(760 ILCS 100/14) (from Ch. 21, par. 64.14)
Sec. 14.
The Comptroller may at any time investigate the cemetery business
of every licensee with respect to its care funds. The Comptroller shall
examine at least annually every licensee who holds $250,000 or more in
its care funds. For that purpose, the Comptroller shall have free access
to the office and places of business and to such records of all
licensees and of all trustees of the care funds of all licensees as
shall relate to the acceptance, use and investment of care funds. The
Comptroller may require the attendance of and examine under oath all
persons whose testimony he may require relative to such business and in
such cases the Comptroller or any qualified representative of the
Comptroller whom the Comptroller may designate, may administer oaths to
all such persons called as witnesses, and the Comptroller, or any such
qualified representative of the Comptroller, may conduct such
examinations. The cost of an initial examination
shall be borne by the
cemetery authority if it has $10,000 or more in such fund; otherwise, by
the Comptroller. The charge made by the Comptroller for such examination
shall be based upon the total amount of care funds held by the cemetery
authority as of the end of the calendar or fiscal year for which a
report is required by Section 12 of this Act and shall be in accordance
with the following schedule:
less than $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
no charge; $10,000 or more but less than $50,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10; $50,000 or more but less than $100,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$40; $100,000 or more but less than $250,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$80; $250,000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100.
Any licensee which is not required to be examined annually shall submit
an annual report to the Comptroller containing such information as the
Comptroller reasonably may request.
The Comptroller may order additional audits or examinations as he or she
may deem necessary or advisable to ensure the safety and stability of the trust
funds and to ensure compliance with this Act. These additional audits or
examinations shall only be made after good cause is established by the
Comptroller in the written order. The grounds for ordering these additional
audits or examinations may include, but shall not be limited to:
(1) material and unverified changes or fluctuations |
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(2) the licensee changing trustees more than twice in
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(3) any withdrawals or attempted withdrawals from the
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(4) failure to maintain or produce documentation
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Prior to ordering an additional audit or examination, the Comptroller shall
request the licensee to respond and comment upon the factors identified by the
Comptroller as warranting the subsequent examination or audit. The licensee
shall have 30 days to provide a response to the Comptroller. If the
Comptroller decides to proceed with the additional examination or audit, the
licensee shall bear the full cost of that examination or audit, up to a maximum
of $7,500. The
Comptroller may elect to pay for the examination or audit and receive
reimbursement from the licensee. Payment of the costs of the examination or
audit by a licensee shall be a condition of receiving or maintaining a license
under this Act. All moneys received by the Comptroller for examination or
audit fees shall be maintained in a separate account to be known as the
Comptroller's Administrative
Fund. This Fund,
subject to appropriation by the General Assembly, may
be utilized by the Comptroller for
enforcing this Act and other purposes that may be authorized by law.
(Source: P.A. 89-615, eff. 8-9-96 .)
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