State of Illinois
92nd General Assembly
Legislation

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92_HB2376

 
                                               LRB9205792LDcs

 1        AN ACT in relation to banking.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Banking  Act  is  amended  by
 5    changing Section 48 as follows:

 6        (205 ILCS 5/48) (from Ch. 17, par. 359)
 7        Sec. 48. Commissioner's powers; duties.  The Commissioner
 8    shall  have the powers and authority, and is charged with the
 9    duties and responsibilities designated in  this  Act,  and  a
10    State bank shall not be subject to any other visitorial power
11    other  than as authorized by this Act, except those vested in
12    the courts, or upon prior consultation with the Commissioner,
13    a foreign bank  regulator  with  an  appropriate  supervisory
14    interest  in the parent or affiliate of a state bank.  In the
15    performance of the Commissioner's duties:
16        (1)  The Commissioner shall call for statements from  all
17    State  banks  as  provided  in  Section  47 at least one time
18    during each calendar quarter.
19        (2) (a)  The Commissioner, as often as  the  Commissioner
20    shall  deem  necessary or proper, and no less frequently than
21    18 months following the preceding examination, shall  appoint
22    a  suitable  person  or persons to make an examination of the
23    affairs of every State bank, except that for  every  eligible
24    State  bank,  as  defined  by regulation, the Commissioner in
25    lieu of the examination may accept on  an  alternating  basis
26    the examination made by the eligible State bank's appropriate
27    federal banking agency pursuant to Section 111 of the Federal
28    Deposit   Insurance  Corporation  Improvement  Act  of  1991,
29    provided the appropriate federal banking agency has made such
30    an examination.   A  person  so  appointed  shall  not  be  a
31    stockholder  or  officer  or  employee of any bank which that
 
                            -2-                LRB9205792LDcs
 1    person may be directed to examine, and shall have  powers  to
 2    make  a thorough examination into all the affairs of the bank
 3    and in so doing to examine any of the officers or  agents  or
 4    employees  thereof on oath and shall make a full and detailed
 5    report of the condition of the bank to the Commissioner.   In
 6    making   the  examination  the  examiners  shall  include  an
 7    examination of the affairs of all the affiliates of the bank,
 8    as defined in subsection (b) of Section 35.2 of this Act,  as
 9    shall  be  necessary  to disclose fully the conditions of the
10    affiliates, the relations between the bank and the affiliates
11    and the effect of those relations upon  the  affairs  of  the
12    bank, and in connection therewith shall have power to examine
13    any  of  the officers, directors, agents, or employees of the
14    affiliates on oath.  After May 31, 1997, the Commissioner may
15    enter  into  cooperative  agreements  with  state  regulatory
16    authorities of other states to  provide  for  examination  of
17    State bank branches in those states, and the Commissioner may
18    accept  reports  of  examinations of State bank branches from
19    those  state  regulatory  authorities.    These   cooperative
20    agreements  may set forth the manner in which the other state
21    regulatory authorities may be  compensated  for  examinations
22    prepared for and submitted to the Commissioner.
23        (b)  After  May  31, 1997, the Commissioner is authorized
24    to examine, as often as the Commissioner shall deem necessary
25    or proper, branches of out-of-state banks.  The  Commissioner
26    may  establish  and  may  assess  fees  to  be  paid  to  the
27    Commissioner for examinations under this subsection (b).  The
28    fees shall be borne by the out-of-state bank, unless the fees
29    are  borne  by  the state regulatory authority that chartered
30    the  out-of-state  bank,  as  determined  by  a   cooperative
31    agreement  between  the Commissioner and the state regulatory
32    authority that chartered the out-of-state bank.
33        (2.5)  Whenever  any  State  bank,  any   subsidiary   or
34    affiliate  of a State bank, or after May 31, 1997, any branch
 
