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1 | AN ACT concerning financial regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Bank Examiners' Education | ||||||
5 | Foundation Act is amended by changing Sections 1, 3.01, 4, 5, | ||||||
6 | and 8 and by adding Section 3.07 as follows:
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7 | (20 ILCS 3210/1) (from Ch. 17, par. 401)
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8 | Sec. 1.
The Illinois Bank Examiners' Education Foundation | ||||||
9 | is hereby
created for the purpose of providing a means through | ||||||
10 | which funds may be
raised, invested and disbursed for | ||||||
11 | continuing education and professional
training activity for | ||||||
12 | the examination employees of the Division of Banking whose | ||||||
13 | responsibilities include the supervision and regulation of | ||||||
14 | commercial banks, foreign banking offices, trust companies, | ||||||
15 | and their information technology service providers | ||||||
16 | Commissioner's office .
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17 | (Source: P.A. 84-1127.)
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18 | (20 ILCS 3210/3.01) (from Ch. 17, par. 403.1)
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19 | Sec. 3.01.
"Board" means the State Banking Board of | ||||||
20 | Illinois Board of Trustees of the Illinois Bank
Examiners' | ||||||
21 | Education Foundation created by the Illinois Banking Act this | ||||||
22 | Act .
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1 | (Source: P.A. 84-1127.)
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2 | (20 ILCS 3210/3.07 new) | ||||||
3 | Sec. 3.07. Division of Banking. "Division of Banking" means | ||||||
4 | the Division of Banking of the Department of Financial and | ||||||
5 | Professional Regulation.
| ||||||
6 | (20 ILCS 3210/4) (from Ch. 17, par. 404)
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7 | Sec. 4.
The Foundation shall establish an endowment fund | ||||||
8 | with the
monies in the Illinois Bank Examiners' Education Fund. | ||||||
9 | The income from such
Fund shall be used to pay for continuing | ||||||
10 | education and professional
training activity for the | ||||||
11 | examination employees of the Division of Banking whose | ||||||
12 | responsibilities include the supervision and regulation of | ||||||
13 | commercial banks, foreign banking offices, trust companies, | ||||||
14 | and their information technology service providers | ||||||
15 | Commissioner's
office authorized by the Board of the Illinois | ||||||
16 | Bank Examiners' Education
Program and to pay for reasonable | ||||||
17 | expenses incurred by the Board in the
course of its official | ||||||
18 | duties. The continuing education and professional
training | ||||||
19 | activity to be funded by the Foundation shall be a supplement | ||||||
20 | to
the education and training expenditures regularly being made | ||||||
21 | from the Bank
& Trust Company Fund for such purposes.
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22 | (Source: P.A. 84-1127.)
| ||||||
23 | (20 ILCS 3210/5) (from Ch. 17, par. 405)
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1 | Sec. 5. The Foundation shall be governed by the State | ||||||
2 | Banking Board of Illinois a Board of Trustees . The
Board shall | ||||||
3 | consist of the following trustees: the Commissioner, who shall
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4 | be its chairman; one Class A member and three Class B members | ||||||
5 | from the
State Banking Board of Illinois, appointed by the | ||||||
6 | Governor.
| ||||||
7 | The terms of the trustees of the Foundation who are members | ||||||
8 | of the State
Banking Board of Illinois are to be coextensive | ||||||
9 | with their terms on the
State Banking Board of Illinois. An | ||||||
10 | appointment to fill a vacancy shall be
for the unexpired term | ||||||
11 | of the trustee whose term is being filled. Trustees
shall | ||||||
12 | receive no compensation for service on the Board, but shall be
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13 | reimbursed for all reasonable and necessary expenditures | ||||||
14 | incurred in the
performance of their official duties.
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15 | (Source: P.A. 84-1127.)
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16 | (20 ILCS 3210/8) (from Ch. 17, par. 408)
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17 | Sec. 8.
No Neither the Commissioner nor any member of the | ||||||
18 | Board shall be
subject to any civil liability or penalty, | ||||||
19 | whether for damages or
otherwise, on account of or for any | ||||||
20 | action taken or omitted to be taken in
their respective | ||||||
21 | official capacities, except when such acts or omissions to
act | ||||||
22 | are corrupt or malicious or unless such action is taken or | ||||||
23 | omitted to
be taken not in good faith and without reasonable | ||||||
24 | grounds.
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25 | (Source: P.A. 84-1127.)
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1 | Section 10. The Illinois Banking Act is amended by changing | ||||||
2 | Sections 2, 48, 78, 79, 80, and 82 as follows:
| ||||||
3 | (205 ILCS 5/2) (from Ch. 17, par. 302)
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4 | Sec. 2. General definitions. In this Act, unless the | ||||||
5 | context otherwise
requires, the following words and phrases | ||||||
6 | shall have the following meanings:
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7 | "Accommodation party" shall have the meaning ascribed to | ||||||
8 | that term in
Section 3-419 of the Uniform Commercial Code.
| ||||||
9 | "Action" in the sense of a judicial proceeding includes | ||||||
10 | recoupments,
counterclaims, set-off, and any other proceeding | ||||||
11 | in which
rights are determined.
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12 | "Affiliate facility" of a bank means a main banking | ||||||
13 | premises or branch
of another commonly owned bank.
The main | ||||||
14 | banking premises or any branch of a bank
may be an "affiliate | ||||||
15 | facility" with respect to one or more other commonly owned
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16 | banks.
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17 | "Appropriate federal banking agency" means the Federal | ||||||
18 | Deposit Insurance
Corporation, the Federal Reserve Bank of | ||||||
19 | Chicago, or the Federal Reserve Bank
of St. Louis, as | ||||||
20 | determined by federal law.
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21 | "Bank" means any person doing a banking business whether | ||||||
22 | subject to the
laws of this or any other jurisdiction.
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23 | A "banking house", "branch", "branch bank" or "branch
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24 | office" shall mean any place of business of a bank at which |
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1 | deposits are
received, checks paid, or loans made, but shall | ||||||
2 | not include any place at
which only records thereof are made, | ||||||
3 | posted, or kept. A place of business
at which deposits are | ||||||
4 | received, checks paid, or loans made shall not be
deemed to be | ||||||
5 | a branch, branch bank, or branch office if the place of
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6 | business is adjacent to and connected with the main banking | ||||||
7 | premises, or if
it is separated from the main banking premises | ||||||
8 | by not more than an alley;
provided always that (i) if the | ||||||
9 | place of business is separated by an alley
from the main | ||||||
10 | banking premises there is a connection between the two by
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11 | public or private way or by subterranean or overhead passage, | ||||||
12 | and (ii) if
the place of business is in a building not wholly | ||||||
13 | occupied by the bank, the
place of business shall not be within | ||||||
14 | any office or room in which any other
business or service of | ||||||
15 | any kind or nature other than the business of the
bank is | ||||||
16 | conducted or carried on. A place of business at which deposits | ||||||
17 | are
received, checks paid, or loans made shall not be deemed to | ||||||
18 | be a branch,
branch bank, or branch office (i) of any bank if | ||||||
19 | the place is a terminal established and maintained in | ||||||
20 | accordance with
paragraph
(17) of Section 5 of this Act, or | ||||||
21 | (ii) of a commonly owned bank
by virtue of
transactions | ||||||
22 | conducted at that place on behalf of the other commonly owned | ||||||
23 | bank
under paragraph (23) of Section 5 of this Act if the place | ||||||
24 | is an affiliate
facility with respect to the other bank.
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25 | "Branch of an out-of-state bank" means a branch established | ||||||
26 | or maintained in
Illinois by an out-of-state bank as a result |
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1 | of a merger between an Illinois
bank and the out-of-state bank | ||||||
2 | that occurs on or after May 31, 1997, or any
branch established | ||||||
3 | by the out-of-state bank following the merger.
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4 | "Bylaws" means the bylaws of a bank that are adopted by the | ||||||
5 | bank's board of
directors or shareholders for the regulation | ||||||
6 | and management of the bank's
affairs. If the bank operates as a | ||||||
7 | limited liability company, however, "bylaws"
means the | ||||||
8 | operating
agreement of the bank.
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9 | "Call report fee" means the fee to be paid to the
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10 | Commissioner by each State bank pursuant to paragraph (a) of | ||||||
11 | subsection (3)
of Section 48 of this Act.
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12 | "Capital" includes the aggregate of outstanding capital | ||||||
13 | stock and
preferred stock.
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14 | "Cash flow reserve account" means the account within the | ||||||
15 | books and records
of the Commissioner of Banks and Real Estate | ||||||
16 | used to
record funds designated to maintain a reasonable Bank | ||||||
17 | and Trust Company Fund
operating balance to meet agency | ||||||
18 | obligations on a timely basis.
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19 | "Charter" includes the original charter and all amendments | ||||||
20 | thereto
and articles of merger or consolidation.
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21 | "Commissioner" means the Commissioner of Banks and Real | ||||||
22 | Estate, except that beginning on April 6, 2009 ( the effective | ||||||
23 | date of Public Act 95-1047)
this amendatory Act of the 95th | ||||||
24 | General Assembly , all references in this Act to the | ||||||
25 | Commissioner of Banks and Real Estate are deemed, in | ||||||
26 | appropriate contexts, to be references to the Secretary of |
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1 | Financial and Professional Regulation.
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2 | "Commonly owned banks" means 2 or more banks that each | ||||||
3 | qualify as a bank
subsidiary of the same bank holding company | ||||||
4 | pursuant to Section 18 of the
Federal Deposit Insurance Act; | ||||||
5 | "commonly owned bank" refers to one of a group
of commonly | ||||||
6 | owned banks but only with respect to one or more of the other | ||||||
7 | banks
in the same group.
| ||||||
8 | "Community" means a city, village, or incorporated town and | ||||||
9 | also includes
the area served by the banking offices of a bank, | ||||||
10 | but need not be limited or
expanded to conform to the | ||||||
11 | geographic boundaries of units of local
government.
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12 | "Company" means a corporation, limited liability company, | ||||||
13 | partnership,
business trust,
association, or similar | ||||||
14 | organization and, unless specifically excluded,
includes a | ||||||
15 | "State bank" and a "bank".
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16 | "Consolidating bank" means a party to a consolidation.
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17 | "Consolidation" takes place when 2 or more banks, or a | ||||||
18 | trust company and
a bank, are extinguished and by the same | ||||||
19 | process a new bank is created,
taking over the assets and | ||||||
20 | assuming the liabilities of the banks or trust
company passing | ||||||
21 | out of existence.
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22 | "Continuing bank" means a merging bank, the charter of | ||||||
23 | which becomes the
charter of the resulting bank.
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24 | "Converting bank" means a State bank converting to become a | ||||||
25 | national
bank, or a national bank converting to become a State | ||||||
26 | bank.
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1 | "Converting trust company" means a trust company | ||||||
2 | converting to become a
State bank.
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3 | "Court" means a court of competent jurisdiction.
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4 | "Director" means a member of the board of directors of a | ||||||
5 | bank. In the case
of a manager-managed limited liability | ||||||
6 | company, however, "director" means a
manager of
the bank and, | ||||||
7 | in the case of a member-managed limited liability company,
| ||||||
8 | "director" means a member of the bank. The term "director" does | ||||||
9 | not include an
advisory director, honorary director, director | ||||||
10 | emeritus, or similar person,
unless the person is otherwise | ||||||
11 | performing
functions similar to those of a member of the board | ||||||
12 | of directors.
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13 | "Director of Banking" means the Director of the Division of | ||||||
14 | Banking of the Department of Financial and Professional | ||||||
15 | Regulation. | ||||||
16 | "Eligible depository institution" means an insured savings | ||||||
17 | association
that is in default, an insured savings association | ||||||
18 | that is in danger of
default, a State or national bank that is | ||||||
19 | in default or a State or
national bank that is in danger of | ||||||
20 | default, as those terms are defined in this
Section, or a new | ||||||
21 | bank as that term defined in Section 11(m) of the Federal
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22 | Deposit Insurance Act or a bridge bank as that term is defined | ||||||
23 | in Section 11(n)
of the Federal Deposit Insurance Act or a new | ||||||
24 | federal savings association
authorized under Section | ||||||
25 | 11(d)(2)(f) of the Federal Deposit Insurance Act.
| ||||||
26 | "Fiduciary" means trustee, agent, executor, administrator, |
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1 | committee,
guardian for a minor or for a person under legal | ||||||
2 | disability, receiver,
trustee in bankruptcy, assignee for | ||||||
3 | creditors, or any holder of similar
position of trust.
