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205 ILCS 305/9
(205 ILCS 305/9)
(from Ch. 17, par. 4410)
Reports and examinations.
(1) Credit unions shall report to
the Department on forms supplied by the Department, in accordance with a
schedule published by the Department. A recapitulation of the annual reports
shall be compiled and published annually by the Department, for the use
of the General Assembly, credit unions, various educational institutions
and other interested parties. A credit union which fails to file any report
when due shall pay to the Department a late filing fee for each
day the report is overdue as prescribed by rule. The Secretary may extend
the time for filing a
(2) The Secretary may require special examinations of and special
financial reports from a credit union or a credit
union organization in which a credit union loans, invests, or delegates
managerial duties and responsibilities when he determines that such
and reports are necessary to enable the Department
to determine the safety of a credit union's operation or its solvency.
The cost to the Department of the aforesaid special examinations shall be
borne by the credit union being examined as prescribed by rule.
(3) All credit unions incorporated under this Act shall be examined at
least biennially by the Department or, at the discretion of
by a public accountant registered by the Department of Financial and Professional
Regulation. The costs of an examination shall be paid by the
credit union. The scope of all examinations by a public accountant shall
be at least equal to the examinations made by the Department. The examiners
shall have full access to, and may compel the production of, all the books,
papers, securities and accounts of any credit union. A special examination
shall be made by the Department or by a public accountant approved by the
Department upon written request of 5 or more members, who guarantee the
expense of the same. Any credit union refusing to submit to an examination
when ordered by the Department shall be reported to the Attorney General,
who shall institute proceedings to have its charter revoked. If the Secretary
determines that the examination of a credit
union is to be
conducted by a public accountant registered by the Department of Financial and
Professional Regulation and the examination is
done in conjunction
with the credit union's external independent audit of financial
statements, the requirements of this Section and subsection (3) of Section
34 shall be deemed met.
(3.5) Pursuant to Section 8, 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 credit unions by the Secretary may be relied upon by the credit unions.
(4) A copy of the completed report of examination and a review comment
letter, if any, citing exceptions revealed during the examination, shall
be submitted to the credit union by the Department. A detailed report stating
the corrective actions taken by the board of directors on each exception
set forth in the review comment letter shall be filed with the Department
within 40 days after the date of the review comment letter, or as otherwise
directed by the Department. Any credit union through its officers, directors,
committee members or employees, which willfully provides fraudulent or
misleading information regarding the corrective actions taken on exceptions
appearing in a review comment letter may have its operations restricted to
the collection of principal and interest on loans outstanding and the
payment of normal expenses and salaries until all exceptions are corrected
and accepted by the Department.
(5) The Secretary may accept an examination from the National Credit Union Administration or a private insurer of share deposits approved by the Secretary instead of an examination conducted by the Department or by a public accountant registered by the Department pursuant to subsection (3). Acceptance of an examination from the National Credit Union Administration or an approved private insurer of share deposits shall only be permitted on an alternating basis with examinations that the Department or a registered public accountant conducts.
(Source: P.A. 102-558, eff. 8-20-21; 102-858, eff. 5-13-22.)