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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 Illinois Banking Act is amended by changing | ||||||
5 | Sections 18, 48.1, and 48.3 as follows:
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6 | (205 ILCS 5/18) (from Ch. 17, par. 325)
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7 | Sec. 18. Change in control.
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8 | (a) Before any person, whether acting directly or | ||||||
9 | indirectly or through or in concert with one or more persons, | ||||||
10 | may cause (i) a change to may occur in the ownership of | ||||||
11 | outstanding
stock of any State bank, whether by sale and | ||||||
12 | purchase, gift, bequest or
inheritance, or any other means, | ||||||
13 | including the acquisition of stock of the
State bank by any | ||||||
14 | bank holding company, which will result in control or a
change | ||||||
15 | in the
control of the bank or (ii) before a change to occur in | ||||||
16 | the control of a holding company
having control of the | ||||||
17 | outstanding stock of a State bank whether by sale and
purchase, | ||||||
18 | gift, bequest or inheritance, or any other means, including the
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19 | acquisition of stock of such holding company by any other bank | ||||||
20 | holding
company, which will result
in control or a change in | ||||||
21 | control of the bank or holding company, or (iii) before a
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22 | transfer of substantially all the assets or liabilities of the | ||||||
23 | State bank,
the Secretary
Commissioner shall be of the opinion |
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1 | and find:
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2 | (1) that the general character of proposed management
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3 | or of the person desiring to purchase substantially all the | ||||||
4 | assets or
to assume substantially all the liabilities of | ||||||
5 | the State bank, after the
change in control, is such as to | ||||||
6 | assure reasonable promise of successful,
safe and sound | ||||||
7 | operation;
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8 | (1.1) that depositors' interests will not be
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9 | jeopardized by the purchase or assumption and that adequate | ||||||
10 | provision has
been made for all liabilities as required for | ||||||
11 | a voluntary liquidation under
Section 68 of this Act;
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12 | (2) that the future earnings prospects
of the person | ||||||
13 | desiring
to purchase substantially all assets or to assume | ||||||
14 | substantially all the
liabilities of the State bank, after | ||||||
15 | the proposed change in
control, are favorable;
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16 | (2.5) that the future prospects of the institution will | ||||||
17 | not jeopardize the financial stability of the bank or | ||||||
18 | prejudice the interests of the depositors of the bank;
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19 | (3) that any prior involvement by the persons proposing | ||||||
20 | to obtain
control, to purchase substantially all the | ||||||
21 | assets, or to assume substantially
all the liabilities of | ||||||
22 | the State bank or by the proposed management personnel
with | ||||||
23 | any other financial
institution, whether as stockholder, | ||||||
24 | director, officer or customer, was
conducted in a safe and | ||||||
25 | sound manner; and
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26 | (4) that if the acquisition is being made by a bank |
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1 | holding company,
the acquisition is authorized under the | ||||||
2 | Illinois Bank Holding Company Act
of 1957.
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3 | (b) Any person Persons desiring to purchase control of an | ||||||
4 | existing State state bank, to
purchase substantially all the | ||||||
5 | assets, or to assume substantially all the
liabilities of the | ||||||
6 | State bank shall, prior to that purchase, submit to the | ||||||
7 | Secretary
Commissioner :
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8 | (1) a statement of financial worth;
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9 | (2) satisfactory evidence that any prior involvement | ||||||
10 | by the persons
and the proposed management personnel with | ||||||
11 | any other financial institution,
whether as stockholder, | ||||||
12 | director, officer or customer, was conducted in a
safe and | ||||||
13 | sound manner; and
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14 | (3) such other relevant information as the Secretary | ||||||
15 | Commissioner may request to
substantiate the findings | ||||||
16 | under subsection (a) of this Section.
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17 | A person who has submitted information to the Secretary | ||||||
18 | Commissioner pursuant to
this subsection (b) is under a | ||||||
19 | continuing obligation until the Secretary Commissioner
takes | ||||||
20 | action on the application to immediately supplement
that
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21 | information if there are any material changes in the | ||||||
22 | information previously
furnished
or if there are any material | ||||||
23 | changes in any circumstances that may affect the Secretary's
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24 | Commissioner's opinion and findings. In addition, a person | ||||||
25 | submitting
information
under this subsection shall notify the | ||||||
26 | Secretary Commissioner of the date when the change
in control
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1 | is finally effected.
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2 | The Secretary Commissioner may impose such terms and | ||||||
3 | conditions on the approval
of the change in control application | ||||||
4 | as he deems necessary or appropriate.
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5 | If an applicant, whose application for a change in control | ||||||
6 | has been approved
pursuant to subsection (a) of this Section, | ||||||
7 | fails to effect the change in
control within
180 days after the | ||||||
8 | date of the Secretary's Commissioner's approval, the Secretary | ||||||
9 | Commissioner shall
revoke that approval unless a request has | ||||||
10 | been submitted, in writing, to
the Secretary Commissioner for | ||||||
11 | an extension and the request has been approved.
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12 | (b-1) Any person , whether acting directly or indirectly or | ||||||
13 | through or in concert with one or more persons, who obtains | ||||||
14 | ownership of stock of an existing State bank or
stock of a | ||||||
15 | holding company that controls the State bank by gift, bequest, | ||||||
16 | or
inheritance such that ownership of the stock would | ||||||
17 | constitute control of the
State bank or holding company may | ||||||
18 | obtain title and ownership of the stock, but
may not exercise | ||||||
19 | management or control of the business and affairs of the bank
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20 | or vote his or her shares so as to exercise management or | ||||||
21 | control unless and
until the Secretary Commissioner approves an | ||||||
22 | application for the change of control as
provided in subsection | ||||||
23 | (b) of this Section.
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24 | (b-3) The provisions of this Section do not apply to an | ||||||
25 | established holding company acquiring control of a State bank | ||||||
26 | if the transaction is subject to approval under Section 3 of |
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1 | the federal Bank Holding Company Act, the Federal Deposit | ||||||
2 | Insurance Act, or the federal Home Owners' Loan Act. | ||||||
3 | (c) Whenever a State state bank makes a loan or loans, | ||||||
4 | secured, or to be
secured, by 25% or more of the outstanding | ||||||
5 | stock of a State state bank, the
president or other chief | ||||||
6 | executive officer of the lending bank shall
promptly report | ||||||
7 | such fact to the Secretary Commissioner upon obtaining | ||||||
8 | knowledge of
such loan or loans, except that no report need be | ||||||
9 | made in those cases where
the borrower has been the owner of | ||||||
10 | record of the stock for a period of one
year or more, or the | ||||||
11 | stock is that of a newly organized bank prior to its
opening.