                            -3-                LRB9205792LDcs
 1    of an out-of-state bank causes to be performed,  by  contract
 2    or otherwise, any bank services for itself, whether on or off
 3    its premises:
 4             (a)  that    performance   shall   be   subject   to
 5        examination by the Commissioner to the same extent as  if
 6        services  were  being performed by the bank or, after May
 7        31, 1997, branch of the out-of-state bank itself  on  its
 8        own premises; and
 9             (b)  the  bank or, after May 31, 1997, branch of the
10        out-of-state bank shall notify the  Commissioner  of  the
11        existence  of  a  service relationship.  The notification
12        shall be submitted with the first statement of  condition
13        (as  required  by  Section  47 of this Act) due after the
14        making of the service contract or the performance of  the
15        service,  whichever occurs first.  The Commissioner shall
16        be notified of  each  subsequent  contract  in  the  same
17        manner.
18        For  purposes  of  this  subsection (2.5), the term "bank
19    services" means services  such  as  sorting  and  posting  of
20    checks  and deposits, computation and posting of interest and
21    other credits and charges, preparation and mailing of checks,
22    statements,  notices,  and  similar  items,  or   any   other
23    clerical,  bookkeeping,  accounting,  statistical, or similar
24    functions performed for  a  State  bank,  including  but  not
25    limited  to  electronic data processing related to those bank
26    services.
27        (3)  The expense of administering this Act, including the
28    expense of the examinations of State  banks  as  provided  in
29    this  Act,  shall to the extent of the amounts resulting from
30    the fees provided for in paragraphs (a), (a-2),  and  (b)  of
31    this  subsection  (3)  be  assessed  against and borne by the
32    State banks:
33             (a)  Each bank shall pay to the Commissioner a  Call
34        Report  Fee which shall be paid in quarterly installments
 
                            -4-                LRB9205792LDcs
 1        equal to one-fourth of the sum of the annual fixed fee of
 2        $800, plus a variable fee based on the  assets  shown  on
 3        the  quarterly  statement  of  condition delivered to the
 4        Commissioner  in  accordance  with  Section  47  for  the
 5        preceding quarter according to  the  following  schedule:
 6        16¢  per  $1,000 of the first $5,000,000 of total assets,
 7        15¢ per $1,000 of the next $20,000,000 of  total  assets,
 8        13¢  per $1,000 of the next $75,000,000  of total assets,
 9        9¢ per $1,000 of the next $400,000,000 of  total  assets,
10        7¢  per  $1,000 of the next $500,000,000 of total assets,
11        and  5¢  per  $1,000  of  all   assets   in   excess   of
12        $1,000,000,000,  of  the  State bank. The Call Report Fee
13        shall be calculated by the Commissioner and billed to the
14        banks  for  remittance  at  the  time  of  the  quarterly
15        statements of condition provided for in Section  47.  The
16        Commissioner  may require payment of the fees provided in
17        this Section by an electronic transfer  of  funds  or  an
18        automatic debit of an account of each of the State banks.
19        In  case  more than one examination of any bank is deemed
20        by the Commissioner to be necessary  in  any  examination
21        frequency  cycle  specified  in  subsection  2(a) of this
22        Section,  and  is  performed  at   his   direction,   the
23        Commissioner  may  assess  a reasonable additional fee to
24        recover the cost of the additional examination; provided,
25        however, that an examination conducted at the request  of
26        the  State  Treasurer pursuant to the Uniform Disposition
27        of Unclaimed Property Act shall not be deemed  to  be  an
28        additional examination under this Section. In lieu of the
29        method  and  amounts  set forth in this paragraph (a) for
30        the calculation of the Call Report Fee, the  Commissioner
31        may specify by rule that the Call Report Fees provided by
32        this  Section  may be assessed semiannually or some other
33        period and may provide in the rule the formula to be used
34        for calculating and assessing the  periodic  Call  Report
 
