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SB2101 Engrossed |
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LRB096 11443 MJR 21918 b |
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| AN ACT concerning State government.
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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 Bank Examiners' Education |
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| Foundation Act is amended by changing Sections 1, 3.01, 4, 5, |
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| and 8 and by adding Section 3.07 as follows:
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| (20 ILCS 3210/1) (from Ch. 17, par. 401)
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| Sec. 1.
The Illinois Bank Examiners' Education Foundation |
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| is hereby
created for the purpose of providing a means through |
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| which funds may be
raised, invested and disbursed for |
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| continuing education and professional
training activity for |
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| the examination employees of the Division of Banking whose |
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| responsibilities include the supervision and regulation of |
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| commercial banks, foreign banking offices, trust companies, |
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| and their information technology service providers |
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| Commissioner's office .
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/3.01) (from Ch. 17, par. 403.1)
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| Sec. 3.01.
"Board" means the State Banking Board of |
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| Illinois Board of Trustees of the Illinois Bank
Examiners' |
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| Education Foundation created by the Illinois Banking Act this |
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| Act .
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SB2101 Engrossed |
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LRB096 11443 MJR 21918 b |
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/3.07 new) |
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| Sec. 3.07. Division of Banking. "Division of Banking" means |
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| the Division of Banking of the Department of Financial and |
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| Professional Regulation.
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| (20 ILCS 3210/4) (from Ch. 17, par. 404)
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| Sec. 4.
The Foundation shall establish an endowment fund |
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| with the
monies in the Illinois Bank Examiners' Education Fund. |
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| The income from such
Fund shall be used to pay for continuing |
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| education and professional
training activity for the |
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| examination employees of the Division of Banking whose |
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| responsibilities include the supervision and regulation of |
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| commercial banks, foreign banking offices, trust companies, |
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| and their information technology service providers |
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| Commissioner's
office authorized by the Board of the Illinois |
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| Bank Examiners' Education
Program and to pay for reasonable |
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| expenses incurred by the Board in the
course of its official |
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| duties. The continuing education and professional
training |
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| activity to be funded by the Foundation shall be a supplement |
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| to
the education and training expenditures regularly being made |
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| from the Bank
& Trust Company Fund for such purposes.
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/5) (from Ch. 17, par. 405)
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LRB096 11443 MJR 21918 b |
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| Sec. 5. The Foundation shall be governed by the State |
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| Banking Board of Illinois a Board of Trustees . The
Board shall |
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| consist of the following trustees: the Commissioner, who shall
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| be its chairman; one Class A member and three Class B members |
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| from the
State Banking Board of Illinois, appointed by the |
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| Governor.
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| The terms of the trustees of the Foundation who are members |
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| of the State
Banking Board of Illinois are to be coextensive |
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| with their terms on the
State Banking Board of Illinois. An |
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| appointment to fill a vacancy shall be
for the unexpired term |
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| of the trustee whose term is being filled. Trustees
shall |
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| receive no compensation for service on the Board, but shall be
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| reimbursed for all reasonable and necessary expenditures |
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| incurred in the
performance of their official duties.
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| (Source: P.A. 84-1127.)
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| (20 ILCS 3210/8) (from Ch. 17, par. 408)
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| Sec. 8.
No Neither the Commissioner nor any member of the |
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| Board shall be
subject to any civil liability or penalty, |
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| whether for damages or
otherwise, on account of or for any |
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| action taken or omitted to be taken in
their respective |
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| official capacities, except when such acts or omissions to
act |
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| are corrupt or malicious or unless such action is taken or |
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| omitted to
be taken not in good faith and without reasonable |
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| grounds.
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| (Source: P.A. 84-1127.)
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SB2101 Engrossed |
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LRB096 11443 MJR 21918 b |
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| Section 10. The Illinois Banking Act is amended by changing |
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| Sections 2, 48, 78, 79, 80, and 82 as follows:
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| (205 ILCS 5/2) (from Ch. 17, par. 302)
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| Sec. 2. General definitions. In this Act, unless the |
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| context otherwise
requires, the following words and phrases |
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| shall have the following meanings:
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| "Accommodation party" shall have the meaning ascribed to |
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| that term in
Section 3-419 of the Uniform Commercial Code.
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| "Action" in the sense of a judicial proceeding includes |
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| recoupments,
counterclaims, set-off, and any other proceeding |
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| in which
rights are determined.
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| "Affiliate facility" of a bank means a main banking |
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| premises or branch
of another commonly owned bank.
The main |
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| banking premises or any branch of a bank
may be an "affiliate |
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| facility" with respect to one or more other commonly owned
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| banks.
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| "Appropriate federal banking agency" means the Federal |
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| Deposit Insurance
Corporation, the Federal Reserve Bank of |
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| Chicago, or the Federal Reserve Bank
of St. Louis, as |
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| determined by federal law.
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| "Bank" means any person doing a banking business whether |
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| subject to the
laws of this or any other jurisdiction.
