Possible online services disruption due to Internet related outage
IDFPR Initiatives
Division of Banking (DOB) & Division of Financial Institutions (DFI)
- Worked with lawmakers to finalize rules for the Illinois Community Reinvestment Act, which were adopted in May 2024. These rules are for banks, credit unions, and mortgage lenders.
- Modernized the Pawnbroker Regulation Act in 2024 to provide new consumer protections, additional transparency for consumers, and improve engagement with industry and law enforcement.
- Implemented the Predatory Loan Prevention Act. Signed into law in 2021, this consumer legislation capped interest rates on most non-depository loans at 36% APR. Consumer advocates estimated that such high-cost loans drained $500 million in interest and fees from vulnerable Illinoisans every year.
- Since the PLPA was enacted, almost every high-cost payday and automobile title lender has surrendered their Illinois license, while the number of traditional lenders who make loans at or under 36% APR has grown.
Division of Professional Regulation (DPR)
- Streamlined and improved professional licensing processes in December 2023 for more timely review of applications. This resulted in more professional licenses being issued each month.
- Initiated a pilot program in June 2024 for professionals in select professions to submit online for their paper applications using ePay.
- Created a new webpage for professionals to request an application to reinstate or restore their licenses. An additional webpage was also launched as part of a pilot program for select professions to access their application and requirements online.
- Revamped an overly punitive Intent to Deny process so applicants for licensure are more likely to respond to IDFPR correspondence, complete the licensing process, and avoid having a license denial placed on their professional records.
Division of Real Estate (DRE)
- Doubled the number of Diversity Scholarships (from 30 to 60) to expand minority access to the real estate profession. DRE awards these scholarships with the Illinois Real Estate Educational Foundation.
- Launched the “How To” Series, a workshop style series that travels to all corners of the state to teach people how to become an appraiser and provides them with information and resources.
- Paved the way in becoming the first state to register and regulate virtual real estate offices in 2021.