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12 | (d) The reports required by subsections (b) and (c) of this
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13 | Section 18, other than those relating to a transfer of assets | ||||||
14 | or assumption
of liabilities, shall contain the following | ||||||
15 | information to the extent that it
is
known by the person making | ||||||
16 | the report: (1) the number of shares involved;
(2) the names of | ||||||
17 | the sellers (or transferors); (3) the names of the
purchasers | ||||||
18 | (or transferees); (4) the names of the beneficial owners if the
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19 | shares are registered in another name: (5) the purchase price, | ||||||
20 | if
applicable; (6) the
total number of shares owned by the | ||||||
21 | sellers (or transferors), the
purchasers (or transferees) and | ||||||
22 | the beneficial owners both immediately
before and after the | ||||||
23 | transaction; and, (7) in the case of a loan, the name
of the | ||||||
24 | borrower, the amount of the loan, the name of the bank issuing
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25 | the stock securing the loan and the number of shares securing | ||||||
26 | the loan. In
addition to the foregoing, such reports shall |
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1 | contain such other
information which is requested by the | ||||||
2 | Secretary Commissioner to inform the Secretary
Commissioner of | ||||||
3 | the effect of the transaction upon control of the bank
whose | ||||||
4 | stock is involved.
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5 | (d-1) The reports required by subsection (b) of this | ||||||
6 | Section 18 that
relate to purchase of assets and assumption of | ||||||
7 | liabilities shall contain the
following information to the | ||||||
8 | extent that it is known by the person making the
report: (1) | ||||||
9 | the value, amount, and description of the assets transferred; | ||||||
10 | (2)
the amount, type, and to whom each type of liabilities are | ||||||
11 | owed; (3) the names
of the purchasers (or transferees); (4) the | ||||||
12 | names of the beneficial owners if
the shares of a purchaser or | ||||||
13 | transferee are registered in another name; (5) the
purchase | ||||||
14 | price, if applicable; and, (6) in the case of a loan obtained | ||||||
15 | to
effect a purchase, the name of the borrower, the amount and | ||||||
16 | terms of the loan,
and the description of the assets securing | ||||||
17 | the loan. In addition to the
foregoing,
these reports shall | ||||||
18 | contain any other information that is requested by the | ||||||
19 | Secretary
Commissioner to inform the Secretary Commissioner of | ||||||
20 | the effect of the transaction upon
the bank from which assets | ||||||
21 | are purchased or liabilities are transferred.
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22 | (e) Whenever such a change as described in subsection (a) | ||||||
23 | of this
Section 18 occurs, each State state bank shall report | ||||||
24 | promptly to the Secretary
Commissioner any changes or | ||||||
25 | replacement of its chief executive officer or
of any director | ||||||
26 | occurring in the next 12 month period, including in its
report |
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1 | a statement of the past and current business and professional
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2 | affiliations of the new chief executive officer or directors.
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3 | (f) (Blank).
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4 | (g) (1) Except as otherwise expressly provided in this | ||||||
5 | subsection (g),
the Secretary
Commissioners shall not approve | ||||||
6 | an application for a change in control if upon
consummation of | ||||||
7 | the change in control the persons applying for the change in
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8 | control, including any affiliates of the persons applying, | ||||||
9 | would control 30% or
more of the total amount of deposits which | ||||||
10 | are located in this State at insured
depository institutions. | ||||||
11 | For purposes of this subsection (g), the words
"insured
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12 | depository institution" shall mean State banks, national | ||||||
13 | banks, and insured
savings associations. For purposes of this | ||||||
14 | subsection (g), the word "deposits"
shall have the meaning | ||||||
15 | ascribed to that word in Section 3(1) of the Federal
Deposit | ||||||
16 | Insurance Act. For purposes of this subsection (g), the total | ||||||
17 | amount of
deposits which are considered to be located in this | ||||||
18 | State at insured depository
institutions shall equal the sum of | ||||||
19 | all deposits held at the main banking
premises and branches in | ||||||
20 | the State of Illinois of State banks, national banks,
or | ||||||
21 | insured savings associations. For purposes of this subsection | ||||||
22 | (g), the word
"affiliates" shall have the meaning ascribed to | ||||||
23 | that word in Section 35.2 of
this Act.
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24 | (2) Notwithstanding the provisions of paragraph (1) of this | ||||||
25 | subsection subsection (g)(1) of this Section ,
the Secretary | ||||||
26 | Commissioner may approve an application for a change in control |
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1 | for a bank
that is in default or in danger of default. Except | ||||||
2 | in those instances in which
an application for a change in | ||||||
3 | control is for a bank that is in default or in
danger of | ||||||
4 | default, the Secretary Commissioner may not approve a change in | ||||||
5 | control which
does not meet the requirements of paragraph (1) | ||||||
6 | of this subsection subsection (g)(1) of this Section . The | ||||||
7 | Secretary
Commissioner may not waive the provisions of | ||||||
8 | paragraph (1) of this subsection subsection (g)(1) of this | ||||||
9 | Section ,
whether pursuant to Section 3(d) of the federal Bank | ||||||
10 | Holding Company Act of
1956 or Section 44(d) of the Federal | ||||||
11 | Deposit Insurance Act, except as expressly
provided in this | ||||||
12 | paragraph subsection (g) (2) of this subsection .
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13 | (h) As used in this Section : | ||||||
14 | "Control" , the term "control" means the power, | ||||||
15 | directly
or indirectly, to direct the management or | ||||||
16 | policies of the bank or to vote 25%
or more of the | ||||||
17 | outstanding stock of the bank. If there is any question as | ||||||
18 | to whether a change in control application
should be filed,
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19 | the question shall be resolved in favor of filing the | ||||||
20 | application with the
Secretary Commissioner .
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21 | "Substantially As used in this Section, "substantially | ||||||
22 | all" the assets or
liabilities of a State bank means that | ||||||
23 | portion of the assets or
liabilities of a State bank such | ||||||
24 | that their purchase or transfer will
materially impair the | ||||||
25 | ability of the State bank to continue successful,
safe, and | ||||||
26 | sound operations or to continue as a going concern or would
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1 | cause the bank to lose its federal deposit insurance.
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2 | "Purchase" As used in this Section, "purchase" | ||||||
3 | includes a transfer by gift,
bequest, inheritance, or any | ||||||
4 | other means.
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5 | As used in this Section, a person is acting in concert if | ||||||
6 | that person is acting in concert under federal laws or | ||||||
7 | regulations. | ||||||
8 | (Source: P.A. 92-483, eff. 8-23-01; 92-811, eff. 8-21-02.)
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9 | (205 ILCS 5/48.1) (from Ch. 17, par. 360)
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10 | Sec. 48.1. Customer financial records; confidentiality.
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11 | (a) For the purpose of this Section, the term "financial | ||||||
12 | records" means any
original, any copy, or any summary of:
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13 | (1) a document granting signature
authority over a | ||||||
14 | deposit or account;
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15 | (2) a statement, ledger card or other
record on any | ||||||
16 | deposit or account, which shows each transaction in or with
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17 | respect to that account;
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18 | (3) a check, draft or money order drawn on a bank
or | ||||||
19 | issued and payable by a bank; or
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20 | (4) any other item containing
information pertaining | ||||||
21 | to any relationship established in the ordinary
course of a | ||||||
22 | bank's business between a bank and its customer, including
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23 | financial statements or other financial information | ||||||
24 | provided by the customer.
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25 | (b) This Section does not prohibit:
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1 | (1) The preparation, examination, handling or | ||||||
2 | maintenance of any
financial records by any officer, | ||||||
3 | employee or agent of a bank
having custody of the records, | ||||||
4 | or the examination of the records by a
certified public | ||||||
5 | accountant engaged by the bank to perform an independent
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6 | audit.
