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1 | AN ACT concerning 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 State Finance Act is amended by changing | ||||||
5 | Sections 5.214, 5.805, and 8.12 as follows:
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6 | (30 ILCS 105/5.214) (from Ch. 127, par. 141.214)
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7 | Sec. 5.214. The Savings and Residential Finance Regulatory | ||||||
8 | Fund. | ||||||
9 | (Source: P.A. 85-1209; 86-1213.)
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10 | (30 ILCS 105/5.805)
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11 | Sec. 5.805. The Savings Bank Institutions Regulatory Fund. | ||||||
12 | (Source: P.A. 97-492, eff. 1-1-12; 97-813, eff. 7-13-12.)
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13 | (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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14 | Sec. 8.12. State Pensions Fund.
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15 | (a) The moneys in the State Pensions Fund shall be used | ||||||
16 | exclusively
for the administration of the Uniform Disposition | ||||||
17 | of Unclaimed Property Act and
for the expenses incurred by the | ||||||
18 | Auditor General for administering the provisions of Section | ||||||
19 | 2-8.1 of the Illinois State Auditing Act and for the funding of | ||||||
20 | the unfunded liabilities of the designated retirement systems. | ||||||
21 | Beginning in State fiscal year 2015, payments to the designated |
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1 | retirement systems under this Section shall be in addition to, | ||||||
2 | and not in lieu of, any State contributions required under the | ||||||
3 | Illinois Pension Code.
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4 | "Designated retirement systems" means:
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5 | (1) the State Employees' Retirement System of | ||||||
6 | Illinois;
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7 | (2) the Teachers' Retirement System of the State of | ||||||
8 | Illinois;
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9 | (3) the State Universities Retirement System;
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10 | (4) the Judges Retirement System of Illinois; and
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11 | (5) the General Assembly Retirement System.
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12 | (b) Each year the General Assembly may make appropriations | ||||||
13 | from
the State Pensions Fund for the administration of the | ||||||
14 | Uniform Disposition of
Unclaimed Property Act.
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15 | Each month, the Commissioner of the Office of Banks and | ||||||
16 | Real Estate shall
certify to the State Treasurer the actual | ||||||
17 | expenditures that the Office of
Banks and Real Estate incurred | ||||||
18 | conducting unclaimed property examinations under
the Uniform | ||||||
19 | Disposition of Unclaimed Property Act during the immediately
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20 | preceding month. Within a reasonable
time following the | ||||||
21 | acceptance of such certification by the State Treasurer, the
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22 | State Treasurer shall pay from its appropriation from the State | ||||||
23 | Pensions Fund
to the Bank and Trust Company Fund , the Savings | ||||||
24 | Bank Regulatory Fund, and the Savings and Residential Finance
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25 | Regulatory Fund an amount equal to the expenditures incurred by | ||||||
26 | each Fund for
that month.
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1 | Each month, the Director of Financial Institutions shall
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2 | certify to the State Treasurer the actual expenditures that the | ||||||
3 | Department of
Financial Institutions incurred conducting | ||||||
4 | unclaimed property examinations
under the Uniform Disposition | ||||||
5 | of Unclaimed Property Act during the immediately
preceding | ||||||
6 | month. Within a reasonable time following the acceptance of | ||||||
7 | such
certification by the State Treasurer, the State Treasurer | ||||||
8 | shall pay from its
appropriation from the State Pensions Fund
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9 | to the Financial Institution Fund and the Credit Union Fund
an | ||||||
10 | amount equal to the expenditures incurred by each Fund for
that | ||||||
11 | month.
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12 | (c) As soon as possible after the effective date of this | ||||||
13 | amendatory Act of the 93rd General Assembly, the General | ||||||
14 | Assembly shall appropriate from the State Pensions Fund (1) to | ||||||
15 | the State Universities Retirement System the amount certified | ||||||
16 | under Section 15-165 during the prior year, (2) to the Judges | ||||||
17 | Retirement System of Illinois the amount certified under | ||||||
18 | Section 18-140 during the prior year, and (3) to the General | ||||||
19 | Assembly Retirement System the amount certified under Section | ||||||
20 | 2-134 during the prior year as part of the required
State | ||||||
21 | contributions to each of those designated retirement systems; | ||||||
22 | except that amounts appropriated under this subsection (c) in | ||||||
23 | State fiscal year 2005 shall not reduce the amount in the State | ||||||
24 | Pensions Fund below $5,000,000. If the amount in the State | ||||||
25 | Pensions Fund does not exceed the sum of the amounts certified | ||||||
26 | in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, |
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1 | the amount paid to each designated retirement system under this | ||||||
2 | subsection shall be reduced in proportion to the amount | ||||||
3 | certified by each of those designated retirement systems.
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4 | (c-5) For fiscal years 2006 through 2014, the General | ||||||
5 | Assembly shall appropriate from the State Pensions Fund to the | ||||||
6 | State Universities Retirement System the amount estimated to be | ||||||
7 | available during the fiscal year in the State Pensions Fund; | ||||||
8 | provided, however, that the amounts appropriated under this | ||||||
9 | subsection (c-5) shall not reduce the amount in the State | ||||||
10 | Pensions Fund below $5,000,000.