                            -5-                LRB9205792LDcs
 1        Fees to be paid by State banks.
 2             (a-1)  If  in  the  opinion  of  the Commissioner an
 3        emergency exists or appears likely, the Commissioner  may
 4        assign an examiner or examiners to monitor the affairs of
 5        a   State   bank   with   whatever   frequency  he  deems
 6        appropriate, including but not limited to a daily  basis.
 7        The reasonable and necessary expenses of the Commissioner
 8        during the period of the monitoring shall be borne by the
 9        subject  bank.   The Commissioner shall furnish the State
10        bank a statement of time and expenses if requested to  do
11        so  within  30  days  of the conclusion of the monitoring
12        period.
13             (a-2)  On and after January 1, 1990, the  reasonable
14        and   necessary   expenses  of  the  Commissioner  during
15        examination  of  the  performance  of   electronic   data
16        processing services under subsection (2.5) shall be borne
17        by  the  banks  for  which the services are provided.  An
18        amount, based upon a  fee  structure  prescribed  by  the
19        Commissioner,  shall  be  paid by the banks or, after May
20        31, 1997, branches of out-of-state  banks  receiving  the
21        electronic  data  processing services along with the Call
22        Report  Fee  assessed  under  paragraph   (a)   of   this
23        subsection (3).
24             (a-3)  After   May  31,  1997,  the  reasonable  and
25        necessary expenses of the Commissioner during examination
26        of the performance of electronic data processing services
27        under subsection (2.5) at or on  behalf  of  branches  of
28        out-of-state  banks  shall  be  borne by the out-of-state
29        banks, unless those  expenses  are  borne  by  the  state
30        regulatory  authorities  that  chartered the out-of-state
31        banks, as determined by  cooperative  agreements  between
32        the  Commissioner  and  the  state regulatory authorities
33        that chartered the out-of-state banks.
34             (b)  "Fiscal year" for purposes of this  Section  48
 
                            -6-                LRB9205792LDcs
 1        is  defined  as a period beginning July 1 of any year and
 2        ending June 30 of the next year. The  Commissioner  shall
 3        receive  for each fiscal year, commencing with the fiscal
 4        year ending June 30, 1987, a contingent fee equal to  the
 5        lesser  of  the  aggregate  of the fees paid by all State
 6        banks under paragraph (a)  of  subsection  (3)  for  that
 7        year, or the amount, if any, whereby the aggregate of the
 8        administration expenses, as defined in paragraph (c), for
 9        that  fiscal year exceeds the sum of the aggregate of the
10        fees payable by all  State  banks  for  that  year  under
11        paragraph   (a)  of  subsection  (3),  plus  any  amounts
12        transferred into the Bank and Trust Company Fund from the
13        State Pensions Fund for that year, plus all other amounts
14        collected by the Commissioner for  that  year  under  any
15        other  provision  of  this Act, plus the aggregate of all
16        fees collected for that year by  the  Commissioner  under
17        the  Corporate  Fiduciary Act, excluding the receivership
18        fees provided  for  in  Section  5-10  of  the  Corporate
19        Fiduciary  Act,  and  the Foreign Banking Office Act. The
20        aggregate amount of the contingent fee  thus  arrived  at
21        for   any  fiscal  year  shall  be  apportioned  amongst,
22        assessed upon, and paid by the State  banks  and  foreign
23        banking   corporations,   respectively,   in   the   same
24        proportion  that  the  fee of each under paragraph (a) of
25        subsection (3), respectively, for that year bears to  the
26        aggregate  for  that  year  of  the  fees collected under
27        paragraph (a) of subsection (3). The aggregate amount  of
28        the  contingent  fee,  and  the  portion  thereof  to  be
29        assessed   upon  each  State  bank  and  foreign  banking
30        corporation, respectively, shall  be  determined  by  the
31        Commissioner  and  shall  be  paid by each, respectively,
32        within 120 days of the close of the period for which  the
33        contingent  fee  is  computed  and  is  payable,  and the
34        Commissioner shall give 20 days  advance  notice  of  the
 