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4 | "Financial institution" means a bank, savings bank, | ||||||
5 | savings and loan association,
credit union, or any licensee | ||||||
6 | under the Consumer Installment Loan Act or
the Sales Finance | ||||||
7 | Agency Act and, for purposes of Section 48.3, any
proprietary | ||||||
8 | network, funds transfer corporation, or other entity providing
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9 | electronic funds transfer services, or any corporate | ||||||
10 | fiduciary, its
subsidiaries, affiliates, parent company, or | ||||||
11 | contractual service provider
that is examined by the | ||||||
12 | Commissioner. For purposes of Section 5c and subsection (b) of | ||||||
13 | Section 13 of this Act, "financial institution" includes any | ||||||
14 | proprietary network, funds transfer corporation, or other | ||||||
15 | entity providing electronic funds transfer services, and any | ||||||
16 | corporate fiduciary.
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17 | "Foundation" means the Illinois Bank Examiners' Education | ||||||
18 | Foundation.
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19 | "General obligation" means a bond, note, debenture, | ||||||
20 | security, or other
instrument evidencing an obligation of the | ||||||
21 | government entity that is the
issuer that is supported by the
| ||||||
22 | full available resources of the issuer, the principal and | ||||||
23 | interest of which
is payable in whole or in part by taxation.
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24 | "Guarantee" means an undertaking or promise to answer for | ||||||
25 | payment of
another's debt or performance of another's duty, | ||||||
26 | liability, or obligation
whether "payment guaranteed" or |
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1 | "collection guaranteed".
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2 | "In danger of default" means a State or national bank, a | ||||||
3 | federally chartered
insured savings association or an Illinois | ||||||
4 | state chartered insured savings
association with respect to | ||||||
5 | which the Commissioner or the appropriate
federal banking | ||||||
6 | agency has advised the Federal Deposit Insurance
Corporation | ||||||
7 | that:
| ||||||
8 | (1) in the opinion of the Commissioner or the | ||||||
9 | appropriate federal
banking agency,
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10 | (A) the State or national bank or insured savings | ||||||
11 | association is not
likely to be able to meet the | ||||||
12 | demands of the State or national bank's or
savings | ||||||
13 | association's obligations in the normal course of | ||||||
14 | business; and
| ||||||
15 | (B) there is no reasonable prospect that the State | ||||||
16 | or national bank or
insured savings association will be | ||||||
17 | able to meet those demands or pay those
obligations | ||||||
18 | without federal assistance; or
| ||||||
19 | (2) in the opinion of the Commissioner or the | ||||||
20 | appropriate federal
banking agency,
| ||||||
21 | (A) the State or national bank or insured savings | ||||||
22 | association has
incurred or is likely to incur losses | ||||||
23 | that will deplete all or substantially
all of its | ||||||
24 | capital; and
| ||||||
25 | (B) there is no reasonable prospect that the | ||||||
26 | capital of the State
or national bank or insured |
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1 | savings association will be replenished without
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2 | federal assistance.
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3 | "In default" means, with respect to a State or national | ||||||
4 | bank or an insured
savings association, any adjudication or | ||||||
5 | other official determination by any
court of competent | ||||||
6 | jurisdiction, the Commissioner, the appropriate federal
| ||||||
7 | banking agency, or other public authority pursuant to which a | ||||||
8 | conservator, receiver,
or other legal custodian is appointed | ||||||
9 | for a State or national bank or an
insured savings association.
| ||||||
10 | "Insured savings association" means any federal savings | ||||||
11 | association chartered
under Section 5 of the federal Home | ||||||
12 | Owners' Loan Act and any State savings
association chartered | ||||||
13 | under the Illinois Savings and Loan Act of 1985 or a
| ||||||
14 | predecessor Illinois statute, the deposits of which are insured | ||||||
15 | by the Federal
Deposit Insurance Corporation. The term also | ||||||
16 | includes a savings bank organized
or operating under the | ||||||
17 | Savings Bank Act.
| ||||||
18 | "Insured savings association in recovery" means an insured | ||||||
19 | savings
association that is not an eligible depository | ||||||
20 | institution and that does
not meet the minimum capital | ||||||
21 | requirements applicable with respect to the
insured savings | ||||||
22 | association.
| ||||||
23 | "Issuer" means for purposes of Section 33 every person who | ||||||
24 | shall have
issued or proposed to issue any security; except | ||||||
25 | that (1) with respect to
certificates of deposit, voting trust | ||||||
26 | certificates, collateral-trust
certificates, and certificates |
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| |||||||
1 | of interest or shares in an unincorporated
investment trust not | ||||||
2 | having a board of directors (or persons performing
similar | ||||||
3 | functions), "issuer" means the person or persons performing the
| ||||||
4 | acts and assuming the duties of depositor or manager pursuant | ||||||
5 | to the
provisions of the trust, agreement, or instrument under | ||||||
6 | which the
securities are issued; (2) with respect to trusts | ||||||
7 | other than those
specified in clause (1) above, where the | ||||||
8 | trustee is a corporation
authorized to accept and execute | ||||||
9 | trusts, "issuer" means the entrusters,
depositors, or creators | ||||||
10 | of the trust and any manager or committee charged
with the | ||||||
11 | general direction of the affairs of the trust pursuant to the
| ||||||
12 | provisions of the agreement or instrument creating the trust; | ||||||
13 | and (3) with
respect to equipment trust certificates or like | ||||||
14 | securities, "issuer" means
the person to whom the equipment or | ||||||
15 | property is or is to be leased or
conditionally sold.
| ||||||
16 | "Letter of credit" and "customer" shall have the meanings | ||||||
17 | ascribed to
those terms in Section 5-102 of the Uniform | ||||||
18 | Commercial Code.
| ||||||
19 | "Main banking premises" means the location that is | ||||||
20 | designated in a
bank's charter as its main office.
| ||||||
21 | "Maker or obligor" means for purposes of Section 33 the | ||||||
22 | issuer of a
security, the promisor in a debenture or other debt | ||||||
23 | security, or the
mortgagor or grantor of a trust deed or | ||||||
24 | similar conveyance of a security
interest in real or personal | ||||||
25 | property.
| ||||||
26 | "Merged bank" means a merging bank that is not the |
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| |||||||
1 | continuing, resulting,
or surviving bank in a consolidation or | ||||||
2 | merger.
| ||||||
3 | "Merger" includes consolidation.
| ||||||
4 | "Merging bank" means a party to a bank merger.
| ||||||
5 | "Merging trust company" means a trust company party to a | ||||||
6 | merger with
a State bank.
| ||||||
7 | "Mid-tier bank holding company" means a corporation that | ||||||
8 | (a) owns 100% of
the issued and outstanding shares of each | ||||||
9 | class of stock of a State bank, (b)
has no other subsidiaries, | ||||||
10 | and (c) 100% of the issued and outstanding shares of
the | ||||||
11 | corporation are owned by a parent bank holding company.
| ||||||
12 | "Municipality" means any municipality, political | ||||||
13 | subdivision, school
district, taxing district, or agency.
| ||||||
14 | "National bank" means a national banking association | ||||||
15 | located in this
State and after May 31, 1997, means a national | ||||||
16 | banking association without
regard to its location.
| ||||||
17 | "Out-of-state bank" means a bank chartered under the laws | ||||||
18 | of a state other
than Illinois, a territory of the United | ||||||
19 | States, or the District of Columbia.
| ||||||
20 | "Parent bank holding company" means a corporation that is a | ||||||
21 | bank holding
company as that term is defined in the Illinois | ||||||
22 | Bank Holding Company Act of
1957 and owns 100% of the issued | ||||||
23 | and outstanding shares of a mid-tier bank
holding company.
| ||||||
24 | "Person" means an individual, corporation, limited | ||||||
25 | liability company,
partnership, joint
venture, trust, estate, | ||||||
26 | or unincorporated association.
|
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| |||||||
1 | "Public agency" means the State of Illinois, the various | ||||||
2 | counties,
townships,
cities, towns, villages, school | ||||||
3 | districts, educational service regions, special
road | ||||||
4 | districts, public water supply districts, fire protection | ||||||
5 | districts,
drainage districts, levee districts, sewer | ||||||
6 | districts, housing authorities, the
Illinois Bank Examiners' | ||||||
7 | Education Foundation, the Chicago Park District, and
all other | ||||||
8 | political corporations or subdivisions of the State of | ||||||
9 | Illinois,
whether now or hereafter created, whether herein | ||||||
10 | specifically mentioned or
not, and shall also include any other
| ||||||
11 | state or any political corporation or subdivision of another | ||||||
12 | state.
| ||||||
13 | "Public funds" or "public money" means
current operating | ||||||
14 | funds, special funds, interest and sinking funds, and funds
of | ||||||
15 | any kind or character belonging to, in the custody of, or | ||||||
16 | subject to the
control or regulation of the United States or a | ||||||
17 | public agency. "Public funds"
or "public money" shall include | ||||||
18 | funds held by any of the officers, agents, or
employees of the | ||||||
19 | United States or of a public agency in the course of their
| ||||||
20 | official duties and, with respect to public money of the United | ||||||
21 | States, shall
include Postal Savings funds.
| ||||||
22 | "Published" means, unless the context requires otherwise, | ||||||
23 | the publishing
of the notice or instrument referred to in some | ||||||
24 | newspaper of general
circulation in the community in which the | ||||||
25 | bank is located at least once
each week for 3 successive weeks. | ||||||
26 | Publishing shall be accomplished by, and
at the expense of, the |
| |||||||
| |||||||
1 | bank required to publish. Where publishing is
required, the | ||||||
2 | bank shall submit to the Commissioner that evidence of the
| ||||||
3 | publication as the Commissioner shall deem appropriate.
| ||||||
4 | "Qualified financial contract" means any security | ||||||
5 | contract,
commodity contract, forward contract, including spot | ||||||
6 | and
forward foreign exchange contracts, repurchase agreement, | ||||||
7 | swap agreement, and
any
similar agreement, any option to enter | ||||||
8 | into any such agreement, including any
combination of the | ||||||
9 | foregoing, and any master agreement for such agreements.
A | ||||||
10 | master agreement, together with all supplements thereto, shall | ||||||
11 | be treated
as one qualified financial contract. The contract, | ||||||
12 | option, agreement, or
combination of contracts, options, or | ||||||
13 | agreements shall be reflected upon the
books, accounts, or | ||||||
14 | records of the bank, or a party to the contract shall
provide | ||||||
15 | documentary evidence of such agreement.
| ||||||
16 | "Recorded" means the filing or recording of the notice or | ||||||
17 | instrument
referred to in the office of the Recorder of the | ||||||
18 | county wherein
the bank is located.
| ||||||
19 | "Resulting bank" means the bank resulting from a merger or | ||||||
20 | conversion.
| ||||||
21 | "Secretary" means the Secretary of Financial and | ||||||
22 | Professional Regulation, or a person authorized by the | ||||||
23 | Secretary or by this Act to act in the Secretary's stead. | ||||||
24 | "Securities" means stocks, bonds, debentures, notes, or | ||||||
25 | other similar
obligations.
| ||||||
26 | "Stand-by letter of credit" means a letter of credit under |
| |||||||
| |||||||
1 | which drafts
are payable upon the condition the customer has | ||||||
2 | defaulted in performance of
a duty, liability, or obligation.
| ||||||
3 | "State bank" means any banking corporation that has a | ||||||
4 | banking charter
issued by the Commissioner under
this Act.
| ||||||
5 | "State Banking Board" means the State Banking Board of | ||||||
6 | Illinois.
| ||||||
7 | "Subsidiary" with respect to a specified company means a | ||||||
8 | company that is
controlled by the specified company. For | ||||||
9 | purposes of paragraphs (8) and (12)
of Section 5 of this Act, | ||||||
10 | "control" means the exercise of operational or
managerial | ||||||
11 | control of a corporation by the bank, either alone or together | ||||||
12 | with
other affiliates of the bank.
| ||||||
13 | "Surplus" means the aggregate of (i) amounts paid in excess | ||||||
14 | of the par
value of capital stock and preferred stock; (ii) | ||||||
15 | amounts contributed other
than for capital stock and preferred | ||||||
16 | stock and allocated to the surplus
account; and (iii) amounts | ||||||
17 | transferred from undivided profits.
| ||||||
18 | "Tier 1 Capital" and "Tier 2 Capital" have the meanings | ||||||
19 | assigned to those
terms in regulations promulgated for the | ||||||
20 | appropriate federal banking agency of
a state bank, as those | ||||||
21 | regulations are now or hereafter amended.
| ||||||
22 | "Trust company" means a limited liability company or | ||||||
23 | corporation
incorporated in this State for the
purpose of | ||||||
24 | accepting and executing trusts.
| ||||||
25 | "Undivided profits" means undistributed earnings less | ||||||
26 | discretionary
transfers to surplus.