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| A "banking house", "branch", "branch bank" or "branch
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| office" shall mean any place of business of a bank at which |
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LRB096 11443 MJR 21918 b |
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| deposits are
received, checks paid, or loans made, but shall |
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| not include any place at
which only records thereof are made, |
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| posted, or kept. A place of business
at which deposits are |
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| received, checks paid, or loans made shall not be
deemed to be |
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| a branch, branch bank, or branch office if the place of
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| business is adjacent to and connected with the main banking |
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| premises, or if
it is separated from the main banking premises |
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| by not more than an alley;
provided always that (i) if the |
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| place of business is separated by an alley
from the main |
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| banking premises there is a connection between the two by
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| public or private way or by subterranean or overhead passage, |
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| and (ii) if
the place of business is in a building not wholly |
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| occupied by the bank, the
place of business shall not be within |
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| any office or room in which any other
business or service of |
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| any kind or nature other than the business of the
bank is |
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| conducted or carried on. A place of business at which deposits |
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| are
received, checks paid, or loans made shall not be deemed to |
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| be a branch,
branch bank, or branch office (i) of any bank if |
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| the place is a terminal established and maintained in |
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| accordance with
paragraph
(17) of Section 5 of this Act, or |
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| (ii) of a commonly owned bank
by virtue of
transactions |
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| conducted at that place on behalf of the other commonly owned |
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| bank
under paragraph (23) of Section 5 of this Act if the place |
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| is an affiliate
facility with respect to the other bank.
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| "Branch of an out-of-state bank" means a branch established |
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| or maintained in
Illinois by an out-of-state bank as a result |
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LRB096 11443 MJR 21918 b |
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| of a merger between an Illinois
bank and the out-of-state bank |
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| that occurs on or after May 31, 1997, or any
branch established |
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| by the out-of-state bank following the merger.
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| "Bylaws" means the bylaws of a bank that are adopted by the |
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| bank's board of
directors or shareholders for the regulation |
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| and management of the bank's
affairs. If the bank operates as a |
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| limited liability company, however, "bylaws"
means the |
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| operating
agreement of the bank.
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| "Call report fee" means the fee to be paid to the
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| Commissioner by each State bank pursuant to paragraph (a) of |
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| subsection (3)
of Section 48 of this Act.
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| "Capital" includes the aggregate of outstanding capital |
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| stock and
preferred stock.
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| "Cash flow reserve account" means the account within the |
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| books and records
of the Commissioner of Banks and Real Estate |
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| used to
record funds designated to maintain a reasonable Bank |
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| and Trust Company Fund
operating balance to meet agency |
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| obligations on a timely basis.
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| "Charter" includes the original charter and all amendments |
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| thereto
and articles of merger or consolidation.
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| "Commissioner" means the Commissioner of Banks and Real |
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| Estate, except that beginning on April 6, 2009 ( the effective |
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| date of Public Act 95-1047)
this amendatory Act of the 95th |
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| General Assembly , all references in this Act to the |
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| Commissioner of Banks and Real Estate are deemed, in |
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| appropriate contexts, to be references to the Secretary of |
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LRB096 11443 MJR 21918 b |
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| Financial and Professional Regulation.
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| "Commonly owned banks" means 2 or more banks that each |
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| qualify as a bank
subsidiary of the same bank holding company |
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| pursuant to Section 18 of the
Federal Deposit Insurance Act; |
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| "commonly owned bank" refers to one of a group
of commonly |
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| owned banks but only with respect to one or more of the other |
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| banks
in the same group.
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| "Community" means a city, village, or incorporated town and |
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| also includes
the area served by the banking offices of a bank, |
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| but need not be limited or
expanded to conform to the |
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| geographic boundaries of units of local
government.
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| "Company" means a corporation, limited liability company, |
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| partnership,
business trust,
association, or similar |
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| organization and, unless specifically excluded,
includes a |
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| "State bank" and a "bank".
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| "Consolidating bank" means a party to a consolidation.
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| "Consolidation" takes place when 2 or more banks, or a |
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| trust company and
a bank, are extinguished and by the same |
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| process a new bank is created,
taking over the assets and |
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| assuming the liabilities of the banks or trust
company passing |
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| out of existence.
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| "Continuing bank" means a merging bank, the charter of |
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| which becomes the
charter of the resulting bank.
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| "Converting bank" means a State bank converting to become a |
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| national
bank, or a national bank converting to become a State |
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| bank.
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LRB096 11443 MJR 21918 b |
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| "Converting trust company" means a trust company |
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| converting to become a
State bank.
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| "Court" means a court of competent jurisdiction.
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| "Director" means a member of the board of directors of a |
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| bank. In the case
of a manager-managed limited liability |
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| company, however, "director" means a
manager of
the bank and, |
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| in the case of a member-managed limited liability company,
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| "director" means a member of the bank. The term "director" does |
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| not include an
advisory director, honorary director, director |
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| emeritus, or similar person,
unless the person is otherwise |
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| performing
functions similar to those of a member of the board |
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| of directors.
