Full Text of HB4933 96th General Assembly
HB4933eng 96TH GENERAL ASSEMBLY
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Bank Examiners' Education | 5 |
| Foundation Act is amended by changing Sections 1, 3.01, 4, 5, | 6 |
| and 8 and by adding Section 3.07 as follows:
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| (20 ILCS 3210/1) (from Ch. 17, par. 401)
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| Sec. 1.
The Illinois Bank Examiners' Education Foundation | 9 |
| is hereby
created for the purpose of providing a means through | 10 |
| which funds may be
raised, invested and disbursed for | 11 |
| continuing education and professional
training activity for | 12 |
| the examination employees of the Division of Banking whose | 13 |
| responsibilities include the supervision and regulation of | 14 |
| commercial banks, foreign banking offices, trust companies, | 15 |
| and their information technology service providers | 16 |
| Commissioner's office .
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/3.01) (from Ch. 17, par. 403.1)
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| Sec. 3.01.
"Board" means the State Banking Board of | 20 |
| Illinois Board of Trustees of the Illinois Bank
Examiners' | 21 |
| Education Foundation created by the Illinois Banking Act this | 22 |
| Act .
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/3.07 new) | 3 |
| Sec. 3.07. Division of Banking. "Division of Banking" means | 4 |
| the Division of Banking of the Department of Financial and | 5 |
| Professional Regulation.
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| (20 ILCS 3210/4) (from Ch. 17, par. 404)
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| Sec. 4.
The Foundation shall establish an endowment fund | 8 |
| with the
monies in the Illinois Bank Examiners' Education Fund. | 9 |
| The income from such
Fund shall be used to pay for continuing | 10 |
| education and professional
training activity for the | 11 |
| examination employees of the Division of Banking whose | 12 |
| responsibilities include the supervision and regulation of | 13 |
| commercial banks, foreign banking offices, trust companies, | 14 |
| and their information technology service providers | 15 |
| Commissioner's
office authorized by the Board of the Illinois | 16 |
| Bank Examiners' Education
Program and to pay for reasonable | 17 |
| expenses incurred by the Board in the
course of its official | 18 |
| duties. The continuing education and professional
training | 19 |
| activity to be funded by the Foundation shall be a supplement | 20 |
| to
the education and training expenditures regularly being made | 21 |
| from the Bank
& Trust Company Fund for such purposes.
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/5) (from Ch. 17, par. 405)
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| Sec. 5. The Foundation shall be governed by the State | 2 |
| Banking Board of Illinois a Board of Trustees . The
Board shall | 3 |
| consist of the following trustees: the Commissioner, who shall
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| be its chairman; one Class A member and three Class B members | 5 |
| from the
State Banking Board of Illinois, appointed by the | 6 |
| Governor.
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| The terms of the trustees of the Foundation who are members | 8 |
| of the State
Banking Board of Illinois are to be coextensive | 9 |
| with their terms on the
State Banking Board of Illinois. An | 10 |
| appointment to fill a vacancy shall be
for the unexpired term | 11 |
| of the trustee whose term is being filled. Trustees
shall | 12 |
| receive no compensation for service on the Board, but shall be
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| reimbursed for all reasonable and necessary expenditures | 14 |
| incurred in the
performance of their official duties.
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/8) (from Ch. 17, par. 408)
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| Sec. 8.
No Neither the Commissioner nor any member of the | 18 |
| Board shall be
subject to any civil liability or penalty, | 19 |
| whether for damages or
otherwise, on account of or for any | 20 |
| action taken or omitted to be taken in
their respective | 21 |
| official capacities, except when such acts or omissions to
act | 22 |
| are corrupt or malicious or unless such action is taken or | 23 |
| omitted to
be taken not in good faith and without reasonable | 24 |
| grounds.
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| (Source: P.A. 84-1127.)
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| Section 10. The Illinois Banking Act is amended by changing | 2 |
| Sections 2, 48, 78, 79, 80, and 82 as follows:
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| (205 ILCS 5/2) (from Ch. 17, par. 302)
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| Sec. 2. General definitions. In this Act, unless the | 5 |
| context otherwise
requires, the following words and phrases | 6 |
| shall have the following meanings:
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| "Accommodation party" shall have the meaning ascribed to | 8 |
| that term in
Section 3-419 of the Uniform Commercial Code.
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| "Action" in the sense of a judicial proceeding includes | 10 |
| recoupments,
counterclaims, set-off, and any other proceeding | 11 |
| in which
rights are determined.
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| "Affiliate facility" of a bank means a main banking | 13 |
| premises or branch
of another commonly owned bank.
The main | 14 |
| banking premises or any branch of a bank
may be an "affiliate | 15 |
| facility" with respect to one or more other commonly owned
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| banks.
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| "Appropriate federal banking agency" means the Federal | 18 |
| Deposit Insurance
Corporation, the Federal Reserve Bank of | 19 |
| Chicago, or the Federal Reserve Bank
of St. Louis, as | 20 |
| determined by federal law.
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| "Bank" means any person doing a banking business whether | 22 |
| subject to the
laws of this or any other jurisdiction.
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| A "banking house", "branch", "branch bank" or "branch
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| office" shall mean any place of business of a bank at which |
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| deposits are
received, checks paid, or loans made, but shall | 2 |
| not include any place at
which only records thereof are made, | 3 |
| posted, or kept. A place of business
at which deposits are | 4 |
| received, checks paid, or loans made shall not be
deemed to be | 5 |
| a branch, branch bank, or branch office if the place of
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| business is adjacent to and connected with the main banking | 7 |
| premises, or if
it is separated from the main banking premises | 8 |
| by not more than an alley;
provided always that (i) if the | 9 |
| place of business is separated by an alley
from the main | 10 |
| banking premises there is a connection between the two by
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| public or private way or by subterranean or overhead passage, | 12 |
| and (ii) if
the place of business is in a building not wholly | 13 |
| occupied by the bank, the
place of business shall not be within | 14 |
| any office or room in which any other
business or service of | 15 |
| any kind or nature other than the business of the
bank is | 16 |
| conducted or carried on. A place of business at which deposits | 17 |
| are
received, checks paid, or loans made shall not be deemed to | 18 |
| be a branch,
branch bank, or branch office (i) of any bank if | 19 |
| the place is a terminal established and maintained in | 20 |
| accordance with
paragraph
(17) of Section 5 of this Act, or | 21 |
| (ii) of a commonly owned bank
by virtue of
transactions | 22 |
| conducted at that place on behalf of the other commonly owned | 23 |
| bank
under paragraph (23) of Section 5 of this Act if the place | 24 |
| is an affiliate
facility with respect to the other bank.
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| "Branch of an out-of-state bank" means a branch established | 26 |
| or maintained in
Illinois by an out-of-state bank as a result |
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| of a merger between an Illinois
bank and the out-of-state bank | 2 |
| that occurs on or after May 31, 1997, or any
branch established | 3 |
| by the out-of-state bank following the merger.
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| "Bylaws" means the bylaws of a bank that are adopted by the | 5 |
| bank's board of
directors or shareholders for the regulation | 6 |
| and management of the bank's
affairs. If the bank operates as a | 7 |
| limited liability company, however, "bylaws"
means the | 8 |
| operating
agreement of the bank.
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| "Call report fee" means the fee to be paid to the
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| Commissioner by each State bank pursuant to paragraph (a) of | 11 |
| subsection (3)
of Section 48 of this Act.
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| "Capital" includes the aggregate of outstanding capital | 13 |
| stock and
preferred stock.
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| "Cash flow reserve account" means the account within the | 15 |
| books and records
of the Commissioner of Banks and Real Estate | 16 |
| used to
record funds designated to maintain a reasonable Bank | 17 |
| and Trust Company Fund
operating balance to meet agency | 18 |
| obligations on a timely basis.
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| "Charter" includes the original charter and all amendments | 20 |
| thereto
and articles of merger or consolidation.
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| "Commissioner" means the Commissioner of Banks and Real | 22 |
| Estate, except that beginning on April 6, 2009 ( the effective | 23 |
| date of Public Act 95-1047)
this amendatory Act of the 95th | 24 |
| General Assembly , all references in this Act to the | 25 |
| Commissioner of Banks and Real Estate are deemed, in | 26 |
| appropriate contexts, to be references to the Secretary of |
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| Financial and Professional Regulation.
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| "Commonly owned banks" means 2 or more banks that each | 3 |
| qualify as a bank
subsidiary of the same bank holding company | 4 |
| pursuant to Section 18 of the
Federal Deposit Insurance Act; | 5 |
| "commonly owned bank" refers to one of a group
of commonly | 6 |
| owned banks but only with respect to one or more of the other | 7 |
| banks
in the same group.
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| "Community" means a city, village, or incorporated town and | 9 |
| also includes
the area served by the banking offices of a bank, | 10 |
| but need not be limited or
expanded to conform to the | 11 |
| geographic boundaries of units of local
government.
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| "Company" means a corporation, limited liability company, | 13 |
| partnership,
business trust,
association, or similar | 14 |
| organization and, unless specifically excluded,
includes a | 15 |
| "State bank" and a "bank".
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| "Consolidating bank" means a party to a consolidation.
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| "Consolidation" takes place when 2 or more banks, or a | 18 |
| trust company and
a bank, are extinguished and by the same | 19 |
| process a new bank is created,
taking over the assets and | 20 |
| assuming the liabilities of the banks or trust
company passing | 21 |
| out of existence.
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| "Continuing bank" means a merging bank, the charter of | 23 |
| which becomes the
charter of the resulting bank.
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| "Converting bank" means a State bank converting to become a | 25 |
| national
bank, or a national bank converting to become a State | 26 |
| bank.
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| "Converting trust company" means a trust company | 2 |
| converting to become a
State bank.
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| "Court" means a court of competent jurisdiction.
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| "Director" means a member of the board of directors of a | 5 |
| bank. In the case
of a manager-managed limited liability | 6 |
| company, however, "director" means a
manager of
the bank and, | 7 |
| in the case of a member-managed limited liability company,
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| "director" means a member of the bank. The term "director" does | 9 |
| not include an
advisory director, honorary director, director | 10 |
| emeritus, or similar person,
unless the person is otherwise | 11 |
| performing
functions similar to those of a member of the board | 12 |
| of directors.
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| "Director of Banking" means the Director of the Division of | 14 |
| Banking of the Department of Financial and Professional | 15 |
| Regulation. | 16 |
| "Eligible depository institution" means an insured savings | 17 |
| association
that is in default, an insured savings association | 18 |
| that is in danger of
default, a State or national bank that is | 19 |
| in default or a State or
national bank that is in danger of | 20 |
| default, as those terms are defined in this
Section, or a new | 21 |
| bank as that term defined in Section 11(m) of the Federal
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| Deposit Insurance Act or a bridge bank as that term is defined | 23 |
| in Section 11(n)
of the Federal Deposit Insurance Act or a new | 24 |
| federal savings association
authorized under Section | 25 |
| 11(d)(2)(f) of the Federal Deposit Insurance Act.
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| "Fiduciary" means trustee, agent, executor, administrator, |
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| committee,
guardian for a minor or for a person under legal | 2 |
| disability, receiver,
trustee in bankruptcy, assignee for | 3 |
| creditors, or any holder of similar
position of trust.
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| "Financial institution" means a bank, savings bank, | 5 |
| savings and loan association,
credit union, or any licensee | 6 |
| under the Consumer Installment Loan Act or
the Sales Finance | 7 |
| Agency Act and, for purposes of Section 48.3, any
proprietary | 8 |
| network, funds transfer corporation, or other entity providing
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| electronic funds transfer services, or any corporate | 10 |
| fiduciary, its
subsidiaries, affiliates, parent company, or | 11 |
| contractual service provider
that is examined by the | 12 |
| Commissioner. For purposes of Section 5c and subsection (b) of | 13 |
| Section 13 of this Act, "financial institution" includes any | 14 |
| proprietary network, funds transfer corporation, or other | 15 |
| entity providing electronic funds transfer services, and any | 16 |
| corporate fiduciary.
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| "Foundation" means the Illinois Bank Examiners' Education | 18 |
| Foundation.
