Section 397.10  Purpose

This Part establishes the manner of assessing fees to fund the Corporate Fiduciary Receivership Account to the amount established by Section 5-10 of the Corporate Fiduciary Act and of replenishing the account following any disbursement.

(Source:  Amended at 26 Ill. Reg. 1677, effective January 23, 2002)

Section 397.20  Definitions

            "A" means the total number of corporate fiduciaries.

            "Account" means the Corporate Fiduciary Receivership Account.

            "Act" means the Corporate Fiduciary Act [205 ILCS 620].

            "B" means the number of examiner days expended in the most recent examination of the Illinois Trust Company that was completed prior to the end of the calendar quarter preceding the quarter for which the fee is being assessed.

            "Balance" means the amount in the account, adjusted for any accounts receivable and any accounts payable, as of the last day of the calendar quarter preceding the quarter for which a fee may be assessed.

            "C" means the total number of examiner days expended in the most recent examinations of all Illinois Trust Companies, calculated as of the last day of the calendar quarter preceding the quarter for which the fee is being assessed.

            "Corporate Fiduciary" means any trust company, trust department, or other entity that holds a certificate of authority issued under Article II of the Act authorizing the exercise of trust powers in Illinois.

            "D" means the amount necessary to raise the balance in the Account to the maximum amount established by Section 5-10 of the Act.

            "Illinois Trust Company" means a non-depository corporation, limited liability company, or other entity organized in this State that has been given a certificate of authority to accept and execute trusts by the Commissioner of Banks and Real Estate pursuant to Article II of the Act.

(Source:  Amended at 26 Ill. Reg. 1677, effective January 23, 2002)

Section 397.30  Quarterly Fee to Fund the Account

a)         Each corporate fiduciary will be assessed a quarterly fee of $200 until the balance of the account reaches the maximum amount established by Section 5-10 of the Act.

b)         Each Illinois trust company will be assessed an additional quarterly fee until the balance of the account reaches the maximum amount established by Section 5-10 of the Act.  The additional quarterly fee will be based on the following formula:

(Source:  Amended at 26 Ill. Reg. 1677, effective January 23, 2002)

Section 397.40  Restoring the Account

If expenditures are made from the Account, assessments under Section 397.30 will be continued or reinstituted until the balance in the Account is restored to the maximum amount established by Section 5-10 of the Act.

(Source:  Amended at 26 Ill. Reg. 1677, effective January 23, 2002)

Section 397.50  Alternate Fee Assessment to Avoid Excess Accumulation in Account

Notwithstanding any other Section of this Part, if for any quarter, the balance of the Account is at a level that fees to be collected under Section 397.30(a) of this Part would cause the balance to exceed the maximum amount established by Section 5-10 of the Act, a fee will be assessed on all corporate fiduciaries instead of the fees set forth in Section 397.30, based on the following formula:

(Source:  Amended at 26 Ill. Reg. 1677, effective January 23, 2002)