|
| |||||||
| |||||||
1 | "Unimpaired capital and unimpaired surplus", for the | ||||||
2 | purposes of paragraph
(21) of Section 5 and Sections 32, 33, | ||||||
3 | 34, 35.1, 35.2, and 47 of this Act means
the sum of the state | ||||||
4 | bank's Tier 1 Capital and Tier 2 Capital plus such other
| ||||||
5 | shareholder equity as may be included by
regulation of the | ||||||
6 | Commissioner. Unimpaired capital and unimpaired surplus
shall | ||||||
7 | be calculated on the basis of the date of the last quarterly | ||||||
8 | call report
filed with the Commissioner preceding the date of | ||||||
9 | the transaction for which the
calculation is made, provided | ||||||
10 | that: (i) when a material event occurs after the
date of the | ||||||
11 | last quarterly call report filed with the Commissioner that | ||||||
12 | reduces
or increases the bank's unimpaired capital and | ||||||
13 | unimpaired surplus by 10% or
more, then the unimpaired capital | ||||||
14 | and unimpaired surplus shall be calculated
from the date of the | ||||||
15 | material
event for a transaction conducted after the date of | ||||||
16 | the material event; and
(ii) if the Commissioner determines for | ||||||
17 | safety and soundness reasons that a
state bank should calculate | ||||||
18 | unimpaired capital and unimpaired surplus more
frequently than | ||||||
19 | provided by this paragraph, the Commissioner may by written
| ||||||
20 | notice direct the bank to calculate unimpaired capital and | ||||||
21 | unimpaired surplus
at a more frequent interval. In the case of | ||||||
22 | a state bank newly chartered under
Section 13 or a state bank | ||||||
23 | resulting from a merger, consolidation, or
conversion under | ||||||
24 | Sections 21 through 26 for which no preceding quarterly call
| ||||||
25 | report has been filed with the Commissioner, unimpaired capital | ||||||
26 | and unimpaired
surplus shall be calculated for the first |
| |||||||
| |||||||
1 | calendar quarter on the basis of the
effective date of the | ||||||
2 | charter, merger, consolidation, or conversion.
| ||||||
3 | (Source: P.A. 95-924, eff. 8-26-08; 95-1047, eff. 4-6-09; | ||||||
4 | revised 4-14-09.)
| ||||||
5 | (205 ILCS 5/48) (from Ch. 17, par. 359)
| ||||||
6 | Sec. 48. Secretary's powers; duties. The Secretary shall | ||||||
7 | have the
powers and authority, and is charged with the duties | ||||||
8 | and responsibilities
designated in this Act, and a State bank | ||||||
9 | shall not be subject to any
other visitorial power other than | ||||||
10 | as authorized by this Act, except those
vested in the courts, | ||||||
11 | or upon prior consultation with the Secretary, a
foreign bank | ||||||
12 | regulator with an appropriate supervisory interest in the | ||||||
13 | parent
or affiliate of a state bank. In the performance of the | ||||||
14 | Secretary's
duties:
| ||||||
15 | (1) The Commissioner shall call for statements from all | ||||||
16 | State banks
as provided in Section 47 at least one time during | ||||||
17 | each calendar quarter.
| ||||||
18 | (2) (a) The Commissioner, as often as the Commissioner | ||||||
19 | shall deem
necessary or
proper, and no less frequently than 18 | ||||||
20 | months following the preceding
examination, shall appoint a | ||||||
21 | suitable person or
persons to make an examination of the | ||||||
22 | affairs of every State bank,
except that for every eligible | ||||||
23 | State bank, as defined by regulation, the
Commissioner in lieu | ||||||
24 | of the examination may accept on an alternating basis the
| ||||||
25 | examination made by the eligible State bank's appropriate |
| |||||||
| |||||||
1 | federal banking
agency pursuant to Section 111 of the Federal | ||||||
2 | Deposit Insurance Corporation
Improvement Act of 1991, | ||||||
3 | provided the appropriate federal banking agency has
made such | ||||||
4 | an examination. A person so appointed shall not be a | ||||||
5 | stockholder or
officer or employee of
any bank which that | ||||||
6 | person may be directed to examine, and shall have
powers to | ||||||
7 | make a thorough examination into all the affairs of the bank | ||||||
8 | and
in so doing to examine any of the officers or agents or | ||||||
9 | employees thereof
on oath and shall make a full and detailed | ||||||
10 | report of the condition of the
bank to the Commissioner. In | ||||||
11 | making the examination the examiners shall
include an | ||||||
12 | examination of the affairs of all the affiliates of the bank, | ||||||
13 | as
defined in subsection (b) of Section 35.2 of this Act, or | ||||||
14 | subsidiaries of the
bank as shall be
necessary to disclose | ||||||
15 | fully the conditions of the subsidiaries or
affiliates, the | ||||||
16 | relations
between the bank and the subsidiaries or affiliates | ||||||
17 | and the effect of those
relations upon
the affairs of the bank, | ||||||
18 | and in connection therewith shall have power to
examine any of | ||||||
19 | the officers, directors, agents, or employees of the
| ||||||
20 | subsidiaries or affiliates
on oath. After May 31, 1997, the | ||||||
21 | Commissioner may enter into cooperative
agreements
with state | ||||||
22 | regulatory authorities of other states to provide for | ||||||
23 | examination of
State bank branches in those states, and the | ||||||
24 | Commissioner may accept reports
of examinations of State bank | ||||||
25 | branches from those state regulatory authorities.
These | ||||||
26 | cooperative agreements may set forth the manner in which the |
| |||||||
| |||||||
1 | other state
regulatory authorities may be compensated for | ||||||
2 | examinations prepared for and
submitted to the Commissioner.
| ||||||
3 | (b) After May 31, 1997, the Commissioner is authorized to | ||||||
4 | examine, as often
as the Commissioner shall deem necessary or | ||||||
5 | proper, branches of out-of-state
banks. The Commissioner may | ||||||
6 | establish and may assess fees to be paid to the
Commissioner | ||||||
7 | for examinations under this subsection (b). The fees shall be
| ||||||
8 | borne by the out-of-state bank, unless the fees are borne by | ||||||
9 | the state
regulatory authority that chartered the out-of-state | ||||||
10 | bank, as determined by a
cooperative agreement between the | ||||||
11 | Commissioner and the state regulatory
authority that chartered | ||||||
12 | the out-of-state bank.
| ||||||
13 | (2.5) Whenever any State bank, any subsidiary or affiliate | ||||||
14 | of a State
bank, or after May 31, 1997, any branch of an | ||||||
15 | out-of-state bank causes to
be performed, by contract or | ||||||
16 | otherwise, any bank services
for itself, whether on or off its | ||||||
17 | premises:
| ||||||
18 | (a) that performance shall be subject to examination by | ||||||
19 | the Commissioner
to the same extent as if services were | ||||||
20 | being performed by the bank or, after
May 31, 1997, branch | ||||||
21 | of the out-of-state bank itself
on its own premises; and
| ||||||
22 | (b) the bank or, after May 31, 1997, branch of the | ||||||
23 | out-of-state bank
shall notify the Commissioner of the | ||||||
24 | existence of a service
relationship. The notification | ||||||
25 | shall be submitted with the first statement
of condition | ||||||
26 | (as required by Section 47 of this Act) due after the |
| |||||||
| |||||||
1 | making
of the service contract or the performance of the | ||||||
2 | service, whichever occurs
first. The Commissioner shall be | ||||||
3 | notified of each subsequent contract in
the same manner.
| ||||||
4 | For purposes of this subsection (2.5), the term "bank | ||||||
5 | services" means
services such as sorting and posting of checks | ||||||
6 | and deposits, computation
and posting of interest and other | ||||||
7 | credits and charges, preparation and
mailing of checks, | ||||||
8 | statements, notices, and similar items, or any other
clerical, | ||||||
9 | bookkeeping, accounting, statistical, or similar functions
| ||||||
10 | performed for a State bank, including but not limited to | ||||||
11 | electronic data
processing related to those bank services.
| ||||||
12 | (3) The expense of administering this Act, including the | ||||||
13 | expense of
the examinations of State banks as provided in this | ||||||
14 | Act, shall to the extent
of the amounts resulting from the fees | ||||||
15 | provided for in paragraphs (a),
(a-2), and (b) of this | ||||||
16 | subsection (3) be assessed against and borne by the
State | ||||||
17 | banks:
| ||||||
18 | (a) Each bank shall pay to the Secretary a Call Report | ||||||
19 | Fee which
shall be paid in quarterly installments equal
to | ||||||
20 | one-fourth of the sum of the annual fixed fee of $800, plus | ||||||
21 | a variable
fee based on the assets shown on the quarterly | ||||||
22 | statement of condition
delivered to the Secretary in | ||||||
23 | accordance with Section 47 for the
preceding quarter | ||||||
24 | according to the following schedule: 16¢ per $1,000 of
the | ||||||
25 | first $5,000,000 of total assets, 15¢ per $1,000 of the | ||||||
26 | next
$20,000,000 of total assets, 13¢ per $1,000 of the |
| |||||||
| |||||||
1 | next $75,000,000 of
total assets, 9¢ per $1,000 of the next | ||||||
2 | $400,000,000 of total assets, 7¢
per $1,000 of the next | ||||||
3 | $500,000,000 of total assets, and 5¢ per $1,000 of
all | ||||||
4 | assets in excess of $1,000,000,000, of the State bank. The | ||||||
5 | Call Report
Fee shall be calculated by the Secretary and | ||||||
6 | billed to the banks for
remittance at the time of the | ||||||
7 | quarterly statements of condition
provided for in Section | ||||||
8 | 47. The Secretary may require payment of the fees
provided | ||||||
9 | in this Section by an electronic transfer of funds or an | ||||||
10 | automatic
debit of an account of each of the State banks. | ||||||
11 | In case more than one
examination of any
bank is deemed by | ||||||
12 | the Secretary to be necessary in any examination
frequency | ||||||
13 | cycle specified in subsection 2(a) of this Section,
and is | ||||||
14 | performed at his direction, the Secretary may
assess a | ||||||
15 | reasonable additional fee to recover the cost of the | ||||||
16 | additional
examination; provided, however, that an | ||||||
17 | examination conducted at the request
of the State Treasurer | ||||||
18 | pursuant to the Uniform Disposition of Unclaimed
Property | ||||||
19 | Act shall not be deemed to be an additional examination | ||||||
20 | under this
Section.
In lieu
of the method and amounts set | ||||||
21 | forth in this paragraph (a) for the calculation
of the Call | ||||||
22 | Report Fee, the Secretary may specify by
rule that the Call | ||||||
23 | Report Fees provided by this Section may be assessed
| ||||||
24 | semiannually or some other period and may provide in the | ||||||
25 | rule the formula to
be
used for calculating and assessing | ||||||
26 | the periodic Call Report Fees to be paid by
State
banks.
|
| |||||||
| |||||||
1 | (a-1) If in the opinion of the Commissioner an | ||||||
2 | emergency exists or
appears likely, the Commissioner may | ||||||
3 | assign an examiner or examiners to
monitor the affairs of a | ||||||
4 | State bank with whatever frequency he deems
appropriate, | ||||||
5 | including but not limited to a daily basis. The reasonable
| ||||||
6 | and necessary expenses of the Commissioner during the | ||||||
7 | period of the monitoring
shall be borne by the subject | ||||||
8 | bank. The Commissioner shall furnish the
State bank a | ||||||
9 | statement of time and expenses if requested to do so within | ||||||
10 | 30
days of the conclusion of the monitoring period.
| ||||||
11 | (a-2) On and after January 1, 1990, the reasonable and | ||||||
12 | necessary
expenses of the Commissioner during examination | ||||||
13 | of the performance of
electronic data processing services | ||||||
14 | under subsection (2.5) shall be
borne by the banks for | ||||||
15 | which the services are provided. An amount, based
upon a | ||||||
16 | fee structure prescribed by the Commissioner, shall be paid | ||||||
17 | by the
banks or, after May 31, 1997, branches of | ||||||
18 | out-of-state banks receiving the
electronic data | ||||||
19 | processing services along with the
Call Report Fee assessed | ||||||
20 | under paragraph (a) of this
subsection (3).
| ||||||
21 | (a-3) After May 31, 1997, the reasonable and necessary | ||||||
22 | expenses of the
Commissioner during examination of the | ||||||
23 | performance of electronic data
processing services under | ||||||
24 | subsection (2.5) at or on behalf of branches of
| ||||||
25 | out-of-state banks shall be borne by the out-of-state | ||||||
26 | banks, unless those
expenses are borne by the state |
| |||||||
| |||||||
1 | regulatory authorities that chartered the
out-of-state | ||||||
2 | banks, as determined by cooperative agreements between the
| ||||||
3 | Commissioner and the state regulatory authorities that | ||||||
4 | chartered the
out-of-state banks.
| ||||||
5 | (b) "Fiscal year" for purposes of this Section 48 is | ||||||
6 | defined as a
period beginning July 1 of any year and ending | ||||||
7 | June 30 of the next year.
