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Public Act 099-0039 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Banking Act is amended by changing | ||||
Sections 48, 48.05, and 78 as follows:
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(205 ILCS 5/48)
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Sec. 48. Secretary's powers; duties. The Secretary shall | ||||
have the
powers and authority, and is charged with the duties | ||||
and responsibilities
designated in this Act, and a State bank | ||||
shall not be subject to any
other visitorial power other than | ||||
as authorized by this Act, except those
vested in the courts, | ||||
or upon prior consultation with the Secretary, a
foreign bank | ||||
regulator with an appropriate supervisory interest in the | ||||
parent
or affiliate of a state bank. In the performance of the | ||||
Secretary's
duties:
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(1) The Commissioner shall call for statements from all | ||||
State banks
as provided in Section 47 at least one time | ||||
during each calendar quarter.
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(2) (a) The Commissioner, as often as the Commissioner | ||||
shall deem
necessary or
proper, and no less frequently than | ||||
18 months following the preceding
examination, shall | ||||
appoint a suitable person or
persons to make an examination | ||||
of the affairs of every State bank,
except that for every |
eligible State bank, as defined by regulation, the
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Commissioner in lieu of the examination may accept on an | ||
alternating basis the
examination made by the eligible | ||
State bank's appropriate federal banking
agency pursuant | ||
to Section 111 of the Federal Deposit Insurance Corporation
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Improvement Act of 1991, provided the appropriate federal | ||
banking agency has
made such an examination. A person so | ||
appointed shall not be a stockholder or
officer or employee | ||
of
any bank which that person may be directed to examine, | ||
and shall have
powers to make a thorough examination into | ||
all the affairs of the bank and
in so doing to examine any | ||
of the officers or agents or employees thereof
on oath and | ||
shall make a full and detailed report of the condition of | ||
the
bank to the Commissioner. In making the examination the | ||
examiners shall
include an examination of the affairs of | ||
all the affiliates of the bank, as
defined in subsection | ||
(b) of Section 35.2 of this Act, or subsidiaries of the
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bank as shall be
necessary to disclose fully the conditions | ||
of the subsidiaries or
affiliates, the relations
between | ||
the bank and the subsidiaries or affiliates and the effect | ||
of those
relations upon
the affairs of the bank, and in | ||
connection therewith shall have power to
examine any of the | ||
officers, directors, agents, or employees of the
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subsidiaries or affiliates
on oath. After May 31, 1997, the | ||
Commissioner may enter into cooperative
agreements
with | ||
state regulatory authorities of other states to provide for |
examination of
State bank branches in those states, and the | ||
Commissioner may accept reports
of examinations of State | ||
bank branches from those state regulatory authorities.
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These cooperative agreements may set forth the manner in | ||
which the other state
regulatory authorities may be | ||
compensated for examinations prepared for and
submitted to | ||
the Commissioner.
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(b) After May 31, 1997, the Commissioner is authorized | ||
to examine, as often
as the Commissioner shall deem | ||
necessary or proper, branches of out-of-state
banks. The | ||
Commissioner may establish and may assess fees to be paid | ||
to the
Commissioner for examinations under this subsection | ||
(b). The fees shall be
borne by the out-of-state bank, | ||
unless the fees are borne by the state
regulatory authority | ||
that chartered the out-of-state bank, as determined by a
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cooperative agreement between the Commissioner and the | ||
state regulatory
authority that chartered the out-of-state | ||
bank.
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(2.1) Pursuant to paragraph (a) of subsection (6) 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 | ||
State banks by the Secretary may be relied upon by the |
State banks. | ||
(2.5) Whenever any State bank, any subsidiary or | ||
affiliate of a State
bank, or after May 31, 1997, any | ||
branch of an out-of-state bank causes to
be performed, by | ||
contract or otherwise, any bank services
for itself, | ||
whether on or off its premises:
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(a) that performance shall be subject to | ||
examination by the Commissioner
to the same extent as | ||
if services were being performed by the bank or, after
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May 31, 1997, branch of the out-of-state bank itself
on | ||
its own premises; and
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(b) the bank or, after May 31, 1997, branch of the | ||
out-of-state bank
shall notify the Commissioner of the | ||
existence of a service
relationship. The notification | ||
shall be submitted with the first statement
of | ||
condition (as required by Section 47 of this Act) due | ||
after the making
of the service contract or the | ||
performance of the service, whichever occurs
first. | ||
The Commissioner shall be notified of each subsequent | ||
contract in
the same manner.
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For purposes of this subsection (2.5), the term "bank | ||
services" means
services such as sorting and posting of | ||
checks and deposits, computation
and posting of interest | ||
and other credits and charges, preparation and
mailing of | ||
checks, statements, notices, and similar items, or any | ||
other
clerical, bookkeeping, accounting, statistical, or |
similar functions
performed for a State bank, including but | ||
not limited to electronic data
processing related to those | ||
bank services.