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11 | (c-6) For fiscal year 2015 and each fiscal year thereafter, | ||||||
12 | as soon as may be practical after any money is deposited into | ||||||
13 | the State Pensions Fund from the Unclaimed Property Trust Fund, | ||||||
14 | the State Treasurer shall apportion the deposited amount among | ||||||
15 | the designated retirement systems as defined in subsection (a) | ||||||
16 | to reduce their actuarial reserve deficiencies. The State | ||||||
17 | Comptroller and State Treasurer shall pay the apportioned | ||||||
18 | amounts to the designated retirement systems to fund the | ||||||
19 | unfunded liabilities of the designated retirement systems. The | ||||||
20 | amount apportioned to each designated retirement system shall | ||||||
21 | constitute a portion of the amount estimated to be available | ||||||
22 | for appropriation from the State Pensions Fund that is the same | ||||||
23 | as that retirement system's portion of the total actual reserve | ||||||
24 | deficiency of the systems, as determined annually by the | ||||||
25 | Governor's Office of Management and Budget at the request of | ||||||
26 | the State Treasurer. The amounts apportioned under this |
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1 | subsection shall not reduce the amount in the State Pensions | ||||||
2 | Fund below $5,000,000. | ||||||
3 | (d) The
Governor's Office of Management and Budget shall | ||||||
4 | determine the individual and total
reserve deficiencies of the | ||||||
5 | designated retirement systems. For this purpose,
the
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6 | Governor's Office of Management and Budget shall utilize the | ||||||
7 | latest available audit and actuarial
reports of each of the | ||||||
8 | retirement systems and the relevant reports and
statistics of | ||||||
9 | the Public Employee Pension Fund Division of the Department of
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10 | Insurance.
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11 | (d-1) As soon as practicable after the effective date of | ||||||
12 | this
amendatory Act of the 93rd General Assembly, the | ||||||
13 | Comptroller shall
direct and the Treasurer shall transfer from | ||||||
14 | the State Pensions Fund to
the General Revenue Fund, as funds | ||||||
15 | become available, a sum equal to the
amounts that would have | ||||||
16 | been paid
from the State Pensions Fund to the Teachers' | ||||||
17 | Retirement System of the State
of Illinois,
the State | ||||||
18 | Universities Retirement System, the Judges Retirement
System | ||||||
19 | of Illinois, the
General Assembly Retirement System, and the | ||||||
20 | State Employees'
Retirement System
of Illinois
after the | ||||||
21 | effective date of this
amendatory Act during the remainder of | ||||||
22 | fiscal year 2004 to the
designated retirement systems from the | ||||||
23 | appropriations provided for in
this Section if the transfers | ||||||
24 | provided in Section 6z-61 had not
occurred. The transfers | ||||||
25 | described in this subsection (d-1) are to
partially repay the | ||||||
26 | General Revenue Fund for the costs associated with
the bonds |
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1 | used to fund the moneys transferred to the designated
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2 | retirement systems under Section 6z-61.
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3 | (e) The changes to this Section made by this amendatory Act | ||||||
4 | of 1994 shall
first apply to distributions from the Fund for | ||||||
5 | State fiscal year 1996.
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6 | (Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24, | ||||||
7 | eff. 6-19-13; 98-463, eff. 8-16-13.)
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8 | Section 10. The Illinois Banking Act is amended by changing | ||||||
9 | Section 71 as follows:
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10 | (205 ILCS 5/71) (from Ch. 17, par. 383)
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11 | Sec. 71. Voluntary dissolution; fees and expenses | ||||||
12 | Commissioner's fee . | ||||||
13 | (a) Any bank that elects to dissolve voluntarily under this | ||||||
14 | Act shall pay to the Secretary a fee, which shall be paid upon | ||||||
15 | the Secretary's receipt of the bank's statement of intent. The | ||||||
16 | Secretary shall prescribe by rule the amount of such fee. | ||||||
17 | (b) All expenses incurred by the Secretary in connection | ||||||
18 | with the voluntary dissolution of any bank shall be paid by the | ||||||
19 | dissolving State bank. The expenses incurred under this | ||||||
20 | subsection shall be deemed to be a liability of the dissolving | ||||||
21 | bank. | ||||||
22 | The Commissioner shall be entitled to a fee, which shall be | ||||||
23 | paid at the
time of deposit, on all money deposited with him | ||||||
24 | for the account of one
dissolving bank of two per cent of the |
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1 | first five thousand dollars and one
per cent of all sums in | ||||||
2 | excess of five thousand dollars.
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3 | (Source: Laws 1965, p. 2020.)
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4 | (205 ILCS 105/Act rep.)
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5 | Section 15. The Illinois Savings and Loan Act of 1985 is | ||||||
6 | repealed. | ||||||
7 | Section 20. The Savings Bank Act is amended by changing | ||||||
8 | Sections 1007.130, 4008, 9002, and 9002.5 and by adding | ||||||
9 | Sections 1007.150 and 9002.1 and Articles 12.1 and 12.2 as | ||||||
10 | follows: | ||||||
11 | (205 ILCS 205/1007.130)
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12 | Sec. 1007.130. Out-of-state savings bank. "Out-of-state | ||||||
13 | savings bank" means a savings bank or an association chartered | ||||||
14 | under the laws of a state other than Illinois, a territory of | ||||||
15 | the United States, or the District of Columbia.
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16 | (Source: P.A. 93-965, eff. 8-20-04.) | ||||||
17 | (205 ILCS 205/1007.150 new) | ||||||
18 | Sec. 1007.150. Applicability of other Acts. Whenever the | ||||||
19 | term "savings and loan", "building and loan", "mutual building | ||||||
20 | loan and homestead", or "building loan and homestead" or other | ||||||
21 | similar name is used with reference to an association organized | ||||||
22 | for the purposes of associations incorporated under the |
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1 | Illinois Savings and Loan Act of 1985 or a similar Act, such | ||||||
2 | reference shall be applicable to a savings bank operating under | ||||||
3 | this Act. Whenever in any Act the term "members", | ||||||
4 | "shareholders", or "investors" is used in connection with such | ||||||
5 | associations, however named, the same shall refer to members | ||||||
6 | and holders of capital of savings banks operating under this | ||||||
7 | Act.