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| "General obligation" means a bond, note, debenture, | 20 |
| security, or other
instrument evidencing an obligation of the | 21 |
| government entity that is the
issuer that is supported by the
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| full available resources of the issuer, the principal and | 23 |
| interest of which
is payable in whole or in part by taxation.
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| "Guarantee" means an undertaking or promise to answer for | 25 |
| payment of
another's debt or performance of another's duty, | 26 |
| liability, or obligation
whether "payment guaranteed" or |
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| "collection guaranteed".
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| "In danger of default" means a State or national bank, a | 3 |
| federally chartered
insured savings association or an Illinois | 4 |
| state chartered insured savings
association with respect to | 5 |
| which the Commissioner or the appropriate
federal banking | 6 |
| agency has advised the Federal Deposit Insurance
Corporation | 7 |
| that:
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| (1) in the opinion of the Commissioner or the | 9 |
| appropriate federal
banking agency,
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| (A) the State or national bank or insured savings | 11 |
| association is not
likely to be able to meet the | 12 |
| demands of the State or national bank's or
savings | 13 |
| association's obligations in the normal course of | 14 |
| business; and
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| (B) there is no reasonable prospect that the State | 16 |
| or national bank or
insured savings association will be | 17 |
| able to meet those demands or pay those
obligations | 18 |
| without federal assistance; or
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| (2) in the opinion of the Commissioner or the | 20 |
| appropriate federal
banking agency,
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| (A) the State or national bank or insured savings | 22 |
| association has
incurred or is likely to incur losses | 23 |
| that will deplete all or substantially
all of its | 24 |
| capital; and
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| (B) there is no reasonable prospect that the | 26 |
| capital of the State
or national bank or insured |
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| savings association will be replenished without
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| federal assistance.
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| "In default" means, with respect to a State or national | 4 |
| bank or an insured
savings association, any adjudication or | 5 |
| other official determination by any
court of competent | 6 |
| jurisdiction, the Commissioner, the appropriate federal
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| banking agency, or other public authority pursuant to which a | 8 |
| conservator, receiver,
or other legal custodian is appointed | 9 |
| for a State or national bank or an
insured savings association.
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| "Insured savings association" means any federal savings | 11 |
| association chartered
under Section 5 of the federal Home | 12 |
| Owners' Loan Act and any State savings
association chartered | 13 |
| under the Illinois Savings and Loan Act of 1985 or a
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| predecessor Illinois statute, the deposits of which are insured | 15 |
| by the Federal
Deposit Insurance Corporation. The term also | 16 |
| includes a savings bank organized
or operating under the | 17 |
| Savings Bank Act.
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| "Insured savings association in recovery" means an insured | 19 |
| savings
association that is not an eligible depository | 20 |
| institution and that does
not meet the minimum capital | 21 |
| requirements applicable with respect to the
insured savings | 22 |
| association.
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| "Issuer" means for purposes of Section 33 every person who | 24 |
| shall have
issued or proposed to issue any security; except | 25 |
| that (1) with respect to
certificates of deposit, voting trust | 26 |
| certificates, collateral-trust
certificates, and certificates |
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| of interest or shares in an unincorporated
investment trust not | 2 |
| having a board of directors (or persons performing
similar | 3 |
| functions), "issuer" means the person or persons performing the
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| acts and assuming the duties of depositor or manager pursuant | 5 |
| to the
provisions of the trust, agreement, or instrument under | 6 |
| which the
securities are issued; (2) with respect to trusts | 7 |
| other than those
specified in clause (1) above, where the | 8 |
| trustee is a corporation
authorized to accept and execute | 9 |
| trusts, "issuer" means the entrusters,
depositors, or creators | 10 |
| of the trust and any manager or committee charged
with the | 11 |
| general direction of the affairs of the trust pursuant to the
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| provisions of the agreement or instrument creating the trust; | 13 |
| and (3) with
respect to equipment trust certificates or like | 14 |
| securities, "issuer" means
the person to whom the equipment or | 15 |
| property is or is to be leased or
conditionally sold.
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| "Letter of credit" and "customer" shall have the meanings | 17 |
| ascribed to
those terms in Section 5-102 of the Uniform | 18 |
| Commercial Code.
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| "Main banking premises" means the location that is | 20 |
| designated in a
bank's charter as its main office.
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| "Maker or obligor" means for purposes of Section 33 the | 22 |
| issuer of a
security, the promisor in a debenture or other debt | 23 |
| security, or the
mortgagor or grantor of a trust deed or | 24 |
| similar conveyance of a security
interest in real or personal | 25 |
| property.
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| "Merged bank" means a merging bank that is not the |
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| continuing, resulting,
or surviving bank in a consolidation or | 2 |
| merger.
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| "Merger" includes consolidation.
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| "Merging bank" means a party to a bank merger.
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| "Merging trust company" means a trust company party to a | 6 |
| merger with
a State bank.
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| "Mid-tier bank holding company" means a corporation that | 8 |
| (a) owns 100% of
the issued and outstanding shares of each | 9 |
| class of stock of a State bank, (b)
has no other subsidiaries, | 10 |
| and (c) 100% of the issued and outstanding shares of
the | 11 |
| corporation are owned by a parent bank holding company.
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| "Municipality" means any municipality, political | 13 |
| subdivision, school
district, taxing district, or agency.
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| "National bank" means a national banking association | 15 |
| located in this
State and after May 31, 1997, means a national | 16 |
| banking association without
regard to its location.
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| "Out-of-state bank" means a bank chartered under the laws | 18 |
| of a state other
than Illinois, a territory of the United | 19 |
| States, or the District of Columbia.
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| "Parent bank holding company" means a corporation that is a | 21 |
| bank holding
company as that term is defined in the Illinois | 22 |
| Bank Holding Company Act of
1957 and owns 100% of the issued | 23 |
| and outstanding shares of a mid-tier bank
holding company.
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| "Person" means an individual, corporation, limited | 25 |
| liability company,
partnership, joint
venture, trust, estate, | 26 |
| or unincorporated association.
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| "Public agency" means the State of Illinois, the various | 2 |
| counties,
townships,
cities, towns, villages, school | 3 |
| districts, educational service regions, special
road | 4 |
| districts, public water supply districts, fire protection | 5 |
| districts,
drainage districts, levee districts, sewer | 6 |
| districts, housing authorities, the
Illinois Bank Examiners' | 7 |
| Education Foundation, the Chicago Park District, and
all other | 8 |
| political corporations or subdivisions of the State of | 9 |
| Illinois,
whether now or hereafter created, whether herein | 10 |
| specifically mentioned or
not, and shall also include any other
| 11 |
| state or any political corporation or subdivision of another | 12 |
| state.
| 13 |
| "Public funds" or "public money" means
current operating | 14 |
| funds, special funds, interest and sinking funds, and funds
of | 15 |
| any kind or character belonging to, in the custody of, or | 16 |
| subject to the
control or regulation of the United States or a | 17 |
| public agency. "Public funds"
or "public money" shall include | 18 |
| funds held by any of the officers, agents, or
employees of the | 19 |
| United States or of a public agency in the course of their
| 20 |
| official duties and, with respect to public money of the United | 21 |
| States, shall
include Postal Savings funds.
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| "Published" means, unless the context requires otherwise, | 23 |
| the publishing
of the notice or instrument referred to in some | 24 |
| newspaper of general
circulation in the community in which the | 25 |
| bank is located at least once
each week for 3 successive weeks. | 26 |
| Publishing shall be accomplished by, and
at the expense of, the |
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| bank required to publish. Where publishing is
required, the | 2 |
| bank shall submit to the Commissioner that evidence of the
| 3 |
| publication as the Commissioner shall deem appropriate.
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| "Qualified financial contract" means any security | 5 |
| contract,
commodity contract, forward contract, including spot | 6 |
| and
forward foreign exchange contracts, repurchase agreement, | 7 |
| swap agreement, and
any
similar agreement, any option to enter | 8 |
| into any such agreement, including any
combination of the | 9 |
| foregoing, and any master agreement for such agreements.
A | 10 |
| master agreement, together with all supplements thereto, shall | 11 |
| be treated
as one qualified financial contract. The contract, | 12 |
| option, agreement, or
combination of contracts, options, or | 13 |
| agreements shall be reflected upon the
books, accounts, or | 14 |
| records of the bank, or a party to the contract shall
provide | 15 |
| documentary evidence of such agreement.
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| "Recorded" means the filing or recording of the notice or | 17 |
| instrument
referred to in the office of the Recorder of the | 18 |
| county wherein
the bank is located.
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| "Resulting bank" means the bank resulting from a merger or | 20 |
| conversion.
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| "Secretary" means the Secretary of Financial and | 22 |
| Professional Regulation, or a person authorized by the | 23 |
| Secretary or by this Act to act in the Secretary's stead. | 24 |
| "Securities" means stocks, bonds, debentures, notes, or | 25 |
| other similar
obligations.
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| "Stand-by letter of credit" means a letter of credit under |
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| which drafts
are payable upon the condition the customer has | 2 |
| defaulted in performance of
a duty, liability, or obligation.
| 3 |
| "State bank" means any banking corporation that has a | 4 |
| banking charter
issued by the Commissioner under
this Act.
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| "State Banking Board" means the State Banking Board of | 6 |
| Illinois.
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| "Subsidiary" with respect to a specified company means a | 8 |
| company that is
controlled by the specified company. For | 9 |
| purposes of paragraphs (8) and (12)
of Section 5 of this Act, | 10 |
| "control" means the exercise of operational or
managerial | 11 |
| control of a corporation by the bank, either alone or together | 12 |
| with
other affiliates of the bank.
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| "Surplus" means the aggregate of (i) amounts paid in excess | 14 |
| of the par
value of capital stock and preferred stock; (ii) | 15 |
| amounts contributed other
than for capital stock and preferred | 16 |
| stock and allocated to the surplus
account; and (iii) amounts | 17 |
| transferred from undivided profits.
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| "Tier 1 Capital" and "Tier 2 Capital" have the meanings | 19 |
| assigned to those
terms in regulations promulgated for the | 20 |
| appropriate federal banking agency of
a state bank, as those | 21 |
| regulations are now or hereafter amended.
| 22 |
| "Trust company" means a limited liability company or | 23 |
| corporation
incorporated in this State for the
purpose of | 24 |
| accepting and executing trusts.
| 25 |
| "Undivided profits" means undistributed earnings less | 26 |
| discretionary
transfers to surplus.
|
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| "Unimpaired capital and unimpaired surplus", for the | 2 |
| purposes of paragraph
(21) of Section 5 and Sections 32, 33, | 3 |
| 34, 35.1, 35.2, and 47 of this Act means
the sum of the state | 4 |
| bank's Tier 1 Capital and Tier 2 Capital plus such other
| 5 |
| shareholder equity as may be included by
regulation of the | 6 |
| Commissioner. Unimpaired capital and unimpaired surplus
shall | 7 |
| be calculated on the basis of the date of the last quarterly | 8 |
| call report
filed with the Commissioner preceding the date of | 9 |
| the transaction for which the
calculation is made, provided | 10 |
| that: (i) when a material event occurs after the
date of the | 11 |
| last quarterly call report filed with the Commissioner that | 12 |
| reduces
or increases the bank's unimpaired capital and | 13 |
| unimpaired surplus by 10% or
more, then the unimpaired capital | 14 |
| and unimpaired surplus shall be calculated
from the date of the | 15 |
| material
event for a transaction conducted after the date of | 16 |
| the material event; and
(ii) if the Commissioner determines for | 17 |
| safety and soundness reasons that a
state bank should calculate | 18 |
| unimpaired capital and unimpaired surplus more
frequently than | 19 |
| provided by this paragraph, the Commissioner may by written
| 20 |
| notice direct the bank to calculate unimpaired capital and | 21 |
| unimpaired surplus
at a more frequent interval. In the case of | 22 |
| a state bank newly chartered under
Section 13 or a state bank | 23 |
| resulting from a merger, consolidation, or
conversion under | 24 |
| Sections 21 through 26 for which no preceding quarterly call
| 25 |
| report has been filed with the Commissioner, unimpaired capital | 26 |
| and unimpaired
surplus shall be calculated for the first |
|
|
|
HB4933 Engrossed |
- 18 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| calendar quarter on the basis of the
effective date of the | 2 |
| charter, merger, consolidation, or conversion.
