TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.10 PURPOSE AND SCOPE
Section 370.10 Purpose and Scope
This Part prescribes certain fee schedules and guidelines
for the processing of corporate applications required by the Illinois Banking
Act [205 ILCS 5], the Corporate Fiduciary Act [205 ILCS 620], the Foreign Banking
Office Act [205 ILCS 645], the Foreign Bank Representative Office Act [205 ILCS
650], and the rules prescribed in accordance with those Acts.
 | TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.20 DEFINITIONS
Section 370.20 Definitions
"Act" means the Illinois
Banking Act [205 ILCS 5].
"Department" means the
Department of Financial and Professional Regulation.
"Division" means the
Department of Financial and Professional Regulation- Division of Banking with
the authority delegated by the Secretary.
"Director" means the
Director of the Division of Banking with the authority delegated by the
Secretary.
(Source: Amended at 42 Ill. Reg. 4558,
effective March 9, 2018)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.30 FEE SCHEDULE; ADMINISTRATION OF CORPORATE APPLICATION FEES
Section 370.30 Fee Schedule; Administration of Corporate
Application Fees
a) Fees
shall be submitted to the Division at the time of submission of any application
or notice. All fees filed in connection with an application or notice are
nonrefundable, regardless of whether the application or notice is ultimately
approved, denied, withdrawn, or abandoned.
b) While
certain fees are set by statute and paid on a regular, cyclical basis, others
are "fees for service" and are billed as the services are provided.
Pursuant to Section 48(3)(f) of the Illinois Banking Act, Section 5-10 of the
Corporate Fiduciary Act [205 ILCS 620], Section 17 of the Foreign Banking
Office Act [205 ILCS 645], and Section 4 of the Foreign Bank Representative
Office Act, the Director has set the following as fees for corporate activities
and applications:
DOMESTIC
COMMERCIAL BANKS
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Application
for a Permit to Organize a State Bank
(pursuant to 20 ILCS 3205/5,
205 ILCS 5/9 and 10, and 12 USC 1815(a) and 1816)
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$10,000
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Application
for Approval of an Interim Bank Merger
(pursuant to 20 ILCS 3205/5
and 205 ILCS 5/10, 13.5 and 22)
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$
2,000
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Application for a Permit to
Organize a State Bank and a Purchase and Assumption or Merger – Section 31
(pursuant to 20 ILCS 3205/5,
205 ILCS 5/9, 10, and 31)
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$
500
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Application for Purchase and Assumption – Section 31
(pursuant to 205 ILCS 5/31 and
12 CFR 325.103)
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No
Fee
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Application for Merger – Section 31
(pursuant to 205 ILCS 5/31 and
12 CFR 325.103)
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No
Fee
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Application for
Approval of a Merger − Affiliated Entities (per merging institution)
(pursuant to 20 ILCS 3205/5 and
205 ILCS 5/10, 22, 27, and 29)
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$
2,000
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Application for
Approval of a Merger − Non-Affiliated Entities (per merging
institution)
(pursuant to
20 ILCS 3205/5 and 205 ILCS 5/10, 22, 27, and 29)
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$
4,000
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Application for
Approval to Convert to a State Bank
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$
1,000
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(pursuant to 20 ILCS 3205/5 and
205 ILCS 5/10, 25, 26, and 27)
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Notice of
Change in Control
(pursuant to 20 ILCS 3205/5,
205 ILCS 5/18, 205 ILCS 10/3.02, and 12 USC 1817(j))
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$
1,500
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Change in
Director or Senior Executive Officer
(pursuant to 20 ILCS 3205/5
and 205 ILCS 5/10 and 13)
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$
100
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Application to
Reduce Number of Bank Directors
(pursuant to 205 ILCS 5/16 and
38 Ill. Adm. Code 357.10)
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$
200
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Application to
Purchase Treasury Stock
(pursuant to
205 ILCS 5/14)
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$
200
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Notice of
Intent to Establish a Bank Branch
(pursuant to
38 Ill. Adm. Code 305.10 and 305.20 and 12 USC 1828(d))
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$
250
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Notice of
Intent to Establish a Bank Subsidiary or Acquire Stock in a Corporation
(pursuant to
205 ILCS 5/48(2)(a))
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$
250
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Application for
Relocation of Main Banking Premises
(pursuant to
205 ILCS 5/13)
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$
250
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Conversion of
an Illinois Trust Company into a State Bank
(pursuant to
20 ILCS 3205/5, 205 ILCS 5/10, 29, and 30)
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$
5,000
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Certification
of Charter
(pursuant to
205 ILCS 5/48(3)(e))
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$
100
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Application to
Reduce the Number of Authorized Board Meetings
(pursuant to
205 ILCS 5/16)
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$
100
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Reverse Stock
Split
(pursuant to
205 ILCS 5/17(8))
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$
1,000
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Charter
Amendments Other Than Reverse Stock Splits
(pursuant to
205 ILCS 5/17)
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$
500
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Certificate of
Corporate Existence
(pursuant to
205 ILCS 5/48(3)(e))
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$
100
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Application for
a Certificate of Authority Pursuant to Section 21.4 of the Illinois Banking
Act
(pursuant to
205 ILCS 5/21.4)
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$
250
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FIDUCIARY ACTIVITIES
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Application to
Form an Illinois Trust Company
(pursuant to
20 ILCS 3205/5, 205 ILCS 620/2-5 and 2-6)
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$
8,000
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Application to
Exercise Fiduciary Powers for State Banks, Savings and Loan Associations,