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8 | (205 ILCS 205/4008) (from Ch. 17, par. 7304-8)
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9 | Sec. 4008. Directors. The business and affairs of the | ||||||
10 | savings bank shall
be exercised by its elected board of | ||||||
11 | directors. The board of directors
shall consist of the number | ||||||
12 | of directors fixed by the bylaws, but shall not
be fewer than | ||||||
13 | 5. No more than 40% of the directors shall be salaried
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14 | employees of the savings bank, except that a higher percentage | ||||||
15 | may be allowed
with the prior written approval of the | ||||||
16 | Commissioner. At least two-thirds of
the directors shall
be | ||||||
17 | residents of this State.
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18 | (Source: P.A. 90-301, eff. 8-1-97.)
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19 | (205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
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20 | Sec. 9002. Powers of Secretary. The Secretary shall have | ||||||
21 | the following
powers and duties:
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22 | (1) To exercise the rights, powers, and duties set | ||||||
23 | forth in
this Act or in any related Act.
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24 | (2) To establish regulations as may be reasonable or
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1 | necessary to accomplish the purposes of this Act.
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2 | (3) To make an annual report regarding the work of his
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3 | office under this Act as he may consider desirable to the
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4 | Governor, or as the Governor may request.
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5 | (4) To cause a suit to be filed in his name to enforce
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6 | any law of this State that applies to savings banks, their | ||||||
7 | service
corporations, subsidiaries, affiliates, or holding | ||||||
8 | companies
operating under this Act, including the | ||||||
9 | enforcement of any
obligation of the officers, directors, | ||||||
10 | agents, or employees of any
savings bank.
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11 | (5) To prescribe a uniform manner in which the books | ||||||
12 | and
records of every savings bank are to be maintained.
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13 | (6) To establish a reasonable fee
structure for savings | ||||||
14 | banks and holding companies operating under
this Act and | ||||||
15 | for their service corporations and subsidiaries.
The fees | ||||||
16 | shall include, but not be limited to, annual fees,
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17 | application fees, regular and special examination fees, | ||||||
18 | and other
fees as the Secretary establishes and | ||||||
19 | demonstrates to be
directly resultant from the Secretary's | ||||||
20 | responsibilities under
this Act and as are directly | ||||||
21 | attributable to individual entities
operating under this | ||||||
22 | Act. The aggregate of all moneys collected by
the Secretary | ||||||
23 | on and after the effective date of this Act shall
be paid | ||||||
24 | promptly after receipt of the same, accompanied by a
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25 | detailed statement thereof, into the Savings Bank | ||||||
26 | Regulatory Fund established under Section 9002.1 of this |
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1 | Act. Savings and Residential Finance Regulatory
Fund | ||||||
2 | subject to the provisions of Section 7-19.1 of the Illinois | ||||||
3 | Savings and Loan Act of 1985 including without limitation | ||||||
4 | the provision for credits against regulatory fees. The | ||||||
5 | amounts deposited into the Fund shall be used for the | ||||||
6 | ordinary and
contingent expenses of the Office of Banks and | ||||||
7 | Real Estate. Notwithstanding any other provision of this | ||||||
8 | paragraph (6), the aggregate of all moneys collected by the | ||||||
9 | Secretary under this Act shall be paid promptly after | ||||||
10 | receipt of same, accompanied by a detailed statement | ||||||
11 | thereof, into the Savings Institutions Regulatory Fund | ||||||
12 | upon the creation of that fund under Section 7-19.2 of the | ||||||
13 | Illinois Savings and Loan Act of 1985, subject to the | ||||||
14 | provisions of Section 7-19.2 of the Illinois Savings and | ||||||
15 | Loan Act of 1985, including without limitation the | ||||||
16 | provision for credits against regulatory fees. The amounts | ||||||
17 | deposited into the Savings Institutions Regulatory Fund | ||||||
18 | under this paragraph (6) shall be used for the ordinary and | ||||||
19 | contingent expenses of administering and enforcing this | ||||||
20 | Act. Nothing
in this Act shall prevent continuing the | ||||||
21 | practice of paying expenses involving
salaries, | ||||||
22 | retirement, social security, and State-paid insurance of | ||||||
23 | State
officers by appropriation from the General Revenue | ||||||
24 | Fund. The Secretary may require payment of the fees under | ||||||
25 | this Act by an electronic transfer of funds or an automatic | ||||||
26 | debit of an account of each of the savings banks.
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1 | (Source: P.A. 96-1365, eff. 7-28-10; 97-492, eff. 1-1-12.)