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(3) The expense of administering this Act, including | ||
the expense of
the examinations of State banks as provided | ||
in this Act, shall to the extent
of the amounts resulting | ||
from the fees provided for in paragraphs (a),
(a-2), and | ||
(b) of this subsection (3) be assessed against and borne by | ||
the
State banks:
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(a) Each bank shall pay to the Secretary a Call | ||
Report Fee which
shall be paid in quarterly | ||
installments equal
to one-fourth of the sum of the | ||
annual fixed fee of $800, plus a variable
fee based on | ||
the assets shown on the quarterly statement of | ||
condition
delivered to the Secretary in accordance | ||
with Section 47 for the
preceding quarter according to | ||
the following schedule: 16¢ per $1,000 of
the first | ||
$5,000,000 of total assets, 15¢ per $1,000 of the next
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$20,000,000 of total assets, 13¢ per $1,000 of the next | ||
$75,000,000 of
total assets, 9¢ per $1,000 of the next | ||
$400,000,000 of total assets, 7¢
per $1,000 of the next | ||
$500,000,000 of total assets, and 5¢ per $1,000 of
all | ||
assets in excess of $1,000,000,000, of the State bank. | ||
The Call Report
Fee shall be calculated by the | ||
Secretary and billed to the banks for
remittance at the | ||
time of the quarterly statements of condition
provided |
for in Section 47. The Secretary may require payment of | ||
the fees
provided in this Section by an electronic | ||
transfer of funds or an automatic
debit of an account | ||
of each of the State banks. In case more than one
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examination of any
bank is deemed by the Secretary to | ||
be necessary in any examination
frequency cycle | ||
specified in subsection 2(a) of this Section,
and is | ||
performed at his direction, the Secretary may
assess a | ||
reasonable additional fee to recover the cost of the | ||
additional
examination; provided, however, that an | ||
examination conducted at the request
of the State | ||
Treasurer pursuant to the Uniform Disposition of | ||
Unclaimed
Property Act shall not be deemed to be an | ||
additional examination under this
Section.
In lieu
of | ||
the method and amounts set forth in this paragraph (a) | ||
for the calculation
of the Call Report Fee, the | ||
Secretary may specify by
rule that the Call Report Fees | ||
provided by this Section may be assessed
semiannually | ||
or some other period and may provide in the rule the | ||
formula to
be
used for calculating and assessing the | ||
periodic Call Report Fees to be paid by
State
banks.
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(a-1) If in the opinion of the Commissioner an | ||
emergency exists or
appears likely, the Commissioner | ||
may assign an examiner or examiners to
monitor the | ||
affairs of a State bank with whatever frequency he | ||
deems
appropriate, including but not limited to a daily |
basis. The reasonable
and necessary expenses of the | ||
Commissioner during the period of the monitoring
shall | ||
be borne by the subject bank. The Commissioner shall | ||
furnish the
State bank a statement of time and expenses | ||
if requested to do so within 30
days of the conclusion | ||
of the monitoring period.
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(a-2) On and after January 1, 1990, the reasonable | ||
and necessary
expenses of the Commissioner during | ||
examination of the performance of
electronic data | ||
processing services under subsection (2.5) shall be
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borne by the banks for which the services are provided. | ||
An amount, based
upon a fee structure prescribed by the | ||
Commissioner, shall be paid by the
banks or, after May | ||
31, 1997, branches of out-of-state banks receiving the
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electronic data processing services along with the
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Call Report Fee assessed under paragraph (a) of this
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subsection (3).
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(a-3) After May 31, 1997, the reasonable and | ||
necessary expenses of the
Commissioner during | ||
examination of the performance of electronic data
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processing services under subsection (2.5) at or on | ||
behalf of branches of
out-of-state banks shall be borne | ||
by the out-of-state banks, unless those
expenses are | ||
borne by the state regulatory authorities that | ||
chartered the
out-of-state banks, as determined by | ||
cooperative agreements between the
Commissioner and |
the state regulatory authorities that chartered the
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out-of-state banks.
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(b) "Fiscal year" for purposes of this Section 48 | ||
is defined as a
period beginning July 1 of any year and | ||
ending June 30 of the next year.
The Commissioner shall | ||
receive for each fiscal year, commencing with the
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fiscal year ending June 30, 1987, a contingent fee | ||
equal to the lesser of
the aggregate of the fees paid | ||
by all State banks under paragraph (a) of
subsection | ||
(3) for that year, or the amount, if any, whereby the | ||
aggregate
of the administration expenses, as defined | ||
in paragraph (c), for that
fiscal year exceeds the sum | ||
of the aggregate of the fees payable by all
State banks | ||
for that year under paragraph (a) of subsection (3),
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plus any amounts transferred into the Bank and Trust | ||
Company Fund from the
State Pensions Fund for that | ||
year,
plus all
other amounts collected by the | ||
Commissioner for that year under any
other provision of | ||
this Act, plus the aggregate of all fees
collected for | ||
that year by the Commissioner under the Corporate | ||
Fiduciary
Act, excluding the receivership fees | ||
provided for in Section 5-10 of the
Corporate Fiduciary | ||
Act, and the Foreign Banking Office Act.