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7 | (2) The examination of any financial records by, or the | ||||||
8 | furnishing of
financial records by a bank to, any officer, | ||||||
9 | employee or agent of (i) the
Commissioner of Banks and Real | ||||||
10 | Estate, (ii) after May
31, 1997, a state regulatory | ||||||
11 | authority authorized to examine a branch of a
State bank | ||||||
12 | located in another state, (iii) the Comptroller of the | ||||||
13 | Currency,
(iv) the Federal Reserve Board, or (v) the | ||||||
14 | Federal Deposit Insurance
Corporation for use solely in the | ||||||
15 | exercise of his duties as an officer,
employee, or agent.
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16 | (3) The publication of data furnished from financial | ||||||
17 | records
relating to customers where the data cannot be | ||||||
18 | identified to any
particular customer or account.
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19 | (4) The making of reports or returns required under | ||||||
20 | Chapter 61 of
the Internal Revenue Code of 1986.
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21 | (5) Furnishing information concerning the dishonor of | ||||||
22 | any negotiable
instrument permitted to be disclosed under | ||||||
23 | the Uniform Commercial Code.
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24 | (6) The exchange in the regular course of business of | ||||||
25 | (i) credit
information
between a bank and other banks or | ||||||
26 | financial institutions or commercial
enterprises, directly |
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1 | or through a consumer reporting agency or (ii)
financial | ||||||
2 | records or information derived from financial records | ||||||
3 | between a bank
and other banks or financial institutions or | ||||||
4 | commercial enterprises for the
purpose of conducting due | ||||||
5 | diligence pursuant to a purchase or sale involving
the bank | ||||||
6 | or assets or liabilities of the bank.
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7 | (7) The furnishing of information to the appropriate | ||||||
8 | law enforcement
authorities where the bank reasonably | ||||||
9 | believes it has been the victim of a
crime.
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10 | (8) The furnishing of information under the Revised | ||||||
11 | Uniform
Unclaimed Property Act.
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12 | (9) The furnishing of information under the Illinois | ||||||
13 | Income Tax Act and
the Illinois Estate and | ||||||
14 | Generation-Skipping Transfer Tax Act.
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15 | (10) The furnishing of information under the federal | ||||||
16 | Currency
and Foreign Transactions Reporting Act Title 31, | ||||||
17 | United States
Code, Section 1051 et seq.
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18 | (11) The furnishing of information under any other | ||||||
19 | statute that
by its terms or by regulations promulgated | ||||||
20 | thereunder requires the disclosure
of financial records | ||||||
21 | other than by subpoena, summons, warrant, or court order.
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22 | (12) The furnishing of information about the existence | ||||||
23 | of an account
of a person to a judgment creditor of that | ||||||
24 | person who has made a written
request for that information.
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25 | (13) The exchange in the regular course of business of | ||||||
26 | information
between commonly owned banks in connection |
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1 | with a transaction authorized
under paragraph (23) of
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2 | Section 5 and conducted at an affiliate facility.
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3 | (14) The furnishing of information in accordance with | ||||||
4 | the federal
Personal Responsibility and Work Opportunity | ||||||
5 | Reconciliation Act of 1996.
Any bank governed by this Act | ||||||
6 | shall enter into an agreement for data
exchanges with a | ||||||
7 | State agency provided the State agency
pays to the bank a | ||||||
8 | reasonable fee not to exceed its
actual cost incurred. A | ||||||
9 | bank providing
information in accordance with this item | ||||||
10 | shall not be liable to any account
holder or other person | ||||||
11 | for any disclosure of information to a State agency, for
| ||||||
12 | encumbering or surrendering any assets held by the bank in | ||||||
13 | response to a lien
or order to withhold and deliver issued | ||||||
14 | by a State agency, or for any other
action taken pursuant | ||||||
15 | to this item, including individual or mechanical errors,
| ||||||
16 | provided the action does not constitute gross negligence or | ||||||
17 | willful misconduct.
A bank shall have no obligation to | ||||||
18 | hold, encumber, or surrender assets until
it has been | ||||||
19 | served with a subpoena, summons, warrant, court or | ||||||
20 | administrative
order,
lien, or levy.
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21 | (15) The exchange in the regular course of business of | ||||||
22 | information
between
a bank and any commonly owned affiliate | ||||||
23 | of the bank, subject to the provisions
of the Financial | ||||||
24 | Institutions Insurance Sales Law.
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25 | (16) The furnishing of information to law enforcement | ||||||
26 | authorities, the
Illinois Department on
Aging and its |
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1 | regional administrative and provider agencies, the | ||||||
2 | Department of
Human Services Office
of Inspector General, | ||||||
3 | or public guardians: (i) upon subpoena by the investigatory | ||||||
4 | entity or the guardian, or (ii) if there is suspicion by | ||||||
5 | the bank that a customer
who is an elderly person or person | ||||||
6 | with a disability has been or may become the victim of | ||||||
7 | financial exploitation.
For the purposes of this
item (16), | ||||||
8 | the term: (i) "elderly person" means a person who is 60 or | ||||||
9 | more
years of age, (ii) "disabled
person" means a person | ||||||
10 | who has or reasonably appears to the bank to have a
| ||||||
11 | physical or mental
disability that impairs his or her | ||||||
12 | ability to seek or obtain protection from or
prevent | ||||||
13 | financial
exploitation, and (iii) "financial exploitation" | ||||||
14 | means tortious or illegal use
of the assets or resources of
| ||||||
15 | an elderly or disabled person, and includes, without | ||||||
16 | limitation,
misappropriation of the elderly or
disabled | ||||||
17 | person's assets or resources by undue influence, breach of | ||||||
18 | fiduciary
relationship, intimidation,
fraud, deception, | ||||||
19 | extortion, or the use of assets or resources in any manner
| ||||||
20 | contrary to law. A bank or
person furnishing information | ||||||
21 | pursuant to this item (16) shall be entitled to
the same | ||||||
22 | rights and
protections as a person furnishing information | ||||||
23 | under the Adult Protective Services Act and the Illinois
| ||||||
24 | Domestic Violence Act of 1986.