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2 | (205 ILCS 205/9002.1 new) | ||||||
3 | Sec. 9002.1. Savings Bank Regulatory Fund. | ||||||
4 | (a) The aggregate of all moneys collected by the Secretary | ||||||
5 | under this Act shall be paid promptly after receipt of the | ||||||
6 | same, accompanied by a detailed statement thereof, into the | ||||||
7 | State treasury and shall be set apart in the Savings Bank | ||||||
8 | Regulatory Fund. All earnings received from investments of | ||||||
9 | funds in the Savings Bank Regulatory Fund shall be deposited | ||||||
10 | into the Savings Bank Regulatory Fund and may be used for the | ||||||
11 | same purposes as fees deposited into the Savings Bank | ||||||
12 | Regulatory Fund. The amount from time to time deposited into | ||||||
13 | the Fund shall be used (i) to offset the ordinary | ||||||
14 | administration expenses as defined in subsection (c) of this | ||||||
15 | Section or (ii) as a credit against fees under subsection (b) | ||||||
16 | of this Section. Nothing in this Section shall prevent | ||||||
17 | continuing the practice of paying expenses involving salaries, | ||||||
18 | retirement, Social Security, and State paid insurance premiums | ||||||
19 | of State officers by appropriation from the General Revenue | ||||||
20 | Fund. However, the General Revenue Fund shall be reimbursed for | ||||||
21 | those payments made by an annual transfer of funds from the | ||||||
22 | Savings Bank Regulatory Fund. Money in the Savings Bank | ||||||
23 | Regulatory Fund may be transferred to the Professions Indirect | ||||||
24 | Cost Fund as authorized under Section 2105-300 of the | ||||||
25 | Department of Professional Regulation Law of the Civil |
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1 | Administrative Code of Illinois. | ||||||
2 | (b) Adequate funds shall be available in the Savings Bank | ||||||
3 | Regulatory Fund to permit the timely payment of administration | ||||||
4 | expenses. In each fiscal year, the total administration | ||||||
5 | expenses shall be deducted from the total fees collected by the | ||||||
6 | Secretary and the remainder transferred into the Cash Flow | ||||||
7 | Reserve Account, unless the balance of the Cash Flow Reserve | ||||||
8 | Account prior to the transfer equals or exceeds one-fourth of | ||||||
9 | the total initial appropriations from the Savings Bank | ||||||
10 | Regulatory Fund for the subsequent year, in which case the | ||||||
11 | remainder shall be credited to savings banks and applied | ||||||
12 | against their fees for the subsequent year. The amount credited | ||||||
13 | to each savings bank shall be in the same proportion as the | ||||||
14 | regulatory fees paid by each for the year bear to the total | ||||||
15 | regulatory fees collected for the year. If, after a transfer to | ||||||
16 | the Cash Flow Reserve Account is made or if no remainder is | ||||||
17 | available for transfer, the balance of the Cash Flow Reserve | ||||||
18 | Account is less than one-fourth of the total initial | ||||||
19 | appropriations for the subsequent year and the amount | ||||||
20 | transferred is less than 5% of the total regulatory fees for | ||||||
21 | the year, additional amounts needed to make the transfer equal | ||||||
22 | to 5% of the total regulatory fees for the year shall be | ||||||
23 | apportioned amongst, assessed upon, and paid by savings banks | ||||||
24 | in the same proportion that the regulatory fees of each, | ||||||
25 | respectively, for the year bear to the total regulatory fees | ||||||
26 | collected for the year. The additional amounts assessed shall |
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1 | be transferred into the Cash Flow Reserve Account. | ||||||
2 | (c) For purposes of this Section, the following terms shall | ||||||
3 | have the following meanings: | ||||||
4 | "Administration expenses", for any fiscal year, means the | ||||||
5 | ordinary and contingent expenses for that year incident to | ||||||
6 | making the examinations provided for by, and for otherwise | ||||||
7 | administering, this Act, including all salaries and other | ||||||
8 | compensation paid for personal services rendered for the State | ||||||
9 | by officers or employees of the State, including the Secretary | ||||||
10 | and the Director of the Division, communication equipment and | ||||||
11 | services, office furnishings, surety bond premiums, and travel | ||||||
12 | expenses of those officers and employees, expenditures or | ||||||
13 | charges for the acquisition, enlargement or improvement of, or | ||||||
14 | for the use of, any office space, building, or structure, or | ||||||
15 | expenditures for the maintenance thereof or for furnishing | ||||||
16 | heat, light, or power with respect thereto, all to the extent | ||||||
17 | that those expenditures are directly incidental to such | ||||||
18 | examinations or administration. The Secretary shall not be | ||||||
19 | required by this subsection to maintain in any fiscal year's | ||||||
20 | budget appropriated reserves for accrued vacation and accrued | ||||||
21 | sick leave that is required to be paid to employees of the | ||||||
22 | Secretary upon termination of their service with the Secretary | ||||||
23 | in an amount that is more than is reasonably anticipated to be | ||||||
24 | necessary for any anticipated turnover in employees, whether | ||||||
25 | due to normal attrition or due to layoffs, terminations, or | ||||||
26 | resignations. |
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1 | "Regulatory fees" includes both fees collected under | ||||||
2 | Section 9002.5 and fees collected for examinations conducted by | ||||||
3 | the Secretary or his examiners or designees under authority of | ||||||
4 | this Act. | ||||||
5 | "Fiscal year" means a period beginning July 1 of any year | ||||||
6 | and ending June 30 of the next year. | ||||||
7 | (205 ILCS 205/9002.5)
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8 | Sec. 9002.5. Regulatory fees. | ||||||
9 | (a) For the fiscal year beginning July 1, 2007 and every | ||||||
10 | year thereafter, each savings bank and each service corporation | ||||||
11 | operating under this Act shall pay a fixed fee of $520, plus a | ||||||
12 | variable fee based on the total assets of the savings bank or | ||||||
13 | service corporation at the following rates: | ||||||
14 | 24.97¢ per $1,000 of the first $2,000,000 of total | ||||||
15 | assets; | ||||||
16 | 22.70¢ per $1,000 of the next $3,000,000 of total | ||||||
17 | assets; | ||||||
18 | 20.43¢ per $1,000 of the next $5,000,000 of total | ||||||