The Commissioner shall receive | ||||||
8 | for each fiscal year, commencing with the
fiscal year | ||||||
9 | ending June 30, 1987, a contingent fee equal to the lesser | ||||||
10 | of
the aggregate of the fees paid by all State banks under | ||||||
11 | paragraph (a) of
subsection (3) for that year, or the | ||||||
12 | amount, if any, whereby the aggregate
of the administration | ||||||
13 | expenses, as defined in paragraph (c), for that
fiscal year | ||||||
14 | exceeds the sum of the aggregate of the fees payable by all
| ||||||
15 | State banks for that year under paragraph (a) of subsection | ||||||
16 | (3),
plus any amounts transferred into the Bank and Trust | ||||||
17 | Company Fund from the
State Pensions Fund for that year,
| ||||||
18 | plus all
other amounts collected by the Commissioner for | ||||||
19 | that year under any
other provision of this Act, plus the | ||||||
20 | aggregate of all fees
collected for that year by the | ||||||
21 | Commissioner under the Corporate Fiduciary
Act, excluding | ||||||
22 | the receivership fees provided for in Section 5-10 of the
| ||||||
23 | Corporate Fiduciary Act, and the Foreign Banking Office | ||||||
24 | Act.
The aggregate amount of the contingent
fee thus | ||||||
25 | arrived at for any fiscal year shall be apportioned | ||||||
26 | amongst,
assessed upon, and paid by the State banks and |
| |||||||
| |||||||
1 | foreign banking corporations,
respectively, in the same | ||||||
2 | proportion
that the fee of each under paragraph (a) of | ||||||
3 | subsection (3), respectively,
for that year bears to the | ||||||
4 | aggregate for that year of the fees collected
under | ||||||
5 | paragraph (a) of subsection (3). The aggregate amount of | ||||||
6 | the
contingent fee, and the portion thereof to be assessed | ||||||
7 | upon each State
bank and foreign banking corporation,
| ||||||
8 | respectively, shall be determined by the Commissioner and | ||||||
9 | shall be paid by
each, respectively, within 120 days of the | ||||||
10 | close of the period for which
the contingent fee is | ||||||
11 | computed and is payable, and the Commissioner shall
give 20 | ||||||
12 | days advance notice of the amount of the contingent fee | ||||||
13 | payable by
the State bank and of the date fixed by the | ||||||
14 | Commissioner for payment of
the fee.
| ||||||
15 | (c) The "administration expenses" for any fiscal year | ||||||
16 | shall mean the
ordinary and contingent expenses for that | ||||||
17 | year incident to making the
examinations provided for by, | ||||||
18 | and for otherwise administering, this Act,
the Corporate | ||||||
19 | Fiduciary Act, excluding the expenses paid from the
| ||||||
20 | Corporate Fiduciary Receivership account in the Bank and | ||||||
21 | Trust Company
Fund, the Foreign Banking Office Act,
the | ||||||
22 | Electronic Fund Transfer Act,
and the Illinois Bank | ||||||
23 | Examiners'
Education Foundation Act, including all | ||||||
24 | salaries and other
compensation paid for personal services | ||||||
25 | rendered for the State by
officers or employees of the | ||||||
26 | State, including the Commissioner and the
Deputy |
| |||||||
| |||||||
1 | Commissioners, all expenditures for telephone and | ||||||
2 | telegraph
charges, postage and postal charges, office | ||||||
3 | stationery, supplies and
services, and office furniture | ||||||
4 | and equipment, including typewriters and
copying and | ||||||
5 | duplicating machines and filing equipment, surety bond
| ||||||
6 | premiums, and travel expenses of those officers and | ||||||
7 | employees, employees,
expenditures or charges for the | ||||||
8 | acquisition, enlargement or improvement
of, or for the use | ||||||
9 | of, any office space, building, or structure, or
| ||||||
10 | expenditures for the maintenance thereof or for furnishing | ||||||
11 | heat, light,
or power with respect thereto, all to the | ||||||
12 | extent that those expenditures
are directly incidental to | ||||||
13 | such examinations or administration.
The Commissioner | ||||||
14 | shall not be required by paragraphs (c) or (d-1) of this
| ||||||
15 | subsection (3) to maintain in any fiscal year's budget | ||||||
16 | appropriated reserves
for accrued vacation and accrued | ||||||
17 | sick leave that is required to be paid to
employees of the | ||||||
18 | Commissioner upon termination of their service with the
| ||||||
19 | Commissioner in an amount that is more than is reasonably | ||||||
20 | anticipated to be
necessary for any anticipated turnover in | ||||||
21 | employees, whether due to normal
attrition or due to | ||||||
22 | layoffs, terminations, or resignations.
| ||||||
23 | (d) The aggregate of all fees collected by the | ||||||
24 | Secretary under
this Act, the Corporate Fiduciary Act,
or | ||||||
25 | the Foreign Banking Office Act on
and after July 1, 1979, | ||||||
26 | shall be paid promptly after receipt of the same,
|
| |||||||
| |||||||
1 | accompanied by a detailed statement thereof, into the State | ||||||
2 | treasury and
shall be set apart in a special fund to be | ||||||
3 | known as the "Bank and Trust
Company Fund", except as | ||||||
4 | provided in paragraph (c) of subsection (11) of
this | ||||||
5 | Section. All earnings received from investments of funds in | ||||||
6 | the Bank
and
Trust Company Fund shall be deposited in the | ||||||
7 | Bank and Trust Company Fund
and may be used for the same | ||||||
8 | purposes as fees deposited in that Fund. The
amount from | ||||||
9 | time to time deposited into the Bank and
Trust Company Fund | ||||||
10 | shall be used: (i) to offset the ordinary administrative
| ||||||
11 | expenses of the Secretary as defined in
this Section or | ||||||
12 | (ii) as a credit against fees under paragraph (d-1) of this | ||||||
13 | subsection (3). Nothing in this amendatory Act of 1979 | ||||||
14 | shall prevent
continuing the practice of paying expenses | ||||||
15 | involving salaries, retirement,
social security, and | ||||||
16 | State-paid insurance premiums of State officers by
| ||||||
17 | appropriations from the General Revenue Fund. However, the | ||||||
18 | General Revenue
Fund shall be reimbursed for those payments | ||||||
19 | made on and after July 1, 1979,
by an annual transfer of | ||||||
20 | funds from the Bank and Trust Company Fund. Moneys in the | ||||||
21 | Bank and Trust Company Fund may be transferred to the | ||||||
22 | Professions Indirect Cost Fund, as authorized under | ||||||
23 | Section 2105-300 of the Department of Professional | ||||||
24 | Regulation Law of the Civil Administrative Code of | ||||||
25 | Illinois.
| ||||||
26 | Notwithstanding provisions in the State Finance Act, |
| |||||||
| |||||||
1 | as now or hereafter amended, or any other law to the | ||||||
2 | contrary, the sum of $18,788,847 shall be transferred from | ||||||
3 | the Bank and Trust Company Fund to the Financial | ||||||
4 | Institutions Settlement of 2008 Fund on the effective date | ||||||
5 | of this amendatory Act of the 95th General Assembly, or as | ||||||
6 | soon thereafter as practical. | ||||||
7 | Notwithstanding provisions in the State Finance Act, | ||||||
8 | as now or hereafter amended, or any other law to the | ||||||
9 | contrary, the Governor may, during any fiscal year through | ||||||
10 | January 10, 2011, from time to time direct the State | ||||||
11 | Treasurer and Comptroller to transfer a specified sum not | ||||||
12 | exceeding 10% of the revenues to be deposited into the Bank | ||||||
13 | and Trust Company Fund during that fiscal year from that | ||||||
14 | Fund to the General Revenue Fund in order to help defray | ||||||
15 | the State's operating costs for the fiscal year. | ||||||
16 | Notwithstanding provisions in the State Finance Act, as now | ||||||
17 | or hereafter amended, or any other law to the contrary, the | ||||||
18 | total sum transferred during any fiscal year through | ||||||
19 | January 10, 2011, from the Bank and Trust Company Fund to | ||||||
20 | the General Revenue Fund pursuant to this provision shall | ||||||
21 | not exceed during any fiscal year 10% of the revenues to be | ||||||
22 | deposited into the Bank and Trust Company Fund during that | ||||||
23 | fiscal year. The State Treasurer and Comptroller shall | ||||||
24 | transfer the amounts designated under this Section as soon | ||||||
25 | as may be practicable after receiving the direction to | ||||||
26 | transfer from the Governor.
|
| |||||||
| |||||||
1 | (d-1) Adequate funds shall be available in the Bank and | ||||||
2 | Trust
Company Fund to permit the timely payment of | ||||||
3 | administration expenses. In
each fiscal year the total | ||||||
4 | administration expenses shall be deducted from
the total | ||||||
5 | fees collected by the Commissioner and the remainder | ||||||
6 | transferred
into the Cash Flow Reserve Account, unless the | ||||||
7 | balance of the Cash Flow
Reserve Account prior to the | ||||||
8 | transfer equals or exceeds
one-fourth of the total initial | ||||||
9 | appropriations from the Bank and Trust
Company Fund for the | ||||||
10 | subsequent year, in which case the remainder shall be
| ||||||
11 | credited to State banks and foreign banking corporations
| ||||||
12 | and applied against their fees for the subsequent
year. The | ||||||
13 | amount credited to each State bank and foreign banking | ||||||
14 | corporation
shall be in the same proportion as the
Call | ||||||
15 | Report Fees paid by each for the year bear to the total | ||||||
16 | Call Report
Fees collected for the year. If, after a | ||||||
17 | transfer to the Cash Flow Reserve
Account is made or if no | ||||||
18 | remainder is available for transfer, the balance
of the | ||||||
19 | Cash Flow Reserve Account is less than one-fourth of the | ||||||
20 | total
initial appropriations for the subsequent year and | ||||||
21 | the amount transferred
is less than 5% of the total Call | ||||||
22 | Report Fees for the year, additional
amounts needed to make | ||||||
23 | the transfer equal to 5% of the total Call Report
Fees for | ||||||
24 | the year shall be apportioned amongst, assessed upon, and
| ||||||
25 | paid by the State banks and foreign banking corporations
in | ||||||
26 | the same proportion that the Call Report Fees of each,
|
| |||||||
| |||||||
1 | respectively, for the year bear to the total Call Report | ||||||
2 | Fees collected for
the year. The additional amounts | ||||||
3 | assessed shall be transferred into the
Cash Flow Reserve | ||||||
4 | Account. For purposes of this paragraph (d-1), the
| ||||||
5 | calculation of the fees collected by the Commissioner shall | ||||||
6 | exclude the
receivership fees provided for in Section 5-10 | ||||||
7 | of the Corporate Fiduciary Act.
| ||||||
8 | (e) The Commissioner may upon request certify to any | ||||||
9 | public record
in his keeping and shall have authority to | ||||||
10 | levy a reasonable charge for
issuing certifications of any | ||||||
11 | public record in his keeping.
| ||||||
12 | (f) In addition to fees authorized elsewhere in this | ||||||
13 | Act, the
Commissioner
may, in connection with a review, | ||||||
14 | approval, or provision of a service, levy a
reasonable | ||||||
15 | charge to recover the cost of the review, approval, or | ||||||
16 | service.
| ||||||
17 | (4) Nothing contained in this Act shall be construed to | ||||||
18 | limit the
obligation relative to examinations and reports of | ||||||
19 | any State bank, deposits
in which are to any extent insured by | ||||||
20 | the United States or any agency
thereof, nor to limit in any | ||||||
21 | way the powers of the Commissioner with
reference to | ||||||
22 | examinations and reports of that bank.
| ||||||
23 | (5) The nature and condition of the assets in or investment | ||||||
24 | of any
bonus, pension, or profit sharing plan for officers or | ||||||
25 | employees of every
State bank or, after May 31, 1997, branch of | ||||||
26 | an out-of-state bank shall be
deemed to be included in the |
| |||||||
| |||||||
1 | affairs of that State
bank or branch of an out-of-state bank | ||||||
2 | subject to examination by the
Commissioner under the
provisions | ||||||
3 | of subsection (2) of this Section, and if the Commissioner
| ||||||
4 | shall find from an examination that the condition of or | ||||||
5 | operation
of the investments or assets of the plan is unlawful, | ||||||
6 | fraudulent, or
unsafe, or that any trustee has abused his | ||||||
7 | trust, the Commissioner
shall, if the situation so found by the | ||||||
8 | Commissioner shall not be
corrected to his satisfaction within | ||||||
9 | 60 days after the Commissioner has
given notice to the board of | ||||||
10 | directors of the State bank or out-of-state
bank of his
| ||||||
11 | findings, report the facts to the Attorney General who shall | ||||||
12 | thereupon
institute proceedings against the State bank or | ||||||
13 | out-of-state bank, the
board of directors
thereof, or the | ||||||
14 | trustees under such plan as the nature of the case may require.
| ||||||
15 | (6) The Commissioner shall have the power:
| ||||||
16 | (a) To promulgate reasonable rules for the purpose of
| ||||||
17 | administering the provisions of this Act.