The aggregate | ||
amount of the contingent
fee thus arrived at for any | ||
fiscal year shall be apportioned amongst,
assessed | ||
upon, and paid by the State banks and foreign banking |
corporations,
respectively, in the same proportion
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that the fee of each under paragraph (a) of subsection | ||
(3), respectively,
for that year bears to the aggregate | ||
for that year of the fees collected
under paragraph (a) | ||
of subsection (3). The aggregate amount of the
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contingent fee, and the portion thereof to be assessed | ||
upon each State
bank and foreign banking corporation,
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respectively, shall be determined by the Commissioner | ||
and shall be paid by
each, respectively, within 120 | ||
days of the close of the period for which
the | ||
contingent fee is computed and is payable, and the | ||
Commissioner shall
give 20 days advance notice of the | ||
amount of the contingent fee payable by
the State bank | ||
and of the date fixed by the Commissioner for payment | ||
of
the fee.
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(c) The "administration expenses" for any fiscal | ||
year shall mean the
ordinary and contingent expenses | ||
for that year incident to making the
examinations | ||
provided for by, and for otherwise administering, this | ||
Act,
the Corporate Fiduciary Act, excluding the | ||
expenses paid from the
Corporate Fiduciary | ||
Receivership account in the Bank and Trust Company
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Fund, the Foreign Banking Office Act,
the Electronic | ||
Fund Transfer Act,
and the Illinois Bank Examiners'
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Education Foundation Act, including all salaries and | ||
other
compensation paid for personal services rendered |
for the State by
officers or employees of the State, | ||
including the Commissioner and the
Deputy | ||
Commissioners, communication equipment and services, | ||
office furnishings, surety bond
premiums, and travel | ||
expenses of those officers and employees, employees,
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expenditures or charges for the acquisition, | ||
enlargement or improvement
of, or for the use of, any | ||
office space, building, or structure, or
expenditures | ||
for the maintenance thereof or for furnishing heat, | ||
light,
or power with respect thereto, all to the extent | ||
that those expenditures
are directly incidental to | ||
such examinations or administration.
The Commissioner | ||
shall not be required by paragraphs (c) or (d-1) of | ||
this
subsection (3) to maintain in any fiscal year's | ||
budget appropriated reserves
for accrued vacation and | ||
accrued sick leave that is required to be paid to
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employees of the Commissioner upon termination of | ||
their service with the
Commissioner in an amount that | ||
is more than is reasonably anticipated to be
necessary | ||
for any anticipated turnover in employees, whether due | ||
to normal
attrition or due to layoffs, terminations, or | ||
resignations.
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(d) The aggregate of all fees collected by the | ||
Secretary under
this Act, the Corporate Fiduciary Act,
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or the Foreign Banking Office Act on
and after July 1, | ||
1979, shall be paid promptly after receipt of the same,
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accompanied by a detailed statement thereof, into the | ||
State treasury and
shall be set apart in a special fund | ||
to be known as the "Bank and Trust
Company Fund", | ||
except as provided in paragraph (c) of subsection (11) | ||
of
this Section. All earnings received from | ||
investments of funds in the Bank
and
Trust Company Fund | ||
shall be deposited in the Bank and Trust Company Fund
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and may be used for the same purposes as fees deposited | ||
in that Fund. The
amount from time to time deposited | ||
into the Bank and
Trust Company Fund shall be used: (i) | ||
to offset the ordinary administrative
expenses of the | ||
Secretary as defined in
this Section or (ii) as a | ||
credit against fees under paragraph (d-1) of this | ||
subsection (3). Nothing in this amendatory Act of 1979 | ||
shall prevent
continuing the practice of paying | ||
expenses involving salaries, retirement,
social | ||
security, and State-paid insurance premiums of State | ||
officers by
appropriations from the General Revenue | ||
Fund. However, the General Revenue
Fund shall be | ||
reimbursed for those payments made on and after July 1, | ||
1979,
by an annual transfer of funds from the Bank and | ||
Trust Company Fund. Moneys in the Bank and Trust | ||
Company Fund may be transferred to the Professions | ||
Indirect Cost Fund, as authorized under Section | ||
2105-300 of the Department of Professional Regulation | ||
Law of the Civil Administrative Code of Illinois.