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25 | (17) The disclosure of financial records or | ||||||
26 | information as necessary to
effect, administer, or enforce |
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| |||||||
1 | a transaction requested or authorized by the
customer, or | ||||||
2 | in connection with:
| ||||||
3 | (A) servicing or processing a financial product or | ||||||
4 | service requested or
authorized by the customer;
| ||||||
5 | (B) maintaining or servicing a customer's account | ||||||
6 | with the bank; or
| ||||||
7 | (C) a proposed or actual securitization or | ||||||
8 | secondary market sale
(including sales of servicing | ||||||
9 | rights) related to a
transaction of a customer.
| ||||||
10 | Nothing in this item (17), however, authorizes the sale | ||||||
11 | of the financial
records or information of a customer | ||||||
12 | without the consent of the customer.
| ||||||
13 | (18) The disclosure of financial records or | ||||||
14 | information as necessary to
protect against actual or | ||||||
15 | potential fraud, unauthorized transactions, claims,
or | ||||||
16 | other liability.
| ||||||
17 | (19)(a) The disclosure of financial records or | ||||||
18 | information
related to a private label credit program | ||||||
19 | between a financial
institution and a private label party | ||||||
20 | in connection with that
private label credit program. Such | ||||||
21 | information is limited to
outstanding balance, available | ||||||
22 | credit, payment and performance
and account history, | ||||||
23 | product references, purchase information,
and information
| ||||||
24 | related to the identity of the customer.
| ||||||
25 | (b)(1) For purposes of this paragraph (19) of | ||||||
26 | subsection
(b) of Section 48.1, a "private label credit |
| |||||||
| |||||||
1 | program" means a
credit program involving a financial | ||||||
2 | institution and a private label
party that is used by a | ||||||
3 | customer of the financial institution and the
private label | ||||||
4 | party primarily for payment for goods or services
sold, | ||||||
5 | manufactured, or distributed by a private label party.
| ||||||
6 | (2) For purposes of this paragraph (19) of subsection | ||||||
7 | (b)
of Section 48.1, a "private label party" means, with | ||||||
8 | respect to a
private label credit program, any of the | ||||||
9 | following: a
retailer, a merchant, a manufacturer, a trade | ||||||
10 | group,
or any such person's affiliate, subsidiary, member,
| ||||||
11 | agent, or service provider.
| ||||||
12 | (c) Except as otherwise provided by this Act, a bank may | ||||||
13 | not disclose to
any person, except to the customer or his
duly | ||||||
14 | authorized agent, any financial records or financial | ||||||
15 | information
obtained from financial records relating to that | ||||||
16 | customer of
that bank unless:
| ||||||
17 | (1) the customer has authorized disclosure to the | ||||||
18 | person;
| ||||||
19 | (2) the financial records are disclosed in response to | ||||||
20 | a lawful
subpoena, summons, warrant, citation to discover | ||||||
21 | assets, or court order which meets the requirements
of | ||||||
22 | subsection (d) of this Section; or
| ||||||
23 | (3) the bank is attempting to collect an obligation | ||||||
24 | owed to the bank
and the bank complies with the provisions | ||||||
25 | of Section 2I of the Consumer
Fraud and Deceptive Business | ||||||
26 | Practices Act.
|
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1 | (d) A bank shall disclose financial records under paragraph | ||||||
2 | (2) of
subsection (c) of this Section under a lawful subpoena, | ||||||
3 | summons, warrant, citation to discover assets, or
court order | ||||||
4 | only after the bank mails a copy of the subpoena, summons, | ||||||
5 | warrant, citation to discover assets,
or court order to the | ||||||
6 | person establishing the relationship with the bank, if
living, | ||||||
7 | and, otherwise his personal representative, if known, at his | ||||||
8 | last known
address by first class mail, postage prepaid, unless | ||||||
9 | the bank is specifically
prohibited from notifying the person | ||||||
10 | by order of court or by applicable State
or federal law. A bank | ||||||
11 | shall not mail a copy of a subpoena to any person
pursuant to | ||||||
12 | this subsection if the subpoena was issued by a grand jury | ||||||
13 | under
the Statewide Grand Jury Act.
| ||||||
14 | (e) Any officer or employee of a bank who knowingly and
| ||||||
15 | willfully furnishes financial records in violation of this | ||||||
16 | Section is
guilty of a business offense and, upon conviction, | ||||||
17 | shall be fined not
more than $1,000.
| ||||||
18 | (f) Any person who knowingly and willfully induces or | ||||||
19 | attempts to
induce any officer or employee of a bank to | ||||||
20 | disclose financial
records in violation of this Section is | ||||||
21 | guilty of a business offense
and, upon conviction, shall be | ||||||
22 | fined not more than $1,000.
| ||||||
23 | (g) A bank shall be reimbursed for costs that are | ||||||
24 | reasonably necessary
and that have been directly incurred in | ||||||
25 | searching for, reproducing, or
transporting books, papers, | ||||||
26 | records, or other data of a customer required or
requested to |
| |||||||
| |||||||
1 | be produced pursuant to a lawful subpoena, summons, warrant, | ||||||
2 | citation to discover assets, or
court order. The Commissioner | ||||||
3 | shall determine the rates and conditions
under which payment | ||||||
4 | may be made.
| ||||||
5 | (Source: P.A. 99-143, eff. 7-27-15; 100-22, eff. 1-1-18 .)
| ||||||
6 | (205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
| ||||||
7 | Sec. 48.3. Disclosure of reports of examinations
and | ||||||
8 | confidential
supervisory information;
limitations. | ||||||
9 | (a) Any report of examination, visitation, or | ||||||
10 | investigation prepared by
the Secretary under this Act, the | ||||||
11 | Electronic Fund Transfer
Act, the Corporate Fiduciary Act, the
| ||||||
12 | Illinois Bank Holding Company Act of 1957, and the Foreign
| ||||||
13 | Banking Office Act, any report of examination, visitation, or
| ||||||
14 | investigation prepared by the state regulatory
authority of | ||||||
15 | another state that examines a branch of an Illinois State bank | ||||||
16 | in
that state, any document or record prepared or obtained in
| ||||||
17 | connection with or relating to any
examination, visitation, or | ||||||
18 | investigation, and any record prepared or
obtained by the | ||||||
19 | Secretary to the extent that the record summarizes or
contains | ||||||
20 | information derived from any report, document, or record | ||||||
21 | described
in this subsection shall be deemed "confidential | ||||||
22 | supervisory information".
Confidential
supervisory information | ||||||
23 | shall not include any information or record
routinely prepared | ||||||
24 | by a bank or other financial institution and maintained in
the | ||||||
25 | ordinary course of business or any information or record that |
| |||||||
| |||||||
1 | is required
to be made publicly available pursuant to State or | ||||||
2 | federal law or rule.
Confidential supervisory information
| ||||||
3 | shall be the property of the Secretary and shall only be
| ||||||
4 | disclosed under the circumstances and for the purposes set | ||||||
5 | forth in this
Section.
| ||||||
6 | The Secretary may
disclose
confidential supervisory | ||||||
7 | information only under the following circumstances:
| ||||||
8 | (1) The Secretary may furnish confidential supervisory | ||||||
9 | information
to the Board of Governors of the
Federal | ||||||
10 | Reserve System, the federal reserve bank of the federal | ||||||
11 | reserve
district in which the State bank is located or in | ||||||
12 | which the parent or other
affiliate of the State bank is | ||||||
13 | located, any official or examiner
thereof duly accredited | ||||||
14 | for the purpose, or any other state regulator, federal
| ||||||
15 | regulator, or in the case of a foreign bank possessing a | ||||||
16 | certificate of
authority pursuant to the Foreign Banking | ||||||
17 | Office Act or a license pursuant to
the Foreign Bank | ||||||
18 | Representative Office Act, the bank regulator in the | ||||||
19 | country
where the foreign bank is chartered,
that the | ||||||
20 | Secretary determines to have an appropriate
regulatory | ||||||
21 | interest. Nothing contained in this Act shall be construed | ||||||
22 | to
limit the obligation of any member State bank to comply | ||||||
23 | with the
requirements relative to examinations and reports | ||||||
24 | of the Federal Reserve
Act and of the Board of Governors of | ||||||
25 | the Federal Reserve System or the
federal reserve bank of | ||||||
26 | the federal reserve district in which the bank is
located, |
| |||||||
| |||||||
1 | nor to limit in any way the powers of the Secretary with
| ||||||
2 | reference to examinations and reports.