| ||||||
18 | (a-5) To impose conditions on any approval issued by | ||||||
19 | the Commissioner
if he determines that the conditions are | ||||||
20 | necessary or appropriate. These
conditions shall be | ||||||
21 | imposed in writing and shall continue
in effect for the | ||||||
22 | period prescribed by the Commissioner.
| ||||||
23 | (b) To issue orders
against any person, if the | ||||||
24 | Commissioner has
reasonable cause to believe that an unsafe | ||||||
25 | or unsound banking practice
has occurred, is occurring, or | ||||||
26 | is about to occur, if any person has violated,
is |
| |||||||
| |||||||
1 | violating, or is about to violate any law, rule, or written
| ||||||
2 | agreement with the Commissioner, or
for the purpose of | ||||||
3 | administering the provisions of
this Act and any rule | ||||||
4 | promulgated in accordance with this Act.
| ||||||
5 | (b-1) To enter into agreements with a bank establishing | ||||||
6 | a program to
correct the condition of the bank or its | ||||||
7 | practices.
| ||||||
8 | (c) To appoint hearing officers to execute any of the | ||||||
9 | powers granted to
the Commissioner under this Section for | ||||||
10 | the purpose of administering this
Act and any rule | ||||||
11 | promulgated in accordance with this Act
and otherwise to | ||||||
12 | authorize, in writing, an officer or employee of the Office
| ||||||
13 | of
Banks and Real Estate to exercise his powers under this | ||||||
14 | Act.
| ||||||
15 | (d) To subpoena witnesses, to compel their attendance, | ||||||
16 | to administer
an oath, to examine any person under oath, | ||||||
17 | and to require the production of
any relevant books, | ||||||
18 | papers, accounts, and documents in the course of and
| ||||||
19 | pursuant to any investigation being conducted, or any | ||||||
20 | action being taken,
by the Commissioner in respect of any | ||||||
21 | matter relating to the duties imposed
upon, or the powers | ||||||
22 | vested in, the Commissioner under the provisions of
this | ||||||
23 | Act or any rule promulgated in accordance with this Act.
| ||||||
24 | (e) To conduct hearings.
| ||||||
25 | (7) Whenever, in the opinion of the Secretary Commissioner , | ||||||
26 | any director,
officer, employee, or agent of a State bank
or |
| |||||||
| |||||||
1 | any subsidiary or bank holding company of the bank
or, after | ||||||
2 | May 31, 1997, of any
branch of an out-of-state bank
or any | ||||||
3 | subsidiary or bank holding company of the bank
shall have | ||||||
4 | violated any law,
rule, or order relating to that bank
or any | ||||||
5 | subsidiary or bank holding company of the bank, shall have
| ||||||
6 | obstructed or impeded any examination or investigation by the | ||||||
7 | Secretary Commissioner , shall have engaged in an unsafe or
| ||||||
8 | unsound practice in conducting the business of that bank
or any | ||||||
9 | subsidiary or bank holding company of the bank,
or shall have
| ||||||
10 | violated any law or engaged or participated in any unsafe or | ||||||
11 | unsound practice
in connection with any financial institution | ||||||
12 | or other business entity such that
the character and fitness of | ||||||
13 | the director, officer, employee, or agent does not
assure | ||||||
14 | reasonable promise of safe and sound operation of the State | ||||||
15 | bank, the
Secretary Commissioner
may issue an order of removal.
| ||||||
16 | If, in the opinion of the Secretary Commissioner , any former | ||||||
17 | director, officer,
employee,
or agent of a State bank
or any | ||||||
18 | subsidiary or bank holding company of the bank, prior to the
| ||||||
19 | termination of his or her service with
that bank
or any | ||||||
20 | subsidiary or bank holding company of the bank, violated any | ||||||
21 | law,
rule, or order relating to that
State bank
or any | ||||||
22 | subsidiary or bank holding company of the bank, obstructed or | ||||||
23 | impeded
any examination or investigation by the Secretary | ||||||
24 | Commissioner , engaged in an unsafe or unsound practice in | ||||||
25 | conducting the
business of that bank
or any subsidiary or bank | ||||||
26 | holding company of the bank,
or violated any law or engaged or |
| |||||||
| |||||||
1 | participated in any
unsafe or unsound practice in connection | ||||||
2 | with any financial institution or
other business entity such | ||||||
3 | that the character and fitness of the director,
officer, | ||||||
4 | employee, or agent would not have assured reasonable promise of | ||||||
5 | safe
and sound operation of the State bank, the Secretary | ||||||
6 | Commissioner may issue an order
prohibiting that person from
| ||||||
7 | further
service with a bank
or any subsidiary or bank holding | ||||||
8 | company of the bank
as a director, officer, employee, or agent. | ||||||
9 | An order
issued pursuant to this subsection shall be served | ||||||
10 | upon the
director,
officer, employee, or agent. A copy of the | ||||||
11 | order shall be sent to each
director of the bank affected by | ||||||
12 | registered mail. The person affected by
the action may request | ||||||
13 | a hearing before the State Banking Board within 10
days after | ||||||
14 | receipt of the order. The hearing shall be held by
the Board | ||||||
15 | within 30 days after the request has been received by the | ||||||
16 | Board.
The Board shall make a determination approving, | ||||||
17 | modifying, or disapproving
the order of the Commissioner as its | ||||||
18 | final administrative decision. If a
hearing is held by the | ||||||
19 | Board, the Board shall make its determination within
60 days | ||||||
20 | from the conclusion of the hearing. Any person affected by a
| ||||||
21 | decision of the Board under this subsection (7) of Section 48 | ||||||
22 | of this Act
may have the decision reviewed only under and in | ||||||
23 | accordance with the
Administrative Review Law and the rules | ||||||
24 | adopted pursuant thereto. A copy of
the order shall also be | ||||||
25 | served upon the bank of which he is a director,
officer, | ||||||
26 | employee, or agent, whereupon he shall cease to be a director,
|
| |||||||
| |||||||
1 | officer, employee, or agent of that bank. The Secretary | ||||||
2 | Commissioner may
institute a civil action against the director, | ||||||
3 | officer, or agent of the
State bank or, after May 31, 1997, of | ||||||
4 | the branch of the out-of-state bank
against whom any order | ||||||
5 | provided for by this subsection (7) of
this Section 48 has been | ||||||
6 | issued, and against the State bank or, after May 31,
1997, | ||||||
7 | out-of-state bank, to enforce
compliance with or to enjoin any | ||||||
8 | violation of the terms of the order.
Any person who has been | ||||||
9 | the subject of an order of removal
or
an order of prohibition | ||||||
10 | issued by the Secretary Commissioner under
this subsection or | ||||||
11 | Section 5-6 of the Corporate Fiduciary Act may not
thereafter | ||||||
12 | serve as director, officer, employee, or agent of any State | ||||||
13 | bank
or of any branch of any out-of-state bank,
or of any | ||||||
14 | corporate fiduciary, as defined in Section 1-5.05 of the
| ||||||
15 | Corporate
Fiduciary Act, or of any other entity that is subject | ||||||
16 | to licensure or
regulation by the Division of Banking | ||||||
17 | Commissioner or the Office of Banks and Real Estate unless
the | ||||||
18 | Secretary Commissioner has granted prior approval in writing.
| ||||||
19 | For purposes of this paragraph (7), "bank holding company" | ||||||
20 | has the
meaning prescribed in Section 2 of the Illinois Bank | ||||||
21 | Holding Company Act of
1957.
| ||||||
22 | (8) The Commissioner may impose civil penalties of up to | ||||||
23 | $10,000 against
any person for each violation of any provision | ||||||
24 | of this Act, any rule
promulgated in accordance with this Act, | ||||||
25 | any order of the Commissioner, or
any other action which in the | ||||||
26 | Commissioner's discretion is an unsafe or
unsound banking |
| |||||||
| |||||||
1 | practice.
| ||||||
2 | (9) The Commissioner may impose civil penalties of up to | ||||||
3 | $100
against any person for the first failure to comply with | ||||||
4 | reporting
requirements set forth in the report of examination | ||||||
5 | of the bank and up to
$200 for the second and subsequent | ||||||
6 | failures to comply with those reporting
requirements.
| ||||||
7 | (10) All final administrative decisions of the | ||||||
8 | Commissioner hereunder
shall be subject to judicial review | ||||||
9 | pursuant to the provisions of the
Administrative Review Law. | ||||||
10 | For matters involving administrative review,
venue shall be in | ||||||
11 | either Sangamon County or Cook County.
| ||||||
12 | (11) The endowment fund for the Illinois Bank Examiners' | ||||||
13 | Education
Foundation shall be administered as follows:
| ||||||
14 | (a) (Blank).
| ||||||
15 | (b) The Foundation is empowered to receive voluntary | ||||||
16 | contributions,
gifts, grants, bequests, and donations on | ||||||
17 | behalf of the Illinois Bank
Examiners' Education | ||||||
18 | Foundation from national banks and other persons for
the | ||||||
19 | purpose of funding the endowment of the Illinois Bank | ||||||
20 | Examiners'
Education Foundation.
| ||||||
21 | (c) The aggregate of all special educational fees | ||||||
22 | collected by the
Secretary Commissioner and property | ||||||
23 | received by the Secretary Commissioner on behalf of the
| ||||||
24 | Illinois Bank Examiners' Education Foundation under this | ||||||
25 | subsection
(11) on or after June 30, 1986, shall be either | ||||||
26 | (i) promptly paid after
receipt of the same, accompanied by |
| |||||||
| |||||||
1 | a detailed statement thereof, into the
State Treasury and | ||||||
2 | shall be set apart in a special fund to be known as "The
| ||||||
3 | Illinois Bank Examiners' Education Fund" to be invested by | ||||||
4 | either the
Treasurer of the State of Illinois in the Public | ||||||
5 | Treasurers' Investment
Pool or in any other investment he | ||||||
6 | is authorized to make or by the Illinois
State Board of | ||||||
7 | Investment as the State Banking Board of Illinois board of | ||||||
8 | trustees of the Illinois Bank
Examiners' Education | ||||||
9 | Foundation may direct or (ii) deposited into an account
| ||||||
10 | maintained in a commercial bank or corporate fiduciary in | ||||||
11 | the name of the
Illinois Bank Examiners' Education | ||||||
12 | Foundation pursuant to the order and
direction of the Board | ||||||
13 | of Trustees of the Illinois Bank Examiners' Education
| ||||||
14 | Foundation.
| ||||||
15 | (12) (Blank).
| ||||||
16 | (Source: P.A. 94-91, eff. 7-1-05; 95-1047, eff. 4-6-09.)
| ||||||
17 | (205 ILCS 5/78) (from Ch. 17, par. 390)
| ||||||
18 | Sec. 78. Board of banks and trust companies; creation, | ||||||
19 | members, appointment.
There is created a Board which shall be | ||||||
20 | known as the State Banking Board of
Illinois which shall | ||||||
21 | consist of the Director of Banking Commissioner , who shall be | ||||||
22 | its chairman,
and 11 16 additional members . The Board shall be | ||||||
23 | comprised of individuals interested in the banking industry. | ||||||
24 | Two members shall be from State banks having total assets of | ||||||
25 | not more than $75,000,000 at the time of their appointment; 2 |
| |||||||
| |||||||
1 | members shall be from State banks having total assets of more | ||||||
2 | than $75,000,000, but not more than $150,000,000 at the time of | ||||||
3 | their appointment; 2 members shall be from State banks having | ||||||
4 | total assets of more than $150,000,000, but not more than | ||||||
5 | $500,000,000 at the time of their appointment; 2 members shall | ||||||
6 | be from State banks having total assets of more than | ||||||
7 | $500,000,000, but not more than $2,000,000,000 at the time of | ||||||
8 | their appointment, and one member shall be from a State bank | ||||||
9 | having total assets of more than $2,000,000,000 at the time of | ||||||
10 | his or her appointment. There shall be 2 public members, | ||||||
11 | neither of whom shall be an officer or director of or owner, | ||||||
12 | whether directly or indirectly, of more than 5% of the | ||||||
13 | outstanding capital stock of any bank. divided into 3 classes
| ||||||
14 | designated Class A members, Class B members, and Class C
| ||||||
15 | members who are appointed by the Governor by and with the | ||||||
16 | advice and consent
of the Senate and made up as follows:
| ||||||
17 | Class A shall consist of 4 persons, none of whom shall be | ||||||
18 | an officer
or director of or owner, whether direct or indirect, | ||||||
19 | of more than 5% of the
outstanding capital stock of any bank.
