Illinois § 4-1

§ 4-1.

Implementation. (a) In order to carry out the purposes of this Act, the Secretary may, subject to the provisions of subsections (a) and (b) of Section 4-2: (1) enter into agreements or relationships with other government officials or federal and State regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures, and sharing resources, records or related information obtained under this Act; (2) use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this Act. (3) accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials; and (4) accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation. (b) The Department shall have the broad administrative authority to administer, interpret and enforce this Act, and adopt rules or regulations implementing this Act and to recover the cost of administering and enforcing this Act by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this Act. The Department's rulemaking authority shall include, but not be limited to: (1) such rules and regulations in connection with the activities of licensees as may be necessary and appropriate for the protection of consumers in this State; (2) such rules and regulations as may be necessary and appropriate to define improper or fraudulent business practices in connection with the activities of licensees; (3) such rules and regulations as may define the terms used in this Act and as may be necessary and appropriate to interpret and implement the provisions of this Act; (4) such rules and regulations as may be necessary for the implementation or enforcement of this Act; and (5) such rules and regulations establishing fees the Secretary deems necessary to cover the cost of administration of this Act. (Source: P.A. 103-991, eff. 8-9-24.)