| ||||||
3 | (2) The Secretary may furnish confidential supervisory | ||||||
4 | information
to the United States, any agency
thereof that | ||||||
5 | has insured a bank's deposits in whole or in part, or any | ||||||
6 | official
or examiner thereof duly accredited for the | ||||||
7 | purpose. Nothing contained in this Act shall be
construed | ||||||
8 | to limit the obligation relative to examinations and | ||||||
9 | reports of any
State bank, deposits in which are to any | ||||||
10 | extent insured by the United States,
any agency thereof, | ||||||
11 | nor to limit in any way the powers of the Secretary with
| ||||||
12 | reference to examination and reports of such bank.
| ||||||
13 | (2.5) The Secretary may furnish confidential | ||||||
14 | supervisory information to a Federal Home Loan Bank in | ||||||
15 | connection with any bank that is a member of the Federal | ||||||
16 | Home Loan Bank or in connection with any application by the | ||||||
17 | bank before the Federal Home Loan Bank. The confidential | ||||||
18 | supervisory information shall remain the property of the | ||||||
19 | Secretary and may not be further disclosed without the | ||||||
20 | Secretary's permission. | ||||||
21 | (3) The Secretary may furnish
confidential supervisory
| ||||||
22 | information
to the appropriate law
enforcement authorities | ||||||
23 | when the Secretary reasonably believes a
bank, which
the | ||||||
24 | Secretary has
caused to be examined, has been a victim of a | ||||||
25 | crime.
| ||||||
26 | (4) The Secretary may furnish confidential supervisory |
| |||||||
| |||||||
1 | information
relating to a bank or other
financial | ||||||
2 | institution, which the Secretary has caused to be
examined, | ||||||
3 | to be sent to the
administrator of the Revised Uniform | ||||||
4 | Unclaimed Property Act.
| ||||||
5 | (5) The Secretary may furnish
confidential supervisory
| ||||||
6 | information relating to a bank or other
financial | ||||||
7 | institution, which
the Secretary has caused to be examined, | ||||||
8 | relating to its
performance of obligations under the | ||||||
9 | Illinois Income Tax Act and the
Illinois Estate and | ||||||
10 | Generation-Skipping Transfer Tax Act to the Illinois
| ||||||
11 | Department of Revenue.
| ||||||
12 | (6) The Secretary may furnish
confidential supervisory
| ||||||
13 | information relating to a bank or other
financial | ||||||
14 | institution, which
the Secretary has caused to be examined, | ||||||
15 | under the
federal Currency and Foreign Transactions | ||||||
16 | Reporting Act,
Title 31, United States Code, Section 1051 | ||||||
17 | et seq.
| ||||||
18 | (6.5) The Secretary may furnish
confidential | ||||||
19 | supervisory
information to any other agency or entity that | ||||||
20 | the Secretary determines
to
have a legitimate regulatory | ||||||
21 | interest.
| ||||||
22 | (7) The Secretary may furnish
confidential supervisory
| ||||||
23 | information under any other
statute that by its terms or by | ||||||
24 | regulations promulgated thereunder
requires the disclosure | ||||||
25 | of financial records other than by subpoena,
summons, | ||||||
26 | warrant, or court order.
|
| |||||||
| |||||||
1 | (8) At the request of the affected bank or other | ||||||
2 | financial institution,
the Secretary may furnish
| ||||||
3 | confidential supervisory
information relating to a bank or | ||||||
4 | other financial
institution, which
the Secretary has | ||||||
5 | caused to be examined, in connection with the
obtaining of | ||||||
6 | insurance coverage or the pursuit of an insurance claim for | ||||||
7 | or on
behalf of the bank or other financial institution; | ||||||
8 | provided that, when
possible, the Secretary shall disclose | ||||||
9 | only relevant information while
maintaining the | ||||||
10 | confidentiality of financial records not relevant to such
| ||||||
11 | insurance coverage or claim and, when appropriate, may | ||||||
12 | delete identifying data
relating to any person or | ||||||
13 | individual.
| ||||||
14 | (9) The Secretary may furnish a copy of a report of any | ||||||
15 | examination
performed by the Secretary of the condition and | ||||||
16 | affairs of any
electronic data processing entity to the | ||||||
17 | banks serviced by the electronic
data processing entity.
| ||||||
18 | (10) In addition to the foregoing circumstances, the | ||||||
19 | Secretary may,
but is not required to, furnish
confidential | ||||||
20 | supervisory information under the same circumstances | ||||||
21 | authorized for
the bank or financial
institution pursuant | ||||||
22 | to subsection
(b) of this Section, except that the | ||||||
23 | Secretary shall provide
confidential supervisory | ||||||
24 | information under circumstances described in paragraph (3) | ||||||
25 | of
subsection (b) of this Section only upon the request of | ||||||
26 | the bank or other
financial institution.
|
| |||||||
| |||||||
1 | (b) A bank or other financial institution or its officers, | ||||||
2 | agents, and
employees may disclose
confidential supervisory | ||||||
3 | information only under the
following circumstances:
| ||||||
4 | (1) to the board of directors of the bank or other | ||||||
5 | financial institution,
as well as the president, | ||||||
6 | vice-president, cashier, and other officers of the
bank or | ||||||
7 | other financial institution to whom the board of directors | ||||||
8 | may delegate
duties with respect to compliance with | ||||||
9 | recommendations for action, and to the board of directors | ||||||
10 | of a bank holding company that owns at
least 80% of the | ||||||
11 | outstanding stock of the bank or other financial | ||||||
12 | institution;
| ||||||
13 | (2) to attorneys for the bank or other financial | ||||||
14 | institution and to a
certified public accountant engaged by | ||||||
15 | the State bank or financial
institution to perform an | ||||||
16 | independent audit provided that the attorney or
certified | ||||||
17 | public accountant shall not permit the
confidential | ||||||
18 | supervisory
information to be further disseminated;
| ||||||
19 | (3) to any person who seeks to acquire a controlling | ||||||
20 | interest in, or who
seeks to merge with, the
bank or | ||||||
21 | financial institution, provided that all attorneys, | ||||||
22 | certified public
accountants, officers, agents, or | ||||||
23 | employees of that person shall agree to be
bound to respect | ||||||
24 | the confidentiality of the
confidential supervisory
| ||||||
25 | information and to not further disseminate the information | ||||||
26 | therein contained;
|
| |||||||
| |||||||
1 | (3.5) to a Federal Home Loan Bank of which it is a | ||||||
2 | member; | ||||||
3 | (4) (blank); or | ||||||
4 | (4.5) to any attorney, accountant, consultant, or | ||||||
5 | other professional as needed to comply with any enforcement | ||||||
6 | action issued by the Secretary; or
| ||||||
7 | (5) to the bank's insurance company in relation to an | ||||||
8 | insurance
claim or
the effort by the bank to procure | ||||||
9 | insurance coverage, provided that, when
possible, the bank | ||||||
10 | shall disclose only information that is relevant to the
| ||||||
11 | insurance claim or that is necessary to procure the | ||||||
12 | insurance coverage, while
maintaining the confidentiality | ||||||
13 | of financial information pertaining to
customers. When | ||||||
14 | appropriate, the bank may delete identifying data relating | ||||||
15 | to
any person.
