Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 10/3.074

(205 ILCS 10/3.074)

Sec. 3.074. Powers; administrative review.

(a) The Secretary shall have the power and authority:

(1) to promulgate reasonable rules for the purposes

of administering the provisions of this Act.  The Secretary shall specify the form of any application, report or document that is required to be filed with the Secretary pursuant to this Act;

(2) to issue orders for the purpose of administering

the provisions of this Act and any rule promulgated in accordance with this Act;

(3) to appoint hearing officers to execute any of the

powers granted to the Secretary under this Section for the purpose of administering this Act or any rule promulgated in accordance with this Act;

(4) to subpoena witnesses, to compel their

attendance, to administer an oath, to examine any person under oath and to require the production of any relevant books, papers, accounts and documents in the course of and pursuant to any investigation or hearing being conducted or any action being taken by the Secretary in respect to any matter relating to the duties imposed upon or the powers vested in the Secretary under the provisions of this Act or any rule promulgated in accordance with this Act; and

(5) to do any other act authorized to the

Commissioner (now Secretary) under the Division of Banking Act.

(b) Whenever, in the opinion of the Secretary, any
director,
officer, employee, or agent of any bank holding company or subsidiary or
affiliate of
that company shall have violated any law, rule, or order relating to that bank
holding company or subsidiary or affiliate of that company, shall have
obstructed or
impeded any examination or investigation by the Secretary, shall  have
engaged  in  an  unsafe or unsound  practice  in conducting the business
of that bank holding company or subsidiary or affiliate of that company, or
shall have
 violated any law or engaged or participated in  any  unsafe  or  unsound
practice  in connection with any financial institution or other business
entity such that the character and fitness of the director, officer,
employee, or agent does not assure reasonable promise of safe and sound
operation of the bank holding company, the
Secretary may issue an order of removal.  If, in the opinion of the Secretary, any former director, officer, employee, or agent of a bank
holding company or subsidiary or affiliate of that company, prior to the
termination of his or her service with that holding company or subsidiary or
affiliate of that company, violated any law, rule, or order relating to that
bank holding company or subsidiary or affiliate of that company, obstructed
or impeded any examination or investigation by the Secretary, engaged
in an unsafe or unsound practice in conducting the business of that bank
holding
company or subsidiary or affiliate of that company, or violated any law  or
engaged
or participated in any unsafe or unsound practice in connection with any
financial  institution  or other business entity such that the character
and fitness of the director, officer, employee, or agent would not  have
assured reasonable promise of safe and sound operation of the bank
holding company, the Secretary may issue an order prohibiting that
person from further service with a bank holding company or subsidiary or
affiliate of that company as a director, officer, employee, or agent.

An order
issued
pursuant to this subsection shall be served upon the director, officer,
employee, or agent. A copy of the order shall be sent to each director of
the bank holding company affected by registered mail. A copy of the order
shall also be served upon the bank holding company of which he is a director,
officer,
employee, or agent, whereupon he shall cease to be a director, officer,
employee, or agent of that bank holding company.

The Secretary may
institute a
civil action against the director, officer, employee, or agent of the bank
holding
company, against whom
any order provided for by this subsection has been
issued, to enforce compliance with or to enjoin any violation of the terms
of the order.

Any person who has been the subject of an order of removal
or an order of prohibition issued by the Secretary under this subsection,
subdivision (7) of Section 48 of the Illinois Banking Act, or
Section 5-6 of the Corporate Fiduciary Act may not thereafter serve as
director, officer, employee, or agent of any holding company, State bank, or
branch
of any out-of-state bank, of any corporate fiduciary, as defined in
Section 1-5.05 of the Corporate Fiduciary Act, or of any other entity
that is subject to licensure or regulation by the Division of Banking unless the Secretary has granted
prior approval in writing.

(c) All final administrative decisions of the Secretary
 under
this
Act shall be subject to judicial review pursuant to provisions of the
Administrative Review Law. For matters involving administrative review,
venue shall be in either Sangamon County or Cook County.

(Source: P.A. 96-1163, eff. 1-1-11; 96-1365, eff. 7-28-10; 97-333, eff. 8-12-11.)