205 ILCS 658/4-3

(205 ILCS 658/4-3)

Sec. 4-3. Supervision.

(a) The Secretary may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this Act or by a rule adopted or order issued under this Act as reasonably necessary or appropriate to administer and enforce this Act, rules and regulations implementing this Act, and other applicable law, including the Bank Secrecy Act and the USA PATRIOT ACT. The Secretary may:

(1) conduct an examination either on-site or off-site as the Secretary may reasonably require;

(2) conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government;

(3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the Secretary; and

(4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

(b) A licensee or authorized delegate shall provide, and the Secretary shall have full and complete access to, all records the Secretary may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the Secretary, however, the Secretary may use multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this subsection.

(c) Unless otherwise directed by the Secretary, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.

(Source: P.A. 103-991, eff. 8-9-24.)