State Savings Banks, and Foreign Banking Offices
(pursuant to
20 ILCS 3205/5, 205 ILCS 620/2-5 and 2-6)
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$
1,500
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Application to
Amend a Certificate of Authority to Accept and Execute Trusts for State
Banks, State Savings and Loan Associations, State Savings Banks, and Foreign
Banking Offices
(pursuant to
20 ILCS 3205/5, 205 ILCS 620/2-5 and 2-6)
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$
250
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Application for
Approval of a Change in the Control of a Corporate Fiduciary
(pursuant to
20 ILCS 3205/5 and 205 ILCS 620/3-2)
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$
1,500
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Application for
Approval of the Purchase of Substantially All the Trust Assets or the
Assumption of Substantially All the Trust Liabilities of an Illinois Trust
Company
(pursuant to
20 ILCS 3205/5 and 205 ILCS 620/3-2 and 7-1)
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$
1,500
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Application to
Establish a Corporate Fiduciary Branch Office by an Illinois Trust Company
(pursuant to
205 ILCS 620/1-7 and 38 Ill. Adm. Code 396)
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$
250
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Application for
Approval of a Corporate Fiduciary Merger
(pursuant to
20 ILCS 3205/5 and 205 ILCS 620/2-6 and 3-1)
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$
1,500
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Application to
Establish a Subsidiary of a Corporate Fiduciary
(pursuant to
205 ILCS 620/1-7 and 5-1(h))
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$
500
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Application for
a Certificate of the Authority to be Authorized as a Foreign Corporate
Fiduciary in the State of Illinois
(pursuant to
205 ILCS 620/4-2 and 4-5)
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$
750
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Application to
Amend a Certificate of Authority of a Foreign Corporate Fiduciary to
Authorize Additional Powers
(pursuant to
205 ILCS 620/4-2 and 4-5)
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$
250
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Notice of
Intent to Establish a Foreign Trust Office in Illinois
(pursuant to
205 ILCS 620/4A-5)
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$
750
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Certified Copy
of a Certificate of Authority or a Certificate of Corporate Existence
(pursuant to
205 ILCS 5/48(3)(e))
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$
100
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CSBS Interstate
Trust Activities Application:
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Representative
Office in Host State
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$
250
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Full Service
Branch in Host State
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$
250
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Trust Office
in Host State
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$
250
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INTERNATIONAL BANKING
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Application for
License to Establish a Foreign Bank Representative Office
(pursuant to
205 ILCS 650/4)
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$
700
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Foreign Bank
Representative Office Annual License Fee
(pursuant to
205 ILCS 650/4 and 38 Ill. Adm. Code 375.36)
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$
300
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Application for
Certificate of Authority to Establish a Foreign Banking Office
(pursuant to
205 ILCS 645/4 and 5)
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$
8,000
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Amendment of
Certificate of Authority to Establish a Foreign Banking Office
(pursuant to
205 ILCS 645/7 and 8)
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$
500
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|
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Notice of
Intent to Establish a Bank Branch – Foreign Banking Office
(pursuant to
38 Ill. Adm. Code 305.10 and 305.20 and 12 USC 1828(d))
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$
250
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Certification
of Certificate of Authority and License
(pursuant to
205 ILCS 5/48(3)(e))
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$
100
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Certificate of Corporate
Existence
(pursuant to
205 ILCS 5/48(3)(e))
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$
100
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(Source: Amended at 42 Ill. Reg. 4558,
effective March 9, 2018)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.40 SPECIAL EXAMINATIONS OR INVESTIGATIONS
Section 370.40 Special Examinations or Investigations
a) Applications
and notices submitted to the Director are subject to a special investigation or
examination as considered necessary, in the Director's discretion, in order to
make an informed decision regarding the application or notice.
b) The
cost for a special examination or investigation performed in connection with
the review of an application or notice is $900 per day, per examiner.
c) The
Director may consider the following factors in determining whether to require
an investigation or examination of one or more of the entities to the
transaction:
1) A
question exists regarding the solvency or potential solvency of the applicant
or one or more of the financial institutions or other entities involved in the
transaction;
2) A
financial institution involved in the transaction has not been examined by a
state, federal or foreign regulatory agency within the 18-month period
immediately preceding the date of submission of the application or notice;
3) A
financial institution involved in the proposed transaction had substantive
violations cited in its most recent examination report, or has a less than
satisfactory regulatory rating;
4) A
question exists regarding the experience, ability, standing, trustworthiness,
or integrity of the existing or proposed officers, directors, managers or
managing participants of a party involved in the proposed transaction;
5) A
question exists as to whether the resulting institution will operate in
compliance with the law;
6) A
question exists as to whether the resulting institution will be free from
improper or unlawful influence or interference from its principal shareholders
with respect to operation in compliance with the law;
7) A
question exists as to whether the resulting institution will have adequate
capitalization;
8) One
or more of the entities to the transaction is under a regulatory restriction or
subject to an enforcement action or supervisory agreement;
9) Such
other factors as determined in the discretion of the Director.