| 3 |
| (Source: P.A. 95-924, eff. 8-26-08; 95-1047, eff. 4-6-09; | 4 |
| revised 4-14-09.)
| 5 |
| (205 ILCS 5/48) (from Ch. 17, par. 359)
| 6 |
| Sec. 48. Secretary's powers; duties. The Secretary shall | 7 |
| have the
powers and authority, and is charged with the duties | 8 |
| and responsibilities
designated in this Act, and a State bank | 9 |
| shall not be subject to any
other visitorial power other than | 10 |
| as authorized by this Act, except those
vested in the courts, | 11 |
| or upon prior consultation with the Secretary, a
foreign bank | 12 |
| regulator with an appropriate supervisory interest in the | 13 |
| parent
or affiliate of a state bank. In the performance of the | 14 |
| Secretary's
duties:
| 15 |
| (1) The Commissioner shall call for statements from all | 16 |
| State banks
as provided in Section 47 at least one time during | 17 |
| each calendar quarter.
| 18 |
| (2) (a) The Commissioner, as often as the Commissioner | 19 |
| shall deem
necessary or
proper, and no less frequently than 18 | 20 |
| months following the preceding
examination, shall appoint a | 21 |
| suitable person or
persons to make an examination of the | 22 |
| affairs of every State bank,
except that for every eligible | 23 |
| State bank, as defined by regulation, the
Commissioner in lieu | 24 |
| of the examination may accept on an alternating basis the
| 25 |
| examination made by the eligible State bank's appropriate |
|
|
|
HB4933 Engrossed |
- 19 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| federal banking
agency pursuant to Section 111 of the Federal | 2 |
| Deposit Insurance Corporation
Improvement Act of 1991, | 3 |
| provided the appropriate federal banking agency has
made such | 4 |
| an examination. A person so appointed shall not be a | 5 |
| stockholder or
officer or employee of
any bank which that | 6 |
| person may be directed to examine, and shall have
powers to | 7 |
| make a thorough examination into all the affairs of the bank | 8 |
| and
in so doing to examine any of the officers or agents or | 9 |
| employees thereof
on oath and shall make a full and detailed | 10 |
| report of the condition of the
bank to the Commissioner. In | 11 |
| making the examination the examiners shall
include an | 12 |
| examination of the affairs of all the affiliates of the bank, | 13 |
| as
defined in subsection (b) of Section 35.2 of this Act, or | 14 |
| subsidiaries of the
bank as shall be
necessary to disclose | 15 |
| fully the conditions of the subsidiaries or
affiliates, the | 16 |
| relations
between the bank and the subsidiaries or affiliates | 17 |
| and the effect of those
relations upon
the affairs of the bank, | 18 |
| and in connection therewith shall have power to
examine any of | 19 |
| the officers, directors, agents, or employees of the
| 20 |
| subsidiaries or affiliates
on oath. After May 31, 1997, the | 21 |
| Commissioner may enter into cooperative
agreements
with state | 22 |
| regulatory authorities of other states to provide for | 23 |
| examination of
State bank branches in those states, and the | 24 |
| Commissioner may accept reports
of examinations of State bank | 25 |
| branches from those state regulatory authorities.
These | 26 |
| cooperative agreements may set forth the manner in which the |
|
|
|
HB4933 Engrossed |
- 20 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| other state
regulatory authorities may be compensated for | 2 |
| examinations prepared for and
submitted to the Commissioner.
| 3 |
| (b) After May 31, 1997, the Commissioner is authorized to | 4 |
| examine, as often
as the Commissioner shall deem necessary or | 5 |
| proper, branches of out-of-state
banks. The Commissioner may | 6 |
| establish and may assess fees to be paid to the
Commissioner | 7 |
| for examinations under this subsection (b). The fees shall be
| 8 |
| borne by the out-of-state bank, unless the fees are borne by | 9 |
| the state
regulatory authority that chartered the out-of-state | 10 |
| bank, as determined by a
cooperative agreement between the | 11 |
| Commissioner and the state regulatory
authority that chartered | 12 |
| the out-of-state bank.
| 13 |
| (2.5) Whenever any State bank, any subsidiary or affiliate | 14 |
| of a State
bank, or after May 31, 1997, any branch of an | 15 |
| out-of-state bank causes to
be performed, by contract or | 16 |
| otherwise, any bank services
for itself, whether on or off its | 17 |
| premises:
| 18 |
| (a) that performance shall be subject to examination by | 19 |
| the Commissioner
to the same extent as if services were | 20 |
| being performed by the bank or, after
May 31, 1997, branch | 21 |
| of the out-of-state bank itself
on its own premises; and
| 22 |
| (b) the bank or, after May 31, 1997, branch of the | 23 |
| out-of-state bank
shall notify the Commissioner of the | 24 |
| existence of a service
relationship. The notification | 25 |
| shall be submitted with the first statement
of condition | 26 |
| (as required by Section 47 of this Act) due after the |
|
|
|
HB4933 Engrossed |
- 21 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| making
of the service contract or the performance of the | 2 |
| service, whichever occurs
first. The Commissioner shall be | 3 |
| notified of each subsequent contract in
the same manner.
| 4 |
| For purposes of this subsection (2.5), the term "bank | 5 |
| services" means
services such as sorting and posting of checks | 6 |
| and deposits, computation
and posting of interest and other | 7 |
| credits and charges, preparation and
mailing of checks, | 8 |
| statements, notices, and similar items, or any other
clerical, | 9 |
| bookkeeping, accounting, statistical, or similar functions
| 10 |
| performed for a State bank, including but not limited to | 11 |
| electronic data
processing related to those bank services.
| 12 |
| (3) The expense of administering this Act, including the | 13 |
| expense of
the examinations of State banks as provided in this | 14 |
| Act, shall to the extent
of the amounts resulting from the fees | 15 |
| provided for in paragraphs (a),
(a-2), and (b) of this | 16 |
| subsection (3) be assessed against and borne by the
State | 17 |
| banks:
| 18 |
| (a) Each bank shall pay to the Secretary a Call Report | 19 |
| Fee which
shall be paid in quarterly installments equal
to | 20 |
| one-fourth of the sum of the annual fixed fee of $800, plus | 21 |
| a variable
fee based on the assets shown on the quarterly | 22 |
| statement of condition
delivered to the Secretary in | 23 |
| accordance with Section 47 for the
preceding quarter | 24 |
| according to the following schedule: 16˘ per $1,000 of
the | 25 |
| first $5,000,000 of total assets, 15˘ per $1,000 of the | 26 |
| next
$20,000,000 of total assets, 13˘ per $1,000 of the |
|
|
|
HB4933 Engrossed |
- 22 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| next $75,000,000 of
total assets, 9˘ per $1,000 of the next | 2 |
| $400,000,000 of total assets, 7˘
per $1,000 of the next | 3 |
| $500,000,000 of total assets, and 5˘ per $1,000 of
all | 4 |
| assets in excess of $1,000,000,000, of the State bank. The | 5 |
| Call Report
Fee shall be calculated by the Secretary and | 6 |
| billed to the banks for
remittance at the time of the | 7 |
| quarterly statements of condition
provided for in Section | 8 |
| 47. The Secretary may require payment of the fees
provided | 9 |
| in this Section by an electronic transfer of funds or an | 10 |
| automatic
debit of an account of each of the State banks. | 11 |
| In case more than one
examination of any
bank is deemed by | 12 |
| the Secretary to be necessary in any examination
frequency | 13 |
| cycle specified in subsection 2(a) of this Section,
and is | 14 |
| performed at his direction, the Secretary may
assess a | 15 |
| reasonable additional fee to recover the cost of the | 16 |
| additional
examination; provided, however, that an | 17 |
| examination conducted at the request
of the State Treasurer | 18 |
| pursuant to the Uniform Disposition of Unclaimed
Property | 19 |
| Act shall not be deemed to be an additional examination | 20 |
| under this
Section.
In lieu
of the method and amounts set | 21 |
| forth in this paragraph (a) for the calculation
of the Call | 22 |
| Report Fee, the Secretary may specify by
rule that the Call | 23 |
| Report Fees provided by this Section may be assessed
| 24 |
| semiannually or some other period and may provide in the | 25 |
| rule the formula to
be
used for calculating and assessing | 26 |
| the periodic Call Report Fees to be paid by
State
banks.
|
|
|
|
HB4933 Engrossed |
- 23 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| (a-1) If in the opinion of the Commissioner an | 2 |
| emergency exists or
appears likely, the Commissioner may | 3 |
| assign an examiner or examiners to
monitor the affairs of a | 4 |
| State bank with whatever frequency he deems
appropriate, | 5 |
| including but not limited to a daily basis. The reasonable
| 6 |
| and necessary expenses of the Commissioner during the | 7 |
| period of the monitoring
shall be borne by the subject | 8 |
| bank. The Commissioner shall furnish the
State bank a | 9 |
| statement of time and expenses if requested to do so within | 10 |
| 30
days of the conclusion of the monitoring period.
| 11 |
| (a-2) On and after January 1, 1990, the reasonable and | 12 |
| necessary
expenses of the Commissioner during examination | 13 |
| of the performance of
electronic data processing services | 14 |
| under subsection (2.5) shall be
borne by the banks for | 15 |
| which the services are provided. An amount, based
upon a | 16 |
| fee structure prescribed by the Commissioner, shall be paid | 17 |
| by the
banks or, after May 31, 1997, branches of | 18 |
| out-of-state banks receiving the
electronic data | 19 |
| processing services along with the
Call Report Fee assessed | 20 |
| under paragraph (a) of this
subsection (3).
| 21 |
| (a-3) After May 31, 1997, the reasonable and necessary | 22 |
| expenses of the
Commissioner during examination of the | 23 |
| performance of electronic data
processing services under | 24 |
| subsection (2.5) at or on behalf of branches of
| 25 |
| out-of-state banks shall be borne by the out-of-state | 26 |
| banks, unless those
expenses are borne by the state |
|
|
|
HB4933 Engrossed |
- 24 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| regulatory authorities that chartered the
out-of-state | 2 |
| banks, as determined by cooperative agreements between the
| 3 |
| Commissioner and the state regulatory authorities that | 4 |
| chartered the
out-of-state banks.
| 5 |
| (b) "Fiscal year" for purposes of this Section 48 is | 6 |
| defined as a
period beginning July 1 of any year and ending | 7 |
| June 30 of the next year.
The Commissioner shall receive | 8 |
| for each fiscal year, commencing with the
fiscal year | 9 |
| ending June 30, 1987, a contingent fee equal to the lesser | 10 |
| of
the aggregate of the fees paid by all State banks under | 11 |
| paragraph (a) of
subsection (3) for that year, or the | 12 |
| amount, if any, whereby the aggregate
of the administration | 13 |
| expenses, as defined in paragraph (c), for that
fiscal year | 14 |
| exceeds the sum of the aggregate of the fees payable by all
| 15 |
| State banks for that year under paragraph (a) of subsection | 16 |
| (3),
plus any amounts transferred into the Bank and Trust | 17 |
| Company Fund from the
State Pensions Fund for that year,
| 18 |
| plus all
other amounts collected by the Commissioner for | 19 |
| that year under any
other provision of this Act, plus the | 20 |
| aggregate of all fees
collected for that year by the | 21 |
| Commissioner under the Corporate Fiduciary
Act, excluding | 22 |
| the receivership fees provided for in Section 5-10 of the
| 23 |
| Corporate Fiduciary Act, and the Foreign Banking Office | 24 |
| Act.