19 | assets; | ||||||
20 | 17.025¢ per $1,000 of the next $15,000,000 of total | ||||||
21 | assets; | ||||||
22 | 14.755¢ per $1,000 of the next $25,000,000 of total | ||||||
23 | assets; | ||||||
24 | 12.485¢ per $1,000 of the next $50,000,000 of total | ||||||
25 | assets; |
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1 | 10.215¢ per $1,000 of the next $400,000,000 of total | ||||||
2 | assets; | ||||||
3 | 6.81¢ per $1,000 of the next $500,000,000 of total | ||||||
4 | assets; and | ||||||
5 | 4.54¢ per $1,000 of all total assets in excess of | ||||||
6 | $1,000,000,000 of such savings bank or service | ||||||
7 | corporation. | ||||||
8 | (b) The Secretary shall receive and there shall be paid to | ||||||
9 | the Secretary an additional fee as an adjustment to the | ||||||
10 | supervisory fee, based upon the difference between the total | ||||||
11 | assets of each savings bank and each service corporation as | ||||||
12 | shown by its financial report filed with the Secretary for the | ||||||
13 | reporting period of the calendar year ended December 31 on | ||||||
14 | which the supervisory fee was based and the total assets of | ||||||
15 | each savings bank and each service corporation as shown by its | ||||||
16 | financial report filed with the Secretary for the reporting | ||||||
17 | period of the calendar year ended December 31 in which the | ||||||
18 | quarterly payments are made according to the following | ||||||
19 | schedule: | ||||||
20 | 24.97¢ per $1,000 of the first $2,000,000 of total | ||||||
21 | assets; | ||||||
22 | 22.70¢ per $1,000 of the next $3,000,000 of total | ||||||
23 | assets; | ||||||
24 | 20.43¢ per $1,000 of the next $5,000,000 of total | ||||||
25 | assets; | ||||||
26 | 17.025¢ per $1,000 of the next $15,000,000 of total |
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1 | assets; | ||||||
2 | 14.755¢ per $1,000 of the next $25,000,000 of total | ||||||
3 | assets; | ||||||
4 | 12.485¢ per $1,000 of the next $50,000,000 of total | ||||||
5 | assets; | ||||||
6 | 10.215¢ per $1,000 of the next $400,000,000 of total | ||||||
7 | assets; | ||||||
8 | 6.81¢ per $1,000 of the next $500,000,000 of total | ||||||
9 | assets; and | ||||||
10 | 4.54¢ per $1,000 of all total assets in excess of | ||||||
11 | $1,000,000,000 of such savings bank or service | ||||||
12 | corporation. | ||||||
13 | (c) The Secretary shall receive and there shall be paid to | ||||||
14 | the Secretary by each savings bank and each service corporation | ||||||
15 | a fee of $520 for each approved branch office or facility | ||||||
16 | office established under the Illinois Administrative Code. The | ||||||
17 | determination of the fees shall be made annually as of the | ||||||
18 | close of business of the prior calendar year ended December 31.
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19 | (d) The Secretary shall receive for each fiscal year, | ||||||
20 | commencing with the fiscal year ending June 30, 2014, a | ||||||
21 | contingent fee equal to the lesser of the aggregate of the fees | ||||||
22 | paid by all savings banks under subsections (a), (b), and (c) | ||||||
23 | of this Section for that year, or the amount, if any, whereby | ||||||
24 | the aggregate of the administration expenses, as defined in | ||||||
25 | subsection (c) of Section 9002.1 of this Act, for that fiscal | ||||||
26 | year exceeds the sum of the aggregate of the fees payable by |
| |||||||
| |||||||
1 | all savings banks for that year under subsections (a), (b), and | ||||||
2 | (c) of this Section, plus any amounts transferred into the | ||||||
3 | Savings Bank Regulatory Fund from the State Pensions Fund for | ||||||
4 | that year, plus all other amounts collected by the Secretary | ||||||
5 | for that year under any other provision of this Act. The | ||||||
6 | aggregate amount of the contingent fee thus arrived at for any | ||||||
7 | fiscal year shall be apportioned amongst, assessed upon, and | ||||||
8 | paid by the savings banks, respectively, in the same proportion | ||||||
9 | that the fee of each under subsections (a), (b), and (c) of | ||||||
10 | this Section, respectively, for that year bears to the | ||||||
11 | aggregate for that year of the fees collected under subsections | ||||||
12 | (a), (b), and (c) of this Section. The aggregate amount of the | ||||||
13 | contingent fee, and the portion thereof to be assessed upon | ||||||
14 | each savings bank, respectively, shall be determined by the | ||||||
15 | Secretary and shall be paid by each, respectively, within 120 | ||||||
16 | days of the close of the period for which the contingent fee is | ||||||
17 | computed and is payable, and the Secretary shall give 20 days | ||||||
18 | advance notice of the amount of the contingent fee payable by | ||||||
19 | the savings bank and of the date fixed by the Secretary for | ||||||
20 | payment of the fee. | ||||||
21 | (Source: P.A. 95-1047, eff. 4-6-09.) | ||||||
22 | (205 ILCS 205/Art. 12.1 heading new) | ||||||
23 | ARTICLE 12.1. Effect of Repeal of Illinois | ||||||
24 | Savings and Loan Act of 1985 |
| |||||||
| |||||||
1 | (205 ILCS 205/12101 new) | ||||||
2 | Sec. 12101. Effect of repeal. This Article sets forth the | ||||||
3 | effect of and means of transition necessitated by the repeal of | ||||||
4 | the Illinois Savings and Loan Act of 1985. | ||||||
5 | (205 ILCS 205/12102 new) | ||||||
6 | Sec. 12102. Effect on special funds. | ||||||
7 | (a) The Savings and Residential Finance Regulatory Fund | ||||||
8 | established under Section 7-19.1 of the Illinois Savings and | ||||||
9 | Loan Act of 1985 is hereby redesignated the Residential Finance | ||||||
10 | Regulatory Fund. The fund shall continue in existence under the | ||||||
11 | Illinois Residential Mortgage License Act of 1987 without | ||||||
12 | interruption and shall retain all moneys therein, except moneys | ||||||
13 | required to be transferred or returned from Savings and | ||||||
14 | Residential Finance Regulatory Fund, now designated the | ||||||
15 | Residential Finance Regulatory Fund, to the Savings | ||||||
16 | Institutions Regulatory Fund, now designated the Savings Bank | ||||||
17 | Regulatory Fund, pursuant to subsection (e) of Section 7-19.2 | ||||||
18 | of the Illinois Savings and Loan Act of 1985, shall continue to | ||||||
19 | be required to be transferred or returned to the Savings | ||||||
20 | Institutions Regulatory Fund, now designated the Savings Bank | ||||||
21 | Regulatory Fund, as if subsection (e) of Section 7-19.2 of the | ||||||
22 | Illinois Savings and Loan Act of 1985 had not been repealed. | ||||||