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.50 FORMS
Section 370.50 Forms
a) Forms
and instructions for submitting applications and notices may be obtained from
the Department's website or by contacting the Division's Corporate Activities
Section. Information that is required by another regulatory authority that is
also needed as part of a Division application or notice may be provided to the
Division by appending a copy of the information to the Division application or
notice. Use of the Division's form is optional; however, the material
submitted to the Division must contain all information requested in the
Division's forms. In addition, if the applicable Division application or
notice requires the filing of an Authorization for Release of Personal
Information for necessary background checks or a certification page, the
applicant must sign and submit the Authorization for Release of Personal
Information and the certification page of the application or notice, even if
the Division form itself is not being used.
b) If
no form is prescribed, the application or notice should be in writing, be
signed by the applicant or a duly authorized agent, and contain a concise
statement of the action requested.
(Source:
Amended at 42 Ill. Reg. 4558, effective March 9, 2018)
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.60 REQUEST FOR CONFIDENTIAL TREATMENT
Section 370.60 Request for Confidential Treatment
a) Under
the provisions of the Illinois Freedom of Information Act [5 ILCS 140], an
application or notice filed with the Division is considered a public document
and available to the public upon request.
b) If
the applicant is of the opinion that disclosure of commercial or financial
information would likely result in substantial harm to the competitive position
of the applicant or that disclosure of information of a personal nature would
result in a clearly unwarranted invasion of personal privacy, a request for
confidential treatment must be submitted in writing concurrently with the
submission of the application or notice and must discuss in detail the
justification for confidential treatment. The justification must be provided
for each response or exhibit for which confidential treatment is requested.
c) The
applicant's reasons for requesting confidentiality should demonstrate
specifically the harm that would result from public release of the information.
A statement simply indicating that the information would result in
competitive harm or that it is personal in nature is not sufficient. A claim
that disclosure would violate the law or policy of another state is not, in and
of itself, sufficient to exempt information from disclosure. The applicant's
demonstration that disclosure would cause competitive harm or would result in
an unwarranted invasion of personal privacy must be sufficient to allow the
Division to conclude that a Freedom of Information Act [5 ILCS 140] disclosure
exemption (e.g., 5 ILCS 140/7(1)(b) or 5 ILCS 140/7(1)(g)) is applicable to the
information for which confidential treatment is sought.
d) Information
for which confidential treatment is requested should be:
1) specifically
referenced in the public portion of the application or notice by reference to
the confidential section;
2) separately
bound; and
3) labeled
"Confidential".
e) The
applicant should follow this same confidentiality procedure when filing any
supplemental information to the application.
f) The
Division will determine whether information submitted as confidential will be
so regarded and, when practicable, will advise the applicant of any decision to
make available to the public information labeled "Confidential". However,
the Division, without prior notice to the applicant, may disclose or comment on
any of the contents of the application in the approval issued by the Director
in connection with the Division's decision on the application or notice.
| TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370
CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.70 PROCESSING OF APPLICATIONS OR NOTICES; ACCEPTANCE; ABANDONMENT
Section 370.70 Processing of Applications or Notices;
Acceptance; Abandonment
a) On
or before the 15th business day after initial submission of an
application, the Director shall issue a written notice informing the applicant
either that the application is complete and accepted for processing or that the
application is deficient and specific additional information is required. All
required information necessary for the Director to declare that a submission is
an accepted filing, including the filing fee, shall be provided to the Director
on or before the 31st calendar day after the date of the Director's
written information request. However, if, within the 30 day timeframe
prescribed in the information request letter, the applicant submits a written
request for an extension, the Director may grant an additional 30 days within
which to submit the information, upon a finding of good and sufficient cause. If
the applicant fails to submit the required information within the specified
timeframe, the Director shall determine the application to be abandoned,
without prejudice to the right to refile.
b) After
the Director accepts an application, he or she may request additional
information in order to make any required statutory findings and to make a
fully informed decision. This request for additional information shall be in
writing. All requested information shall be provided to the Director on or
before the 31st calendar day after the date of the Director's
letter. However, if, within the 30 day timeframe prescribed in the letter, the
applicant submits a written request for an extension, the Director may grant an
additional 30 days within which to submit the information, upon a finding of
good and sufficient cause. If the applicant fails to submit the requested
information within the specified timeframe, the Director shall determine the
application to be abandoned, without prejudice to the right to refile.
c) The
Director shall give written notice of any submitted or accepted filing
determined to be abandoned. Notice of abandonment shall be effective upon the
Director's mailing.
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