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| "Director of Banking" means the Director of the Division of |
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| Banking of the Department of Financial and Professional |
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| Regulation. |
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| "Eligible depository institution" means an insured savings |
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| association
that is in default, an insured savings association |
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| that is in danger of
default, a State or national bank that is |
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| in default or a State or
national bank that is in danger of |
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| default, as those terms are defined in this
Section, or a new |
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| bank as that term defined in Section 11(m) of the Federal
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| Deposit Insurance Act or a bridge bank as that term is defined |
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| in Section 11(n)
of the Federal Deposit Insurance Act or a new |
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| federal savings association
authorized under Section |
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| 11(d)(2)(f) of the Federal Deposit Insurance Act.
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| "Fiduciary" means trustee, agent, executor, administrator, |
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LRB096 11443 MJR 21918 b |
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| committee,
guardian for a minor or for a person under legal |
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| disability, receiver,
trustee in bankruptcy, assignee for |
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| creditors, or any holder of similar
position of trust.
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| "Financial institution" means a bank, savings bank, |
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| savings and loan association,
credit union, or any licensee |
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| under the Consumer Installment Loan Act or
the Sales Finance |
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| Agency Act and, for purposes of Section 48.3, any
proprietary |
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| network, funds transfer corporation, or other entity providing
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| electronic funds transfer services, or any corporate |
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| fiduciary, its
subsidiaries, affiliates, parent company, or |
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| contractual service provider
that is examined by the |
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| Commissioner. For purposes of Section 5c and subsection (b) of |
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| Section 13 of this Act, "financial institution" includes any |
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| proprietary network, funds transfer corporation, or other |
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| entity providing electronic funds transfer services, and any |
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| corporate fiduciary.
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| "Foundation" means the Illinois Bank Examiners' Education |
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| Foundation.
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| "General obligation" means a bond, note, debenture, |
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| security, or other
instrument evidencing an obligation of the |
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| government entity that is the
issuer that is supported by the
|
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| full available resources of the issuer, the principal and |
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| interest of which
is payable in whole or in part by taxation.
|
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| "Guarantee" means an undertaking or promise to answer for |
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| payment of
another's debt or performance of another's duty, |
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| liability, or obligation
whether "payment guaranteed" or |
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LRB096 11443 MJR 21918 b |
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| "collection guaranteed".
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| "In danger of default" means a State or national bank, a |
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| federally chartered
insured savings association or an Illinois |
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| state chartered insured savings
association with respect to |
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| which the Commissioner or the appropriate
federal banking |
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| agency has advised the Federal Deposit Insurance
Corporation |
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| that:
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| (1) in the opinion of the Commissioner or the |
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| appropriate federal
banking agency,
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| (A) the State or national bank or insured savings |
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| association is not
likely to be able to meet the |
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| demands of the State or national bank's or
savings |
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| association's obligations in the normal course of |
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| business; and
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| (B) there is no reasonable prospect that the State |
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| or national bank or
insured savings association will be |
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| able to meet those demands or pay those
obligations |
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| without federal assistance; or
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| (2) in the opinion of the Commissioner or the |
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| appropriate federal
banking agency,
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| (A) the State or national bank or insured savings |
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| association has
incurred or is likely to incur losses |
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| that will deplete all or substantially
all of its |
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| capital; and
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| (B) there is no reasonable prospect that the |
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| capital of the State
or national bank or insured |
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LRB096 11443 MJR 21918 b |
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| savings association will be replenished without
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| federal assistance.
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| "In default" means, with respect to a State or national |
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| bank or an insured
savings association, any adjudication or |
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| other official determination by any
court of competent |
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| jurisdiction, the Commissioner, the appropriate federal
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| banking agency, or other public authority pursuant to which a |
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| conservator, receiver,
or other legal custodian is appointed |
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| for a State or national bank or an
insured savings association.
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| "Insured savings association" means any federal savings |
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| association chartered
under Section 5 of the federal Home |
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| Owners' Loan Act and any State savings
association chartered |
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| under the Illinois Savings and Loan Act of 1985 or a
|
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| predecessor Illinois statute, the deposits of which are insured |
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| by the Federal
Deposit Insurance Corporation. The term also |
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| includes a savings bank organized
or operating under the |
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| Savings Bank Act.
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| "Insured savings association in recovery" means an insured |
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| savings
association that is not an eligible depository |
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| institution and that does
not meet the minimum capital |
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| requirements applicable with respect to the
insured savings |
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| association.