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Notwithstanding provisions in the State Finance | ||
Act, as now or hereafter amended, or any other law to | ||
the contrary, the sum of $18,788,847 shall be | ||
transferred from the Bank and Trust Company Fund to the | ||
Financial Institutions Settlement of 2008 Fund on the | ||
effective date of this amendatory Act of the 95th | ||
General Assembly, or as soon thereafter as practical. | ||
Notwithstanding provisions in the State Finance | ||
Act, as now or hereafter amended, or any other law to | ||
the contrary, the Governor may, during any fiscal year | ||
through January 10, 2011, from time to time direct the | ||
State Treasurer and Comptroller to transfer a | ||
specified sum not exceeding 10% of the revenues to be | ||
deposited into the Bank and Trust Company Fund during | ||
that fiscal year from that Fund to the General Revenue | ||
Fund in order to help defray the State's operating | ||
costs for the fiscal year. Notwithstanding provisions | ||
in the State Finance Act, as now or hereafter amended, | ||
or any other law to the contrary, the total sum | ||
transferred during any fiscal year through January 10, | ||
2011, from the Bank and Trust Company Fund to the | ||
General Revenue Fund pursuant to this provision shall | ||
not exceed during any fiscal year 10% of the revenues | ||
to be deposited into the Bank and Trust Company Fund | ||
during that fiscal year. The State Treasurer and | ||
Comptroller shall transfer the amounts designated |
under this Section as soon as may be practicable after | ||
receiving the direction to transfer from the Governor.
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(d-1) Adequate funds shall be available in the Bank | ||
and Trust
Company Fund to permit the timely payment of | ||
administration expenses. In
each fiscal year the total | ||
administration expenses shall be deducted from
the | ||
total fees collected by the Commissioner and the | ||
remainder transferred
into the Cash Flow Reserve | ||
Account, unless the balance of the Cash Flow
Reserve | ||
Account prior to the transfer equals or exceeds
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one-fourth of the total initial appropriations from | ||
the Bank and Trust
Company Fund for the subsequent | ||
year, in which case the remainder shall be
credited to | ||
State banks and foreign banking corporations
and | ||
applied against their fees for the subsequent
year. The | ||
amount credited to each State bank and foreign banking | ||
corporation
shall be in the same proportion as the
Call | ||
Report Fees paid by each for the year bear to the total | ||
Call Report
Fees collected for the year. If, after a | ||
transfer to the Cash Flow Reserve
Account is made or if | ||
no remainder is available for transfer, the balance
of | ||
the Cash Flow Reserve Account is less than one-fourth | ||
of the total
initial appropriations for the subsequent | ||
year and the amount transferred
is less than 5% of the | ||
total Call Report Fees for the year, additional
amounts | ||
needed to make the transfer equal to 5% of the total |
Call Report
Fees for the year shall be apportioned | ||
amongst, assessed upon, and
paid by the State banks and | ||
foreign banking corporations
in the same proportion | ||
that the Call Report Fees of each,
respectively, for | ||
the year bear to the total Call Report Fees collected | ||
for
the year. The additional amounts assessed shall be | ||
transferred into the
Cash Flow Reserve Account. For | ||
purposes of this paragraph (d-1), the
calculation of | ||
the fees collected by the Commissioner shall exclude | ||
the
receivership fees provided for in Section 5-10 of | ||
the Corporate Fiduciary Act.
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(e) The Commissioner may upon request certify to | ||
any public record
in his keeping and shall have | ||
authority to levy a reasonable charge for
issuing | ||
certifications of any public record in his keeping.
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(f) In addition to fees authorized elsewhere in | ||
this Act, the
Commissioner
may, in connection with a | ||
review, approval, or provision of a service, levy a
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reasonable charge to recover the cost of the review, | ||
approval, or service.
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(4) Nothing contained in this Act shall be construed to | ||
limit the
obligation relative to examinations and reports | ||
of any State bank, deposits
in which are to any extent | ||
insured by the United States or any agency
thereof, nor to | ||
limit in any way the powers of the Commissioner with
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reference to examinations and reports of that bank.
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(5) The nature and condition of the assets in or | ||
investment of any
bonus, pension, or profit sharing plan | ||
for officers or employees of every
State bank or, after May | ||
31, 1997, branch of an out-of-state bank shall be
deemed to | ||
be included in the affairs of that State
bank or branch of | ||
an out-of-state bank subject to examination by the
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Commissioner under the
provisions of subsection (2) of this | ||
Section, and if the Commissioner
shall find from an | ||
examination that the condition of or operation
of the | ||
investments or assets of the plan is unlawful, fraudulent, | ||
or
unsafe, or that any trustee has abused his trust, the | ||
Commissioner
shall, if the situation so found by the | ||
Commissioner shall not be
corrected to his satisfaction | ||
within 60 days after the Commissioner has
given notice to | ||
the board of directors of the State bank or out-of-state
| ||
bank of his
findings, report the facts to the Attorney | ||
General who shall thereupon
institute proceedings against | ||
the State bank or out-of-state bank, the
board of directors
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thereof, or the trustees under such plan as the nature of | ||
the case may require.