| ||||||
20 | Class B shall consist of 10 persons who at the time of | ||||||
21 | their respective
appointments shall have had not less than 10 | ||||||
22 | years
banking experience. Of the 10
Class B members, 2 shall be | ||||||
23 | from State banks having total
assets of not more than | ||||||
24 | $20,000,000 at the time of
their appointment, 2
shall be from | ||||||
25 | State banks having total assets of more than
$20,000,000 but | ||||||
26 | not more than $50,000,000 at the time of their
appointment, 2 |
| |||||||
| |||||||
1 | shall be from State banks having total
assets of more than | ||||||
2 | $50,000,000, but not more than $125,000,000 at the
time of | ||||||
3 | their appointment, one shall be from a
State bank having total | ||||||
4 | assets of more than $125,000,000 but not more than
$250,000,000 | ||||||
5 | at the time of appointment, one shall be from a State bank
| ||||||
6 | having total assets of more than $250,000,000 but not more than
| ||||||
7 | $1,000,000,000 at the time of appointment, one shall be from a | ||||||
8 | State bank
having total assets of more than $1,000,000,000 at | ||||||
9 | the time of appointment
and one shall be from a foreign banking | ||||||
10 | corporation certificated pursuant
to the Foreign Banking | ||||||
11 | Office Act.
| ||||||
12 | Class C shall consist of 2 persons who shall be at-large | ||||||
13 | members
representing the banking industry generally.
| ||||||
14 | (Source: P.A. 91-798, eff. 7-9-00.)
| ||||||
15 | (205 ILCS 5/79) (from Ch. 17, par. 391)
| ||||||
16 | Sec. 79. Board, terms of office. The terms of office of the | ||||||
17 | Class A and Class B members of the State Banking Board of | ||||||
18 | Illinois shall be 4 years, except that the initial Board | ||||||
19 | appointments shall be staggered with the Governor initially | ||||||
20 | appointing, with advice and consent of the Senate, 3 members to | ||||||
21 | serve 2-year terms, 4 members to serve 3-year terms, and 4 | ||||||
22 | members to serve 4-year terms. Members shall continue to serve | ||||||
23 | on the Board until their replacement is appointed and | ||||||
24 | qualified. Vacancies shall be filled by appointment by the | ||||||
25 | Governor with advice and consent of the Senate. Board of
Banks |
| |||||||
| |||||||
1 | and Trust Companies who are in office on the effective date of | ||||||
2 | this
Amendatory Act of 1985 shall expire on December 31, 1985.
| ||||||
3 | The terms of office of Class A, Class B, and Class C members of
| ||||||
4 | the State Banking Board shall be
as follows:
| ||||||
5 | (a) The terms of office of all Class A and Class B members | ||||||
6 | of the
State Banking Board shall begin on January 1, 1986.
| ||||||
7 | (b) The persons first appointed as the Class A members of | ||||||
8 | the State Banking Board
shall have the following terms as | ||||||
9 | designated by the Governor; one person
for a term of one year, | ||||||
10 | one person for a term of 2 years, one
person
for a term of 3 | ||||||
11 | years and one person for a term of 4
years. Thereafter, the | ||||||
12 | term of office of each Class
A member shall be 4 years, except | ||||||
13 | that an appointment to fill a vacancy
shall be for the | ||||||
14 | unexpired term of the member whose term is being filled.
| ||||||
15 | (c) The persons first appointed as Class B members of the | ||||||
16 | State Banking Board shall
have the following terms as | ||||||
17 | designated by the Governor; one member for a
term of one year, | ||||||
18 | 3 members for a term of 2 years,
3 members for
a term of 3 | ||||||
19 | years, and 3 members for a term of 4 years.
Thereafter, the | ||||||
20 | term of office of each Class B
member shall be 4 years, except | ||||||
21 | that an appointment to fill a vacancy
shall be for the | ||||||
22 | unexpired term of the member whose term is being filled.
| ||||||
23 | (c-5) The initial term of office of each Class C member of | ||||||
24 | the State
Banking Board appointed pursuant to this amendatory | ||||||
25 | Act of the 91st General
Assembly shall expire on January 1, | ||||||
26 | 2004. Thereafter, the term of office of
each Class C member |
| |||||||
| |||||||
1 | shall be 4 years, except that an appointment to fill a
vacancy | ||||||
2 | shall be for the unexpired term of the member whose term is | ||||||
3 | being
filled.
| ||||||
4 | (d) No Class A, Class B, or Class C State Banking Board
| ||||||
5 | member shall serve
more than 2 full 4-year terms of office.
| ||||||
6 | (e) The term of office of a State Banking Board member | ||||||
7 | shall terminate
automatically when the member no longer meets | ||||||
8 | the qualifications for the
member's appointment to the Board | ||||||
9 | provided that an increase or decrease in the
asset size of the | ||||||
10 | member's bank during the member's term of office on the State
| ||||||
11 | Banking Board shall not result in the termination of the | ||||||
12 | member's term of
office.
| ||||||
13 | (Source: P.A. 90-301, eff. 8-1-97; 91-798, eff. 7-9-00.)
| ||||||
14 | (205 ILCS 5/80) (from Ch. 17, par. 392)
| ||||||
15 | Sec. 80. Board; powers. The Board shall have the following | ||||||
16 | powers in
addition to any others that may be granted to it by | ||||||
17 | law:
| ||||||
18 | (a) (Blank). To make, alter, and amend rules and | ||||||
19 | regulations proposed for
adoption by the Commissioner with | ||||||
20 | respect to the following matters:
| ||||||
21 | (i) The scope and nature of showings to be furnished | ||||||
22 | and evidence to
be presented in connection with the | ||||||
23 | granting of charters of new banks,
and in connection with | ||||||
24 | the approval by the Commissioner of mergers,
conversions, | ||||||
25 | consolidations and changes of location, and the forms upon
|
| |||||||
| |||||||
1 | which any of such showings may be made.
| ||||||
2 | (ii) The steps to be taken and the showings to be | ||||||
3 | furnished in
connection with voluntary dissolutions under | ||||||
4 | Sections 68 to 74,
inclusive, of this Act, and the forms | ||||||
5 | upon which such showing are to be
made.
| ||||||
6 | (iii) The form, content and nature of the reports to be | ||||||
7 | furnished to
the Commissioner under Section 47 of this Act, | ||||||
8 | and the definition of the
scope of examinations and the | ||||||
9 | data to be furnished in connection with
examinations by the | ||||||
10 | Commissioner under subsection (2)
and subsection (5) of | ||||||
11 | Section 48 of this Act.
| ||||||
12 | (b) To review, consider , and make recommendations to the | ||||||
13 | Director of Banking Commissioner
upon any banking matters.
| ||||||
14 | (c) (Blank). To require the Commissioner to report | ||||||
15 | periodically to the Board
on any banking matters, including the | ||||||
16 | following:
| ||||||
17 | (i) Data with respect to banks whose condition or | ||||||
18 | practices are
being critically considered or reviewed by | ||||||
19 | the Commissioner pursuant to
Section 51 of this Act, and | ||||||
20 | data with respect to banks to which any
notice has been | ||||||
21 | given by the Commissioner pursuant to said Section 51;
and
| ||||||
22 | (ii) The extent and nature of all disciplinary action | ||||||
23 | taken by the
Commissioner against any bank or any officer | ||||||
24 | or director thereof, and
information with respect to the | ||||||
25 | manner or extent of the remedial action,
if any, taken by | ||||||
26 | the criticized bank or director or officer; and
|
| |||||||
| |||||||
1 | (iii) The extent and nature of all action taken by the | ||||||
2 | Commissioner
under or pursuant to Section 52 of this Act; | ||||||
3 | and
| ||||||
4 | (iv) The extent and nature of all action taken by the | ||||||
5 | Commissioner
under or pursuant to Section 31 of this Act.
| ||||||
6 | (d) (Blank). To require the Commissioner to furnish the | ||||||
7 | Board reports in
respect of the granting or of the denial of | ||||||
8 | new charters, mergers,
changes of location, conversions or | ||||||
9 | consolidations, including the
findings made and the basis for | ||||||
10 | the action taken by the Commissioner in
connection therewith.
| ||||||
11 | (e) To review, consider , and submit to the Director of | ||||||
12 | Banking Commissioner and to the
Governor proposals for | ||||||
13 | amendments to this Act or for changes in or
additions to the | ||||||
14 | administration thereof which in the opinion of the
Board are | ||||||
15 | necessary or desirable in order to assure the safe and sound
| ||||||
16 | conduct of the banking business.
| ||||||
17 | (f) To require the Secretary Commissioner to furnish the | ||||||
18 | Board space for
meetings to be held by the Board as well as to | ||||||
19 | require the Secretary Commissioner
to provide such clerical and | ||||||
20 | technical assistance as the Board may
require.
| ||||||
21 | (g) To adopt its own by-laws with respect to Board meetings | ||||||
22 | and
procedures. Such by-laws shall provide that:
| ||||||
23 | (i) A majority of the whole Board constitutes a quorum.
| ||||||
24 | (ii) A majority of the quorum shall constitute | ||||||
25 | effective action
except that a vote of a majority of the | ||||||
26 | whole Board shall be necessary
for the approval of rules |
| |||||||
| |||||||
1 | and regulations proposed for adoption by the
Commissioner | ||||||
2 | under Section 80(a), (i), (ii) and (iii) of this Act and
| ||||||
3 | shall be necessary for recommendations made to the Director | ||||||
4 | of Banking Commissioner and to
the Governor with regard to | ||||||
5 | proposed amendments to this Act or to the
administrative | ||||||
6 | practices hereunder.
| ||||||
7 | (iii) The Board shall meet at least once in each | ||||||
8 | calendar year and upon
the call of the Director of Banking | ||||||
9 | Commissioner or a majority of the Board. The
Director of | ||||||
10 | Banking Commissioner or a majority of the Board may call | ||||||
11 | such special or additional
meetings as may be deemed | ||||||
12 | necessary or desirable.
| ||||||
13 | (h) (Blank). To make rules to regulate the method of | ||||||
14 | selecting candidates for
consideration by the Governor to fill | ||||||
15 | a vacancy in the Office of the
Commissioner and the deputy | ||||||
16 | commissioners.
| ||||||
17 | (i) (Blank). To make rules to regulate the method of | ||||||
18 | selecting candidates for
consideration by the Governor to fill | ||||||
19 | a vacancy in the office of any of
the 10 Class B members of the | ||||||
20 | Board.
| ||||||
21 | (j) (Blank). To make rules to regulate the conduct of | ||||||
22 | hearings under subsection
(7) of Section 48 of this Act.
| ||||||
23 | (k) (Blank). To subpoena witnesses, to compel their | ||||||
24 | attendance, to administer an
oath, to examine any person under | ||||||
25 | oath and to require the production of any
relevant books, | ||||||
26 | papers, accounts and documents in the course of and
pursuant to |
| |||||||
| |||||||
1 | any hearing being conducted under subsection (7) of
Section 48 | ||||||
2 | of this Act.
| ||||||
3 | (l) (Blank). To appoint hearing officers to conduct | ||||||
4 | hearings under subsection (7)
of Section 48 of this Act.
| ||||||
5 | (m) To authorize the transfer of funds from the Illinois | ||||||
6 | Bank Examiners' Education Fund to the Bank and Trust Company | ||||||
7 | Fund. Any amount transferred shall be retransferred to the | ||||||
8 | Illinois Bank Examiners' Education Fund from the Bank and Trust | ||||||
9 | Company Fund within 3 years. | ||||||
10 | (n) To maintain and direct the investments of the Illinois | ||||||
11 | Bank Examiners' Education Fund. | ||||||
12 | (o) To evaluate various courses, programs, curricula, and | ||||||
13 | schools of continuing education and professional training that | ||||||
14 | are available from within the United States for State banking | ||||||
15 | department examination personnel and develop a program known as | ||||||
16 | the Illinois Bank Examiners' Education Program. The Board shall | ||||||
17 | determine which courses, programs, curricula, and schools will | ||||||
18 | be included in the Program to be funded by the Foundation. | ||||||
19 | (Source: P.A. 89-508, eff. 7-3-96.)
| ||||||
20 | (205 ILCS 5/82) (from Ch. 17, par. 394)
| ||||||
21 | Sec. 82. Commissioner, board; civil liability. Neither the | ||||||
22 | Secretary, Director of Banking, Commissioner, any deputy | ||||||
23 | commissioner, any member of the
Board of Banks and Trust | ||||||
24 | Companies, any member of the State Banking Board
of Illinois, | ||||||
25 | nor any examiner, assistant examiner or
other employee of the |
| |||||||
| |||||||
1 | Division of Banking Commissioner's office shall be subject to | ||||||
2 | any civil
liability or penalty, whether for damages or | ||||||
3 | otherwise, on account of or
for any action taken or omitted to | ||||||
4 | be taken in their respective official
capacities, except when | ||||||
5 | such acts or omissions to act are corrupt or
malicious or | ||||||
6 | unless such action is taken or omitted to be taken not in good
| ||||||
7 | faith and without reasonable grounds.
| ||||||
8 | (Source: P.A. 85-204.)