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| "Issuer" means for purposes of Section 33 every person who |
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| shall have
issued or proposed to issue any security; except |
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| that (1) with respect to
certificates of deposit, voting trust |
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| certificates, collateral-trust
certificates, and certificates |
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LRB096 11443 MJR 21918 b |
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| of interest or shares in an unincorporated
investment trust not |
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| having a board of directors (or persons performing
similar |
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| functions), "issuer" means the person or persons performing the
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| acts and assuming the duties of depositor or manager pursuant |
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| to the
provisions of the trust, agreement, or instrument under |
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| which the
securities are issued; (2) with respect to trusts |
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| other than those
specified in clause (1) above, where the |
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| trustee is a corporation
authorized to accept and execute |
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| trusts, "issuer" means the entrusters,
depositors, or creators |
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| of the trust and any manager or committee charged
with the |
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| general direction of the affairs of the trust pursuant to the
|
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| provisions of the agreement or instrument creating the trust; |
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| and (3) with
respect to equipment trust certificates or like |
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| securities, "issuer" means
the person to whom the equipment or |
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| property is or is to be leased or
conditionally sold.
|
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| "Letter of credit" and "customer" shall have the meanings |
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| ascribed to
those terms in Section 5-102 of the Uniform |
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| Commercial Code.
|
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| "Main banking premises" means the location that is |
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| designated in a
bank's charter as its main office.
|
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| "Maker or obligor" means for purposes of Section 33 the |
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| issuer of a
security, the promisor in a debenture or other debt |
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| security, or the
mortgagor or grantor of a trust deed or |
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| similar conveyance of a security
interest in real or personal |
25 |
| property.
|
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| "Merged bank" means a merging bank that is not the |
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LRB096 11443 MJR 21918 b |
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| continuing, resulting,
or surviving bank in a consolidation or |
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| merger.
|
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| "Merger" includes consolidation.
|
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| "Merging bank" means a party to a bank merger.
|
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| "Merging trust company" means a trust company party to a |
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| merger with
a State bank.
|
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| "Mid-tier bank holding company" means a corporation that |
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| (a) owns 100% of
the issued and outstanding shares of each |
9 |
| class of stock of a State bank, (b)
has no other subsidiaries, |
10 |
| and (c) 100% of the issued and outstanding shares of
the |
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| corporation are owned by a parent bank holding company.
|
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| "Municipality" means any municipality, political |
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| subdivision, school
district, taxing district, or agency.
|
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| "National bank" means a national banking association |
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| located in this
State and after May 31, 1997, means a national |
16 |
| banking association without
regard to its location.
|
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| "Out-of-state bank" means a bank chartered under the laws |
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| of a state other
than Illinois, a territory of the United |
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| States, or the District of Columbia.
|
20 |
| "Parent bank holding company" means a corporation that is a |
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| bank holding
company as that term is defined in the Illinois |
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| Bank Holding Company Act of
1957 and owns 100% of the issued |
23 |
| and outstanding shares of a mid-tier bank
holding company.
|
24 |
| "Person" means an individual, corporation, limited |
25 |
| liability company,
partnership, joint
venture, trust, estate, |
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| or unincorporated association.
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LRB096 11443 MJR 21918 b |
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| "Public agency" means the State of Illinois, the various |
2 |
| counties,
townships,
cities, towns, villages, school |
3 |
| districts, educational service regions, special
road |
4 |
| districts, public water supply districts, fire protection |
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| districts,
drainage districts, levee districts, sewer |
6 |
| districts, housing authorities, the
Illinois Bank Examiners' |
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| Education Foundation, the Chicago Park District, and
all other |
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| political corporations or subdivisions of the State of |
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| Illinois,
whether now or hereafter created, whether herein |
10 |
| specifically mentioned or
not, and shall also include any other
|
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| state or any political corporation or subdivision of another |
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| state.
|
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| "Public funds" or "public money" means
current operating |
14 |
| funds, special funds, interest and sinking funds, and funds
of |
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| any kind or character belonging to, in the custody of, or |
16 |
| subject to the
control or regulation of the United States or a |
17 |
| public agency. "Public funds"
or "public money" shall include |
18 |
| funds held by any of the officers, agents, or
employees of the |
19 |
| United States or of a public agency in the course of their
|
20 |
| official duties and, with respect to public money of the United |
21 |
| States, shall
include Postal Savings funds.
|
22 |
| "Published" means, unless the context requires otherwise, |
23 |
| the publishing
of the notice or instrument referred to in some |
24 |
| newspaper of general
circulation in the community in which the |
25 |
| bank is located at least once
each week for 3 successive weeks. |
26 |
| Publishing shall be accomplished by, and
at the expense of, the |
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SB2101 Engrossed |
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LRB096 11443 MJR 21918 b |
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| bank required to publish. Where publishing is
required, the |
2 |
| bank shall submit to the Commissioner that evidence of the
|
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| publication as the Commissioner shall deem appropriate.
|
4 |
| "Qualified financial contract" means any security |
5 |
| contract,
commodity contract, forward contract, including spot |
6 |
| and
forward foreign exchange contracts, repurchase agreement, |
7 |
| swap agreement, and
any
similar agreement, any option to enter |
8 |
| into any such agreement, including any
combination of the |
9 |
| foregoing, and any master agreement for such agreements.
