Illinois Compiled Statutes
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205 ILCS 205/9004
(205 ILCS 205/9004)
(from Ch. 17, par. 7309-4)
(a) At least once every 18 months or more often if it is
deemed necessary or expedient, the Secretary shall examine the
books, records, operations, and affairs of each savings bank
operating under this Act. In the course of the examination, the Secretary may
also examine in the same manner all entities,
companies, and individuals which or whom the Secretary determines
may have a relationship with the savings bank or any subsidiary or
entity affiliated with it, if the relationship may adversely affect
the affairs, activities, and safety and soundness of the savings
bank, including: (i) companies controlled by the savings bank;
(ii) entities, including companies controlled by the company,
individual, or individuals that control the savings bank;
and (iii) the company or other entity which controls or owns the
savings bank. Notwithstanding any other provision of this Act, every savings bank, as defined by rule, or, if not defined, to the same extent as would be permitted in the case of a State bank, the Secretary, in lieu of the examination, may accept on an alternating basis the examination made by the eligible savings bank's appropriate federal banking agency pursuant to Section 111 of the Federal Deposit Insurance Corporation Improvement Act of 1991, provided the appropriate federal banking agency has made an examination.
(b) The Secretary shall examine to determine:
(1) Quality of financial condition, including safety
and soundness and investment and loan quality.
(2) Compliance with this Act and other applicable
statutes and regulations.
(3) Quality of management policies.
(4) Overall safety and soundness of the savings bank,
its parent, subsidiaries, and affiliates.
(5) Remedial actions required to correct and to
restore compliance with applicable statutes, regulations, and proper business policies.
(c) The Secretary may promulgate regulations to
implement and administer this Section.
(d) If a savings bank, its holding company, or any of its
corporate subsidiaries has not been audited at least once in the
12 months prior to the Secretary's examination, the Secretary may cause an audit of the savings bank's books and records to be
made by an independent licensed public accountant. The cost of the audit
shall be paid for by the entity being audited.
(e) The Secretary or his or her examiners or other
formally designated agents are authorized to administer oaths and
to examine and to take and preserve testimony under oath as to
anything in the affairs or ownership of any savings bank or
institution or affiliate thereof.
(f) Pursuant to subsection (c) of this Section, the Secretary shall adopt rules that ensure consistency and due process in the examination process. The Secretary may also establish guidelines that (i) define the scope of the examination process and (ii) clarify examination items to be resolved. The rules, formal guidance, interpretive letters, or opinions furnished to savings banks by the Secretary may be relied upon by the savings banks.
(Source: P.A. 97-492, eff. 1-1-12; 98-784, eff. 7-24-14.)