(205 ILCS 620/4A-5)
Foreign corporations establishing places of business to conduct
fiduciary activities in Illinois.
(a) A foreign corporation may establish or acquire and maintain a place of
business for the conduct of business as a fiduciary in this State provided
that a corporate fiduciary that has its principal place of business in
is permitted to establish or acquire and maintain a similar place of business
that may engage in activities substantially similar to those permitted to
corporations under this Act in the state where the foreign corporation has its
principal place of business.
(b) A foreign corporation desiring to establish or acquire and maintain a
business to conduct business as a fiduciary in Illinois under this Section
provide, or cause its home state regulator to provide, written notice of the
proposed transaction to the Commissioner on or after the date on which the
foreign corporation applies to its home state regulator for approval to
or acquire and maintain a place of business in Illinois. The filing of the
shall be preceded or accompanied by a copy of the resolution adopted by the
board authorizing the additional place of business and the filing fee required
the Commissioner. The Commissioner may prescribe the form of the notice
under this Section. In the Commissioner's discretion, the application or
submitted to the foreign corporation's home state regulator may be sufficient
notice under this Section.
(c) A foreign corporation desiring to establish or acquire and maintain a
of business to conduct business as a fiduciary shall (i) confirm in writing to
Commissioner that for as long as it maintains a place of business in
it will comply with the laws of this State and (ii) provide satisfactory
the Commissioner of compliance with any applicable requirements of state
corporation qualification laws and applicable requirements of its home state
regulator for acquiring or establishing and maintaining the office.
(d) A foreign corporation submitting a notice to the Commissioner in
with subsection (b) may commence fiduciary business at the place of business
listed in its notice after the Commissioner approves the foreign corporation to conduct a fiduciary business in Illinois.
the foreign corporation is not a depository institution and the Commissioner
approves the foreign corporation to conduct a fiduciary business in Illinois
subject to specific conditions, the foreign corporation shall not commence a
fiduciary business in Illinois until it has satisfied those conditions
provided evidence satisfactory to the Commissioner that it has done so. The Commissioner may deny
approval of the notice if he finds that the foreign corporation lacks
financial resources to undertake the proposed expansion without adversely
affecting its safety or soundness or that the place of business is contrary to
the public interest.
(Source: P.A. 97-492, eff. 1-1-12.)