The aggregate amount of the contingent
fee thus | 25 |
| arrived at for any fiscal year shall be apportioned | 26 |
| amongst,
assessed upon, and paid by the State banks and |
|
|
|
HB4933 Engrossed |
- 25 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| foreign banking corporations,
respectively, in the same | 2 |
| proportion
that the fee of each under paragraph (a) of | 3 |
| subsection (3), respectively,
for that year bears to the | 4 |
| aggregate for that year of the fees collected
under | 5 |
| paragraph (a) of subsection (3). The aggregate amount of | 6 |
| the
contingent fee, and the portion thereof to be assessed | 7 |
| upon each State
bank and foreign banking corporation,
| 8 |
| respectively, shall be determined by the Commissioner and | 9 |
| shall be paid by
each, respectively, within 120 days of the | 10 |
| close of the period for which
the contingent fee is | 11 |
| computed and is payable, and the Commissioner shall
give 20 | 12 |
| days advance notice of the amount of the contingent fee | 13 |
| payable by
the State bank and of the date fixed by the | 14 |
| Commissioner for payment of
the fee.
| 15 |
| (c) The "administration expenses" for any fiscal year | 16 |
| shall mean the
ordinary and contingent expenses for that | 17 |
| year incident to making the
examinations provided for by, | 18 |
| and for otherwise administering, this Act,
the Corporate | 19 |
| Fiduciary Act, excluding the expenses paid from the
| 20 |
| Corporate Fiduciary Receivership account in the Bank and | 21 |
| Trust Company
Fund, the Foreign Banking Office Act,
the | 22 |
| Electronic Fund Transfer Act,
and the Illinois Bank | 23 |
| Examiners'
Education Foundation Act, including all | 24 |
| salaries and other
compensation paid for personal services | 25 |
| rendered for the State by
officers or employees of the | 26 |
| State, including the Commissioner and the
Deputy |
|
|
|
HB4933 Engrossed |
- 26 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| Commissioners, all expenditures for telephone and | 2 |
| telegraph
charges, postage and postal charges, office | 3 |
| stationery, supplies and
services, and office furniture | 4 |
| and equipment, including typewriters and
copying and | 5 |
| duplicating machines and filing equipment, surety bond
| 6 |
| premiums, and travel expenses of those officers and | 7 |
| employees, employees,
expenditures or charges for the | 8 |
| acquisition, enlargement or improvement
of, or for the use | 9 |
| of, any office space, building, or structure, or
| 10 |
| expenditures for the maintenance thereof or for furnishing | 11 |
| heat, light,
or power with respect thereto, all to the | 12 |
| extent that those expenditures
are directly incidental to | 13 |
| such examinations or administration.
The Commissioner | 14 |
| shall not be required by paragraphs (c) or (d-1) of this
| 15 |
| subsection (3) to maintain in any fiscal year's budget | 16 |
| appropriated reserves
for accrued vacation and accrued | 17 |
| sick leave that is required to be paid to
employees of the | 18 |
| Commissioner upon termination of their service with the
| 19 |
| Commissioner in an amount that is more than is reasonably | 20 |
| anticipated to be
necessary for any anticipated turnover in | 21 |
| employees, whether due to normal
attrition or due to | 22 |
| layoffs, terminations, or resignations.
| 23 |
| (d) The aggregate of all fees collected by the | 24 |
| Secretary under
this Act, the Corporate Fiduciary Act,
or | 25 |
| the Foreign Banking Office Act on
and after July 1, 1979, | 26 |
| shall be paid promptly after receipt of the same,
|
|
|
|
HB4933 Engrossed |
- 27 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| accompanied by a detailed statement thereof, into the State | 2 |
| treasury and
shall be set apart in a special fund to be | 3 |
| known as the "Bank and Trust
Company Fund", except as | 4 |
| provided in paragraph (c) of subsection (11) of
this | 5 |
| Section. All earnings received from investments of funds in | 6 |
| the Bank
and
Trust Company Fund shall be deposited in the | 7 |
| Bank and Trust Company Fund
and may be used for the same | 8 |
| purposes as fees deposited in that Fund. The
amount from | 9 |
| time to time deposited into the Bank and
Trust Company Fund | 10 |
| shall be used: (i) to offset the ordinary administrative
| 11 |
| expenses of the Secretary as defined in
this Section or | 12 |
| (ii) as a credit against fees under paragraph (d-1) of this | 13 |
| subsection (3). Nothing in this amendatory Act of 1979 | 14 |
| shall prevent
continuing the practice of paying expenses | 15 |
| involving salaries, retirement,
social security, and | 16 |
| State-paid insurance premiums of State officers by
| 17 |
| appropriations from the General Revenue Fund. However, the | 18 |
| General Revenue
Fund shall be reimbursed for those payments | 19 |
| made on and after July 1, 1979,
by an annual transfer of | 20 |
| funds from the Bank and Trust Company Fund. Moneys in the | 21 |
| Bank and Trust Company Fund may be transferred to the | 22 |
| Professions Indirect Cost Fund, as authorized under | 23 |
| Section 2105-300 of the Department of Professional | 24 |
| Regulation Law of the Civil Administrative Code of | 25 |
| Illinois.
| 26 |
| Notwithstanding provisions in the State Finance Act, |
|
|
|
HB4933 Engrossed |
- 28 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| as now or hereafter amended, or any other law to the | 2 |
| contrary, the sum of $18,788,847 shall be transferred from | 3 |
| the Bank and Trust Company Fund to the Financial | 4 |
| Institutions Settlement of 2008 Fund on the effective date | 5 |
| of this amendatory Act of the 95th General Assembly, or as | 6 |
| soon thereafter as practical. | 7 |
| Notwithstanding provisions in the State Finance Act, | 8 |
| as now or hereafter amended, or any other law to the | 9 |
| contrary, the Governor may, during any fiscal year through | 10 |
| January 10, 2011, from time to time direct the State | 11 |
| Treasurer and Comptroller to transfer a specified sum not | 12 |
| exceeding 10% of the revenues to be deposited into the Bank | 13 |
| and Trust Company Fund during that fiscal year from that | 14 |
| Fund to the General Revenue Fund in order to help defray | 15 |
| the State's operating costs for the fiscal year. | 16 |
| Notwithstanding provisions in the State Finance Act, as now | 17 |
| or hereafter amended, or any other law to the contrary, the | 18 |
| total sum transferred during any fiscal year through | 19 |
| January 10, 2011, from the Bank and Trust Company Fund to | 20 |
| the General Revenue Fund pursuant to this provision shall | 21 |
| not exceed during any fiscal year 10% of the revenues to be | 22 |
| deposited into the Bank and Trust Company Fund during that | 23 |
| fiscal year. The State Treasurer and Comptroller shall | 24 |
| transfer the amounts designated under this Section as soon | 25 |
| as may be practicable after receiving the direction to | 26 |
| transfer from the Governor.
|
|
|
|
HB4933 Engrossed |
- 29 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| (d-1) Adequate funds shall be available in the Bank and | 2 |
| Trust
Company Fund to permit the timely payment of | 3 |
| administration expenses. In
each fiscal year the total | 4 |
| administration expenses shall be deducted from
the total | 5 |
| fees collected by the Commissioner and the remainder | 6 |
| transferred
into the Cash Flow Reserve Account, unless the | 7 |
| balance of the Cash Flow
Reserve Account prior to the | 8 |
| transfer equals or exceeds
one-fourth of the total initial | 9 |
| appropriations from the Bank and Trust
Company Fund for the | 10 |
| subsequent year, in which case the remainder shall be
| 11 |
| credited to State banks and foreign banking corporations
| 12 |
| and applied against their fees for the subsequent
year. The | 13 |
| amount credited to each State bank and foreign banking | 14 |
| corporation
shall be in the same proportion as the
Call | 15 |
| Report Fees paid by each for the year bear to the total | 16 |
| Call Report
Fees collected for the year. If, after a | 17 |
| transfer to the Cash Flow Reserve
Account is made or if no | 18 |
| remainder is available for transfer, the balance
of the | 19 |
| Cash Flow Reserve Account is less than one-fourth of the | 20 |
| total
initial appropriations for the subsequent year and | 21 |
| the amount transferred
is less than 5% of the total Call | 22 |
| Report Fees for the year, additional
amounts needed to make | 23 |
| the transfer equal to 5% of the total Call Report
Fees for | 24 |
| the year shall be apportioned amongst, assessed upon, and
| 25 |
| paid by the State banks and foreign banking corporations
in | 26 |
| the same proportion that the Call Report Fees of each,
|
|
|
|
HB4933 Engrossed |
- 30 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| respectively, for the year bear to the total Call Report | 2 |
| Fees collected for
the year. The additional amounts | 3 |
| assessed shall be transferred into the
Cash Flow Reserve | 4 |
| Account. For purposes of this paragraph (d-1), the
| 5 |
| calculation of the fees collected by the Commissioner shall | 6 |
| exclude the
receivership fees provided for in Section 5-10 | 7 |
| of the Corporate Fiduciary Act.
| 8 |
| (e) The Commissioner may upon request certify to any | 9 |
| public record
in his keeping and shall have authority to | 10 |
| levy a reasonable charge for
issuing certifications of any | 11 |
| public record in his keeping.
| 12 |
| (f) In addition to fees authorized elsewhere in this | 13 |
| Act, the
Commissioner
may, in connection with a review, | 14 |
| approval, or provision of a service, levy a
reasonable | 15 |
| charge to recover the cost of the review, approval, or | 16 |
| service.
| 17 |
| (4) Nothing contained in this Act shall be construed to | 18 |
| limit the
obligation relative to examinations and reports of | 19 |
| any State bank, deposits
in which are to any extent insured by | 20 |
| the United States or any agency
thereof, nor to limit in any | 21 |
| way the powers of the Commissioner with
reference to | 22 |
| examinations and reports of that bank.
| 23 |
| (5) The nature and condition of the assets in or investment | 24 |
| of any
bonus, pension, or profit sharing plan for officers or | 25 |
| employees of every
State bank or, after May 31, 1997, branch of | 26 |
| an out-of-state bank shall be
deemed to be included in the |
|
|
|
HB4933 Engrossed |
- 31 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| affairs of that State
bank or branch of an out-of-state bank | 2 |
| subject to examination by the
Commissioner under the
provisions | 3 |
| of subsection (2) of this Section, and if the Commissioner
| 4 |
| shall find from an examination that the condition of or | 5 |
| operation
of the investments or assets of the plan is unlawful, | 6 |
| fraudulent, or
unsafe, or that any trustee has abused his | 7 |
| trust, the Commissioner
shall, if the situation so found by the | 8 |
| Commissioner shall not be
corrected to his satisfaction within | 9 |
| 60 days after the Commissioner has
given notice to the board of | 10 |
| directors of the State bank or out-of-state
bank of his
| 11 |
| findings, report the facts to the Attorney General who shall | 12 |
| thereupon
institute proceedings against the State bank or | 13 |
| out-of-state bank, the
board of directors
thereof, or the | 14 |
| trustees under such plan as the nature of the case may require.
| 15 |
| (6) The Commissioner shall have the power:
| 16 |
| (a) To promulgate reasonable rules for the purpose of
| 17 |
| administering the provisions of this Act.
| 18 |
| (a-5) To impose conditions on any approval issued by | 19 |
| the Commissioner
if he determines that the conditions are | 20 |
| necessary or appropriate. These
conditions shall be | 21 |
| imposed in writing and shall continue
in effect for the | 22 |
| period prescribed by the Commissioner.
| 23 |
| (b) To issue orders
against any person, if the | 24 |
| Commissioner has
reasonable cause to believe that an unsafe | 25 |
| or unsound banking practice
has occurred, is occurring, or | 26 |
| is about to occur, if any person has violated,
is |
|
|
|
HB4933 Engrossed |
- 32 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| violating, or is about to violate any law, rule, or written
| 2 |
| agreement with the Commissioner, or
for the purpose of | 3 |
| administering the provisions of
this Act and any rule | 4 |
| promulgated in accordance with this Act.
| 5 |
| (b-1) To enter into agreements with a bank establishing | 6 |
| a program to
correct the condition of the bank or its | 7 |
| practices.
| 8 |
| (c) To appoint hearing officers to execute any of the | 9 |
| powers granted to
the Commissioner under this Section for | 10 |
| the purpose of administering this
Act and any rule | 11 |
| promulgated in accordance with this Act
and otherwise to | 12 |
| authorize, in writing, an officer or employee of the Office
| 13 |
| of
Banks and Real Estate to exercise his powers under this | 14 |
| Act.
| 15 |
| (d) To subpoena witnesses, to compel their attendance, | 16 |
| to administer
an oath, to examine any person under oath, | 17 |
| and to require the production of
any relevant books, | 18 |
| papers, accounts, and documents in the course of and
| 19 |
| pursuant to any investigation being conducted, or any | 20 |
| action being taken,
by the Commissioner in respect of any | 21 |
| matter relating to the duties imposed
upon, or the powers | 22 |
| vested in, the Commissioner under the provisions of
this | 23 |
| Act or any rule promulgated in accordance with this Act.
