The Illinois Department of Financial and Professional Regulation (IDFPR) licenses over one million professionals across 100 different industries. It helps to protect the public by making sure that professionals who require licensing, such as doctors, dentists, insurance companies, medical cannabis dispensaries and real estate agents, are adequately tested and qualified for their professions. The IDFPR has four different divisions: Banking, Financial Institutions, Professional Regulation, and Real Estate.
The Division of Banking
This division oversees the licensure of state chartered banks, trust companies, ATMs not owned by financial institutions, pawnbrokers, check printers, savings banks and loan associations, as well as mortgage bankers and mortgage brokers. The Division of Banking works to ensure the safety and soundness of the Illinois state chartered banking system and to maintain compliance with banking laws and regulations.
The Division of Financial Institutions
The Division of Financial Institutions within the IDFPR has the authority to regulate, license, examine, and investigate currency exchanges, consumer finance companies, credit unions, money transmitters, and title insurance companies. It issues licenses to non-bank financial institutions and is responsible for regulating and supervising all Illinois state-chartered credit unions according to the Illinois Credit Union Act.
The Division of Professional Regulation
This division ensures that those needing professional licensure are properly qualified and evaluated, and that regulations are applied and enforced. The Division of Professional Regulation oversees 240 various professions including dental, engineering, beauty, medical, pharmacy, social work, and more. For each different type of professional license there are specific requirements that must be met and exams that need to be taken in order to qualify for that specific type of license.
The Division of Real Estate
The Division of Real Estate within the IDFPR makes sure that the public is protected by overseeing the legal compliance and licensure qualifications that are required of practicing real estate professionals. This division regulates brokers, real estate firms, leasing agents, appraisers, management companies, auctioneers, association managers, home inspectors, and timeshare entities, among others.
If you are a licensed professional, or seeking to get licensed, Zimmerman Law Offices, P.C. can help you navigate any legal or licensing concerns you may have. Call us today for a free consultation: (877) 440-0020.
