Full Text of HB2406 98th General Assembly
HB2406ham001 98TH GENERAL ASSEMBLY | Rep. Monique D. Davis Filed: 3/8/2013
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| 1 | | AMENDMENT TO HOUSE BILL 2406
| 2 | | AMENDMENT NO. ______. Amend House Bill 2406 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Banking Act is amended by changing | 5 | | Section 47 as follows:
| 6 | | (205 ILCS 5/47) (from Ch. 17, par. 358)
| 7 | | Sec. 47. Reports to Commissioner.
| 8 | | (a) All State banks shall make
a full and accurate | 9 | | statement of their affairs at least 1 time
during each calendar | 10 | | quarter which shall be certified to, under
oath by the | 11 | | president, a vice-president or the cashier of such bank. If the
| 12 | | statement is submitted in electronic form, the Commissioner | 13 | | may, in the call
for the report, specify the manner in which | 14 | | the appropriate officer of the bank
shall certify the statement | 15 | | of affairs. The
statement shall be according to the form which | 16 | | may be prescribed by the
Commissioner and shall exhibit in |
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| 1 | | detail information concerning such
bank at the close of | 2 | | business of any day
the Commissioner may choose and designate | 3 | | in a call for such report. Each bank shall include in its | 4 | | quarterly statement (i) a list of all loans given to minority | 5 | | owned businesses in the last quarter and (ii) the ethnicity of | 6 | | the majority of owners of those businesses. Each
bank shall | 7 | | deliver its quarterly statement to the
location specified by | 8 | | the Commissioner within 30 calendar days of the
date of the | 9 | | call for such reports. If the quarterly
statement is mailed, it | 10 | | must be postmarked within the period prescribed
for delivery, | 11 | | and if the quarterly statement is delivered in electronic form,
| 12 | | the bank shall generate and retain satisfactory proof that it | 13 | | has caused the
report to be delivered within the period | 14 | | prescribed for delivery.
| 15 | | (b) In addition to the foregoing reports, any bank which is | 16 | | the victim
of a shortage of funds in excess of $10,000, an | 17 | | apparent misapplication of the
bank's funds by an officer, | 18 | | employee or
director, or
any adverse legal action in an amount | 19 | | in excess of 10% of total
unimpaired
capital and unimpaired | 20 | | surplus of the bank, including but not limited to, the
entry of
| 21 | | an adverse money judgment against the bank or a write-off of | 22 | | assets of the
bank, shall report that information in writing to | 23 | | the Commissioner within 7
days of the occurrence.
Compliance | 24 | | with the time frames prescribed by the United States Department | 25 | | of
Treasury's Financial
Crimes Enforcement Network shall be | 26 | | deemed compliance with this Section.
Neither the bank, its
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| 1 | | directors, officers, employees or its agents, in the | 2 | | preparation or filing
of the reports required by subsection (b) | 3 | | of this Section, shall be subject
to any liability
for libel, | 4 | | slander, or other charges resulting from information supplied | 5 | | in
such reports, except when the supplying of such information | 6 | | is done in a
corrupt or malicious manner or otherwise not in | 7 | | good faith.
| 8 | | (Source: P.A. 92-483, eff. 8-23-01.)
| 9 | | Section 10. The Illinois Credit Union Act is amended by | 10 | | changing Section 9 as follows:
| 11 | | (205 ILCS 305/9) (from Ch. 17, par. 4410)
| 12 | | Sec. 9. Reports and examinations.
| 13 | | (1) Credit unions shall report to
the Department on forms | 14 | | supplied by the Department, in accordance with a
schedule | 15 | | published by the Department. A recapitulation of the annual | 16 | | reports
shall be compiled and published annually by the | 17 | | Department, for the use
of the General Assembly, credit unions, | 18 | | various educational institutions
and other interested parties. | 19 | | A credit union which fails to file any report
when due shall | 20 | | pay to the Department a late filing fee for each
day the report | 21 | | is overdue as prescribed by rule. The Secretary may extend
the | 22 | | time for filing a
report. Each credit union in the State shall | 23 | | include in its report (i) a list of all loans given to minority | 24 | | owned businesses in the last year and (ii) the ethnicity of the |
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| 1 | | majority of owners of those businesses.
| 2 | | (2) The Secretary may require special examinations of and | 3 | | special
financial reports from a credit union or a credit
union | 4 | | organization in which a credit union loans, invests, or | 5 | | delegates
substantially all
managerial duties and | 6 | | responsibilities when he determines that such
examinations
and | 7 | | reports are necessary to enable the Department
to determine the | 8 | | safety of a credit union's operation or its solvency.
The cost | 9 | | to the Department of the aforesaid special examinations shall | 10 | | be
borne by the credit union being examined as prescribed by | 11 | | rule.
| 12 | | (3) All credit unions incorporated under this Act shall be | 13 | | examined at
least biennially by the Department or, at the | 14 | | discretion of
the Secretary,
by a public accountant registered | 15 | | by the Department of Financial and Professional
Regulation. The | 16 | | costs of an examination shall be paid by the
credit union. The | 17 | | scope of all examinations by a public accountant shall
be at | 18 | | least equal to the examinations made by the Department. The | 19 | | examiners
shall have full access to, and may compel the | 20 | | production of, all the books,
papers, securities and accounts | 21 | | of any credit union. A special examination
shall be made by the | 22 | | Department or by a public accountant approved by the
Department | 23 | | upon written request of 5 or more members, who guarantee the
| 24 | | expense of the same. Any credit union refusing to submit to an | 25 | | examination
when ordered by the Department shall be reported to | 26 | | the Attorney General,
who shall institute proceedings to have |
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| 1 | | its charter revoked. If the Secretary
determines that the | 2 | | examination of a credit
union is to be
conducted by a public | 3 | | accountant registered by the Department of Financial and
| 4 | | Professional Regulation and the examination is
done in | 5 | | conjunction
with the credit union's external independent audit | 6 | | of financial
statements, the requirements of this Section and | 7 | | subsection (3) of Section
34 shall be deemed met.
| 8 | | (4) A copy of the completed report of examination and a | 9 | | review comment
letter, if any, citing exceptions revealed | 10 | | during the examination, shall
be submitted to the credit union | 11 | | by the Department. A detailed report stating
the corrective | 12 | | actions taken by the board of directors on each exception
set | 13 | | forth in the review comment letter shall be filed with the | 14 | | Department
within 40 days after the date of the review comment | 15 | | letter, or as otherwise
directed by the Department. Any credit | 16 | | union through its officers, directors,
committee members or | 17 | | employees, which willfully provides fraudulent or
misleading | 18 | | information regarding the corrective actions taken on | 19 | | exceptions
appearing in a review comment letter may have its | 20 | | operations restricted to
the collection of principal and | 21 | | interest on loans outstanding and the
payment of normal | 22 | | expenses and salaries until all exceptions are corrected
and | 23 | | accepted by the Department.
| 24 | | (Source: P.A. 97-133, eff. 1-1-12.)
| 25 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.".
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