| ||||||
9 | Section 15. The Illinois Bank Holding Company Act of 1957 | ||||||
10 | is amended by changing Sections 2 and 3.074 as follows:
| ||||||
11 | (205 ILCS 10/2) (from Ch. 17, par. 2502)
| ||||||
12 | Sec. 2. Unless the context requires otherwise:
| ||||||
13 | (a) "Bank" means any national banking association or any | ||||||
14 | bank, banking
association or savings bank, whether organized | ||||||
15 | under the laws of Illinois,
another state, the United States, | ||||||
16 | the District of Columbia, any territory of
the United States, | ||||||
17 | Puerto Rico, Guam, American Samoa or the Virgin Islands,
which | ||||||
18 | (1) accepts deposits that the depositor has a legal right to | ||||||
19 | withdraw on
demand by check or other negotiable order and (2) | ||||||
20 | engages in the business of
making commercial loans. "Bank" does | ||||||
21 | not include any organization operating
under Sections 25 or 25 | ||||||
22 | (a) of the Federal Reserve Act, or any organization
which does | ||||||
23 | not do business within the United States except as an incident | ||||||
24 | to
its activities outside the United States or any foreign |
| |||||||
| |||||||
1 | bank.
| ||||||
2 | (b) "Bank holding company" means any company that controls | ||||||
3 | or has control
over any bank or over any company that is or | ||||||
4 | becomes a bank holding company by
virtue of this Act.
| ||||||
5 | (c) "Banking office" means the principal office of a bank, | ||||||
6 | any branch
of a bank, or any other office at which a bank | ||||||
7 | accepts deposits, provided,
however, that "banking office" | ||||||
8 | shall not mean:
| ||||||
9 | (1) unmanned automatic teller machines, point of sale | ||||||
10 | terminals or other
similar unmanned electronic banking | ||||||
11 | facilities at which deposits may be
accepted; or
| ||||||
12 | (2) offices located outside the United States.
| ||||||
13 | (d) "Cause to be chartered", with respect to a specified | ||||||
14 | bank, means the
acquisition of control of such bank prior to | ||||||
15 | the time it commences to
engage in the banking business.
| ||||||
16 | (e) "Commissioner" means the Commissioner of Banks and Real | ||||||
17 | Estate
or a person authorized by the Commissioner, the Office | ||||||
18 | of Banks and Real Estate
Act, or this Act to act in the | ||||||
19 | Commissioner's stead , except that beginning on the effective | ||||||
20 | date of this amendatory Act of the 96th General Assembly, all | ||||||
21 | references in this Act to the Commissioner of Banks and Real | ||||||
22 | Estate are deemed, in appropriate contexts, to be references to | ||||||
23 | the Secretary of Financial and Professional Regulation .
| ||||||
24 | (f) "Community" means the contiguous area served by the | ||||||
25 | banking offices
of a bank, but need not be limited or expanded | ||||||
26 | to conform to the geographic
boundaries of units of local |
| |||||||
| |||||||
1 | government.
| ||||||
2 | (g) "Company" means any corporation, business trust, | ||||||
3 | voting trust,
association, partnership, joint venture, similar | ||||||
4 | organization or any other
trust unless by its terms it must | ||||||
5 | terminate within 25 years or not later
than 21 years and 10 | ||||||
6 | months after the death of individuals living on the
effective | ||||||
7 | date of the trust, but shall not include (1) an individual or | ||||||
8 | (2)
any corporation the majority of the shares of which are | ||||||
9 | owned by the United
States or by any state or any corporation | ||||||
10 | or community chest fund,
organized and operated exclusively for | ||||||
11 | religious, charitable, scientific,
literary or educational | ||||||
12 | purposes, no part of the net earnings of which
inure to the | ||||||
13 | benefit of any private shareholder or individual and no
| ||||||
14 | substantial part of the activities of which is carrying on | ||||||
15 | propaganda or
otherwise attempting to influence legislation.
| ||||||
16 | (h) A company "controls or has control over" a bank or | ||||||
17 | company if (1) it
directly or indirectly owns or controls or | ||||||
18 | has the power to vote, 25% or
more of the voting shares of any | ||||||
19 | class of voting securities of such bank or
company or (2) it | ||||||
20 | controls in any manner the election of a majority of the
| ||||||
21 | directors or trustees of such bank or company or (3) a trustee | ||||||
22 | holds for
the benefit of its shareholders, members or | ||||||
23 | employees, 25% or more of the
voting shares of such bank or | ||||||
24 | company or (4) it directly or indirectly
exercises a | ||||||
25 | controlling influence over the management or policies of such
| ||||||
26 | bank or company that is a bank holding company and the Board of |
| |||||||
| |||||||
1 | Governors
of the Federal Reserve System has so determined under | ||||||
2 | the federal Bank
Holding Company Act. In determining whether | ||||||
3 | any company controls or has
control over a bank or company: (i) | ||||||
4 | shares owned or controlled by any
subsidiary of a company shall | ||||||
5 | be deemed to be indirectly owned or
controlled by such company; | ||||||
6 | (ii) shares held or controlled, directly or
indirectly, by a | ||||||
7 | trustee or trustees for the benefit of a company, the
| ||||||
8 | shareholders or members of a company or the employees (whether | ||||||
9 | exclusively
or not) of a company, shall be deemed to be | ||||||
10 | controlled by such company; and
(iii) shares transferred, | ||||||
11 | directly or indirectly, by any bank holding
company (or by any | ||||||
12 | company which, but for such transfer, would be a bank
holding | ||||||
13 | company) to any transferee that is indebted
to the transferor | ||||||
14 | or that has one or more officers, directors, trustees or
| ||||||
15 | beneficiaries in common with or subject to control by the | ||||||
16 | transferor, shall
be deemed to be indirectly owned or | ||||||
17 | controlled by the transferor unless
the Board of Governors of | ||||||
18 | the Federal Reserve System has determined, under
the federal | ||||||
19 | Bank Holding Company Act, that the transferor is not in fact
| ||||||
20 | capable of controlling the transferee. Notwithstanding the | ||||||
21 | foregoing, no
company shall be deemed to have control of or | ||||||
22 | over a bank or bank holding
company (A) by virtue of its | ||||||
23 | ownership or control of shares in a fiduciary
capacity arising | ||||||
24 | in the ordinary course of its business; (B) by virtue of
its | ||||||
25 | ownership or control of shares acquired by it in connection | ||||||
26 | with its
underwriting of securities which are held only for |
| |||||||
| |||||||
1 | such period of time as
will permit the sale thereof upon a | ||||||
2 | reasonable basis; (C) by virtue of its
holding any shares as | ||||||
3 | collateral taken in the ordinary course of securing a
debt or | ||||||
4 | other obligation; (D) by virtue of its ownership or control of | ||||||
5 | shares
acquired in the ordinary course of collecting a debt or | ||||||
6 | other obligation
previously contracted in good faith, until 5 | ||||||
7 | years after the date acquired; or
(E) by virtue of its voting | ||||||
8 | rights with respect to shares of any bank or bank
holding | ||||||
9 | company acquired in the course of a proxy solicitation in the | ||||||
10 | case of a
company formed and operated for the sole purpose of | ||||||
11 | participating in a proxy
solicitation.
| ||||||
12 | (h-5) "Division of Banking" means the Division of Banking | ||||||
13 | of the Department of Financial and Professional Regulation.
| ||||||
14 | (i) "Federal Bank Holding Company Act" means the federal | ||||||
15 | Bank Holding
Company Act of 1956, as now or hereafter amended.
| ||||||
16 | (j) "Foreign bank" means any company organized under the | ||||||
17 | laws of a
foreign country which engages in the business of | ||||||
18 | banking or any subsidiary
or affiliate of any such company, | ||||||
19 | organized under such laws. "Foreign
bank" includes, without | ||||||
20 | limitation, foreign merchant banks and other
foreign | ||||||
21 | institutions that engage in banking activities usual in | ||||||
22 | connection
with the business of banking in the countries where | ||||||
23 | such foreign
institutions are organized or operating.
| ||||||
24 | (k) "Home state" means the home state of a foreign bank as | ||||||
25 | determined
pursuant to the federal International Banking Act of | ||||||
26 | 1978.
|
| |||||||
| |||||||
1 | (l) "Illinois bank" means a bank:
| ||||||
2 | (1) that is organized under the laws of this State or | ||||||
3 | of the United States; and
| ||||||
4 | (2) whose main banking premises is located in Illinois.
| ||||||
5 | (m) "Illinois bank holding company" means a bank holding | ||||||
6 | company:
| ||||||
7 | (1) whose principal place of business is Illinois; and
| ||||||
8 | (2) that is not directly or indirectly controlled by | ||||||
9 | another bank
holding company whose principal place of | ||||||
10 | business is a state other than
Illinois or by a foreign | ||||||
11 | bank whose Home State is a state other than Illinois.
| ||||||
12 | An out of state bank holding company that acquires
control | ||||||
13 | of one or more
Illinois banks or Illinois bank holding | ||||||
14 | companies pursuant to Sections
3.061 or 3.071 shall not be | ||||||
15 | deemed an Illinois bank holding company.
| ||||||
16 | (n) "Main banking premises" means the location that is | ||||||
17 | designated in a
bank's charter as its main office and that is | ||||||
18 | within the state in which the
total deposits held by all of the | ||||||
19 | banking offices of such bank are the
largest, as shown in the | ||||||
20 | most recent reports of condition or similar
reports filed by | ||||||
21 | such bank with state or federal regulatory authorities.
| ||||||
22 | (o) "Out of state bank" means a bank:
| ||||||
23 | (1) that is not an Illinois bank; and
| ||||||
24 | (2) whose main banking premises is located in a state | ||||||
25 | other
than Illinois.
| ||||||
26 | (p) "Out of state bank holding company" means a
bank |
| |||||||
| |||||||
1 | holding company:
| ||||||
2 | (1) that is not an Illinois bank holding company;
| ||||||
3 | (2) whose principal place of business is a state other
| ||||||
4 | than Illinois the laws of which expressly authorize the | ||||||
5 | acquisition by an
Illinois bank holding company of a bank | ||||||
6 | or bank holding company in that
state under qualifications | ||||||
7 | and conditions which are not unduly restrictive,
as | ||||||
8 | determined by the Secretary Commissioner , when compared to | ||||||
9 | those imposed by the
laws of Illinois.
| ||||||
10 | (q) "Principal place of business" means,
with respect to a | ||||||
11 | bank holding company, the state in which the total
deposits | ||||||
12 | held by all of the banking offices of all of the bank | ||||||
13 | subsidiaries
of such bank holding company are the largest, as | ||||||
14 | shown in the most recent
reports of condition or similar | ||||||
15 | reports filed by the bank holding company's
bank subsidiaries | ||||||
16 | with state or federal regulatory authorities. | ||||||
17 | (q-5) "Secretary" means the Secretary of Financial and | ||||||
18 | Professional Regulation, or a person authorized by the | ||||||
19 | Secretary or by this Act to act in the Secretary's stead.
| ||||||
20 | (r) "State" or "states" when used in this Act means any | ||||||
21 | State of the
United States, the District of Columbia, any | ||||||
22 | territory of the United
States, Puerto Rico, Guam, American | ||||||
23 | Samoa or the Virgin Islands.
| ||||||
24 | (s) "Subsidiary", with respect to a specified bank holding | ||||||
25 | company,
means any bank or company controlled by such bank | ||||||
26 | holding company.
|
| |||||||
| |||||||
1 | (Source: P.A. 89-508, eff. 7-3-96.)
| ||||||
2 | (205 ILCS 10/3.074) (from Ch. 17, par. 2510.04)
| ||||||
3 | Sec. 3.074. Powers; administrative review.
| ||||||
4 | (a) The Secretary Commissioner shall have the power and | ||||||
5 | authority:
| ||||||
6 | (1) to promulgate reasonable procedural rules for the | ||||||
7 | purposes
of
administering the provisions of this Act. The | ||||||
8 | Secretary Commissioner shall specify
the form of any | ||||||
9 | application, report or document that is required to be
| ||||||
10 | filed with the Secretary Commissioner pursuant to this Act;
| ||||||
11 | (2) to issue orders for the purpose of administering | ||||||
12 | the
provisions of
this Act and any rule promulgated in | ||||||
13 | accordance with this Act;
| ||||||
14 | (3) to appoint hearing officers to execute any of the | ||||||
15 | powers
granted to
the Secretary Commissioner under this | ||||||
16 | Section for the purpose of administering this
Act or any | ||||||
17 | rule promulgated in accordance with this Act; and
| ||||||
18 | (4) to subpoena witnesses, to compel their attendance, | ||||||
19 | to
administer an
oath, to examine any person under oath and | ||||||
20 | to require the production of any
relevant books, papers, | ||||||
21 | accounts and documents in the course of and
pursuant to any | ||||||
22 | investigation or hearing being conducted or any action
| ||||||
23 | being taken by the Secretary Commissioner in respect to any | ||||||
24 | matter relating to the
duties imposed upon or the powers | ||||||
25 | vested in the Secretary Commissioner under the
provisions |
| |||||||
| |||||||
1 | of this Act or any rule promulgated in accordance with this
| ||||||
2 | Act.
