
Please note that IDFPR cannot provide legal advice. However, the Department’s Division of Banking is planning to disseminate informational updates to its licensees in the coming weeks. In the meantime, a pawnbroker should contact the Pawnbroker Section at 847-294-4940 with non-legal questions. A pawnbroker may submit a request that conforms to the Division’s Statement on Interpretive Letters, available here.
Information for Illinois Banks on Cryptocurrency Activities
The Department recently issued a letter to Illinois chartered banks and savings banks pertaining to crypto related activities. If there are any questions, the bank should contact its lead supervisory contact at the Department’s Division of Banking or at the email address: IL.BANKS@illinois.gov