23 | (b) The Savings Institutions Regulatory Fund established | ||||||
24 | under Section 7-19.2 of the Illinois Savings and Loan Act of | ||||||
25 | 1985 is hereby redesignated the Savings Bank Regulatory Fund. |
| |||||||
| |||||||
1 | The fund shall continue in existence under Section 9002.1 of | ||||||
2 | this Act without interruption and shall retain all moneys | ||||||
3 | therein. | ||||||
4 | (205 ILCS 205/12103 new) | ||||||
5 | Sec. 12103. Effect on foreign associations. | ||||||
6 | (a) Any existing foreign association shall be deemed to be | ||||||
7 | an out-of-state savings bank under this Act. | ||||||
8 | (b) Notwithstanding any other provision of this Act, an | ||||||
9 | existing foreign association may retain any branch or office in | ||||||
10 | the State that properly existed in the State at the time of the | ||||||
11 | repeal of the Illinois Savings and Loan Act of 1985, and | ||||||
12 | continue to engage in the same activities in the State | ||||||
13 | therefrom as were engaged in immediately prior to the repeal of | ||||||
14 | the Illinois Savings and Loan Act, without further application | ||||||
15 | or notice to or approval of the Secretary. | ||||||
16 | (c) An existing foreign association may retain a | ||||||
17 | representative office in the State that properly existed in the | ||||||
18 | State at the time of the repeal of the Illinois Savings and | ||||||
19 | Loan Act of 1985, provided that the foreign association obtains | ||||||
20 | a license under the Foreign Bank Representative Office Act. | ||||||
21 | (205 ILCS 205/12104 new) | ||||||
22 | Sec. 12104. Effect on the Board of Savings Institutions. | ||||||
23 | The Board of Savings Institutions is hereby redesignated as the | ||||||
24 | Board of Savings Banks. The Board shall continue to operate |
| |||||||
| |||||||
1 | without interruption and as if it had been originally | ||||||
2 | established under Article 12.2 of this Act. The current members | ||||||
3 | of the Board of Savings Institutions shall continue to serve | ||||||
4 | the balance of their terms. Thereafter, the Board of Savings | ||||||
5 | Institutions shall be composed of members as required by | ||||||
6 | Section 12202 of this Act. | ||||||
7 | (205 ILCS 205/12105 new) | ||||||
8 | Sec. 12105. Applicability of other Acts. Whenever in any | ||||||
9 | Act the term "savings and loan", "building and loan", "mutual | ||||||
10 | building loan and homestead", or "building loan and homestead" | ||||||
11 | or other similar name is used with reference to an association | ||||||
12 | organized for the purposes of associations incorporated under | ||||||
13 | the Illinois Savings and Loan Act of 1985 or a similar Act, | ||||||
14 | such reference shall be applicable to a savings bank operating | ||||||
15 | under this Act. Whenever in any Act the term "members", | ||||||
16 | "shareholders", or "investors" is used in connection with such | ||||||
17 | associations, however named, the same shall refer to members | ||||||
18 | and holders of capital of savings banks operating under this | ||||||
19 | Act. | ||||||
20 | (205 ILCS 205/Art. 12.2 heading new) | ||||||
21 | ARTICLE 12.2. Board of Savings Banks | ||||||
22 | (205 ILCS 205/12201 new) | ||||||
23 | Sec. 12201. Board of Savings Banks; appointment. The Board |
| |||||||
| |||||||
1 | of Savings Bank is established pursuant to Section 12104 of | ||||||
2 | this Act. The Board of Savings Banks shall be composed of the | ||||||
3 | Director of Banking, who shall be its chairperson and have the | ||||||
4 | power to vote, and 7 persons appointed by the Governor. Two of | ||||||
5 | the 7 persons appointed by the Governor shall represent the | ||||||
6 | public interest and the remainder shall have been engaged | ||||||
7 | actively in savings bank or savings and loan management in this | ||||||
8 | State for at least 5 years immediately prior to appointment. | ||||||
9 | Each member of the Board appointed by the Governor shall be | ||||||
10 | reimbursed for ordinary and necessary expenses incurred in | ||||||
11 | attending the meetings of the Board. Members, excluding the | ||||||
12 | chairperson, shall be appointed for 4-year terms to expire on | ||||||
13 | the third Monday in January. Except as otherwise provided in | ||||||
14 | this Section, members of the Board shall serve until their | ||||||
15 | respective successors are appointed and qualified. A member who | ||||||
16 | tenders a written resignation shall serve only until the | ||||||
17 | resignation is accepted by the chairperson. A member who fails | ||||||
18 | to attend 3 consecutive Board meetings without an excused | ||||||
19 | absence shall no longer serve as a member. The Governor shall | ||||||
20 | fill any vacancy by the appointment of a member for the | ||||||
21 | unexpired term in the same manner as in the making of original | ||||||
22 | appointments. | ||||||
23 | (205 ILCS 205/12202 new) | ||||||
24 | Sec. 12202. Board of Savings Banks; organization and | ||||||
25 | meetings. The Board shall elect a vice chairperson and |
| |||||||
| |||||||
1 | secretary of the Board; shall adopt by-laws for the holding and | ||||||
2 | conducting of meetings and appointing officers and committees; | ||||||
3 | and shall keep a record of all meetings and transactions and | ||||||
4 | make such other provisions for the daily conduct of its | ||||||
5 | business as it deems necessary. A majority of the members of | ||||||
6 | the Board, excluding those members who are no longer serving as | ||||||
7 | members as provided in Section 12201 of this Act, shall | ||||||
8 | constitute a quorum. The act of the majority of the members of | ||||||
9 | the Board present at a meeting at which a quorum is present | ||||||
10 | shall be the act of the Board. Regular meetings shall be held | ||||||
11 | as provided in the by-laws, and special meetings may be called | ||||||
12 | by the chairperson or upon the request of any 3 members of the | ||||||
13 | Board or the Secretary. The Board shall maintain at the office | ||||||
14 | of the Secretary permanent records of its meetings, hearings, | ||||||
15 | and decisions. The Secretary shall provide adequate quarters | ||||||
16 | and personnel for use by the Board. | ||||||
17 | (205 ILCS 205/12203 new) | ||||||
18 | Sec. 12203. Board of Savings Banks; powers. The Board shall | ||||||
19 | have the power to: | ||||||
20 | (a) advise the Governor and Secretary on all matters | ||||||
21 | relating to the regulation of savings banks; and | ||||||
22 | (b) advise the Governor on legislation proposed to amend | ||||||
23 | this Act or any related Act.