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(6) The Commissioner shall have the power:
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(a) To promulgate reasonable rules for the purpose | ||
of
administering the provisions of this Act.
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(a-5) To impose conditions on any approval issued | ||
by the Commissioner
if he determines that the | ||
conditions are necessary or appropriate. These
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conditions shall be imposed in writing and shall | ||
continue
in effect for the period prescribed by the | ||
Commissioner.
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(b) To issue orders
against any person, if the | ||
Commissioner has
reasonable cause to believe that an | ||
unsafe or unsound banking practice
has occurred, is | ||
occurring, or is about to occur, if any person has | ||
violated,
is violating, or is about to violate any law, | ||
rule, or written
agreement with the Commissioner, or
| ||
for the purpose of administering the provisions of
this | ||
Act and any rule promulgated in accordance with this | ||
Act.
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(b-1) To enter into agreements with a bank | ||
establishing a program to
correct the condition of the | ||
bank or its practices.
| ||
(c) To appoint hearing officers to execute any of | ||
the powers granted to
the Commissioner under this | ||
Section for the purpose of administering this
Act and | ||
any rule promulgated in accordance with this Act
and | ||
otherwise to authorize, in writing, an officer or | ||
employee of the Office
of
Banks and Real Estate to | ||
exercise his powers under this Act.
| ||
(d) 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 being | ||
conducted, or any action being taken,
by the | ||
Commissioner in respect of any matter relating to the | ||
duties imposed
upon, or the powers vested in, the | ||
Commissioner under the provisions of
this Act or any | ||
rule promulgated in accordance with this Act.
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(e) To conduct hearings.
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(7) Whenever, in the opinion of the Secretary, any | ||
director,
officer, employee, or agent of a State bank
or | ||
any subsidiary or bank holding company of the bank
or, | ||
after May 31, 1997, of any
branch of an out-of-state bank
| ||
or any subsidiary or bank holding company of the bank
shall | ||
have violated any law,
rule, or order relating to that bank
| ||
or any subsidiary or bank holding company of the bank, | ||
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
or any subsidiary or bank holding company of the | ||
bank,
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 State | ||
bank, the
Secretary
may issue an order of removal.
If, in | ||
the opinion of the Secretary, any former director, officer,
|
employee,
or agent of a State bank
or any subsidiary or | ||
bank holding company of the bank, prior to the
termination | ||
of his or her service with
that bank
or any subsidiary or | ||
bank holding company of the bank, violated any law,
rule, | ||
or order relating to that
State bank
or any subsidiary or | ||
bank holding company of the bank, obstructed or impeded
any | ||
examination or investigation by the Secretary, engaged in | ||
an unsafe or unsound practice in conducting the
business of | ||
that bank
or any subsidiary or bank holding company of the | ||
bank,
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 State bank, the Secretary may | ||
issue an order
prohibiting that person from
further
service | ||
with a bank
or any subsidiary or bank holding company of | ||
the bank
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 | ||
affected by registered mail. A copy of
the order shall also | ||
be served upon the bank 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. The | ||
Secretary may
institute a civil action against the |
director, officer, or agent of the
State bank or, after May | ||
31, 1997, of the branch of the out-of-state bank
against | ||
whom any order provided for by this subsection (7) of
this | ||
Section 48 has been issued, and against the State bank or, | ||
after May 31,
1997, out-of-state bank, 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 or Section 5-6 of the | ||
Corporate Fiduciary Act may not
thereafter serve as | ||
director, officer, employee, or agent of any State bank
or | ||
of any branch of any out-of-state bank,
or 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.
| ||
For purposes of this paragraph (7), "bank holding | ||
company" has the
meaning prescribed in Section 2 of the | ||
Illinois Bank Holding Company Act of
1957.
| ||
(8) The Commissioner may impose civil penalties of up | ||
to $100,000 against
any person for each violation of any | ||
provision of this Act, any rule
promulgated in accordance | ||
with this Act, any order of the Commissioner, or
any other | ||
action which in the Commissioner's discretion is an unsafe | ||
or
unsound banking practice.
| ||
(9) The Commissioner may impose civil penalties of up |
to $100
against any person for the first failure to comply | ||
with reporting
requirements set forth in the report of | ||
examination of the bank and up to
$200 for the second and | ||
subsequent failures to comply with those reporting
| ||
requirements.
| ||
(10) All final administrative decisions of the | ||
Commissioner hereunder
shall be subject to judicial review | ||
pursuant to the provisions of the
Administrative Review | ||
Law. For matters involving administrative review,
venue | ||
shall be in either Sangamon County or Cook County.