                            -7-                LRB9205792LDcs
 1        amount  of  the  contingent fee payable by the State bank
 2        and of the date fixed by the Commissioner for payment  of
 3        the fee.
 4             (c)  The  "administration  expenses"  for any fiscal
 5        year shall mean the ordinary and contingent expenses  for
 6        that  year  incident  to making the examinations provided
 7        for by, and for otherwise administering,  this  Act,  the
 8        Corporate Fiduciary Act, excluding the expenses paid from
 9        the  Corporate Fiduciary Receivership account in the Bank
10        and Trust Company Fund, the Foreign Banking  Office  Act,
11        the  Electronic  Fund Transfer Act, and the Illinois Bank
12        Examiners'  Education  Foundation  Act,   including   all
13        salaries   and   other  compensation  paid  for  personal
14        services rendered for the State by officers or  employees
15        of  the  State, including the Commissioner and the Deputy
16        Commissioners,  all  expenditures   for   telephone   and
17        telegraph  charges,  postage  and  postal charges, office
18        stationery, supplies and services, and  office  furniture
19        and  equipment,  including  typewriters  and  copying and
20        duplicating machines and filing  equipment,  surety  bond
21        premiums,  and  travel  expenses  of  those  officers and
22        employees, employees, expenditures  or  charges  for  the
23        acquisition,  enlargement  or  improvement of, or for the
24        use of, any office  space,  building,  or  structure,  or
25        expenditures   for   the   maintenance   thereof  or  for
26        furnishing heat, light, or power  with  respect  thereto,
27        all  to  the  extent that those expenditures are directly
28        incidental to such examinations or administration.    The
29        Commissioner  shall  not be required by paragraphs (c) or
30        (d-1) of this subsection (3) to maintain  in  any  fiscal
31        year's  budget appropriated reserves for accrued vacation
32        and accrued sick leave that is required  to  be  paid  to
33        employees  of  the Commissioner upon termination of their
34        service with the Commissioner in an amount that  is  more
 
                            -8-                LRB9205792LDcs
 1        than  is  reasonably  anticipated to be necessary for any
 2        anticipated turnover in employees, whether due to  normal
 3        attrition   or   due   to   layoffs,   terminations,   or
 4        resignations.
 5             (d)  The  aggregate  of  all  fees  collected by the
 6        Commissioner under this Act, the Corporate Fiduciary Act,
 7        or the Foreign Banking Office Act on and  after  July  1,
 8        1979,  shall  be paid promptly after receipt of the same,
 9        accompanied by a detailed  statement  thereof,  into  the
10        State  treasury  and shall be set apart in a special fund
11        to be known as the "Bank and Trust Company Fund",  except
12        as  provided  in paragraph (c) of subsection (11) of this
13        Section. All earnings received from investments of  funds
14        in  the Bank and Trust Company Fund shall be deposited in
15        the Bank and Trust Company Fund and may be used  for  the
16        same  purposes as fees deposited in that Fund. The amount
17        from time to time  deposited  into  the  Bank  and  Trust
18        Company  Fund  shall  be  used  to  offset  the  ordinary
19        administrative  expenses of the Commissioner of Banks and
20        Real Estate as defined in this Section. Nothing  in  this
21        amendatory  Act  of  1979  shall  prevent  continuing the
22        practice   of   paying   expenses   involving   salaries,
23        retirement, social  security,  and  State-paid  insurance
24        premiums  of  State  officers  by appropriations from the
25        General Revenue Fund.  However, the General Revenue  Fund
26        shall  be reimbursed for those payments made on and after
27        July 1, 1979, by an annual transfer  of  funds  from  the
28        Bank and Trust Company Fund.
29             (d-1)  Adequate funds shall be available in the Bank
30        and  Trust  Company  Fund to permit the timely payment of
31        administration expenses.  In each fiscal year  the  total
32        administration  expenses shall be deducted from the total
33        fees collected by  the  Commissioner  and  the  remainder
34        transferred  into  the  Cash Flow Reserve Account, unless
 