| ||||||
16 | The disclosure of confidential supervisory information by | ||||||
17 | a bank or other
financial institution pursuant to this | ||||||
18 | subsection (b) and the disclosure of
information to the | ||||||
19 | Secretary or other regulatory agency in connection with
any | ||||||
20 | examination, visitation, or investigation shall not constitute | ||||||
21 | a waiver of
any legal privilege otherwise available to the bank | ||||||
22 | or other financial
institution with respect to the information.
| ||||||
23 | (c) (1) Notwithstanding any other provision of this Act
or | ||||||
24 | any other law, confidential supervisory information shall be | ||||||
25 | the property of
the Secretary and shall be privileged from | ||||||
26 | disclosure to any person except
as provided in this Section. No |
| |||||||
| |||||||
1 | person in possession of confidential
supervisory information | ||||||
2 | may disclose that information for any reason or under
any | ||||||
3 | circumstances not specified in this Section without the prior | ||||||
4 | authorization
of the Secretary. Any person upon whom a demand | ||||||
5 | for production of confidential
supervisory information is | ||||||
6 | made, whether by subpoena, order, or other judicial
or | ||||||
7 | administrative process, must withhold production of the | ||||||
8 | confidential
supervisory information and must notify the | ||||||
9 | Secretary of the demand, at
which time the Secretary is | ||||||
10 | authorized to intervene for the purpose of
enforcing the | ||||||
11 | limitations of this Section or seeking the withdrawal or
| ||||||
12 | termination of the attempt to compel production of the | ||||||
13 | confidential
supervisory information.
| ||||||
14 | (2) Any request for discovery or disclosure of confidential | ||||||
15 | supervisory
information, whether by subpoena, order, or other | ||||||
16 | judicial or administrative
process, shall be made to the | ||||||
17 | Secretary, and the Secretary shall
determine within 15 days | ||||||
18 | whether to disclose the information pursuant to
procedures and | ||||||
19 | standards that the Secretary shall establish by rule. If the | ||||||
20 | Secretary
determines that such information will not be | ||||||
21 | disclosed, the Secretary's
decision shall be subject to | ||||||
22 | judicial review under the
provisions of the Administrative | ||||||
23 | Review Law, and venue shall be in either
Sangamon County or | ||||||
24 | Cook County.
| ||||||
25 | (3) Any court order that compels disclosure of confidential | ||||||
26 | supervisory
information may be immediately appealed by the |
| |||||||
| |||||||
1 | Secretary, and the order
shall
be automatically stayed pending | ||||||
2 | the outcome of the appeal.
| ||||||
3 | (d) If any officer, agent, attorney, or employee of a bank | ||||||
4 | or
financial institution knowingly and willfully furnishes
| ||||||
5 | confidential supervisory information in violation of this | ||||||
6 | Section, the Secretary
may impose a
civil monetary penalty up | ||||||
7 | to $1,000 for the violation against
the officer, agent, | ||||||
8 | attorney, or employee.
| ||||||
9 | (Source: P.A. 100-22, eff 1-1-18; 100-64, eff. 8-11-17; revised | ||||||
10 | 10-5-17.)
| ||||||
11 | Section 10. The Savings Bank Act is amended by changing | ||||||
12 | Sections 8015 and 9012 as follows:
| ||||||
13 | (205 ILCS 205/8015) (from Ch. 17, par. 7308-15)
| ||||||
14 | Sec. 8015. Change in control.
| ||||||
15 | (a) No person, whether acting directly or indirectly or | ||||||
16 | through or in concert with one or more persons, may acquire | ||||||
17 | control of a savings bank operating under this Act without | ||||||
18 | prior approval of the Secretary. The provisions of this Section | ||||||
19 | do not apply to an established holding company acquiring | ||||||
20 | control of a State savings bank if the transaction is subject | ||||||
21 | to approval under the Federal Deposit Insurance Act, the | ||||||
22 | federal Home Owners' Loan Act, or Section 3 of the federal Bank | ||||||
23 | Holding Company Act.
| ||||||
24 | (b) Any person seeking to acquire control of a savings bank |
| |||||||
| |||||||
1 | or subsidiary of a savings bank operating under this Act shall | ||||||
2 | submit an application in the form required by the Secretary.
| ||||||
3 | (c) The Secretary may examine the books and records of the | ||||||
4 | applicant and related persons, investigate any matter relevant | ||||||
5 | to the application, and require the applicant to submit | ||||||
6 | additional information and documents.
| ||||||
7 | (d) The Secretary shall not approve an acquisition of | ||||||
8 | control unless the application and related examination and | ||||||
9 | investigation permit the Secretary to find positively on all of | ||||||
10 | the following matters: | ||||||
11 | (1) The applicant has filed a complete application, has | ||||||
12 | cooperated with all examinations and investigations of the | ||||||
13 | Secretary, and has submitted all information and documents | ||||||
14 | requested by the Secretary. | ||||||
15 | (2) The applicant and proposed management have the | ||||||
16 | necessary competence, experience, integrity, and financial | ||||||
17 | ability. | ||||||
18 | (3) The business plans of the applicant are consistent | ||||||
19 | with the safe and sound operation of the savings bank and | ||||||
20 | the purposes of this Act. | ||||||
21 | (4) The acquisition of control would not be inequitable | ||||||
22 | to members, borrowers or creditors of the savings bank. | ||||||
23 | (5) The applicant and proposed management have | ||||||
24 | complied with subsection (f) of this Section. | ||||||
25 | (6) The future prospects of the institution will not | ||||||
26 | jeopardize the financial stability of the savings bank or |
| |||||||
| |||||||
1 | prejudice the interests of the members of the savings bank. | ||||||
2 | (e) Shares of stock or mutual members shares acquired in | ||||||
3 | violation of subsection (a) of this Section shall not be voted | ||||||
4 | and shall not be counted in calculating the total number of | ||||||
5 | shares eligible to vote. In addition to any other action | ||||||
6 | authorized under this Act, the Secretary may require divestment | ||||||
7 | of shares of stock acquired in violation of this Section and | ||||||
8 | may require retirement of the withdrawal value of accounts | ||||||
9 | providing mutual member voting shares acquired in violation of | ||||||
10 | this Section, in which case the savings bank shall pay accrued | ||||||
11 | interest on the retired withdrawal value and shall not assess | ||||||
12 | any penalty for early withdrawal. | ||||||
13 | (f) An individual, whether acting directly or indirectly or | ||||||
14 | through or in concert with one or more persons, shall file | ||||||
15 | written notice to the Secretary within 10 days of the | ||||||
16 | occurrence of either of the following events: | ||||||
17 | (1) becoming, directly or indirectly, the beneficial | ||||||
18 | owner of more than five percent of the voting shares of a | ||||||
19 | savings bank or savings bank holding company; or | ||||||
20 | (2) obtaining, directly or indirectly, the power to | ||||||
21 | cast more than five percent of the member votes of a | ||||||
22 | savings bank or savings bank holding company. | ||||||
23 | The requirements of this subsection (f) are separate and in | ||||||
24 | addition to the requirements of subsection (a) of this Section. | ||||||
25 | (g) The Secretary may promulgate rules to implement this | ||||||
26 | provision, including definitions, form and content of |
| |||||||
| |||||||
1 | application or notice, procedures, exemptions, and | ||||||
2 | requirements for approval. | ||||||
3 | (h) As used in this Section, a person is acting in concert | ||||||
4 | if that person is acting in concert under federal laws or | ||||||
5 | regulations. | ||||||
6 | (Source: P.A. 96-585, eff. 8-18-09; 97-492, eff. 1-1-12.)
