Division of Financial Institutions (DFI)

Originally its own department, the Department of Financial Institutions was created in 1957 to serve as the state regulator of a diverse array of financial institutions. As authorized by the Financial Institutions Code, the Division licenses, examines, and regulates thousands of entities, including state-chartered credit unions, currency exchanges, money transmitters, consumer installment lenders, sales finance, payday lenders, title insurance companies, and other financial institutions throughout Illinois.

On March 23, 2021, two historic pieces of legislation designed to promote access to more affordable credit for low- to moderate-income Illinoisans were signed into law. The Illinois Community Reinvestment Act (CRA) requires state-chartered banks, credit unions, and nonbank mortgage lenders to equitably meet the financial service needs of the communities in which they operate and subjects such state institutions to state CRA examinations. The Predatory Lending Prevention Act (PLPA) establishes a 36% interest rate cap on most consumer lending across the state. For more information, please visit idfpr.illinois.gov.

The Division of Financial Institutions is comprised of four sections:

• Consumer Credit Section
• Currency Exchange Section
• Credit Union Section
• Title Insurance Section

The Consumer Credit Section licenses and examines consumer financial  institutions that conduct business in Illinois. The Section’s licensees include payday lenders, consumer installment lenders (such as automobile title loan companies), sales finance agencies, collection agencies, consumer legal funders, debt management and debt settlement services, and safety deposit box services. In addition to these duties, the Section answers consumer inquiries and investigates complaints against consumer credit institutions.

Consumer Credit Safety Tips:

• Before signing for a loan, confirm the company is licensed with the State of Illinois at idfpr.illinois.gov.
• Confirm the annual percentage rate (APR) is what you were originally quoted.
• Read the entire contract and be sure you understand the terms and conditions.
• If something is unclear, ask questions or seek advice from a trusted financial adviser before signing a contract.
• NEVER sign a contract with blank spaces or boxes.
• Make payments on time or you may be subject to penalties and/or legal action.

The Currency Exchange Section licenses, examines, and regulates more than 325 community and ambulatory currency exchanges in Illinois under the Currency Exchange Act. Currency exchanges can cash checks, sell money orders, process motor vehicle and title registration forms, accept utility bill payments, distribute public aid services, process money transfers, exchange foreign currency, offer credit card cash advances, offer notary public services, sell public transit passes, make photocopies, and send fax transmissions.

Because services vary, consumers should contact their local currency exchange for specific information on the services they offer.

Currency Exchange Consumer Tips:

• Bring proper identification, such as a valid driver’s license, state-issued ID card, passport, or military ID.
• When purchasing a money order, instruct the teller to fill it out completely, with the names of the remitter and payee.
• Save your money order receipt or stub.
• Consider obtaining a “Safety Money Order,” which is a money order made out to yourself.
• Count your money BEFORE leaving the window and secure it BEFORE leaving the currency exchange.
• When obtaining an auto license plate through a currency exchange, save all license paper work and receipts, including the currency exchange window receipt. Bring all receipts with you when picking up your license plates. 
• Save all stamped, paid bills and the receipts showing the date and name of the currency exchange.
• Before initiating a service, ask what the fee is and make sure that it matches the price listed on the fee chart in the lobby.

The Credit Union Section regulates all statechartered credit unions in Illinois, which provide financial services to more than 2.8 million members.

The Section examines each credit union to determine its financial condition and to ensure compliance with the Illinois Credit Union Act. In accordance with national standards, each exam is performed using the CAMEL Rating System as a regulatory tool to determine each credit union’s capital, asset quality, management, earnings, and liquidity.

Examinations and enforcement of applicable laws enable the Section to promote the safety and soundness of Illinois credit unions.

Credit Union Consumer Tips:

• If you would like to join a credit union, you should contact several - and review their websites - to compare the services offered, hours of operation, locations, and field of membership requirements.
• Obtain a copy of the credit union’s annual report to assess the financial condition of the institution (these may be found on their websites).
• Credit unions keep their members informed regarding changes in fees and interest rates on credit cards and loans. They also tell members the date and location of the credit union’s annual  members meetings. Always read carefully any newsletters and notices your credit union mails you.

The Title Insurance Section certifies, registers, and regulates title insurance companies that guarantee or insure titles to real estate in Illinois and their registered title agents. Title insurance companies are examined annually to ensure compliance with the Title Insurance Act and verify their financial stability. The Act also requires the certification of independent  escrowees, which are companies that are entrusted to receive deposits of funds and/or documents for the purpose of effecting the sale, transfer, encumbrance, or lease of property located in Illinois.

Title Insurance Consumer Tips:

• Ask your attorney or title agent for an explanation of title insurance, the title insurance process, and its pricing.
• Title insurance is recommended on all real estate transactions to protect all parties involved.
• Charges for title insurance and related services vary. Shop around for the best price and service available.
• Remember to always carefully read what you are signing.

Chicago Office

555 West Monroe Street – Suite 500
Chicago, Illinois 60661

General Assistance: 1-888-473-4858

Springfield Office

320 West Washington Street, 5th Floor
Springfield, Illinois 62786

General Assistance: 1-888-473-4858

https://idfpr.illinois.gov/dfi.html

TTY Line: 1-866-325-4949