| ||
(11) The endowment fund for the Illinois Bank | ||
Examiners' Education
Foundation shall be administered as | ||
follows:
| ||
(a) (Blank).
| ||
(b) The Foundation is empowered to receive | ||
voluntary contributions,
gifts, grants, bequests, and | ||
donations on behalf of the Illinois Bank
Examiners' | ||
Education Foundation from national banks and other | ||
persons for
the purpose of funding the endowment of the | ||
Illinois Bank Examiners'
Education Foundation.
| ||
(c) The aggregate of all special educational fees | ||
collected by the
Secretary and property received by the | ||
Secretary on behalf of the
Illinois Bank Examiners' | ||
Education Foundation under this subsection
(11) on or | ||
after June 30, 1986, shall be either (i) promptly paid | ||
after
receipt of the same, accompanied by a detailed |
statement thereof, into the
State Treasury and shall be | ||
set apart in a special fund to be known as "The
| ||
Illinois Bank Examiners' Education Fund" to be | ||
invested by either the
Treasurer of the State of | ||
Illinois in the Public Treasurers' Investment
Pool or | ||
in any other investment he is authorized to make or by | ||
the Illinois
State Board of Investment as the State | ||
Banking Board of Illinois may direct or (ii) deposited | ||
into an account
maintained in a commercial bank or | ||
corporate fiduciary in the name of the
Illinois Bank | ||
Examiners' Education Foundation pursuant to the order | ||
and
direction of the Board of Trustees of the Illinois | ||
Bank Examiners' Education
Foundation.
| ||
(12) (Blank).
| ||
(13) The Secretary may borrow funds from the General | ||
Revenue Fund on behalf of the Bank and Trust Company Fund | ||
if the Director of Banking certifies to the Governor that | ||
there is an economic emergency affecting banking that | ||
requires a borrowing to provide additional funds to the | ||
Bank and Trust Company Fund. The borrowed funds shall be | ||
paid back within 3 years and shall not exceed the total | ||
funding appropriated to the Agency in the previous year. | ||
(14) In addition to the fees authorized in this Act, | ||
the Secretary may assess reasonable receivership fees | ||
against any State bank that does not maintain insurance | ||
with the Federal Deposit Insurance Corporation. All fees |
collected under this subsection (14) shall be paid into the | ||
Non-insured Institutions Receivership account in the Bank | ||
and Trust Company Fund, as established by the Secretary. | ||
The fees assessed under this subsection (14) shall provide | ||
for the expenses that arise from the administration of the | ||
receivership of any such institution required to pay into | ||
the Non-insured Institutions Receivership account, whether | ||
pursuant to this Act, the Corporate Fiduciary Act, the | ||
Foreign Banking Office Act, or any other Act that requires | ||
payments into the Non-insured Institutions Receivership | ||
account. The Secretary may establish by rule a reasonable | ||
manner of assessing fees under this subsection (14). | ||
(Source: P.A. 97-333, eff. 8-12-11; 98-784, eff. 7-24-14.)
| ||
(205 ILCS 5/48.05)
| ||
Sec. 48.05. Regulatory fees. For the fiscal year beginning | ||
July 1, 2007 and every year thereafter, each state bank | ||
regulated by the Department shall pay a regulatory fee to the | ||
Department based upon its total assets as reflected in the most | ||
recent quarterly report of condition shown by its year-end Call | ||
Report at the following rates: | ||
19.295¢ per $1,000 of the first $5,000,000 of total | ||
assets; | ||
18.16¢ per $1,000 of the next $20,000,000 of total | ||
assets; | ||
15.89¢ per $1,000 of the next $75,000,000 of total |
assets; | ||
10.7825¢ per $1,000 of the next $400,000,000 of total | ||
assets; | ||
8.5125¢ per $1,000 of the next $500,000,000 of total | ||
assets; | ||
6.2425¢ per $1,000 of the next $19,000,000,000 of total | ||
assets; | ||
2.27¢ per $1,000 of the next $30,000,000,000 of total | ||
assets; | ||
1.135¢ per $1,000 of the next $50,000,000,000 of total | ||
assets; and | ||
0.5675¢ per $1,000 of all assets in excess of | ||
$100,000,000,000 of the state bank.
| ||
(Source: P.A. 95-1047, eff. 4-6-09.)
| ||
(205 ILCS 5/78) (from Ch. 17, par. 390)
| ||
Sec. 78. Board of banks and trust companies; creation, | ||
members, appointment.