A |
10 |
| master agreement, together with all supplements thereto, shall |
11 |
| be treated
as one qualified financial contract. The contract, |
12 |
| option, agreement, or
combination of contracts, options, or |
13 |
| agreements shall be reflected upon the
books, accounts, or |
14 |
| records of the bank, or a party to the contract shall
provide |
15 |
| documentary evidence of such agreement.
|
16 |
| "Recorded" means the filing or recording of the notice or |
17 |
| instrument
referred to in the office of the Recorder of the |
18 |
| county wherein
the bank is located.
|
19 |
| "Resulting bank" means the bank resulting from a merger or |
20 |
| conversion.
|
21 |
| "Secretary" means the Secretary of Financial and |
22 |
| Professional Regulation, or a person authorized by the |
23 |
| Secretary or by this Act to act in the Secretary's stead. |
24 |
| "Securities" means stocks, bonds, debentures, notes, or |
25 |
| other similar
obligations.
|
26 |
| "Stand-by letter of credit" means a letter of credit under |
|
|
|
SB2101 Engrossed |
- 16 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| which drafts
are payable upon the condition the customer has |
2 |
| defaulted in performance of
a duty, liability, or obligation.
|
3 |
| "State bank" means any banking corporation that has a |
4 |
| banking charter
issued by the Commissioner under
this Act.
|
5 |
| "State Banking Board" means the State Banking Board of |
6 |
| Illinois.
|
7 |
| "Subsidiary" with respect to a specified company means a |
8 |
| company that is
controlled by the specified company. For |
9 |
| purposes of paragraphs (8) and (12)
of Section 5 of this Act, |
10 |
| "control" means the exercise of operational or
managerial |
11 |
| control of a corporation by the bank, either alone or together |
12 |
| with
other affiliates of the bank.
|
13 |
| "Surplus" means the aggregate of (i) amounts paid in excess |
14 |
| of the par
value of capital stock and preferred stock; (ii) |
15 |
| amounts contributed other
than for capital stock and preferred |
16 |
| stock and allocated to the surplus
account; and (iii) amounts |
17 |
| transferred from undivided profits.
|
18 |
| "Tier 1 Capital" and "Tier 2 Capital" have the meanings |
19 |
| assigned to those
terms in regulations promulgated for the |
20 |
| appropriate federal banking agency of
a state bank, as those |
21 |
| regulations are now or hereafter amended.
|
22 |
| "Trust company" means a limited liability company or |
23 |
| corporation
incorporated in this State for the
purpose of |
24 |
| accepting and executing trusts.
|
25 |
| "Undivided profits" means undistributed earnings less |
26 |
| discretionary
transfers to surplus.
|
|
|
|
SB2101 Engrossed |
- 17 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| "Unimpaired capital and unimpaired surplus", for the |
2 |
| purposes of paragraph
(21) of Section 5 and Sections 32, 33, |
3 |
| 34, 35.1, 35.2, and 47 of this Act means
the sum of the state |
4 |
| bank's Tier 1 Capital and Tier 2 Capital plus such other
|
5 |
| shareholder equity as may be included by
regulation of the |
6 |
| Commissioner. Unimpaired capital and unimpaired surplus
shall |
7 |
| be calculated on the basis of the date of the last quarterly |
8 |
| call report
filed with the Commissioner preceding the date of |
9 |
| the transaction for which the
calculation is made, provided |
10 |
| that: (i) when a material event occurs after the
date of the |
11 |
| last quarterly call report filed with the Commissioner that |
12 |
| reduces
or increases the bank's unimpaired capital and |
13 |
| unimpaired surplus by 10% or
more, then the unimpaired capital |
14 |
| and unimpaired surplus shall be calculated
from the date of the |
15 |
| material
event for a transaction conducted after the date of |
16 |
| the material event; and
(ii) if the Commissioner determines for |
17 |
| safety and soundness reasons that a
state bank should calculate |
18 |
| unimpaired capital and unimpaired surplus more
frequently than |
19 |
| provided by this paragraph, the Commissioner may by written
|
20 |
| notice direct the bank to calculate unimpaired capital and |
21 |
| unimpaired surplus
at a more frequent interval. In the case of |
22 |
| a state bank newly chartered under
Section 13 or a state bank |
23 |
| resulting from a merger, consolidation, or
conversion under |
24 |
| Sections 21 through 26 for which no preceding quarterly call
|
25 |
| report has been filed with the Commissioner, unimpaired capital |
26 |
| and unimpaired
surplus shall be calculated for the first |
|
|
|
SB2101 Engrossed |
- 18 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| calendar quarter on the basis of the
effective date of the |
2 |
| charter, merger, consolidation, or conversion.
|
3 |
| (Source: P.A. 95-924, eff. 8-26-08; 95-1047, eff. 4-6-09; |
4 |
| revised 4-14-09.)