| ||||||
3 | (b) Whenever, in the opinion of the Secretary Commissioner , | ||||||
4 | any
director,
officer, employee, or agent of any bank holding | ||||||
5 | company or subsidiary or
affiliate of
that company shall have | ||||||
6 | violated any law, rule, or order relating to that bank
holding | ||||||
7 | company or subsidiary or affiliate of that company, shall have
| ||||||
8 | obstructed or
impeded any examination or investigation by the | ||||||
9 | Secretary Commissioner , shall have
engaged in an unsafe or | ||||||
10 | unsound practice in conducting the business
of that bank | ||||||
11 | holding company or subsidiary or affiliate of that company, or
| ||||||
12 | shall have
violated any law or engaged or participated in any | ||||||
13 | unsafe or unsound
practice in connection with any financial | ||||||
14 | institution or other business
entity such that the character | ||||||
15 | and fitness of the director, officer,
employee, or agent does | ||||||
16 | not assure reasonable promise of safe and sound
operation of | ||||||
17 | the bank holding company, the
Secretary Commissioner may issue | ||||||
18 | an order of removal. If, in the opinion of the Secretary
| ||||||
19 | Commissioner , any former director, officer, employee, or agent | ||||||
20 | of a bank
holding company or subsidiary or affiliate of that | ||||||
21 | company, prior to the
termination of his or her service with | ||||||
22 | that holding company or subsidiary or
affiliate of that | ||||||
23 | company, violated any law, rule, or order relating to that
bank | ||||||
24 | holding company or subsidiary or affiliate of that company, | ||||||
25 | obstructed
or impeded any examination or investigation by the | ||||||
26 | Secretary Commissioner , engaged
in an unsafe or unsound |
| |||||||
| |||||||
1 | practice in conducting the business of that bank
holding
| ||||||
2 | company or subsidiary or affiliate of that company, or violated | ||||||
3 | any law or
engaged
or participated in any unsafe or unsound | ||||||
4 | practice in connection with any
financial institution or other | ||||||
5 | business entity such that the character
and fitness of the | ||||||
6 | director, officer, employee, or agent would not have
assured | ||||||
7 | reasonable promise of safe and sound operation of the bank
| ||||||
8 | holding company, the Secretary Commissioner may issue an order | ||||||
9 | prohibiting that
person from further service with a bank | ||||||
10 | holding company or subsidiary or
affiliate of that company as a | ||||||
11 | director, officer, employee, or agent.
| ||||||
12 | An order
issued
pursuant to this subsection shall be served | ||||||
13 | upon the director, officer,
employee, or agent. A copy of the | ||||||
14 | order shall be sent to each director of
the bank holding | ||||||
15 | company affected by registered mail. The person affected
by the | ||||||
16 | action may request a hearing before the State Banking Board | ||||||
17 | within
10 days after receipt of the order. The hearing shall be | ||||||
18 | held by the State
Banking Board within 30 days after the | ||||||
19 | request has been received by the State
Banking
Board. The State | ||||||
20 | Banking Board shall make a determination approving,
modifying, | ||||||
21 | or
disapproving the order of the Commissioner as its final | ||||||
22 | administrative
decision.
If a hearing is held by the State | ||||||
23 | Banking Board, the State Banking Board shall
make its | ||||||
24 | determination
within 60 days from the conclusion of the | ||||||
25 | hearing. Any person affected by a
decision of the State Banking | ||||||
26 | Board under this subsection
may have the decision reviewed only |
| |||||||
| |||||||
1 | under and in accordance with the
Administrative
Review Law and | ||||||
2 | the rules adopted pursuant thereto. A copy of the order
shall | ||||||
3 | also be served upon the bank holding company of which he is a | ||||||
4 | director,
officer,
employee, or agent, whereupon he shall cease | ||||||
5 | to be a director, officer,
employee, or agent of that bank | ||||||
6 | holding company.
| ||||||
7 | The Secretary Commissioner may
institute a
civil action | ||||||
8 | against the director, officer, employee, or agent of the bank
| ||||||
9 | holding
company, against whom
any order provided for by this | ||||||
10 | subsection has been
issued, to enforce compliance with or to | ||||||
11 | enjoin any violation of the terms
of the order.
| ||||||
12 | Any person who has been the subject of an order of removal
| ||||||
13 | or an order of prohibition issued by the Secretary Commissioner | ||||||
14 | under this subsection,
subdivision (7) of Section 48 of the | ||||||
15 | Illinois Banking Act, or
Section 5-6 of the Corporate Fiduciary | ||||||
16 | Act may not thereafter serve as
director, officer, employee, or | ||||||
17 | agent of any holding company, State bank, or
branch
of any | ||||||
18 | out-of-state bank, of any corporate fiduciary, as defined in
| ||||||
19 | Section 1-5.05 of the Corporate Fiduciary Act, or of any other | ||||||
20 | entity
that is subject to licensure or regulation by the | ||||||
21 | Division of Banking Commissioner or the
Office of Banks and | ||||||
22 | Real Estate unless the Secretary Commissioner has granted
prior | ||||||
23 | approval in writing.
| ||||||
24 | (c) All final administrative decisions of the Secretary
| ||||||
25 | Commissioner under
this
Act shall be subject to judicial review | ||||||
26 | pursuant to provisions of the
Administrative Review Law. For |
| |||||||
| |||||||
1 | matters involving administrative review,
venue shall be in | ||||||
2 | either Sangamon County or Cook County.
| ||||||
3 | (Source: P.A. 92-483, eff. 8-23-01.)
| ||||||
4 | Section 20. The Corporate Fiduciary Act is amended by | ||||||
5 | changing Sections 1-5.03, 5-6, and 5-8 and by adding Sections | ||||||
6 | 1-5.07a and 1-5.09a as follows:
| ||||||
7 | (205 ILCS 620/1-5.03) (from Ch. 17, par. 1551-5.03)
| ||||||
8 | Sec. 1-5.03.
"Commissioner" means the Commissioner of | ||||||
9 | Banks and Real
Estate or a person authorized by the | ||||||
10 | Commissioner, the Office of Banks and Real
Estate Act, or this | ||||||
11 | Act to act in the Commissioner's stead , except that beginning | ||||||
12 | on the effective date of this amendatory Act of the 96th | ||||||
13 | General Assembly, all references in this Act to the | ||||||
14 | Commissioner of Banks and Real Estate are deemed, in | ||||||
15 | appropriate contexts, to be references to the Secretary of | ||||||
16 | Financial and Professional Regulation .
| ||||||
17 | (Source: P.A. 89-508, eff. 7-3-96.)
| ||||||
18 | (205 ILCS 620/1-5.07a new) | ||||||
19 | Sec. 1-5.07a. Division of Banking. "Division of Banking" | ||||||
20 | means the Division of Banking of the Department of Financial | ||||||
21 | and Professional Regulation. | ||||||
22 | (205 ILCS 620/1-5.09a new) |
| |||||||
| |||||||
1 | Sec. 1-5.09a. Secretary. "Secretary" means the Secretary | ||||||
2 | of Financial and Professional Regulation, or a person | ||||||
3 | authorized by the Secretary or by this Act to act in the | ||||||
4 | Secretary's stead.
| ||||||
5 | (205 ILCS 620/5-6) (from Ch. 17, par. 1555-6)
| ||||||
6 | Sec. 5-6. Removal orders. Whenever, in the opinion of the | ||||||
7 | Secretary Commissioner ,
any director, officer, employee, or | ||||||
8 | agent of a corporate fiduciary
or subsidiary or corporate | ||||||
9 | parent of the corporate fiduciary
shall have violated any law, | ||||||
10 | rule, or order relating to the corporate
fiduciary
or | ||||||
11 | subsidiary or corporate parent of the corporate fiduciary, | ||||||
12 | shall have
engaged in an unsafe or unsound practice in | ||||||
13 | conducting
the
business of the corporate fiduciary
or | ||||||
14 | subsidiary or corporate parent of the corporate fiduciary, or | ||||||
15 | shall
have violated any law or
engaged or participated in any | ||||||
16 | unsafe or unsound practice in connection with
any financial | ||||||
17 | institution or other business entity such that the character | ||||||
18 | and
fitness of the director, officer, employee, or agent does | ||||||
19 | not assure reasonable
promise of safe and sound operation of | ||||||
20 | the corporate fiduciary
or subsidiary or corporate parent of | ||||||
21 | the corporate fiduciary, the Secretary
Commissioner may issue | ||||||
22 | an order of
removal.
If in the opinion of the Secretary | ||||||
23 | Commissioner , any former director, officer,
employee, or agent | ||||||
24 | of a corporate fiduciary
or subsidiary or corporate parent of | ||||||
25 | the corporate fiduciary, prior to the
termination of his
or her |
| |||||||
| |||||||
1 | service with the corporate fiduciary
or subsidiary or corporate | ||||||
2 | parent of the corporate fiduciary, violated any
law, rule, or | ||||||
3 | order
relating to the corporate fiduciary
or subsidiary or | ||||||
4 | corporate parent of the corporate fiduciary
or engaged in an | ||||||
5 | unsafe or unsound practice
in conducting the business of the | ||||||
6 | corporate fiduciary
or subsidiary or corporate parent of the | ||||||
7 | corporate fiduciary
or violated any law or
engaged or | ||||||
8 | participated in any unsafe or unsound practice in connection | ||||||
9 | with
any financial institution or other business entity such | ||||||
10 | that the character and
fitness of the director, officer, | ||||||
11 | employee, or agent would not have assured
reasonable promise of | ||||||
12 | safe and sound operation of the corporate fiduciary
or | ||||||
13 | subsidiary or corporate parent of the corporate fiduciary,
the
| ||||||
14 | Secretary Commissioner may issue
an order prohibiting that | ||||||
15 | person from further service with a corporate
fiduciary
or | ||||||
16 | subsidiary or corporate parent of the corporate fiduciary
as a | ||||||
17 | director, officer, employee, or agent. An order issued pursuant
| ||||||
18 | to this Section shall be served upon the
director, officer, | ||||||
19 | employee, or
agent. A copy of the order shall be sent to each | ||||||
20 | director of the corporate
fiduciary
affected by personal | ||||||
21 | service, certified mail return receipt
requested, or any other | ||||||
22 | method that provides proof of service and receipt. The
person | ||||||
23 | affected by the action may request a hearing before the
State | ||||||
24 | Banking Board of Illinois, hereafter "the Board", within 10 | ||||||
25 | days after
receipt of the order of removal or prohibition. The | ||||||
26 | hearing shall be held
by the Board
according to the same |
| |||||||
| |||||||
1 | procedures used pursuant to Section 48 of the Illinois
Banking | ||||||
2 | Act, and the hearing shall be held within 30 days after the | ||||||
3 | request has
been received by the Board. After concluding the | ||||||
4 | hearing, the Board shall make
a determination approving, | ||||||
5 | modifying, or disapproving the order of the
Commissioner as its | ||||||
6 | final administrative decision. A copy of the order shall
be | ||||||
7 | served upon the corporate fiduciary
of which the person is a
| ||||||
8 | director, officer, employee, or agent, whereupon the person | ||||||
9 | shall cease to be a
director,
officer, employee, or agent of | ||||||
10 | the corporate fiduciary. Any person who has
been removed or | ||||||
11 | prohibited by an order of the Secretary Commissioner under this
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12 | Section or subsection
(7) of Section 48 of the Illinois Banking | ||||||
13 | Act may not thereafter serve as
director, officer, employee, or | ||||||
14 | agent of any State bank or corporate fiduciary,
or of any other | ||||||
15 | entity that is subject to licensure or regulation by the | ||||||
16 | Division of Banking
Commissioner or the Office of Banks and | ||||||
17 | Real Estate unless the Secretary Commissioner
has granted prior | ||||||
18 | approval in writing. The Secretary Commissioner may institute a | ||||||
19 | civil
action against the
director,
officer, employee, or agent | ||||||
20 | subject to an order issued under this Section and
against the | ||||||
21 | corporate fiduciary
to enforce compliance with or to enjoin any
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22 | violation of the terms of the order.
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23 | (Source: P.A. 92-483, eff. 8-23-01.)
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24 | (205 ILCS 620/5-8) (from Ch. 17, par. 1555-8)
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25 | Sec. 5-8.
All final administrative decisions of the
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1 | Secretary Commissioner, or of the State Banking Board of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Illinois where
this Act provides a hearing before such Board to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | review a
decision of the Commissioner, shall be subject to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | review pursuant
to the provisions of the Administrative Review | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Law, as now or
hereafter amended, and the rules adopted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | pursuant thereto.
For matters involving administrative review, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | venue shall be in either
Sangamon County or Cook County.
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8 | (Source: P.A. 86-754.)
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