There is created a Board which shall be | ||
known as the State Banking Board of
Illinois which shall | ||
consist of the Director of Banking, who shall be its chairman,
| ||
and 11 additional members. The Board shall be comprised of | ||
individuals interested in the banking industry. Two members | ||
shall be from State banks having total assets of not more than | ||
$75,000,000 at the time of their appointment; 2 members shall | ||
be from State banks having total assets of more than | ||
$75,000,000, but not more than $150,000,000 at the time of |
their appointment; 2 members shall be from State banks having | ||
total assets of more than $150,000,000, but not more than | ||
$500,000,000 at the time of their appointment; 2 members shall | ||
be from State banks having total assets of more than | ||
$500,000,000, but not more than $2,000,000,000 at the time of | ||
their appointment, and one member shall be from a State bank | ||
having total assets of more than $2,000,000,000 at the time of | ||
his or her appointment. There shall be 2 public members, | ||
neither of whom shall be an officer or director of or owner, | ||
whether directly or indirectly, of more than 5% of the | ||
outstanding capital stock of any bank. Members of the State | ||
Banking Board of Illinois cease to be eligible to serve on the | ||
Board once they no longer meet the requirements of their | ||
original appointment; however, a member from a State bank shall | ||
not be disqualified solely due to a change in the bank's asset | ||
size.
| ||
(Source: P.A. 96-1163, eff. 1-1-11.)
| ||
Section 10. The Savings Bank Act is amended by changing | ||
Sections 9002.5, 10085, and 12201 as follows: | ||
(205 ILCS 205/9002.5) | ||
Sec. 9002.5. Regulatory fees. | ||
(a) For the fiscal year beginning July 1, 2007 and every | ||
year thereafter, each savings bank and each service corporation | ||
operating under this Act shall pay in quarterly installments |
equal to one-fourth of a fixed fee of $520, plus a variable fee | ||
based on the total assets of the savings bank or service | ||
corporation , as shown in the quarterly report of condition, at | ||
the following rates: | ||
24.97¢ per $1,000 of the first $2,000,000 of total | ||
assets; | ||
22.70¢ per $1,000 of the next $3,000,000 of total | ||
assets; | ||
20.43¢ per $1,000 of the next $5,000,000 of total | ||
assets; | ||
17.025¢ per $1,000 of the next $15,000,000 of total | ||
assets; | ||
14.755¢ per $1,000 of the next $25,000,000 of total | ||
assets; | ||
12.485¢ per $1,000 of the next $50,000,000 of total | ||
assets; | ||
10.215¢ per $1,000 of the next $400,000,000 of total | ||
assets; | ||
6.81¢ per $1,000 of the next $500,000,000 of total | ||
assets; and | ||
4.54¢ per $1,000 of all total assets in excess of | ||
$1,000,000,000 of such savings bank or service | ||
corporation. | ||
As used in this Section, "quarterly report of condition" | ||
means the Report of Condition and Income (Call Report), which | ||
the Secretary requires. |
(b) (Blank). The Secretary shall receive and there shall be | ||
paid to the Secretary an additional fee as an adjustment to the | ||
supervisory fee, based upon the difference between the total | ||
assets of each savings bank and each service corporation as | ||
shown by its financial report filed with the Secretary for the | ||
reporting period of the calendar year ended December 31 on | ||
which the supervisory fee was based and the total assets of | ||
each savings bank and each service corporation as shown by its | ||
financial report filed with the Secretary for the reporting | ||
period of the calendar year ended December 31 in which the | ||
quarterly payments are made according to the following | ||
schedule: | ||
24.97¢ per $1,000 of the first $2,000,000 of total | ||
assets; | ||
22.70¢ per $1,000 of the next $3,000,000 of total | ||
assets; | ||
20.43¢ per $1,000 of the next $5,000,000 of total | ||
assets; | ||
17.025¢ per $1,000 of the next $15,000,000 of total | ||
assets; | ||
14.755¢ per $1,000 of the next $25,000,000 of total | ||
assets; | ||
12.485¢ per $1,000 of the next $50,000,000 of total | ||
assets; | ||
10.215¢ per $1,000 of the next $400,000,000 of total | ||
assets; |
6.81¢ per $1,000 of the next $500,000,000 of total | ||
assets; and | ||
4.54¢ per $1,000 of all total assets in excess of | ||
$1,000,000,000 of such savings bank or service | ||
corporation. | ||
(c) The Secretary shall receive and there shall be paid to | ||
the Secretary by each savings bank and each service corporation | ||
a fee of $520 for each approved branch office or facility | ||
office established under the Illinois Administrative Code. The | ||
determination of the fees shall be made annually as of the | ||
close of business of the prior calendar year ended December 31.