| ||||||
7 | (205 ILCS 205/9012) (from Ch. 17, par. 7309-12)
| ||||||
8 | Sec. 9012. Disclosure of reports of examinations and | ||||||
9 | confidential
supervisory information; limitations. | ||||||
10 | (a) Any report of examination, visitation, or | ||||||
11 | investigation prepared by
the Secretary
under this Act, any | ||||||
12 | report of examination, visitation, or investigation
prepared | ||||||
13 | by the state
regulatory authority of another state that | ||||||
14 | examines a branch of an Illinois
State savings bank in
that | ||||||
15 | state, any document or record prepared or obtained in | ||||||
16 | connection with or
relating to any
examination, visitation, or | ||||||
17 | investigation, and any record prepared or obtained
by the | ||||||
18 | Secretary
to the extent that the record summarizes or contains | ||||||
19 | information
derived from
any report, document, or record | ||||||
20 | described in this subsection shall be deemed
confidential
| ||||||
21 | supervisory information. "Confidential supervisory | ||||||
22 | information" shall not
include any information or
record | ||||||
23 | routinely prepared by a savings bank and maintained in the | ||||||
24 | ordinary
course of business or any
information or record that | ||||||
25 | is required to be made publicly available pursuant
to State or |
| |||||||
| |||||||
1 | federal law
or rule. Confidential supervisory information | ||||||
2 | shall be the property of the Secretary
and shall
only be | ||||||
3 | disclosed under the circumstances and for the purposes set | ||||||
4 | forth in
this Section.
| ||||||
5 | The Secretary may disclose confidential supervisory | ||||||
6 | information only under
the following
circumstances:
| ||||||
7 | (1) The Secretary may furnish confidential supervisory | ||||||
8 | information to
federal and state
depository institution | ||||||
9 | regulators, or any official or examiner thereof duly
| ||||||
10 | accredited for the
purpose. Nothing contained in this Act | ||||||
11 | shall be construed to limit the
obligation of any savings
| ||||||
12 | bank to comply with the requirements relative to | ||||||
13 | examinations and reports nor
to limit in any way
the powers | ||||||
14 | of the Secretary relative to examinations and reports.
| ||||||
15 | (2) The Secretary may furnish confidential supervisory | ||||||
16 | information to
the United
States or any agency thereof that | ||||||
17 | to any extent has insured a savings bank's
deposits, or any
| ||||||
18 | official or examiner thereof duly accredited for the | ||||||
19 | purpose. Nothing contained
in this Act shall be
construed | ||||||
20 | to limit the obligation relative to examinations and | ||||||
21 | reports of any
savings bank
in which deposits are to any | ||||||
22 | extent insured by the United States or any agency
thereof
| ||||||
23 | nor to limit in any way
the powers of the Secretary with | ||||||
24 | reference to examination and reports of the
savings bank.
| ||||||
25 | (2.5) The Secretary may furnish confidential | ||||||
26 | supervisory information to a Federal Home Loan Bank in |
| |||||||
| |||||||
1 | connection with any savings bank that is a member of the | ||||||
2 | Federal Home Loan Bank or in connection with any | ||||||
3 | application by the savings bank before the Federal Home | ||||||
4 | Loan Bank. The confidential supervisory information shall | ||||||
5 | remain the property of the Secretary and may not be further | ||||||
6 | disclosed without the Secretary's permission. | ||||||
7 | (3) The Secretary may furnish confidential supervisory | ||||||
8 | information to
the appropriate
law enforcement authorities | ||||||
9 | when the Secretary reasonably believes a savings
bank, | ||||||
10 | which the Secretary
has caused to be examined, has been a | ||||||
11 | victim of a crime.
| ||||||
12 | (4) The Secretary may furnish confidential supervisory | ||||||
13 | information
related
to a
savings bank, which the Secretary | ||||||
14 | has caused to be examined, to the
administrator of the
| ||||||
15 | Revised Uniform Unclaimed Property Act.
| ||||||
16 | (5) The Secretary may furnish confidential supervisory | ||||||
17 | information
relating to a
savings bank, which the Secretary | ||||||
18 | has caused to be examined, relating to its
performance
of | ||||||
19 | obligations under the Illinois Income Tax Act and the | ||||||
20 | Illinois Estate and
Generation-Skipping
Transfer Tax Act | ||||||
21 | to the Illinois Department of Revenue.
| ||||||
22 | (6) The Secretary may furnish confidential supervisory | ||||||
23 | information
relating to a
savings bank, which the Secretary | ||||||
24 | has caused to be examined, under the
federal Currency
and | ||||||
25 | Foreign Transactions Reporting Act, 31 United States Code, | ||||||
26 | Section
1051 et seq.
|
| |||||||
| |||||||
1 | (7) The Secretary may furnish confidential supervisory | ||||||
2 | information to
any other agency
or entity that the | ||||||
3 | Secretary determines to have a legitimate regulatory
| ||||||
4 | interest.
| ||||||
5 | (8) The Secretary may furnish confidential supervisory | ||||||
6 | information as
otherwise
permitted or required by this Act | ||||||
7 | and may furnish confidential supervisory
information under | ||||||
8 | any
other statute that by its terms or by regulations | ||||||
9 | promulgated thereunder
requires the disclosure
of | ||||||
10 | financial records other than by subpoena, summons, | ||||||
11 | warrant, or court order.
| ||||||
12 | (9) At the request of the affected savings bank, the | ||||||
13 | Secretary may
furnish confidential
supervisory information | ||||||
14 | relating to the savings bank, which the Secretary
has | ||||||
15 | caused to be
examined, in connection with the obtaining of | ||||||
16 | insurance coverage or the pursuit
of an insurance
claim for | ||||||
17 | or on behalf of the savings bank; provided that, when | ||||||
18 | possible, the Secretary
shall
disclose only relevant | ||||||
19 | information while maintaining the confidentiality of
| ||||||
20 | financial records
not relevant to such insurance coverage | ||||||
21 | or claim and, when appropriate, may
delete identifying data
| ||||||
22 | relating to any person.
| ||||||
23 | (10) The Secretary may furnish a copy of a report of | ||||||
24 | any examination
performed by
the Secretary of the condition | ||||||
25 | and affairs of any electronic data processing
entity to the
| ||||||
26 | savings banks serviced by the electronic data processing |
| |||||||
| |||||||
1 | entity.
