§ 1-15 — General powers and duties

Illinois § 1-15

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 731/: Digital Assets and Consumer Protection Act.
• Art.: Article 1 - General Provisions

Text

(a) The Department shall regulate digital asset business activity in this State, unless it is exempt pursuant to Section 1-10. To the extent permissible under federal law, the Department shall exercise nonexclusive oversight and enforcement under any federal law applicable to digital asset business activity. (b) The functions, powers, and duties conferred upon the Department by this Act are cumulative to any other functions, powers, and duties conferred upon the Department by other laws applicable to digital asset business activity. (c) The Department shall have the following functions, powers, and duties in carrying out its responsibilities under this Act and any other law applicable to digital asset business activity in this State: (1) to issue or refuse to issue any registration or other authorization under this Act; (2) to revoke or suspend for cause any registration or other authorization under this Act; (3) to keep records of all registrations or other authorizations under this Act; (4) to receive, consider, investigate, and act upon complaints made by any person relating to any digital asset business activity in this State; (5) to prescribe the forms of and receive: (A) applications for registrations or other authorizations under this Act; and (B) all reports and all books and records required to be made under this Act; (6) to subpoena documents and witnesses and compel their attendance and production, to administer oaths, and to require the production of any books, papers, or other materials relevant to any inquiry authorized by this Act or other law applicable to digital asset business activity in this State; (7) to issue orders against any person: (A) if the Secretary has reasonable cause to believe that an unsafe, unsound, or unlawful practice has occurred, is occurring, or is about to occur; (B) if any person has violated, is violating, or is about to violate any law, rule, or written agreement with the Secretary; or (C) for the purpose of administering the provisions of this Act or other law applicable to digital asset business activity and any rule adopted in accordance with this Act or other law applicable to digital asset business activity; (8) to address any inquiries to any covered person, or the directors, officers, or employees of the covered person, or the affiliates or service providers of the covered person, in relation to the covered person's activities and conditions or any other matter connected with its affairs, and it shall be the duty of any person so addressed to promptly reply in writing to those inquiries; the Secretary may also require reports from any covered person at any time the Secretary chooses; (9) to examine the books and records of every covered person, affiliate, or service provider; (10) to enforce the provisions of this Act and any state or federal law applicable to digital asset business activity; (11) to levy fees, fines, and civil penalties, charges for services, and assessments to defray operating expenses, including direct and indirect costs, of administering this Act and other laws applicable to digital asset business activity; (12) to appoint examiners, supervisors, experts, and special assistants as needed to effectively and efficiently administer this Act and other laws applicable to digital asset business activity; (13) to conduct hearings for the purpose of carrying out the purposes of this Act; (14) to exercise visitorial power over a covered person, affiliate, or service provider; (15) to enter into cooperative agreements with federal and state regulatory authorities and to accept reports of examinations from federal and state regulatory authorities; (16) to assign on an emergency basis an examiner or examiners to monitor the affairs of a covered person, affiliate, or service provider with whatever frequency the Secretary determines appropriate and to charge the covered person for reasonable and necessary expenses of the Secretary if in the opinion of the Secretary an emergency exists or appears likely to occur; (17) to impose civil penalties against a covered person, affiliate, or service provider for failing to respond to a regulatory request or reporting requirement; and (18) to conduct investigations, market surveillance, and research, studies, and analyses of matters affecting the interests of users of digital assets; (19) to take such actions as the Secretary deems necessary to educate and protect users of digital assets; (20) to develop and implement initiatives and programs to promote responsible innovation in digital asset business activity; and (21) to perform any other lawful acts necessary or desirable to carry out the purposes and provisions of this Act and other laws applicable to digital asset business activity. (d) The Department may share any information obtained pursuant to this Act or any other law applicable to digital asset business activity with law enforcement officials or other regulatory agencies.

Legislative History

(Source: P.A. 104-428, eff. 8-18-25.)