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Illinois Department of Financial and Professional Regulation issues notice to title insurance licensees and registered agents
On March 30, the Illinois Department of Financial and Professional Regulation (Department) issued a notice encouraging title insurance licensees and registered agents to provide the Department with advance notice of any changes to their usual business practices. If a registered agent application has been submitted, it will be processed as quickly as possible.
Illinois Department of Financial Regulation issues guidance to Illinois banks and credit unions
On March 30, the Illinois Department of Financial Regulation, Division of Banking and Division of Financial Institutions, issued guidance to Illinois banks and credit unions regarding support for consumers and businesses impacted by Covid-19. Illinois banks and credit unions are encouraged to use their capital and liquidity buffers as they respond to financial challenges resulting from the Covid-19 pandemic, such as to lend and undertake other supportive actions in a safe and sound manner. Illinois banks and credit unions also are encouraged to: (i) provide affected borrowers with payment accommodations to work through short-term setbacks; (ii) respond to borrowers from industry sectors particularly vulnerable to the volatility of the current economic environment; and (iii) work with small businesses, hourly workers, and independent contractors that have less financial flexibility to weather the economic decline.
The guidance further encourages Illinois banks and credit unions to assist affected borrowers by, among other things, waiving certain fees (e.g., ATM fees, overdraft fees, late fees), increasing ATM daily cash withdrawal limits, increasing credit card limits for creditworthy borrowers, and providing new loans on favorable terms. Prudent efforts to help consumers and businesses will not be subject to examiner criticism.
Illinois prohibits certain vehicle repossessions
On March 28, the Illinois governor issued an executive order suspending certain provisions of Illinois law regarding the repossession or usability of vehicles. However, the executive order does not relieve any individual of the obligation to make payments or comply with any other obligation that an individual may have under a loan agreement or otherwise.
Illinois allows notaries to work remotely
On March 27, the Illinois secretary of state announced that Illinois notaries public are temporarily allowed to perform remote, online notarizations during the Covid-19 crisis. The temporary authority will expire when the governor’s disaster proclamation is rescinded.
Illinois Governor issues “stay at home” order
On March 20, Illinois Governor Pritzker issued a statewide “stay at home” order, to take effect as of 5pm on March 21. Financial institutions are considered “essential businesses” and are exempt from the order.
Illinois Divisions of Professional Regulation and Real Estate extend all deadlines set by Department Administrative Law Judges
On March 23, the Illinois Department of Financial and Professional Regulation, Division of Professional Regulation and Division of Real Estate, issued a general order extending all deadlines set by any Department Administrative Law Judges by 21 days from the current deadlines set.
Illinois Division of Financial Institutions and Division of Banks reschedule certain hearings
On March 16, the Illinois Department of Financial and Professional Regulation, Divisions of Financial Institutions and Banking, issued a general orders rescheduling all Status and Preliminary Hearings scheduled for Wednesday, March 25, 2020, to Wednesday, May 27, 2020 at 9:30 AM and all All Status and Preliminary Hearings scheduled for Wednesday, April 22, 2020, to Wednesday, May 27, 2020 at 9:30 AM.