Welcome to the Division of Financial Institutions (DFI)
The mission of the Illinois Department of Financial and Professional Regulation, Division of Financial Institutions (DFI), is to protect and educate the public and promote confidence in the regulated industries through administration of statutory responsibilities in an efficient, professional, responsive, and innovative manner.
DFI licenses, charters, and examines a wide variety of financial products and services including:
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Consumer and Sales Finance and Collection Agencies
State-Chartered Credit Unions
Currency Exchanges | Money Transmitters (TOMA)
Title Insurance Underwriters | Registered Agents
Scam Alert for Mortgage Banking and other IDFPR Licensees
Attention licensees: we are aware of a phishing email that looks like an email from IDFPR. The email asks you to click a link to “complete your most recent up to date membership license certificate” and states that licensees must do so within 24 hours to avoid a license suspension.
The email comes from an email account not affiliated with IDFPR. If you receive an email like this, do NOT click any links and delete the email. If you have questions about the authenticity of an email from the Division of Banking or Division of Financial Institutions, please email IL.Banks@illinois.gov or FPR.DFI.Director@Illinois.gov.
Consumer Legal Funding Application Notice for Consumer Installment Act Licensees
Pursuant to the Consumer Legal Funding Act (CLFA), any company licensed and in good standing under the Consumer Installment Loan Act as of May 27, 2022, shall be entitled to make consumer legal fundings pursuant to terms of the CLFA until the Department approves or denies approval its application for a CLFA license so long as it submits an application for a consumer legal funding license within 60 days of the Department issuing forms for the filing of such application.
The Department issued CLFA licensing forms on July 1, 2022. The 60-day deadline to submit an application is Tuesday August 30th, 2022.
To begin the process to apply for a Consumer Legal Funding Act license, you may begin uploading documents to NMLS. Please see the Consumer Legal Funding Act license application checklist available here: https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/Consumer_Legal_Funding_Company-New_App-Checklist.pdf
PLEASE NOTE: Any consumer legal funding contract made by any person or entity in violation of Section 55(a) of the Consumer Legal Funding Act shall be null and void and the person or entity who entered into the consumer legal funding transaction shall have no right to collect, attempt to collect, receive, or retain any principal, interest, or charges related to the consumer legal funding transaction.
To read the Department’s May 27, 2020 Notice announcing the signing of the CLFA into law, see: https://idfpr.illinois.gov/PROFS/Info/Notice of the Consumer Litigation Funding Act.pdf
Please direct any questions you might have about CLFA licensing to: fpr.consumercredit@illinois.gov.