|
5 |
| (205 ILCS 5/48) (from Ch. 17, par. 359)
|
6 |
| Sec. 48. Secretary's powers; duties. The Secretary shall |
7 |
| have the
powers and authority, and is charged with the duties |
8 |
| and responsibilities
designated in this Act, and a State bank |
9 |
| shall not be subject to any
other visitorial power other than |
10 |
| as authorized by this Act, except those
vested in the courts, |
11 |
| or upon prior consultation with the Secretary, a
foreign bank |
12 |
| regulator with an appropriate supervisory interest in the |
13 |
| parent
or affiliate of a state bank. In the performance of the |
14 |
| Secretary's
duties:
|
15 |
| (1) The Commissioner shall call for statements from all |
16 |
| State banks
as provided in Section 47 at least one time during |
17 |
| each calendar quarter.
|
18 |
| (2) (a) The Commissioner, as often as the Commissioner |
19 |
| shall deem
necessary or
proper, and no less frequently than 18 |
20 |
| months following the preceding
examination, shall appoint a |
21 |
| suitable person or
persons to make an examination of the |
22 |
| affairs of every State bank,
except that for every eligible |
23 |
| State bank, as defined by regulation, the
Commissioner in lieu |
24 |
| of the examination may accept on an alternating basis the
|
25 |
| examination made by the eligible State bank's appropriate |
|
|
|
SB2101 Engrossed |
- 19 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| federal banking
agency pursuant to Section 111 of the Federal |
2 |
| Deposit Insurance Corporation
Improvement Act of 1991, |
3 |
| provided the appropriate federal banking agency has
made such |
4 |
| an examination. A person so appointed shall not be a |
5 |
| stockholder or
officer or employee of
any bank which that |
6 |
| person may be directed to examine, and shall have
powers to |
7 |
| make a thorough examination into all the affairs of the bank |
8 |
| and
in so doing to examine any of the officers or agents or |
9 |
| employees thereof
on oath and shall make a full and detailed |
10 |
| report of the condition of the
bank to the Commissioner. In |
11 |
| making the examination the examiners shall
include an |
12 |
| examination of the affairs of all the affiliates of the bank, |
13 |
| as
defined in subsection (b) of Section 35.2 of this Act, or |
14 |
| subsidiaries of the
bank as shall be
necessary to disclose |
15 |
| fully the conditions of the subsidiaries or
affiliates, the |
16 |
| relations
between the bank and the subsidiaries or affiliates |
17 |
| and the effect of those
relations upon
the affairs of the bank, |
18 |
| and in connection therewith shall have power to
examine any of |
19 |
| the officers, directors, agents, or employees of the
|
20 |
| subsidiaries or affiliates
on oath. After May 31, 1997, the |
21 |
| Commissioner may enter into cooperative
agreements
with state |
22 |
| regulatory authorities of other states to provide for |
23 |
| examination of
State bank branches in those states, and the |
24 |
| Commissioner may accept reports
of examinations of State bank |
25 |
| branches from those state regulatory authorities.
These |
26 |
| cooperative agreements may set forth the manner in which the |
|
|
|
SB2101 Engrossed |
- 20 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| other state
regulatory authorities may be compensated for |
2 |
| examinations prepared for and
submitted to the Commissioner.
|
3 |
| (b) After May 31, 1997, the Commissioner is authorized to |
4 |
| examine, as often
as the Commissioner shall deem necessary or |
5 |
| proper, branches of out-of-state
banks. The Commissioner may |
6 |
| establish and may assess fees to be paid to the
Commissioner |
7 |
| for examinations under this subsection (b). The fees shall be
|
8 |
| borne by the out-of-state bank, unless the fees are borne by |
9 |
| the state
regulatory authority that chartered the out-of-state |
10 |
| bank, as determined by a
cooperative agreement between the |
11 |
| Commissioner and the state regulatory
authority that chartered |
12 |
| the out-of-state bank.
|
13 |
| (2.5) Whenever any State bank, any subsidiary or affiliate |
14 |
| of a State
bank, or after May 31, 1997, any branch of an |
15 |
| out-of-state bank causes to
be performed, by contract or |
16 |
| otherwise, any bank services
for itself, whether on or off its |
17 |
| premises:
|
18 |
| (a) that performance shall be subject to examination by |
19 |
| the Commissioner
to the same extent as if services were |
20 |
| being performed by the bank or, after
May 31, 1997, branch |
21 |
| of the out-of-state bank itself
on its own premises; and
|
22 |
| (b) the bank or, after May 31, 1997, branch of the |
23 |
| out-of-state bank
shall notify the Commissioner of the |
24 |
| existence of a service
relationship. The notification |
25 |
| shall be submitted with the first statement
of condition |
26 |
| (as required by Section 47 of this Act) due after the |
|
|
|
SB2101 Engrossed |
- 21 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| making
of the service contract or the performance of the |
2 |
| service, whichever occurs
first. The Commissioner shall be |
3 |
| notified of each subsequent contract in
the same manner.