| 24 |
| (e) To conduct hearings.
| 25 |
| (7) Whenever, in the opinion of the Secretary Commissioner , | 26 |
| any director,
officer, employee, or agent of a State bank
or |
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| any subsidiary or bank holding company of the bank
or, after | 2 |
| May 31, 1997, of any
branch of an out-of-state bank
or any | 3 |
| subsidiary or bank holding company of the bank
shall have | 4 |
| violated any law,
rule, or order relating to that bank
or any | 5 |
| subsidiary or bank holding company of the bank, shall have
| 6 |
| obstructed or impeded any examination or investigation by the | 7 |
| Secretary Commissioner , shall have engaged in an unsafe or
| 8 |
| unsound practice in conducting the business of that bank
or any | 9 |
| subsidiary or bank holding company of the bank,
or shall have
| 10 |
| violated any law or engaged or participated in any unsafe or | 11 |
| unsound practice
in connection with any financial institution | 12 |
| or other business entity such that
the character and fitness of | 13 |
| the director, officer, employee, or agent does not
assure | 14 |
| reasonable promise of safe and sound operation of the State | 15 |
| bank, the
Secretary Commissioner
may issue an order of removal.
| 16 |
| If, in the opinion of the Secretary Commissioner , any former | 17 |
| director, officer,
employee,
or agent of a State bank
or any | 18 |
| subsidiary or bank holding company of the bank, prior to the
| 19 |
| termination of his or her service with
that bank
or any | 20 |
| subsidiary or bank holding company of the bank, violated any | 21 |
| law,
rule, or order relating to that
State bank
or any | 22 |
| subsidiary or bank holding company of the bank, obstructed or | 23 |
| impeded
any examination or investigation by the Secretary | 24 |
| Commissioner , engaged in an unsafe or unsound practice in | 25 |
| conducting the
business of that bank
or any subsidiary or bank | 26 |
| holding company of the bank,
or violated any law or engaged or |
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| participated in any
unsafe or unsound practice in connection | 2 |
| with any financial institution or
other business entity such | 3 |
| that the character and fitness of the director,
officer, | 4 |
| employee, or agent would not have assured reasonable promise of | 5 |
| safe
and sound operation of the State bank, the Secretary | 6 |
| Commissioner may issue an order
prohibiting that person from
| 7 |
| further
service with a bank
or any subsidiary or bank holding | 8 |
| company of the bank
as a director, officer, employee, or agent. | 9 |
| An order
issued pursuant to this subsection shall be served | 10 |
| upon the
director,
officer, employee, or agent. A copy of the | 11 |
| order shall be sent to each
director of the bank affected by | 12 |
| registered mail. The person affected by
the action may request | 13 |
| a hearing before the State Banking Board within 10
days after | 14 |
| receipt of the order. The hearing shall be held by
the Board | 15 |
| within 30 days after the request has been received by the | 16 |
| Board.
The Board shall make a determination approving, | 17 |
| modifying, or disapproving
the order of the Commissioner as its | 18 |
| final administrative decision. If a
hearing is held by the | 19 |
| Board, the Board shall make its determination within
60 days | 20 |
| from the conclusion of the hearing. Any person affected by a
| 21 |
| decision of the Board under this subsection (7) of Section 48 | 22 |
| of this Act
may have the decision reviewed only under and in | 23 |
| accordance with the
Administrative Review Law and the rules | 24 |
| adopted pursuant thereto. A copy of
the order shall also be | 25 |
| served upon the bank of which he is a director,
officer, | 26 |
| employee, or agent, whereupon he shall cease to be a director,
|
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| officer, employee, or agent of that bank. The Secretary | 2 |
| Commissioner may
institute a civil action against the director, | 3 |
| officer, or agent of the
State bank or, after May 31, 1997, of | 4 |
| the branch of the out-of-state bank
against whom any order | 5 |
| provided for by this subsection (7) of
this Section 48 has been | 6 |
| issued, and against the State bank or, after May 31,
1997, | 7 |
| out-of-state bank, to enforce
compliance with or to enjoin any | 8 |
| violation of the terms of the order.
Any person who has been | 9 |
| the subject of an order of removal
or
an order of prohibition | 10 |
| issued by the Secretary Commissioner under
this subsection or | 11 |
| Section 5-6 of the Corporate Fiduciary Act may not
thereafter | 12 |
| serve as director, officer, employee, or agent of any State | 13 |
| bank
or of any branch of any out-of-state bank,
or of any | 14 |
| corporate fiduciary, as defined in Section 1-5.05 of the
| 15 |
| Corporate
Fiduciary Act, or of any other entity that is subject | 16 |
| to licensure or
regulation by the Division of Banking | 17 |
| Commissioner or the Office of Banks and Real Estate unless
the | 18 |
| Secretary Commissioner has granted prior approval in writing.
| 19 |
| For purposes of this paragraph (7), "bank holding company" | 20 |
| has the
meaning prescribed in Section 2 of the Illinois Bank | 21 |
| Holding Company Act of
1957.
| 22 |
| (8) The Commissioner may impose civil penalties of up to | 23 |
| $10,000 against
any person for each violation of any provision | 24 |
| of this Act, any rule
promulgated in accordance with this Act, | 25 |
| any order of the Commissioner, or
any other action which in the | 26 |
| Commissioner's discretion is an unsafe or
unsound banking |
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| practice.
| 2 |
| (9) The Commissioner may impose civil penalties of up to | 3 |
| $100
against any person for the first failure to comply with | 4 |
| reporting
requirements set forth in the report of examination | 5 |
| of the bank and up to
$200 for the second and subsequent | 6 |
| failures to comply with those reporting
requirements.
| 7 |
| (10) All final administrative decisions of the | 8 |
| Commissioner hereunder
shall be subject to judicial review | 9 |
| pursuant to the provisions of the
Administrative Review Law. | 10 |
| For matters involving administrative review,
venue shall be in | 11 |
| either Sangamon County or Cook County.
| 12 |
| (11) The endowment fund for the Illinois Bank Examiners' | 13 |
| Education
Foundation shall be administered as follows:
| 14 |
| (a) (Blank).
| 15 |
| (b) The Foundation is empowered to receive voluntary | 16 |
| contributions,
gifts, grants, bequests, and donations on | 17 |
| behalf of the Illinois Bank
Examiners' Education | 18 |
| Foundation from national banks and other persons for
the | 19 |
| purpose of funding the endowment of the Illinois Bank | 20 |
| Examiners'
Education Foundation.
| 21 |
| (c) The aggregate of all special educational fees | 22 |
| collected by the
Secretary Commissioner and property | 23 |
| received by the Secretary Commissioner on behalf of the
| 24 |
| Illinois Bank Examiners' Education Foundation under this | 25 |
| subsection
(11) on or after June 30, 1986, shall be either | 26 |
| (i) promptly paid after
receipt of the same, accompanied by |
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| a detailed statement thereof, into the
State Treasury and | 2 |
| shall be set apart in a special fund to be known as "The
| 3 |
| Illinois Bank Examiners' Education Fund" to be invested by | 4 |
| either the
Treasurer of the State of Illinois in the Public | 5 |
| Treasurers' Investment
Pool or in any other investment he | 6 |
| is authorized to make or by the Illinois
State Board of | 7 |
| Investment as the State Banking Board of Illinois board of | 8 |
| trustees of the Illinois Bank
Examiners' Education | 9 |
| Foundation may direct or (ii) deposited into an account
| 10 |
| maintained in a commercial bank or corporate fiduciary in | 11 |
| the name of the
Illinois Bank Examiners' Education | 12 |
| Foundation pursuant to the order and
direction of the Board | 13 |
| of Trustees of the Illinois Bank Examiners' Education
| 14 |
| Foundation.
| 15 |
| (12) (Blank).
| 16 |
| (Source: P.A. 94-91, eff. 7-1-05; 95-1047, eff. 4-6-09.)
| 17 |
| (205 ILCS 5/78) (from Ch. 17, par. 390)
| 18 |
| Sec. 78. Board of banks and trust companies; creation, | 19 |
| members, appointment.
There is created a Board which shall be | 20 |
| known as the State Banking Board of
Illinois which shall | 21 |
| consist of the Director of Banking Commissioner , who shall be | 22 |
| its chairman,
and 11 16 additional members . The Board shall be | 23 |
| comprised of individuals interested in the banking industry. | 24 |
| Two members shall be from State banks having total assets of | 25 |
| not more than $75,000,000 at the time of their appointment; 2 |
|
|
|
HB4933 Engrossed |
- 38 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| members shall be from State banks having total assets of more | 2 |
| than $75,000,000, but not more than $150,000,000 at the time of | 3 |
| their appointment; 2 members shall be from State banks having | 4 |
| total assets of more than $150,000,000, but not more than | 5 |
| $500,000,000 at the time of their appointment; 2 members shall | 6 |
| be from State banks having total assets of more than | 7 |
| $500,000,000, but not more than $2,000,000,000 at the time of | 8 |
| their appointment, and one member shall be from a State bank | 9 |
| having total assets of more than $2,000,000,000 at the time of | 10 |
| his or her appointment. There shall be 2 public members, | 11 |
| neither of whom shall be an officer or director of or owner, | 12 |
| whether directly or indirectly, of more than 5% of the | 13 |
| outstanding capital stock of any bank. divided into 3 classes
| 14 |
| designated Class A members, Class B members, and Class C
| 15 |
| members who are appointed by the Governor by and with the | 16 |
| advice and consent
of the Senate and made up as follows:
| 17 |
| Class A shall consist of 4 persons, none of whom shall be | 18 |
| an officer
or director of or owner, whether direct or indirect, | 19 |
| of more than 5% of the
outstanding capital stock of any bank.
| 20 |
| Class B shall consist of 10 persons who at the time of | 21 |
| their respective
appointments shall have had not less than 10 | 22 |
| years
banking experience. Of the 10
Class B members, 2 shall be | 23 |
| from State banks having total
assets of not more than | 24 |
| $20,000,000 at the time of
their appointment, 2
shall be from | 25 |
| State banks having total assets of more than
$20,000,000 but | 26 |
| not more than $50,000,000 at the time of their
appointment, 2 |
|
|
|
HB4933 Engrossed |
- 39 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| shall be from State banks having total
assets of more than | 2 |
| $50,000,000, but not more than $125,000,000 at the
time of | 3 |
| their appointment, one shall be from a
State bank having total | 4 |
| assets of more than $125,000,000 but not more than
$250,000,000 | 5 |
| at the time of appointment, one shall be from a State bank
| 6 |
| having total assets of more than $250,000,000 but not more than
| 7 |
| $1,000,000,000 at the time of appointment, one shall be from a | 8 |
| State bank
having total assets of more than $1,000,000,000 at | 9 |
| the time of appointment
and one shall be from a foreign banking | 10 |
| corporation certificated pursuant
to the Foreign Banking | 11 |
| Office Act.
| 12 |
| Class C shall consist of 2 persons who shall be at-large | 13 |
| members
representing the banking industry generally.
| 14 |
| (Source: P.A. 91-798, eff. 7-9-00.)
| 15 |
| (205 ILCS 5/79) (from Ch. 17, par. 391)
| 16 |
| Sec. 79. Board, terms of office. The terms of office of the | 17 |
| Class A and Class B members of the State Banking Board of | 18 |
| Illinois shall be 4 years, except that the initial Board | 19 |
| appointments shall be staggered with the Governor initially | 20 |
| appointing, with advice and consent of the Senate, 3 members to | 21 |
| serve 2-year terms, 4 members to serve 3-year terms, and 4 | 22 |
| members to serve 4-year terms. Members shall continue to serve | 23 |
| on the Board until their replacement is appointed and | 24 |
| qualified. Vacancies shall be filled by appointment by the | 25 |
| Governor with advice and consent of the Senate. Board of
Banks |
|
|
|
HB4933 Engrossed |
- 40 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| and Trust Companies who are in office on the effective date of | 2 |
| this
Amendatory Act of 1985 shall expire on December 31, 1985.
| 3 |
| The terms of office of Class A, Class B, and Class C members of
| 4 |
| the State Banking Board shall be
as follows:
| 5 |
| (a) The terms of office of all Class A and Class B members | 6 |
| of the
State Banking Board shall begin on January 1, 1986.
| 7 |
| (b) The persons first appointed as the Class A members of | 8 |
| the State Banking Board
shall have the following terms as | 9 |
| designated by the Governor; one person
for a term of one year, | 10 |
| one person for a term of 2 years, one
person
for a term of 3 | 11 |
| years and one person for a term of 4
years. Thereafter, the | 12 |
| term of office of each Class
A member shall be 4 years, except | 13 |
| that an appointment to fill a vacancy
shall be for the | 14 |
| unexpired term of the member whose term is being filled.
| 15 |
| (c) The persons first appointed as Class B members of the | 16 |
| State Banking Board shall
have the following terms as | 17 |
| designated by the Governor; one member for a
term of one year, | 18 |
| 3 members for a term of 2 years,
3 members for
a term of 3 | 19 |
| years, and 3 members for a term of 4 years.