                            -9-                LRB9205792LDcs
 1        the balance of the Cash Flow Reserve Account prior to the
 2        transfer  equals  or  exceeds  one-fourth  of  the  total
 3        initial appropriations from the Bank  and  Trust  Company
 4        Fund for the subsequent year, in which case the remainder
 5        shall  be  credited  to  State  banks and foreign banking
 6        corporations and  applied  against  their  fees  for  the
 7        subsequent  year.  The amount credited to each State bank
 8        and foreign banking corporation  shall  be  in  the  same
 9        proportion  as  the Call Report Fees paid by each for the
10        year bear to the total Call Report Fees collected for the
11        year.  If, after a transfer  to  the  Cash  Flow  Reserve
12        Account  is  made  or  if  no  remainder is available for
13        transfer, the balance of the Cash Flow Reserve Account is
14        less than one-fourth of the total initial  appropriations
15        for  the  subsequent  year  and the amount transferred is
16        less than 5% of the total Call Report Fees for the  year,
17        additional  amounts  needed to make the transfer equal to
18        5% of the total Call Report Fees for the  year  shall  be
19        apportioned amongst, assessed upon, and paid by the State
20        banks  and  foreign  banking  corporations  in  the  same
21        proportion   that   the   Call   Report   Fees  of  each,
22        respectively, for the year bear to the total Call  Report
23        Fees  collected  for  the  year.   The additional amounts
24        assessed shall be transferred into the Cash Flow  Reserve
25        Account.   For  purposes  of  this  paragraph  (d-1), the
26        calculation of the fees  collected  by  the  Commissioner
27        shall  exclude  the  receivership  fees  provided  for in
28        Section 5-10 of the Corporate Fiduciary Act.
29             (e)  The Commissioner may upon  request  certify  to
30        any public record in his keeping and shall have authority
31        to levy a reasonable charge for issuing certifications of
32        any public record in his keeping.
33             (f)  In  addition  to  fees  authorized elsewhere in
34        this Act, the Commissioner  may,  in  connection  with  a
 
                            -10-               LRB9205792LDcs
 1        review,  approval,  or  provision  of  a  service, levy a
 2        reasonable charge to recover  the  cost  of  the  review,
 3        approval, or service.
 4        (4)  Nothing  contained in this Act shall be construed to
 5    limit the obligation relative to examinations and reports  of
 6    any  State  bank, deposits in which are to any extent insured
 7    by the United States or any agency thereof, nor to  limit  in
 8    any  way  the  powers  of  the Commissioner with reference to
 9    examinations and reports of that bank.
10        (5)  The  nature  and  condition  of  the  assets  in  or
11    investment of any bonus, pension, or profit sharing plan  for
12    officers  or  employees of every State bank or, after May 31,
13    1997, branch of an out-of-state bank shall be  deemed  to  be
14    included  in  the  affairs of that State bank or branch of an
15    out-of-state bank subject to examination by the  Commissioner
16    under  the  provisions of subsection (2) of this Section, and
17    if the Commissioner shall find from an examination  that  the
18    condition of or operation of the investments or assets of the
19    plan  is unlawful, fraudulent, or unsafe, or that any trustee
20    has  abused  his  trust,  the  Commissioner  shall,  if   the
21    situation so found by the Commissioner shall not be corrected
22    to his satisfaction within 60 days after the Commissioner has
23    given  notice  to the board of directors of the State bank or
24    out-of-state bank of his findings, report the  facts  to  the
25    Attorney  General  who  shall thereupon institute proceedings
26    against the State bank or out-of-state  bank,  the  board  of
27    directors  thereof,  or  the  trustees under such plan as the
28    nature of the case may require.
29        (6)  The Commissioner shall have the power:
30             (a)  To promulgate reasonable rules for the  purpose
31        of administering the provisions of this Act.
32             (b)  To    issue   orders   for   the   purpose   of
33        administering the provisions of this  Act  and  any  rule
34        promulgated in accordance with this Act.
 