|
4 |
| For purposes of this subsection (2.5), the term "bank |
5 |
| services" means
services such as sorting and posting of checks |
6 |
| and deposits, computation
and posting of interest and other |
7 |
| credits and charges, preparation and
mailing of checks, |
8 |
| statements, notices, and similar items, or any other
clerical, |
9 |
| bookkeeping, accounting, statistical, or similar functions
|
10 |
| performed for a State bank, including but not limited to |
11 |
| electronic data
processing related to those bank services.
|
12 |
| (3) The expense of administering this Act, including the |
13 |
| expense of
the examinations of State banks as provided in this |
14 |
| Act, shall to the extent
of the amounts resulting from the fees |
15 |
| provided for in paragraphs (a),
(a-2), and (b) of this |
16 |
| subsection (3) be assessed against and borne by the
State |
17 |
| banks:
|
18 |
| (a) Each bank shall pay to the Secretary a Call Report |
19 |
| Fee which
shall be paid in quarterly installments equal
to |
20 |
| one-fourth of the sum of the annual fixed fee of $800, plus |
21 |
| a variable
fee based on the assets shown on the quarterly |
22 |
| statement of condition
delivered to the Secretary in |
23 |
| accordance with Section 47 for the
preceding quarter |
24 |
| according to the following schedule: 16¢ per $1,000 of
the |
25 |
| first $5,000,000 of total assets, 15¢ per $1,000 of the |
26 |
| next
$20,000,000 of total assets, 13¢ per $1,000 of the |
|
|
|
SB2101 Engrossed |
- 22 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| next $75,000,000 of
total assets, 9¢ per $1,000 of the next |
2 |
| $400,000,000 of total assets, 7¢
per $1,000 of the next |
3 |
| $500,000,000 of total assets, and 5¢ per $1,000 of
all |
4 |
| assets in excess of $1,000,000,000, of the State bank. The |
5 |
| Call Report
Fee shall be calculated by the Secretary and |
6 |
| billed to the banks for
remittance at the time of the |
7 |
| quarterly statements of condition
provided for in Section |
8 |
| 47. The Secretary may require payment of the fees
provided |
9 |
| in this Section by an electronic transfer of funds or an |
10 |
| automatic
debit of an account of each of the State banks. |
11 |
| In case more than one
examination of any
bank is deemed by |
12 |
| the Secretary to be necessary in any examination
frequency |
13 |
| cycle specified in subsection 2(a) of this Section,
and is |
14 |
| performed at his direction, the Secretary may
assess a |
15 |
| reasonable additional fee to recover the cost of the |
16 |
| additional
examination; provided, however, that an |
17 |
| examination conducted at the request
of the State Treasurer |
18 |
| pursuant to the Uniform Disposition of Unclaimed
Property |
19 |
| Act shall not be deemed to be an additional examination |
20 |
| under this
Section.
In lieu
of the method and amounts set |
21 |
| forth in this paragraph (a) for the calculation
of the Call |
22 |
| Report Fee, the Secretary may specify by
rule that the Call |
23 |
| Report Fees provided by this Section may be assessed
|
24 |
| semiannually or some other period and may provide in the |
25 |
| rule the formula to
be
used for calculating and assessing |
26 |
| the periodic Call Report Fees to be paid by
State
banks.
|
|
|
|
SB2101 Engrossed |
- 23 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| (a-1) If in the opinion of the Commissioner an |
2 |
| emergency exists or
appears likely, the Commissioner may |
3 |
| assign an examiner or examiners to
monitor the affairs of a |
4 |
| State bank with whatever frequency he deems
appropriate, |
5 |
| including but not limited to a daily basis. The reasonable
|
6 |
| and necessary expenses of the Commissioner during the |
7 |
| period of the monitoring
shall be borne by the subject |
8 |
| bank. The Commissioner shall furnish the
State bank a |
9 |
| statement of time and expenses if requested to do so within |
10 |
| 30
days of the conclusion of the monitoring period.
|
11 |
| (a-2) On and after January 1, 1990, the reasonable and |
12 |
| necessary
expenses of the Commissioner during examination |
13 |
| of the performance of
electronic data processing services |
14 |
| under subsection (2.5) shall be
borne by the banks for |
15 |
| which the services are provided. An amount, based
upon a |
16 |
| fee structure prescribed by the Commissioner, shall be paid |
17 |
| by the
banks or, after May 31, 1997, branches of |
18 |
| out-of-state banks receiving the
electronic data |
19 |
| processing services along with the
Call Report Fee assessed |
20 |
| under paragraph (a) of this
subsection (3).
|
21 |
| (a-3) After May 31, 1997, the reasonable and necessary |
22 |
| expenses of the
Commissioner during examination of the |
23 |
| performance of electronic data
processing services under |
24 |
| subsection (2.5) at or on behalf of branches of
|
25 |
| out-of-state banks shall be borne by the out-of-state |
26 |
| banks, unless those
expenses are borne by the state |
|
|
|
SB2101 Engrossed |
- 24 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| regulatory authorities that chartered the
out-of-state |
2 |
| banks, as determined by cooperative agreements between the
|
3 |
| Commissioner and the state regulatory authorities that |
4 |
| chartered the
out-of-state banks.
|
5 |
| (b) "Fiscal year" for purposes of this Section 48 is |
6 |
| defined as a
period beginning July 1 of any year and ending |
7 |
| June 30 of the next year.