| ||||||
24 | (205 ILCS 205/1007.70 rep.) |
| |||||||
| |||||||
1 | (205 ILCS 205/9017 rep.) | ||||||
2 | Section 25. The Savings Bank Act is amended by repealing | ||||||
3 | Sections 1007.70 and 9017. | ||||||
4 | Section 30. The Residential Mortgage License Act of 1987 is | ||||||
5 | amended by changing Section 4-1 and by adding Section 4-1.5 as | ||||||
6 | follows:
| ||||||
7 | (205 ILCS 635/4-1) (from Ch. 17, par. 2324-1)
| ||||||
8 | Sec. 4-1. Commissioner of Banks and Real Estate; functions, | ||||||
9 | powers, and duties. The functions,
powers, and duties of the | ||||||
10 | Commissioner of Banks and Real Estate shall include the | ||||||
11 | following:
| ||||||
12 | (a) to issue or refuse to issue any license as provided | ||||||
13 | by this Act;
| ||||||
14 | (b) to revoke or suspend for cause any license issued | ||||||
15 | under this Act;
| ||||||
16 | (c) to keep records of all licenses issued under this | ||||||
17 | Act;
| ||||||
18 | (d) to receive, consider, investigate, and act upon | ||||||
19 | complaints made by
any person in connection with any | ||||||
20 | residential mortgage licensee in this State;
| ||||||
21 | (e) to consider and act upon any recommendations from | ||||||
22 | the Residential
Mortgage Board;
| ||||||
23 | (f) to prescribe the forms of and receive:
| ||||||
24 | (1) applications for licenses; and
|
| |||||||
| |||||||
1 | (2) all reports and all books and records required | ||||||
2 | to be made by
any licensee under this Act, including | ||||||
3 | annual audited financial statements
and annual reports | ||||||
4 | of mortgage activity;
| ||||||
5 | (g) to adopt rules and regulations necessary and proper | ||||||
6 | for the
administration of this Act;
| ||||||
7 | (h) to subpoena documents and witnesses and compel | ||||||
8 | their attendance and
production, to administer oaths, and | ||||||
9 | to require the production of any books,
papers, or other | ||||||
10 | materials relevant to any inquiry authorized by this Act;
| ||||||
11 | (h-1) to issue orders against any person, if the | ||||||
12 | Commissioner has reasonable cause to believe that an | ||||||
13 | unsafe, unsound, or unlawful practice has occurred, is | ||||||
14 | occurring, or is about to occur, if any person has | ||||||
15 | violated, is violating, or is about to violate any law, | ||||||
16 | rule, or written agreement with the Commissioner, or for | ||||||
17 | the purpose of administering the provisions of this Act and | ||||||
18 | any rule adopted in accordance with the Act; | ||||||
19 | (h-2) to address any inquiries to any licensee, or the | ||||||
20 | officers thereof, in relation to its activities and | ||||||
21 | conditions, or any other matter connected with its affairs, | ||||||
22 | and it shall be the duty of any licensee or person so | ||||||
23 | addressed, to promptly reply in writing to such inquiries. | ||||||
24 | The Commissioner may also require reports from any licensee | ||||||
25 | at any time the Commissioner may deem desirable;
| ||||||
26 | (i) to require information with regard to any license |
| |||||||
| |||||||
1 | applicant
as he or she may deem desirable, with due regard | ||||||
2 | to the paramount interests
of the public as to the | ||||||
3 | experience, background, honesty, truthfulness,
integrity, | ||||||
4 | and competency of the license applicant as to financial
| ||||||
5 | transactions involving primary or subordinate mortgage | ||||||
6 | financing, and where
the license applicant is an entity | ||||||
7 | other than an individual, as to the
honesty, truthfulness, | ||||||
8 | integrity, and competency of any officer or director
of the | ||||||
9 | corporation, association, or other entity, or the members | ||||||
10 | of a
partnership;
| ||||||
11 | (j) to examine the books and records of every licensee | ||||||
12 | under this Act at
intervals as specified in Section 4-2;
| ||||||
13 | (k) to enforce provisions of this Act;
| ||||||
14 | (l) to levy fees, fines, and charges for services | ||||||
15 | performed in administering
this Act; the aggregate of all | ||||||
16 | fees collected by the Commissioner on and after
the | ||||||
17 | effective date of this Act shall be paid promptly after | ||||||
18 | receipt of the
same, accompanied by a detailed statement | ||||||
19 | thereof, into the Savings and
Residential Finance | ||||||
20 | Regulatory Fund under Section 4-1.5 of this Act ; the | ||||||
21 | amounts deposited into that Fund shall
be used for the | ||||||
22 | ordinary and contingent expenses of the Office of Banks and
| ||||||
23 | Real Estate. Nothing in this Act shall prevent continuing | ||||||
24 | the practice of paying
expenses involving salaries, | ||||||
25 | retirement, social security, and State-paid
insurance of | ||||||
26 | State officers by appropriation from the General Revenue |
| |||||||
| |||||||
1 | Fund.
