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Illinois Department of Financial and Professional Regulation

From Wikipedia, the free encyclopedia

Illinois Department of Financial and Professional Regulation
Department overview
FormedJuly 1, 2004 (2004-07-01)
JurisdictionIllinois
Department executives
  • Mario Treto, Jr., Secretary
  • Camile Lindsay, Acting Director of the Division of Professional Regulation
  • Laurie Murphy, Director of the Division of Real Estate
  • Susana Soriano, Acting Director of the Division of Banking
  • Francisco Menchaca, Director of the Division of Financial Institutions
Key documents
Websiteidfpr.illinois.gov

The Illinois Department of Financial and Professional Regulation (IDFPR) is the Illinois state government code department[1][2] that through its operational components, the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate, oversees the regulation and licensure of banks and financial institutions, real estate businesses and professionals, and various licensed professions, and is charged with enforcing standards of professional practice and protecting the rights of Illinois residents in their transactions with regulated industries.

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Transcription

Description

The Illinois Department of Financial and Professional Regulation was created on July 1, 2004. It is responsible for the regulation, oversight, and licensure of almost 300 different types of professional licenses and financial institutions. The current director ("Secretary") of this department is Mario Treto, Jr.

On April 1, 2014, Executive Order 3 (2014) was issued and created the Division of Real Estate.[3]

In August 2013, Illinois became the 20th state to legalize medical cannabis when the Compassionate Use of Medical Cannabis Program Act was signed into law. IDFPR became responsible for licensing and regulating the dispensaries that sell medical cannabis to patients, along with each dispensaries’ Principal Officers, Agents-in-Charge, and Agents.[4]

On June 25, 2019, Governor Pritzker signed the Cannabis Regulation and Tax Act, which made Illinois the 11th state to legalize adult use cannabis.[5] IDFPR oversaw the successful rollout of the program, which allowed existing medical cannabis dispensaries to begin selling adult use cannabis on January 1, 2020.[6] Similar to its medical cannabis licensing responsibilities, IDFPR licenses adult use cannabis dispensaries, along with the Principal Officers, Agents-in-Charge, and Agents at each dispensary. IDFPR is also responsible for tracking and reporting the sales made at adult use cannabis dispensaries.

Professions Regulated by IDFPR

Division of Banking[7]

Division of Financial Institutions [7]

Division of Professional Regulation[7]

Division of Real Estate[7]

References

  1. ^ Uphoff, Judy Lee (2012). "The Governor and the Executive Branch". In Lind, Nancy S.; Rankin, Erik (eds.). Governing Illinois: Your Connection to State and Local Government (PDF) (4th ed.). Center Publications, Center for State Policy and Leadership, University of Illinois at Springfield. pp. 78–79. ISBN 978-0-938943-28-0. Archived from the original (PDF) on 2013-06-22. Retrieved 2014-08-10.
  2. ^ 20 ILCS 5/5-15
  3. ^ "Bank and Trust Companies". IDFPR. Illinois Department of Financial and Professional Regulation. Retrieved 2 June 2021.
  4. ^ "Illinois governor signs law allowing medical marijuana". Reuters. Reuters. Retrieved 2 June 2021.
  5. ^ "Legal marijuana is coming to Illinois as Gov. Pritzker signs bill he calls an 'important and overdue change to our state'". Chicago Tribune. Chicago Tribune. Retrieved 2 June 2021.
  6. ^ "Cannabis Regulation and Tax Act". Illinois General Assembly. Illinois General Assembly. Retrieved 2 June 2021.
  7. ^ a b c d "Illinois Licensed Professionals brochure" (PDF). IDFPR. Illinois Department of Financial and Professional Regulation. Retrieved 2 June 2021.

External links

This page was last edited on 18 November 2023, at 02:13
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