§ 11-5 — Consent orders; settlements

Illinois § 11-5

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 658/: Uniform Money Transmission Modernization Act.
• Art.: Article XI - Enforcement

Text

(a) The Secretary may enter into a consent order or settlement agreement at any time with a person to resolve a matter arising under this Act, the rules adopted under this Act, or order issued under this Act. A consent order or settlement agreement must be signed by the person to whom it is issued or by the person's authorized representative, and must indicate agreement with the terms contained in the order. A consent order or settlement agreement may provide that it does not constitute an admission by a person that this Act or a rule adopted or an order issued under this Act has been violated. (b) Notwithstanding the issuance of a consent order or settlement agreement, the Secretary may seek civil or criminal penalties or compromise civil penalties concerning matter encompassed by the consent order unless the consent order by its terms expressly precludes the Secretary from doing so. (c) The Secretary is authorized to compromise, settle, and collect civil penalties and administrative penalties, as set by rule, with any person for violations of this Act or of any rule or order issued or adopted under this Act.

Legislative History

(Source: P.A. 103-991, eff. 8-9-24.)