| ||||||
2 | (11) In addition to the foregoing circumstances, the | ||||||
3 | Secretary may, but
is not
required to, furnish confidential | ||||||
4 | supervisory information under the same
circumstances | ||||||
5 | authorized
for the savings bank pursuant to subsection (b) | ||||||
6 | of this Section, except that
the Secretary shall
provide | ||||||
7 | confidential supervisory information under circumstances | ||||||
8 | described in
paragraph (3) of
subsection (b) of this | ||||||
9 | Section only upon the request of the savings bank.
| ||||||
10 | (b) A savings bank or its officers, agents, and employees | ||||||
11 | may disclose
confidential
supervisory information only under | ||||||
12 | the following circumstances:
| ||||||
13 | (1) to the board of directors of the savings bank, as | ||||||
14 | well as the
president, vice-president,
cashier, and other | ||||||
15 | officers of the savings bank to whom the board of directors
| ||||||
16 | may delegate
duties with respect to compliance with | ||||||
17 | recommendations for action, and to the
board of
directors | ||||||
18 | of a savings bank holding company that owns at least 80% of | ||||||
19 | the
outstanding stock of the
savings bank or other | ||||||
20 | financial institution.
| ||||||
21 | (2) to attorneys for the savings bank and to a | ||||||
22 | certified public
accountant engaged by the
savings bank to | ||||||
23 | perform an independent audit; provided that the attorney or
| ||||||
24 | certified public
accountant shall not permit the | ||||||
25 | confidential supervisory information to be
further | ||||||
26 | disseminated.
|
| |||||||
| |||||||
1 | (3) to any person who seeks to acquire a controlling | ||||||
2 | interest in, or who
seeks to merge with,
the savings bank; | ||||||
3 | provided that the person shall agree to be bound to respect
| ||||||
4 | the confidentiality
of the confidential supervisory | ||||||
5 | information and to not further disseminate the
information
| ||||||
6 | other than to attorneys, certified public accountants, | ||||||
7 | officers, agents, or
employees of that
person who likewise | ||||||
8 | shall agree to be bound to respect the confidentiality of
| ||||||
9 | the confidential
supervisory information and to not | ||||||
10 | further disseminate the information.
| ||||||
11 | (4) to the savings bank's insurance company, if the | ||||||
12 | supervisory
information contains
information that is | ||||||
13 | otherwise unavailable and is strictly necessary to
| ||||||
14 | obtaining insurance coverage or
pursuing an insurance | ||||||
15 | claim for or on behalf of the savings bank; provided
that, | ||||||
16 | when possible, the
savings bank shall disclose only | ||||||
17 | information that is relevant to obtaining
insurance | ||||||
18 | coverage or
pursuing an insurance claim, while maintaining | ||||||
19 | the confidentiality of financial
information
pertaining to | ||||||
20 | customers; and provided further that, when appropriate, | ||||||
21 | the
savings bank may delete
identifying data relating to
| ||||||
22 | any person.
| ||||||
23 | (5) to a Federal Home Loan Bank of which it is a | ||||||
24 | member. | ||||||
25 | (6) to any attorney, accountant, consultant, or other | ||||||
26 | professional as needed to comply with an enforcement action |
| |||||||
| |||||||
1 | issued by the Secretary. | ||||||
2 | The disclosure of confidential supervisory information by | ||||||
3 | a savings bank
pursuant to this
subsection (b) and the | ||||||
4 | disclosure of information to the Secretary or other
regulatory | ||||||
5 | agency in
connection with any examination, visitation, or | ||||||
6 | investigation shall not
constitute a waiver of any
legal | ||||||
7 | privilege otherwise available to the savings bank with respect | ||||||
8 | to the
information.
| ||||||
9 | (c) (1) Notwithstanding any other provision of this Act or | ||||||
10 | any other law,
confidential
supervisory information shall be | ||||||
11 | the property of the Secretary and shall be
privileged from
| ||||||
12 | disclosure to any person except as provided in this Section. No | ||||||
13 | person in
possession of
confidential supervisory information | ||||||
14 | may disclose that information for any
reason or under any
| ||||||
15 | circumstances not specified in this Section without the prior | ||||||
16 | authorization of
the Secretary.
Any person upon whom a demand | ||||||
17 | for production of confidential supervisory
information is | ||||||
18 | made,
whether by subpoena, order, or other judicial or | ||||||
19 | administrative process, must
withhold
production of the | ||||||
20 | confidential supervisory information and must notify the | ||||||
21 | Secretary
of the
demand, at which time the Secretary is | ||||||
22 | authorized to intervene for the
purpose of
enforcing the | ||||||
23 | limitations of this Section or seeking the withdrawal or
| ||||||
24 | termination of the attempt to
compel production of the | ||||||
25 | confidential supervisory information.
| ||||||
26 | (2) Any request for discovery or disclosure of confidential |
| |||||||
| |||||||
1 | supervisory
information, whether
by subpoena, order, or other | ||||||
2 | judicial or administrative process, shall be made
to the | ||||||
3 | Secretary, and the Secretary shall determine within 15 days | ||||||
4 | whether to
disclose the
information pursuant to procedures and | ||||||
5 | standards that the Secretary shall
establish by rule. If
the | ||||||
6 | Secretary determines that such information will not be | ||||||
7 | disclosed, the Secretary's
decision shall be subject to | ||||||
8 | judicial review under the provisions of the
Administrative | ||||||
9 | Review
Law, and venue shall be in either Sangamon County or | ||||||
10 | Cook County.
| ||||||
11 | (3) Any court order that compels disclosure of confidential | ||||||
12 | supervisory
information may be
immediately appealed by the | ||||||
13 | Secretary, and the order shall be automatically
stayed pending | ||||||
14 | the
outcome of the appeal.
| ||||||
15 | (d) If any officer, agent, attorney, or employee of a | ||||||
16 | savings bank knowingly
and willfully
furnishes confidential | ||||||
17 | supervisory information in violation of this Section,
the | ||||||
18 | Secretary
may impose a civil monetary penalty up to $1,000 for | ||||||
19 | the violation
against
the officer, agent, attorney, or | ||||||
20 | employee.
| ||||||
21 | (e) Subject to the limits of this Section, the Secretary
| ||||||
22 | also may promulgate regulations to set procedures and
standards | ||||||
23 | for
disclosure of
the
following items:
| ||||||
24 | (1) All fixed orders and opinions made in cases of
| ||||||
25 | appeals of the Secretary's actions.
| ||||||
26 | (2) Statements of policy and interpretations adopted |
| |||||||
| |||||||
1 | by
the Secretary's office, but not otherwise made public.
| ||||||
2 | (3) Nonconfidential portions of application files,
| ||||||
3 | including applications for new charters. The Secretary
| ||||||
4 | shall specify by rule as to what part of the files are
| ||||||
5 | confidential.
| ||||||
6 | (4) Quarterly reports of income, deposits, and | ||||||
7 | financial
condition.
| ||||||
8 | (Source: P.A. 100-22, eff. 1-1-18; 100-64, eff. 8-11-17; | ||||||
9 | revised 10-5-17.)
| ||||||
10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.
|