| ||
(d) The Secretary shall receive for each fiscal year, | ||
commencing with the fiscal year ending June 30, 2014, a | ||
contingent fee equal to the lesser of the aggregate of the fees | ||
paid by all savings banks under subsections (a), (b), and (c) | ||
of this Section for that year, or the amount, if any, whereby | ||
the aggregate of the administration expenses, as defined in | ||
subsection (c) of Section 9002.1 of this Act, for that fiscal | ||
year exceeds the sum of the aggregate of the fees payable by | ||
all savings banks for that year under subsections (a), (b), and | ||
(c) of this Section, plus any amounts transferred into the | ||
Savings Bank Regulatory Fund from the State Pensions Fund for | ||
that year, plus all other amounts collected by the Secretary | ||
for that year under any other provision of this Act. The | ||
aggregate amount of the contingent fee thus arrived at for any | ||
fiscal year shall be apportioned amongst, assessed upon, and |
paid by the savings banks, respectively, in the same proportion | ||
that the fee of each under subsections (a), (b), and (c) of | ||
this Section, respectively, for that year bears to the | ||
aggregate for that year of the fees collected under subsections | ||
(a), (b), and (c) of this Section. The aggregate amount of the | ||
contingent fee, and the portion thereof to be assessed upon | ||
each savings bank, respectively, shall be determined by the | ||
Secretary and shall be paid by each, respectively, within 120 | ||
days of the close of the period for which the contingent fee is | ||
computed and is payable, and the Secretary shall give 20 days | ||
advance notice of the amount of the contingent fee payable by | ||
the savings bank and of the date fixed by the Secretary for | ||
payment of the fee. | ||
(Source: P.A. 98-1081, eff. 1-1-15 .) | ||
(205 ILCS 205/10085) | ||
Sec. 10085. Expenses and fees. | ||
(a) In addition to the fees authorized in this Act, the | ||
Secretary may assess reasonable receivership fees against any | ||
savings bank operating under this Act that does not maintain | ||
insurance with the Federal Deposit Insurance Corporation. All | ||
fees collected under this subsection (a) shall be paid into the | ||
Non-insured Institutions Receivership account in the Bank and | ||
Trust Company Fund, as established by the Secretary. The fees | ||
assessed under this subsection (a) shall provide for the | ||
expenses that arise from the administration of the receivership |
of any such institution required to pay into the Non-insured | ||
Institutions Receivership account, whether pursuant to this | ||
Act, the Illinois Banking Act, the Corporate Fiduciary Act, the | ||
Foreign Banking Office Act, or any other Act that requires | ||
payments into the Non-insured Institutions Receivership | ||
account. | ||
(b) The Secretary may establish by rule a reasonable manner | ||
of assessing fees under subsection (a). | ||
(c) All expenses of a receivership, including reasonable | ||
receiver's and attorney's fees approved by the Secretary , shall | ||
be paid out of the assets of the savings bank. If the funds in | ||
the estate of the savings bank are insufficient to cover the | ||
expenses that arise from the administration of a receivership, | ||
the Secretary may pay such expenses from the Non-insured | ||
Institutions Receivership account. All expenses of any | ||
preliminary or other examination into the condition of any such | ||
savings bank or receivership and all expenses incident to and | ||
in connection with the possession and control of the bank and | ||
its assets for the purpose of examination, reorganization, or | ||
liquidation through receivership shall be paid out of the | ||
assets of the savings bank ; if such funds are insufficient, the | ||
Secretary may pay such expenses from the Non-insured | ||
Institutions Receivership account . The payment authorized | ||
under this subsection (c) Section may be made by the Secretary | ||
with moneys and property of the bank in his or her possession | ||
and control and shall have priority over all claims.
|
(Source: P.A. 96-1365, eff. 7-28-10.) | ||
(205 ILCS 205/12201) | ||
Sec. 12201. Board of Savings Banks; appointment. The Board | ||
of Savings Bank is established pursuant to Section 12104 of | ||
this Act. The Board of Savings Banks shall be composed of the | ||
Director of Banking, who shall be its chairperson and have the | ||
power to vote, and 7 persons appointed by the Governor. Two of | ||
the 7 persons appointed by the Governor shall represent the | ||
public interest and the remainder shall have been engaged | ||
actively in savings bank or savings and loan management in this | ||
State for at least 5 years immediately prior to appointment. | ||
Each member of the Board appointed by the Governor shall be | ||
reimbursed for ordinary and necessary expenses incurred in | ||
attending the meetings of the Board. Members, excluding the | ||
chairperson, shall be appointed for 4-year terms to expire on | ||
the third Monday in January. Except as otherwise provided in | ||
this Section, members of the Board shall serve until their | ||
respective successors are appointed and qualified. A member who | ||
tenders a written resignation shall serve only until the | ||
resignation is accepted by the chairperson. A member who fails | ||
to attend 3 consecutive Board meetings without an excused | ||
absence shall no longer serve as a member. Members of the Board | ||
of Savings Banks cease to be eligible to serve on the Board | ||
once they no longer meet the requirements of their original | ||
appointment. The Governor shall fill any vacancy by the |
appointment of a member for the unexpired term in the same | ||
manner as in the making of original appointments.
| ||
(Source: P.A. 98-1081, eff. 1-1-15 .)
|