                            -11-               LRB9205792LDcs
 1             (c)  To  appoint  hearing officers to execute any of
 2        the powers granted to the Commissioner under this Section
 3        for the purpose of administering this Act  and  any  rule
 4        promulgated in accordance with this Act.
 5             (d)  To   subpoena   witnesses,   to   compel  their
 6        attendance, to administer an oath, to examine any  person
 7        under oath, and to require the production of any relevant
 8        books,  papers,  accounts, and documents in the course of
 9        and pursuant to any investigation being conducted, or any
10        action being taken, by the Commissioner in respect of any
11        matter relating to the duties imposed upon, or the powers
12        vested in, the Commissioner under the provisions of  this
13        Act or any rule promulgated in accordance with this Act.
14             (e)  To conduct hearings.
15        (7)  Whenever,  in  the  opinion of the Commissioner, any
16    director, officer, employee, or agent of  a  State  bank  or,
17    after  May  31,  1997,  of any branch of an out-of-state bank
18    shall have violated any law, rule, or order relating to  that
19    bank  or  shall have engaged in an unsafe or unsound practice
20    in conducting  the  business  of  that  bank  or  shall  have
21    violated  any law or engaged or participated in any unsafe or
22    unsound practice in connection with any financial institution
23    or other business entity such that the character and  fitness
24    of  the director, officer, employee, or agent does not assure
25    reasonable promise of safe and sound operation of  the  State
26    bank,  the Commissioner may issue an order of removal. If, in
27    the  opinion  of  the  Commissioner,  any  former   director,
28    officer,  employee,  or  agent  of a State bank, prior to the
29    termination of his or her service with  that  bank,  violated
30    any  law,  rule,  or  order  relating  to  that State bank or
31    engaged in an unsafe or unsound practice  in  conducting  the
32    business  of  that  bank  or  violated  any law or engaged or
33    participated in any unsafe or unsound practice in  connection
34    with  any financial institution or other business entity such
 
                            -12-               LRB9205792LDcs
 1    that the character and  fitness  of  the  director,  officer,
 2    employee,  or agent would not have assured reasonable promise
 3    of  safe  and  sound  operation  of  the  State   bank,   the
 4    Commissioner  may issue an order prohibiting that person from
 5    further service with a bank as a director, officer, employee,
 6    or agent.  An order issued pursuant to this subsection  shall
 7    be  served  upon the director, officer, employee, or agent. A
 8    copy of the order shall be sent to each director of the  bank
 9    affected  by  registered  mail.  The  person  affected by the
10    action may request a hearing before the State  Banking  Board
11    within  10  days  after receipt of the order of removal.  The
12    hearing shall be held by the Board within 30 days  after  the
13    request  has been received by the Board. The Board shall make
14    a determination approving,  modifying,  or  disapproving  the
15    order   of  the  Commissioner  as  its  final  administrative
16    decision. If a hearing is held by the Board, the Board  shall
17    make  its determination within 60 days from the conclusion of
18    the hearing. Any person affected by a decision of  the  Board
19    under  this subsection (7) of Section 48 of this Act may have
20    the decision reviewed only under and in accordance  with  the
21    Administrative  Review  Law  and  the  rules adopted pursuant
22    thereto. A copy of the order shall also be  served  upon  the
23    bank  of which he is a director, officer, employee, or agent,
24    whereupon he shall cease to be a director, officer, employee,
25    or agent of that bank.   The  Commissioner  may  institute  a
26    civil  action  against the director, officer, or agent of the
27    State bank or, after May 31,  1997,  of  the  branch  of  the
28    out-of-state bank against whom any order provided for by this
29    subsection  (7)  of  this  Section  48  has  been issued, and
30    against the State bank or, after May 31,  1997,  out-of-state
31    bank,  to  enforce compliance with or to enjoin any violation
32    of the terms of the  order.  Any  person  who  has  been  the
33    subject  of  an  order  of removal or an order of prohibition
34    issued by  the Commissioner under this subsection or  Section
 