Thereafter, the | 20 |
| term of office of each Class B
member shall be 4 years, except | 21 |
| that an appointment to fill a vacancy
shall be for the | 22 |
| unexpired term of the member whose term is being filled.
| 23 |
| (c-5) The initial term of office of each Class C member of | 24 |
| the State
Banking Board appointed pursuant to this amendatory | 25 |
| Act of the 91st General
Assembly shall expire on January 1, | 26 |
| 2004. Thereafter, the term of office of
each Class C member |
|
|
|
HB4933 Engrossed |
- 41 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| shall be 4 years, except that an appointment to fill a
vacancy | 2 |
| shall be for the unexpired term of the member whose term is | 3 |
| being
filled.
| 4 |
| (d) No Class A, Class B, or Class C State Banking Board
| 5 |
| member shall serve
more than 2 full 4-year terms of office.
| 6 |
| (e) The term of office of a State Banking Board member | 7 |
| shall terminate
automatically when the member no longer meets | 8 |
| the qualifications for the
member's appointment to the Board | 9 |
| provided that an increase or decrease in the
asset size of the | 10 |
| member's bank during the member's term of office on the State
| 11 |
| Banking Board shall not result in the termination of the | 12 |
| member's term of
office.
| 13 |
| (Source: P.A. 90-301, eff. 8-1-97; 91-798, eff. 7-9-00.)
| 14 |
| (205 ILCS 5/80) (from Ch. 17, par. 392)
| 15 |
| Sec. 80. Board; powers. The Board shall have the following | 16 |
| powers in
addition to any others that may be granted to it by | 17 |
| law:
| 18 |
| (a) (Blank). To make, alter, and amend rules and | 19 |
| regulations proposed for
adoption by the Commissioner with | 20 |
| respect to the following matters:
| 21 |
| (i) The scope and nature of showings to be furnished | 22 |
| and evidence to
be presented in connection with the | 23 |
| granting of charters of new banks,
and in connection with | 24 |
| the approval by the Commissioner of mergers,
conversions, | 25 |
| consolidations and changes of location, and the forms upon
|
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| which any of such showings may be made.
| 2 |
| (ii) The steps to be taken and the showings to be | 3 |
| furnished in
connection with voluntary dissolutions under | 4 |
| Sections 68 to 74,
inclusive, of this Act, and the forms | 5 |
| upon which such showing are to be
made.
| 6 |
| (iii) The form, content and nature of the reports to be | 7 |
| furnished to
the Commissioner under Section 47 of this Act, | 8 |
| and the definition of the
scope of examinations and the | 9 |
| data to be furnished in connection with
examinations by the | 10 |
| Commissioner under subsection (2)
and subsection (5) of | 11 |
| Section 48 of this Act.
| 12 |
| (b) To review, consider , and make recommendations to the | 13 |
| Director of Banking Commissioner
upon any banking matters.
| 14 |
| (c) (Blank). To require the Commissioner to report | 15 |
| periodically to the Board
on any banking matters, including the | 16 |
| following:
| 17 |
| (i) Data with respect to banks whose condition or | 18 |
| practices are
being critically considered or reviewed by | 19 |
| the Commissioner pursuant to
Section 51 of this Act, and | 20 |
| data with respect to banks to which any
notice has been | 21 |
| given by the Commissioner pursuant to said Section 51;
and
| 22 |
| (ii) The extent and nature of all disciplinary action | 23 |
| taken by the
Commissioner against any bank or any officer | 24 |
| or director thereof, and
information with respect to the | 25 |
| manner or extent of the remedial action,
if any, taken by | 26 |
| the criticized bank or director or officer; and
|
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| (iii) The extent and nature of all action taken by the | 2 |
| Commissioner
under or pursuant to Section 52 of this Act; | 3 |
| and
| 4 |
| (iv) The extent and nature of all action taken by the | 5 |
| Commissioner
under or pursuant to Section 31 of this Act.
| 6 |
| (d) (Blank). To require the Commissioner to furnish the | 7 |
| Board reports in
respect of the granting or of the denial of | 8 |
| new charters, mergers,
changes of location, conversions or | 9 |
| consolidations, including the
findings made and the basis for | 10 |
| the action taken by the Commissioner in
connection therewith.
| 11 |
| (e) To review, consider , and submit to the Director of | 12 |
| Banking Commissioner and to the
Governor proposals for | 13 |
| amendments to this Act or for changes in or
additions to the | 14 |
| administration thereof which in the opinion of the
Board are | 15 |
| necessary or desirable in order to assure the safe and sound
| 16 |
| conduct of the banking business.
| 17 |
| (f) To require the Secretary Commissioner to furnish the | 18 |
| Board space for
meetings to be held by the Board as well as to | 19 |
| require the Secretary Commissioner
to provide such clerical and | 20 |
| technical assistance as the Board may
require.
| 21 |
| (g) To adopt its own by-laws with respect to Board meetings | 22 |
| and
procedures. Such by-laws shall provide that:
| 23 |
| (i) A majority of the whole Board constitutes a quorum.
| 24 |
| (ii) A majority of the quorum shall constitute | 25 |
| effective action
except that a vote of a majority of the | 26 |
| whole Board shall be necessary
for the approval of rules |
|
|
|
HB4933 Engrossed |
- 44 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| and regulations proposed for adoption by the
Commissioner | 2 |
| under Section 80(a), (i), (ii) and (iii) of this Act and
| 3 |
| shall be necessary for recommendations made to the Director | 4 |
| of Banking Commissioner and to
the Governor with regard to | 5 |
| proposed amendments to this Act or to the
administrative | 6 |
| practices hereunder.
| 7 |
| (iii) The Board shall meet at least once in each | 8 |
| calendar year and upon
the call of the Director of Banking | 9 |
| Commissioner or a majority of the Board. The
Director of | 10 |
| Banking Commissioner or a majority of the Board may call | 11 |
| such special or additional
meetings as may be deemed | 12 |
| necessary or desirable.
| 13 |
| (h) (Blank). To make rules to regulate the method of | 14 |
| selecting candidates for
consideration by the Governor to fill | 15 |
| a vacancy in the Office of the
Commissioner and the deputy | 16 |
| commissioners.
| 17 |
| (i) (Blank). To make rules to regulate the method of | 18 |
| selecting candidates for
consideration by the Governor to fill | 19 |
| a vacancy in the office of any of
the 10 Class B members of the | 20 |
| Board.
| 21 |
| (j) (Blank). To make rules to regulate the conduct of | 22 |
| hearings under subsection
(7) of Section 48 of this Act.
| 23 |
| (k) (Blank). To subpoena witnesses, to compel their | 24 |
| attendance, to administer an
oath, to examine any person under | 25 |
| oath and to require the production of any
relevant books, | 26 |
| papers, accounts and documents in the course of and
pursuant to |
|
|
|
HB4933 Engrossed |
- 45 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| any hearing being conducted under subsection (7) of
Section 48 | 2 |
| of this Act.
| 3 |
| (l) (Blank). To appoint hearing officers to conduct | 4 |
| hearings under subsection (7)
of Section 48 of this Act.
| 5 |
| (m) To authorize the transfer of funds from the Illinois | 6 |
| Bank Examiners' Education Fund to the Bank and Trust Company | 7 |
| Fund. Any amount transferred shall be retransferred to the | 8 |
| Illinois Bank Examiners' Education Fund from the Bank and Trust | 9 |
| Company Fund within 3 years. | 10 |
| (n) To maintain and direct the investments of the Illinois | 11 |
| Bank Examiners' Education Fund. | 12 |
| (o) To evaluate various courses, programs, curricula, and | 13 |
| schools of continuing education and professional training that | 14 |
| are available from within the United States for State banking | 15 |
| department examination personnel and develop a program known as | 16 |
| the Illinois Bank Examiners' Education Program. The Board shall | 17 |
| determine which courses, programs, curricula, and schools will | 18 |
| be included in the Program to be funded by the Foundation. | 19 |
| (Source: P.A. 89-508, eff. 7-3-96.)
| 20 |
| (205 ILCS 5/82) (from Ch. 17, par. 394)
| 21 |
| Sec. 82. Commissioner, board; civil liability. Neither the | 22 |
| Secretary, Director of Banking, Commissioner, any deputy | 23 |
| commissioner, any member of the
Board of Banks and Trust | 24 |
| Companies, any member of the State Banking Board
of Illinois, | 25 |
| nor any examiner, assistant examiner or
other employee of the |
|
|
|
HB4933 Engrossed |
- 46 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| Division of Banking Commissioner's office shall be subject to | 2 |
| any civil
liability or penalty, whether for damages or | 3 |
| otherwise, on account of or
for any action taken or omitted to | 4 |
| be taken in their respective official
capacities, except when | 5 |
| such acts or omissions to act are corrupt or
malicious or | 6 |
| unless such action is taken or omitted to be taken not in good
| 7 |
| faith and without reasonable grounds.
| 8 |
| (Source: P.A. 85-204.)
| 9 |
| Section 15. The Illinois Bank Holding Company Act of 1957 | 10 |
| is amended by changing Sections 2 and 3.074 as follows:
| 11 |
| (205 ILCS 10/2) (from Ch. 17, par. 2502)
| 12 |
| Sec. 2. Unless the context requires otherwise:
| 13 |
| (a) "Bank" means any national banking association or any | 14 |
| bank, banking
association or savings bank, whether organized | 15 |
| under the laws of Illinois,
another state, the United States, | 16 |
| the District of Columbia, any territory of
the United States, | 17 |
| Puerto Rico, Guam, American Samoa or the Virgin Islands,
which | 18 |
| (1) accepts deposits that the depositor has a legal right to | 19 |
| withdraw on
demand by check or other negotiable order and (2) | 20 |
| engages in the business of
making commercial loans. "Bank" does | 21 |
| not include any organization operating
under Sections 25 or 25 | 22 |
| (a) of the Federal Reserve Act, or any organization
which does | 23 |
| not do business within the United States except as an incident | 24 |
| to
its activities outside the United States or any foreign |
|
|
|
HB4933 Engrossed |
- 47 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| bank.
| 2 |
| (b) "Bank holding company" means any company that controls | 3 |
| or has control
over any bank or over any company that is or | 4 |
| becomes a bank holding company by
virtue of this Act.
| 5 |
| (c) "Banking office" means the principal office of a bank, | 6 |
| any branch
of a bank, or any other office at which a bank | 7 |
| accepts deposits, provided,
however, that "banking office" | 8 |
| shall not mean:
| 9 |
| (1) unmanned automatic teller machines, point of sale | 10 |
| terminals or other
similar unmanned electronic banking | 11 |
| facilities at which deposits may be
accepted; or
| 12 |
| (2) offices located outside the United States.
| 13 |
| (d) "Cause to be chartered", with respect to a specified | 14 |
| bank, means the
acquisition of control of such bank prior to | 15 |
| the time it commences to
engage in the banking business.