| ||||||
2 | (m) to appoint examiners, supervisors, experts, and | ||||||
3 | special assistants as
needed to effectively and | ||||||
4 | efficiently administer this Act;
| ||||||
5 | (n) to conduct hearings for the purpose of:
| ||||||
6 | (1) appeals of orders of the Commissioner;
| ||||||
7 | (2) suspensions or revocations of licenses, or | ||||||
8 | fining of licensees;
| ||||||
9 | (3) investigating:
| ||||||
10 | (i) complaints against licensees; or
| ||||||
11 | (ii) annual gross delinquency rates; and
| ||||||
12 | (4) carrying out the purposes of this Act;
| ||||||
13 | (o) to exercise exclusive visitorial power over a | ||||||
14 | licensee unless otherwise authorized by this Act or as | ||||||
15 | vested in the courts, or upon prior consultation with the | ||||||
16 | Commissioner, a foreign residential mortgage regulator | ||||||
17 | with an appropriate supervisory interest in the parent or | ||||||
18 | affiliate of a licensee;
| ||||||
19 | (p) to enter into cooperative agreements with state | ||||||
20 | regulatory authorities of other states to provide for | ||||||
21 | examination of corporate offices or branches of those | ||||||
22 | states and to accept reports of such examinations;
| ||||||
23 | (q) to assign an examiner or examiners to monitor the | ||||||
24 | affairs of a licensee with whatever frequency the | ||||||
25 | Commissioner determines appropriate and to charge the | ||||||
26 | licensee for reasonable and necessary expenses of the |
| |||||||
| |||||||
1 | Commissioner, if in the opinion of the Commissioner an | ||||||
2 | emergency exists or appears likely to occur;
| ||||||
3 | (r) to impose civil penalties of up to $50 per day | ||||||
4 | against a licensee for failing to respond to a regulatory | ||||||
5 | request or reporting requirement; and
| ||||||
6 | (s) to enter into agreements in connection with the | ||||||
7 | Nationwide Mortgage Licensing System and Registry. | ||||||
8 | (Source: P.A. 96-112, eff. 7-31-09; 96-1000, eff. 7-2-10.)
| ||||||
9 | (205 ILCS 635/4-1.5 new) | ||||||
10 | Sec. 4-1.5. Residential Finance Regulatory Fund. | ||||||
11 | (a) The aggregate of all moneys collected by the Secretary | ||||||
12 | under this Act shall be paid promptly after receipt of the | ||||||
13 | same, accompanied by a detailed statement thereof, into the | ||||||
14 | State treasury and shall be set apart in the Residential | ||||||
15 | Finance Regulatory Fund, formerly designated the Savings and | ||||||
16 | Residential Finance Regulatory Fund, a special fund created in | ||||||
17 | the State treasury. The amounts deposited into the Fund shall | ||||||
18 | be used for the ordinary and contingent expenses of the | ||||||
19 | Department of Financial and Professional Regulation and the | ||||||
20 | Division of Banking, or their successors, in administering and | ||||||
21 | enforcing the Residential Mortgage License Act of 1987 and | ||||||
22 | other laws, rules, and regulations as may apply to the | ||||||
23 | administration and enforcement of the foregoing laws, rules, | ||||||
24 | and regulations, as amended from time to time. Nothing in this | ||||||
25 | Act shall prevent continuing the practice of paying expenses |
| |||||||
| |||||||
1 | involving salaries, retirement, social security, and State | ||||||
2 | paid insurance of State officers by appropriation from the | ||||||
3 | General Revenue Fund. | ||||||
4 | (b) Moneys in the Residential Finance Regulatory Fund may | ||||||
5 | be transferred to the Professions Indirect Cost Fund, as | ||||||
6 | authorized under Section 2105-300 of the Department of | ||||||
7 | Professional Regulation Law of the Civil Administrative Code of | ||||||
8 | Illinois. | ||||||
9 | (c) All earnings received from investments of funds in the | ||||||
10 | Residential Finance Regulatory Fund shall be deposited into | ||||||
11 | that Fund and may be used for the same purposes as fees | ||||||
12 | deposited into that Fund. | ||||||
13 | Section 35. The Foreign Bank Representative Office Act is | ||||||
14 | amended by changing Section 2 as follows:
| ||||||
15 | (205 ILCS 650/2) (from Ch. 17, par. 2852)
| ||||||
16 | Sec. 2. Definitions. As used in this Act, unless the | ||||||
17 | context requires
otherwise:
| ||||||
18 | (a) "Commissioner" means the Secretary of Financial and | ||||||
19 | Professional Regulation or a
person authorized by the | ||||||
20 | Secretary, the Division of Banking Act,
or this Act to act in | ||||||
21 | the Secretary's stead.
| ||||||
22 | (b) "Foreign bank" means (1) a bank , savings bank, savings | ||||||
23 | association, or trust company which is organized
under the laws | ||||||
24 | of any state or territory of the United States, including the
|
| |||||||
| |||||||
1 | District of Columbia, other than the State of Illinois; (2) a | ||||||
2 | national bank
having its principal place of business in any | ||||||
3 | state or territory of the United
States, including the District | ||||||
4 | of Columbia, other than the State of Illinois;
or (3) a bank or | ||||||
5 | trust company organized and operating under the laws of a
| ||||||
6 | country other than the United States of America.
| ||||||
7 | (c) "Representative office" means an office in the State of | ||||||
8 | Illinois at
which a foreign bank engages in representational | ||||||
9 | functions
but does not conduct a commercial banking business. | ||||||
10 | (d) "Division" means the Division of Banking within the | ||||||
11 | Department of Financial and Professional Regulation.
| ||||||
12 | (Source: P.A. 96-1365, eff. 7-28-10.)
|