                            -13-               LRB9205792LDcs
 1    5-6  of  the Corporate Fiduciary Act may not thereafter serve
 2    as director, officer, employee, or agent of any State bank or
 3    of any branch of any out-of-state bank, or of  any  corporate
 4    fiduciary,  as  defined  in  Section  1-5.05 of the Corporate
 5    Fiduciary Act, or of any other  entity  that  is  subject  to
 6    licensure  or regulation by the Commissioner or the Office of
 7    Banks and Real Estate unless  the  Commissioner  has  granted
 8    prior approval in writing.
 9        (8)  The Commissioner may impose civil penalties of up to
10    $10,000   against  any  person  for  each  violation  of  any
11    provision of this Act, any  rule  promulgated  in  accordance
12    with  this  Act,  any order of the Commissioner, or any other
13    action which in the Commissioner's discretion is an unsafe or
14    unsound banking practice.
15        (9)  The Commissioner may impose civil penalties of up to
16    $100 against any person for the first failure to comply  with
17    reporting requirements set forth in the report of examination
18    of  the  bank  and  up  to $200 for the second and subsequent
19    failures to comply with those reporting requirements.
20        (10)  All   final   administrative   decisions   of   the
21    Commissioner hereunder shall be subject  to  judicial  review
22    pursuant  to the provisions of the Administrative Review Law.
23    For matters involving administrative review, venue  shall  be
24    in either Sangamon County or Cook County.
25        (11)  The endowment fund for the Illinois Bank Examiners'
26    Education Foundation shall be administered as follows:
27             (a)  (Blank).
28             (b)  The   Foundation   is   empowered   to  receive
29        voluntary contributions,  gifts,  grants,  bequests,  and
30        donations  on  behalf  of  the  Illinois  Bank Examiners'
31        Education  Foundation  from  national  banks  and   other
32        persons  for  the purpose of funding the endowment of the
33        Illinois Bank Examiners' Education Foundation.
34             (c)  The aggregate of all special  educational  fees
 
                            -14-               LRB9205792LDcs
 1        collected  by  the  Commissioner and property received by
 2        the  Commissioner  on  behalf  of   the   Illinois   Bank
 3        Examiners'  Education  Foundation  under  this subsection
 4        (11) on or after June  30,  1986,  shall  be  either  (i)
 5        promptly paid after receipt of the same, accompanied by a
 6        detailed  statement  thereof, into the State Treasury and
 7        shall be set apart in a special fund to be known as  "The
 8        Illinois  Bank  Examiners' Education Fund" to be invested
 9        by either the Treasurer of the State of Illinois  in  the
10        Public  Treasurers'  Investment  Pool  or  in  any  other
11        investment  he  is  authorized to make or by the Illinois
12        State Board of Investment as the board of trustees of the
13        Illinois Bank Examiners' Education Foundation may  direct
14        or  (ii)  deposited  into  an  account  maintained  in  a
15        commercial bank or corporate fiduciary in the name of the
16        Illinois Bank Examiners' Education Foundation pursuant to
17        the  order  and direction of the Board of Trustees of the
18        Illinois Bank Examiners' Education Foundation.
19        (12)  (Blank).
20    (Source: P.A.  90-14,  eff.  7-1-97;  90-301,  eff.   8-1-97;
21    90-665, eff. 7-30-98; 91-16, eff. 7-1-99.)

22        Section  99.  Effective date.  This Act takes effect July
23    1, 2001.

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