Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
205 ILCS 620/5-1
(205 ILCS 620/5-1) (from Ch. 17, par. 1555-1)
Sec. 5-1. Commissioner's powers. The Commissioner of Banks and Real
Estate shall have the following powers and
authority and is charged with the duties and responsibilities
designated in this Act:
(a) To promulgate, in accordance with the Illinois Administrative Procedure
Act, reasonable rules for the purpose of administering the provisions of this
Act and for the purpose of incorporating by reference rules promulgated by the
Federal Deposit Insurance Corporation, the Board of Governors of the Federal
Reserve System, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision, or their successors that pertain to corporate
fiduciaries, including, but not limited to, standards for the operation and
conduct of the affairs of corporate fiduciaries;
(b) To issue orders for the purpose of administering the
provisions of this Act and any rule promulgated in accordance
with this Act;
(c) To appoint hearing officers to conduct hearings held
pursuant to any of the powers granted to the Commissioner under
this Section for the purpose of administering this Act and any
rule promulgated in accordance with this Act;
(d) To subpoena witnesses, to compel their attendance, to
administer an oath, to examine any person under oath and to
require the production of any relevant books, papers, accounts
and documents in the course of and pursuant to any investigation
being conducted, or any action being taken, by the Commissioner
in respect of any matter relating to the duties imposed upon, or
the powers vested in, the Commissioner under the provisions of
this Act, or any rule or regulation promulgated in accordance
with this Act;
(e) To conduct hearings;
(f) To promulgate the form and content of any applications required
under this Act;
(g) To impose civil penalties of up to $100,000 against any
person or corporate fiduciary for each violation of any provision
of this Act, any rule promulgated in accordance with this Act,
any order of the Commissioner or any other action which, in the
Commissioner's discretion, is a detriment or impediment to
accepting or executing trusts; and
(h) To address any inquiries to any corporate fiduciary, or
the officers thereof, in relation to its doings and conditions,
or any other matter connected with its affairs, and it shall be
the duty of any corporate fiduciary or person so addressed, to
promptly reply in writing to such inquiries. The Commissioner
may also require reports from any corporate fiduciary at any time
he may deem desirable.
(Source: P.A. 96-1365, eff. 7-28-10.)
|
|