| 16 |
| (e) "Commissioner" means the Commissioner of Banks and Real | 17 |
| Estate
or a person authorized by the Commissioner, the Office | 18 |
| of Banks and Real Estate
Act, or this Act to act in the | 19 |
| Commissioner's stead , except that beginning on the effective | 20 |
| date of this amendatory Act of the 96th General Assembly, all | 21 |
| references in this Act to the Commissioner of Banks and Real | 22 |
| Estate are deemed, in appropriate contexts, to be references to | 23 |
| the Secretary of Financial and Professional Regulation .
| 24 |
| (f) "Community" means the contiguous area served by the | 25 |
| banking offices
of a bank, but need not be limited or expanded | 26 |
| to conform to the geographic
boundaries of units of local |
|
|
|
HB4933 Engrossed |
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LRB096 16850 MJR 32161 b |
|
| 1 |
| government.
| 2 |
| (g) "Company" means any corporation, business trust, | 3 |
| voting trust,
association, partnership, joint venture, similar | 4 |
| organization or any other
trust unless by its terms it must | 5 |
| terminate within 25 years or not later
than 21 years and 10 | 6 |
| months after the death of individuals living on the
effective | 7 |
| date of the trust, but shall not include (1) an individual or | 8 |
| (2)
any corporation the majority of the shares of which are | 9 |
| owned by the United
States or by any state or any corporation | 10 |
| or community chest fund,
organized and operated exclusively for | 11 |
| religious, charitable, scientific,
literary or educational | 12 |
| purposes, no part of the net earnings of which
inure to the | 13 |
| benefit of any private shareholder or individual and no
| 14 |
| substantial part of the activities of which is carrying on | 15 |
| propaganda or
otherwise attempting to influence legislation.
| 16 |
| (h) A company "controls or has control over" a bank or | 17 |
| company if (1) it
directly or indirectly owns or controls or | 18 |
| has the power to vote, 25% or
more of the voting shares of any | 19 |
| class of voting securities of such bank or
company or (2) it | 20 |
| controls in any manner the election of a majority of the
| 21 |
| directors or trustees of such bank or company or (3) a trustee | 22 |
| holds for
the benefit of its shareholders, members or | 23 |
| employees, 25% or more of the
voting shares of such bank or | 24 |
| company or (4) it directly or indirectly
exercises a | 25 |
| controlling influence over the management or policies of such
| 26 |
| bank or company that is a bank holding company and the Board of |
|
|
|
HB4933 Engrossed |
- 49 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| Governors
of the Federal Reserve System has so determined under | 2 |
| the federal Bank
Holding Company Act. In determining whether | 3 |
| any company controls or has
control over a bank or company: (i) | 4 |
| shares owned or controlled by any
subsidiary of a company shall | 5 |
| be deemed to be indirectly owned or
controlled by such company; | 6 |
| (ii) shares held or controlled, directly or
indirectly, by a | 7 |
| trustee or trustees for the benefit of a company, the
| 8 |
| shareholders or members of a company or the employees (whether | 9 |
| exclusively
or not) of a company, shall be deemed to be | 10 |
| controlled by such company; and
(iii) shares transferred, | 11 |
| directly or indirectly, by any bank holding
company (or by any | 12 |
| company which, but for such transfer, would be a bank
holding | 13 |
| company) to any transferee that is indebted
to the transferor | 14 |
| or that has one or more officers, directors, trustees or
| 15 |
| beneficiaries in common with or subject to control by the | 16 |
| transferor, shall
be deemed to be indirectly owned or | 17 |
| controlled by the transferor unless
the Board of Governors of | 18 |
| the Federal Reserve System has determined, under
the federal | 19 |
| Bank Holding Company Act, that the transferor is not in fact
| 20 |
| capable of controlling the transferee. Notwithstanding the | 21 |
| foregoing, no
company shall be deemed to have control of or | 22 |
| over a bank or bank holding
company (A) by virtue of its | 23 |
| ownership or control of shares in a fiduciary
capacity arising | 24 |
| in the ordinary course of its business; (B) by virtue of
its | 25 |
| ownership or control of shares acquired by it in connection | 26 |
| with its
underwriting of securities which are held only for |
|
|
|
HB4933 Engrossed |
- 50 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| such period of time as
will permit the sale thereof upon a | 2 |
| reasonable basis; (C) by virtue of its
holding any shares as | 3 |
| collateral taken in the ordinary course of securing a
debt or | 4 |
| other obligation; (D) by virtue of its ownership or control of | 5 |
| shares
acquired in the ordinary course of collecting a debt or | 6 |
| other obligation
previously contracted in good faith, until 5 | 7 |
| years after the date acquired; or
(E) by virtue of its voting | 8 |
| rights with respect to shares of any bank or bank
holding | 9 |
| company acquired in the course of a proxy solicitation in the | 10 |
| case of a
company formed and operated for the sole purpose of | 11 |
| participating in a proxy
solicitation.
| 12 |
| (h-5) "Division of Banking" means the Division of Banking | 13 |
| of the Department of Financial and Professional Regulation.
| 14 |
| (i) "Federal Bank Holding Company Act" means the federal | 15 |
| Bank Holding
Company Act of 1956, as now or hereafter amended.
| 16 |
| (j) "Foreign bank" means any company organized under the | 17 |
| laws of a
foreign country which engages in the business of | 18 |
| banking or any subsidiary
or affiliate of any such company, | 19 |
| organized under such laws. "Foreign
bank" includes, without | 20 |
| limitation, foreign merchant banks and other
foreign | 21 |
| institutions that engage in banking activities usual in | 22 |
| connection
with the business of banking in the countries where | 23 |
| such foreign
institutions are organized or operating.
| 24 |
| (k) "Home state" means the home state of a foreign bank as | 25 |
| determined
pursuant to the federal International Banking Act of | 26 |
| 1978.
|
|
|
|
HB4933 Engrossed |
- 51 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| (l) "Illinois bank" means a bank:
| 2 |
| (1) that is organized under the laws of this State or | 3 |
| of the United States; and
| 4 |
| (2) whose main banking premises is located in Illinois.
| 5 |
| (m) "Illinois bank holding company" means a bank holding | 6 |
| company:
| 7 |
| (1) whose principal place of business is Illinois; and
| 8 |
| (2) that is not directly or indirectly controlled by | 9 |
| another bank
holding company whose principal place of | 10 |
| business is a state other than
Illinois or by a foreign | 11 |
| bank whose Home State is a state other than Illinois.
| 12 |
| An out of state bank holding company that acquires
control | 13 |
| of one or more
Illinois banks or Illinois bank holding | 14 |
| companies pursuant to Sections
3.061 or 3.071 shall not be | 15 |
| deemed an Illinois bank holding company.
| 16 |
| (n) "Main banking premises" means the location that is | 17 |
| designated in a
bank's charter as its main office and that is | 18 |
| within the state in which the
total deposits held by all of the | 19 |
| banking offices of such bank are the
largest, as shown in the | 20 |
| most recent reports of condition or similar
reports filed by | 21 |
| such bank with state or federal regulatory authorities.
| 22 |
| (o) "Out of state bank" means a bank:
| 23 |
| (1) that is not an Illinois bank; and
| 24 |
| (2) whose main banking premises is located in a state | 25 |
| other
than Illinois.
| 26 |
| (p) "Out of state bank holding company" means a
bank |
|
|
|
HB4933 Engrossed |
- 52 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| holding company:
| 2 |
| (1) that is not an Illinois bank holding company;
| 3 |
| (2) whose principal place of business is a state other
| 4 |
| than Illinois the laws of which expressly authorize the | 5 |
| acquisition by an
Illinois bank holding company of a bank | 6 |
| or bank holding company in that
state under qualifications | 7 |
| and conditions which are not unduly restrictive,
as | 8 |
| determined by the Secretary Commissioner , when compared to | 9 |
| those imposed by the
laws of Illinois.
| 10 |
| (q) "Principal place of business" means,
with respect to a | 11 |
| bank holding company, the state in which the total
deposits | 12 |
| held by all of the banking offices of all of the bank | 13 |
| subsidiaries
of such bank holding company are the largest, as | 14 |
| shown in the most recent
reports of condition or similar | 15 |
| reports filed by the bank holding company's
bank subsidiaries | 16 |
| with state or federal regulatory authorities. | 17 |
| (q-5) "Secretary" means the Secretary of Financial and | 18 |
| Professional Regulation, or a person authorized by the | 19 |
| Secretary or by this Act to act in the Secretary's stead.
| 20 |
| (r) "State" or "states" when used in this Act means any | 21 |
| State of the
United States, the District of Columbia, any | 22 |
| territory of the United
States, Puerto Rico, Guam, American | 23 |
| Samoa or the Virgin Islands.
| 24 |
| (s) "Subsidiary", with respect to a specified bank holding | 25 |
| company,
means any bank or company controlled by such bank | 26 |
| holding company.
|
|
|
|
HB4933 Engrossed |
- 53 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| (Source: P.A. 89-508, eff. 7-3-96.)
| 2 |
| (205 ILCS 10/3.074) (from Ch. 17, par. 2510.04)
| 3 |
| Sec. 3.074. Powers; administrative review.
| 4 |
| (a) The Secretary Commissioner shall have the power and | 5 |
| authority:
| 6 |
| (1) to promulgate reasonable procedural rules for the | 7 |
| purposes
of
administering the provisions of this Act. The | 8 |
| Secretary Commissioner shall specify
the form of any | 9 |
| application, report or document that is required to be
| 10 |
| filed with the Secretary Commissioner pursuant to this Act;
| 11 |
| (2) to issue orders for the purpose of administering | 12 |
| the
provisions of
this Act and any rule promulgated in | 13 |
| accordance with this Act;
| 14 |
| (3) to appoint hearing officers to execute any of the | 15 |
| powers
granted to
the Secretary Commissioner under this | 16 |
| Section for the purpose of administering this
Act or any | 17 |
| rule promulgated in accordance with this Act; and
| 18 |
| (4) to subpoena witnesses, to compel their attendance, | 19 |
| to
administer an
oath, to examine any person under oath and | 20 |
| to require the production of any
relevant books, papers, | 21 |
| accounts and documents in the course of and
pursuant to any | 22 |
| investigation or hearing being conducted or any action
| 23 |
| being taken by the Secretary Commissioner in respect to any | 24 |
| matter relating to the
duties imposed upon or the powers | 25 |
| vested in the Secretary Commissioner under the
provisions |
|
|
|
HB4933 Engrossed |
- 54 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| of this Act or any rule promulgated in accordance with this
| 2 |
| Act.
| 3 |
| (b) Whenever, in the opinion of the Secretary Commissioner , | 4 |
| any
director,
officer, employee, or agent of any bank holding | 5 |
| company or subsidiary or
affiliate of
that company shall have | 6 |
| violated any law, rule, or order relating to that bank
holding | 7 |
| company or subsidiary or affiliate of that company, shall have
| 8 |
| obstructed or
impeded any examination or investigation by the | 9 |
| Secretary Commissioner , shall have
engaged in an unsafe or | 10 |
| unsound practice in conducting the business
of that bank | 11 |
| holding company or subsidiary or affiliate of that company, or
| 12 |
| shall have
violated any law or engaged or participated in any | 13 |
| unsafe or unsound
practice in connection with any financial | 14 |
| institution or other business
entity such that the character | 15 |
| and fitness of the director, officer,
employee, or agent does | 16 |
| not assure reasonable promise of safe and sound
operation of | 17 |
| the bank holding company, the
Secretary Commissioner may issue | 18 |
| an order of removal. If, in the opinion of the Secretary
| 19 |
| Commissioner , any former director, officer, employee, or agent | 20 |
| of a bank
holding company or subsidiary or affiliate of that | 21 |
| company, prior to the
termination of his or her service with | 22 |
| that holding company or subsidiary or
affiliate of that | 23 |
| company, violated any law, rule, or order relating to that
bank | 24 |
| holding company or subsidiary or affiliate of that company, | 25 |
| obstructed
or impeded any examination or investigation by the | 26 |
| Secretary Commissioner , engaged
in an unsafe or unsound |
|
|
|
HB4933 Engrossed |
- 55 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| practice in conducting the business of that bank
holding
| 2 |
| company or subsidiary or affiliate of that company, or violated | 3 |
| any law or
engaged
or participated in any unsafe or unsound | 4 |
| practice in connection with any
financial institution or other | 5 |
| business entity such that the character
and fitness of the | 6 |
| director, officer, employee, or agent would not have
assured | 7 |
| reasonable promise of safe and sound operation of the bank
| 8 |
| holding company, the Secretary Commissioner may issue an order | 9 |
| prohibiting that
person from further service with a bank | 10 |
| holding company or subsidiary or
affiliate of that company as a | 11 |
| director, officer, employee, or agent.
| 12 |
| An order
issued
pursuant to this subsection shall be served | 13 |
| upon the director, officer,
employee, or agent. A copy of the | 14 |
| order shall be sent to each director of
the bank holding | 15 |
| company affected by registered mail. The person affected
by the | 16 |
| action may request a hearing before the State Banking Board | 17 |
| within
10 days after receipt of the order. The hearing shall be | 18 |
| held by the State
Banking Board within 30 days after the | 19 |
| request has been received by the State
Banking
Board. The State | 20 |
| Banking Board shall make a determination approving,
modifying, | 21 |
| or
disapproving the order of the Commissioner as its final | 22 |
| administrative
decision.
