TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 356 REIMBURSEMENT TO BANKS AND CORPORATE FIDUCIARIES FOR FINANCIAL RECORDS

Section 356.10 General Rule for Reimbursement of Costs

Section 356.20 Rates of Reimbursement

Section 356.30 Documentation of Costs

Section 356.40 Payment of Costs


AUTHORITY: Implementing Section 48.1(g) and authorized by Section 48(6) of the Illinois Banking Act [205 ILCS 5/48.1(g) and 48(6)] and implementing Section 5-11 and authorized by Section 5-1 of the Corporate Fiduciary Act [205 ILCS 620/5-11 and 5-1].


SOURCE: Adopted at 12 Ill. Reg. 11182, effective August 8, 1988; amended at 14 Ill. Reg. 11183, effective July 15, 1990; recodified from Chapter II, Commissioner of Banks and Trust Companies, to Chapter II, Office of Banks and Real Estate, pursuant to PA 89-508, at 20 Ill. Reg. 12645; amended at 22 Ill. Reg. 14729, effective July 28, 1998.

 

Section 356.10  General Rule for Reimbursement of Costs

 

A bank or corporate fiduciary shall be reimbursed for costs which are reasonably necessary (including but not limited to personnel costs, reproduction costs and transportation costs) and which have been incurred in searching for, reproducing and transporting books, papers, records or other data of a customer which have been requested to be produced pursuant to a lawful subpoena, summons, warrant or court order. (Section 48.1(g) of the Illinois Banking Act [205 ILCS 5/48.1(g)] and Section 5-11 of the Corporate Fiduciary Act [205 ILCS 620/5-1].

 

(Source:  Amended at 14 Ill. Reg. 11183, effective July 15, 1990)

 

Section 356.20  Rates of Reimbursement

 

a)         Personnel costs incurred in locating, retrieving, reproducing and preparing financial records shall be reimbursed at the rate of $20 per hour per person.

 

b)         Reproduction costs incurred in making photocopies of documents shall be reimbursed at 30 cents per exposure.  Reproductions of microfilm, microfiche, photographs, films and other materials shall be reimbursed at actual cost.

 

c)         Transportation costs incurred in transporting bank personnel to locate and retrieve material, and to convey the material to the place of examination, shall be reimbursed at the rate of 31.5 cents per mile or, if a mail or courier service is used, at the actual cost of such service.

 

d)         All other costs, including, but not limited to, telephone calls, telegrams and shipping costs, incurred in searching for, reproducing and transporting data pursuant to a request for financial records, shall be reimbursed at actual cost.

 

(Source:  Amended at 22 Ill. Reg. 14729, effective July 28, 1998)

 

Section 356.30  Documentation of Costs

 

The bank or corporate fiduciary shall provide to the person requesting such records an itemized invoice indicating in specific detail the costs for:

 

a)         personnel;

 

b)        reproduction;

 

c)         transportation; and

 

d)        all other costs incurred in searching for, reproducing and transporting data pursuant to a request for financial records.

 

(Source:  Amended at 14 Ill. Reg. 11183, effective July 15, 1990)

 

Section 356.40  Payment of Costs

 

At the bank's or corporate fiduciary's option, it may prepare one or more reasonable estimates of the ultimate reimbursement of costs associated with a search for financial records in the form prescribed in Section 356.30 of this Part and require one or more partial payments before proceeding with the work of locating and reproducing the requested documents.  Delivery of the requested documents may be delayed until final reimbursement of all costs is received.

 

(Source:  Amended at 14 Ill. Reg. 11183, effective July 15, 1990)