If a hearing is held by the State | 23 |
| Banking Board, the State Banking Board shall
make its | 24 |
| determination
within 60 days from the conclusion of the | 25 |
| hearing. Any person affected by a
decision of the State Banking | 26 |
| Board under this subsection
may have the decision reviewed only |
|
|
|
HB4933 Engrossed |
- 56 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| under and in accordance with the
Administrative
Review Law and | 2 |
| the rules adopted pursuant thereto. A copy of the order
shall | 3 |
| also be served upon the bank holding company of which he is a | 4 |
| director,
officer,
employee, or agent, whereupon he shall cease | 5 |
| to be a director, officer,
employee, or agent of that bank | 6 |
| holding company.
| 7 |
| The Secretary Commissioner may
institute a
civil action | 8 |
| against the director, officer, employee, or agent of the bank
| 9 |
| holding
company, against whom
any order provided for by this | 10 |
| subsection has been
issued, to enforce compliance with or to | 11 |
| enjoin any violation of the terms
of the order.
| 12 |
| Any person who has been the subject of an order of removal
| 13 |
| or an order of prohibition issued by the Secretary Commissioner | 14 |
| under this subsection,
subdivision (7) of Section 48 of the | 15 |
| Illinois Banking Act, or
Section 5-6 of the Corporate Fiduciary | 16 |
| Act may not thereafter serve as
director, officer, employee, or | 17 |
| agent of any holding company, State bank, or
branch
of any | 18 |
| out-of-state bank, of any corporate fiduciary, as defined in
| 19 |
| Section 1-5.05 of the Corporate Fiduciary Act, or of any other | 20 |
| entity
that is subject to licensure or regulation by the | 21 |
| Division of Banking Commissioner or the
Office of Banks and | 22 |
| Real Estate unless the Secretary Commissioner has granted
prior | 23 |
| approval in writing.
| 24 |
| (c) All final administrative decisions of the Secretary
| 25 |
| Commissioner under
this
Act shall be subject to judicial review | 26 |
| pursuant to provisions of the
Administrative Review Law. For |
|
|
|
HB4933 Engrossed |
- 57 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| matters involving administrative review,
venue shall be in | 2 |
| either Sangamon County or Cook County.
| 3 |
| (Source: P.A. 92-483, eff. 8-23-01.)
| 4 |
| Section 20. The Corporate Fiduciary Act is amended by | 5 |
| changing Sections 1-5.03, 5-6, and 5-8 and by adding Sections | 6 |
| 1-5.07a and 1-5.09a as follows:
| 7 |
| (205 ILCS 620/1-5.03) (from Ch. 17, par. 1551-5.03)
| 8 |
| Sec. 1-5.03.
"Commissioner" means the Commissioner of | 9 |
| Banks and Real
Estate or a person authorized by the | 10 |
| Commissioner, the Office of Banks and Real
Estate Act, or this | 11 |
| Act to act in the Commissioner's stead , except that beginning | 12 |
| on the effective date of this amendatory Act of the 96th | 13 |
| General Assembly, all references in this Act to the | 14 |
| Commissioner of Banks and Real Estate are deemed, in | 15 |
| appropriate contexts, to be references to the Secretary of | 16 |
| Financial and Professional Regulation .
| 17 |
| (Source: P.A. 89-508, eff. 7-3-96.)
| 18 |
| (205 ILCS 620/1-5.07a new) | 19 |
| Sec. 1-5.07a. Division of Banking. "Division of Banking" | 20 |
| means the Division of Banking of the Department of Financial | 21 |
| and Professional Regulation. | 22 |
| (205 ILCS 620/1-5.09a new) |
|
|
|
HB4933 Engrossed |
- 58 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| Sec. 1-5.09a. Secretary. "Secretary" means the Secretary | 2 |
| of Financial and Professional Regulation, or a person | 3 |
| authorized by the Secretary or by this Act to act in the | 4 |
| Secretary's stead.
| 5 |
| (205 ILCS 620/5-6) (from Ch. 17, par. 1555-6)
| 6 |
| Sec. 5-6. Removal orders. Whenever, in the opinion of the | 7 |
| Secretary Commissioner ,
any director, officer, employee, or | 8 |
| agent of a corporate fiduciary
or subsidiary or corporate | 9 |
| parent of the corporate fiduciary
shall have violated any law, | 10 |
| rule, or order relating to the corporate
fiduciary
or | 11 |
| subsidiary or corporate parent of the corporate fiduciary, | 12 |
| shall have
engaged in an unsafe or unsound practice in | 13 |
| conducting
the
business of the corporate fiduciary
or | 14 |
| subsidiary or corporate parent of the corporate fiduciary, or | 15 |
| shall
have violated any law or
engaged or participated in any | 16 |
| unsafe or unsound practice in connection with
any financial | 17 |
| institution or other business entity such that the character | 18 |
| and
fitness of the director, officer, employee, or agent does | 19 |
| not assure reasonable
promise of safe and sound operation of | 20 |
| the corporate fiduciary
or subsidiary or corporate parent of | 21 |
| the corporate fiduciary, the Secretary
Commissioner may issue | 22 |
| an order of
removal.
If in the opinion of the Secretary | 23 |
| Commissioner , any former director, officer,
employee, or agent | 24 |
| of a corporate fiduciary
or subsidiary or corporate parent of | 25 |
| the corporate fiduciary, prior to the
termination of his
or her |
|
|
|
HB4933 Engrossed |
- 59 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| service with the corporate fiduciary
or subsidiary or corporate | 2 |
| parent of the corporate fiduciary, violated any
law, rule, or | 3 |
| order
relating to the corporate fiduciary
or subsidiary or | 4 |
| corporate parent of the corporate fiduciary
or engaged in an | 5 |
| unsafe or unsound practice
in conducting the business of the | 6 |
| corporate fiduciary
or subsidiary or corporate parent of the | 7 |
| corporate fiduciary
or violated any law or
engaged or | 8 |
| participated in any unsafe or unsound practice in connection | 9 |
| with
any financial institution or other business entity such | 10 |
| that the character and
fitness of the director, officer, | 11 |
| employee, or agent would not have assured
reasonable promise of | 12 |
| safe and sound operation of the corporate fiduciary
or | 13 |
| subsidiary or corporate parent of the corporate fiduciary,
the
| 14 |
| Secretary Commissioner may issue
an order prohibiting that | 15 |
| person from further service with a corporate
fiduciary
or | 16 |
| subsidiary or corporate parent of the corporate fiduciary
as a | 17 |
| director, officer, employee, or agent. An order issued pursuant
| 18 |
| to this Section shall be served upon the
director, officer, | 19 |
| employee, or
agent. A copy of the order shall be sent to each | 20 |
| director of the corporate
fiduciary
affected by personal | 21 |
| service, certified mail return receipt
requested, or any other | 22 |
| method that provides proof of service and receipt. The
person | 23 |
| affected by the action may request a hearing before the
State | 24 |
| Banking Board of Illinois, hereafter "the Board", within 10 | 25 |
| days after
receipt of the order of removal or prohibition. The | 26 |
| hearing shall be held
by the Board
according to the same |
|
|
|
HB4933 Engrossed |
- 60 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| procedures used pursuant to Section 48 of the Illinois
Banking | 2 |
| Act, and the hearing shall be held within 30 days after the | 3 |
| request has
been received by the Board. After concluding the | 4 |
| hearing, the Board shall make
a determination approving, | 5 |
| modifying, or disapproving the order of the
Commissioner as its | 6 |
| final administrative decision. A copy of the order shall
be | 7 |
| served upon the corporate fiduciary
of which the person is a
| 8 |
| director, officer, employee, or agent, whereupon the person | 9 |
| shall cease to be a
director,
officer, employee, or agent of | 10 |
| the corporate fiduciary. Any person who has
been removed or | 11 |
| prohibited by an order of the Secretary Commissioner under this
| 12 |
| Section or subsection
(7) of Section 48 of the Illinois Banking | 13 |
| Act may not thereafter serve as
director, officer, employee, or | 14 |
| agent of any State bank or corporate fiduciary,
or of any other | 15 |
| entity that is subject to licensure or regulation by the | 16 |
| Division of Banking
Commissioner or the Office of Banks and | 17 |
| Real Estate unless the Secretary Commissioner
has granted prior | 18 |
| approval in writing. The Secretary Commissioner may institute a | 19 |
| civil
action against the
director,
officer, employee, or agent | 20 |
| subject to an order issued under this Section and
against the | 21 |
| corporate fiduciary
to enforce compliance with or to enjoin any
| 22 |
| violation of the terms of the order.
| 23 |
| (Source: P.A. 92-483, eff. 8-23-01.)
| 24 |
| (205 ILCS 620/5-8) (from Ch. 17, par. 1555-8)
| 25 |
| Sec. 5-8.
All final administrative decisions of the
|
|
|
|
HB4933 Engrossed |
- 61 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
| Secretary Commissioner, or of the State Banking Board of | 2 |
| Illinois where
this Act provides a hearing before such Board to | 3 |
| review a
decision of the Commissioner, shall be subject to | 4 |
| review pursuant
to the provisions of the Administrative Review | 5 |
| Law, as now or
hereafter amended, and the rules adopted | 6 |
| pursuant thereto.
For matters involving administrative review, | 7 |
| venue shall be in either
Sangamon County or Cook County.
| 8 |
| (Source: P.A. 86-754.)
|
|
|
|
HB4933 Engrossed |
- 62 - |
LRB096 16850 MJR 32161 b |
|
| 1 |
|
INDEX
| 2 |
|
Statutes amended in order of appearance
|
| 3 |
| 20 ILCS 3210/1 |
from Ch. 17, par. 401 |
| 4 |
| 20 ILCS 3210/3.01 |
from Ch. 17, par. 403.1 |
| 5 |
| 20 ILCS 3210/3.07 new |
|
| 6 |
| 20 ILCS 3210/4 |
from Ch. 17, par. 404 |
| 7 |
| 20 ILCS 3210/5 |
from Ch. 17, par. 405 |
| 8 |
| 20 ILCS 3210/8 |
from Ch. 17, par. 408 |
| 9 |
| 205 ILCS 5/2 |
from Ch. 17, par. 302 |
| 10 |
| 205 ILCS 5/48 |
from Ch. 17, par. 359 |
| 11 |
| 205 ILCS 5/78 |
from Ch. 17, par. 390 |
| 12 |
| 205 ILCS 5/79 |
from Ch. 17, par. 391 |
| 13 |
| 205 ILCS 5/80 |
from Ch. 17, par. 392 |
| 14 |
| 205 ILCS 5/82 |
from Ch. 17, par. 394 |
| 15 |
| 205 ILCS 10/2 |
from Ch. 17, par. 2502 |
| 16 |
| 205 ILCS 10/3.074 |
from Ch. 17, par. 2510.04 |
| 17 |
| 205 ILCS 620/1-5.03 |
from Ch. 17, par. 1551-5.03 |
| 18 |
| 205 ILCS 620/1-5.07a new |
|
| 19 |
| 205 ILCS 620/1-5.09a new |
|
| 20 |
| 205 ILCS 620/5-6 |
from Ch. 17, par. 1555-6 |
| 21 |
| 205 ILCS 620/5-8 |
from Ch. 17, par. 1555-8 |
| |
|