The Commissioner shall receive |
8 |
| for each fiscal year, commencing with the
fiscal year |
9 |
| ending June 30, 1987, a contingent fee equal to the lesser |
10 |
| of
the aggregate of the fees paid by all State banks under |
11 |
| paragraph (a) of
subsection (3) for that year, or the |
12 |
| amount, if any, whereby the aggregate
of the administration |
13 |
| expenses, as defined in paragraph (c), for that
fiscal year |
14 |
| exceeds the sum of the aggregate of the fees payable by all
|
15 |
| State banks for that year under paragraph (a) of subsection |
16 |
| (3),
plus any amounts transferred into the Bank and Trust |
17 |
| Company Fund from the
State Pensions Fund for that year,
|
18 |
| plus all
other amounts collected by the Commissioner for |
19 |
| that year under any
other provision of this Act, plus the |
20 |
| aggregate of all fees
collected for that year by the |
21 |
| Commissioner under the Corporate Fiduciary
Act, excluding |
22 |
| the receivership fees provided for in Section 5-10 of the
|
23 |
| Corporate Fiduciary Act, and the Foreign Banking Office |
24 |
| Act.
The aggregate amount of the contingent
fee thus |
25 |
| arrived at for any fiscal year shall be apportioned |
26 |
| amongst,
assessed upon, and paid by the State banks and |
|
|
|
SB2101 Engrossed |
- 25 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| foreign banking corporations,
respectively, in the same |
2 |
| proportion
that the fee of each under paragraph (a) of |
3 |
| subsection (3), respectively,
for that year bears to the |
4 |
| aggregate for that year of the fees collected
under |
5 |
| paragraph (a) of subsection (3). The aggregate amount of |
6 |
| the
contingent fee, and the portion thereof to be assessed |
7 |
| upon each State
bank and foreign banking corporation,
|
8 |
| respectively, shall be determined by the Commissioner and |
9 |
| shall be paid by
each, respectively, within 120 days of the |
10 |
| close of the period for which
the contingent fee is |
11 |
| computed and is payable, and the Commissioner shall
give 20 |
12 |
| days advance notice of the amount of the contingent fee |
13 |
| payable by
the State bank and of the date fixed by the |
14 |
| Commissioner for payment of
the fee.
|
15 |
| (c) The "administration expenses" for any fiscal year |
16 |
| shall mean the
ordinary and contingent expenses for that |
17 |
| year incident to making the
examinations provided for by, |
18 |
| and for otherwise administering, this Act,
the Corporate |
19 |
| Fiduciary Act, excluding the expenses paid from the
|
20 |
| Corporate Fiduciary Receivership account in the Bank and |
21 |
| Trust Company
Fund, the Foreign Banking Office Act,
the |
22 |
| Electronic Fund Transfer Act,
and the Illinois Bank |
23 |
| Examiners'
Education Foundation Act, including all |
24 |
| salaries and other
compensation paid for personal services |
25 |
| rendered for the State by
officers or employees of the |
26 |
| State, including the Commissioner and the
Deputy |
|
|
|
SB2101 Engrossed |
- 26 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| Commissioners, all expenditures for telephone and |
2 |
| telegraph
charges, postage and postal charges, office |
3 |
| stationery, supplies and
services, and office furniture |
4 |
| and equipment, including typewriters and
copying and |
5 |
| duplicating machines and filing equipment, surety bond
|
6 |
| premiums, and travel expenses of those officers and |
7 |
| employees, employees,
expenditures or charges for the |
8 |
| acquisition, enlargement or improvement
of, or for the use |
9 |
| of, any office space, building, or structure, or
|
10 |
| expenditures for the maintenance thereof or for furnishing |
11 |
| heat, light,
or power with respect thereto, all to the |
12 |
| extent that those expenditures
are directly incidental to |
13 |
| such examinations or administration.
The Commissioner |
14 |
| shall not be required by paragraphs (c) or (d-1) of this
|
15 |
| subsection (3) to maintain in any fiscal year's budget |
16 |
| appropriated reserves
for accrued vacation and accrued |
17 |
| sick leave that is required to be paid to
employees of the |
18 |
| Commissioner upon termination of their service with the
|
19 |
| Commissioner in an amount that is more than is reasonably |
20 |
| anticipated to be
necessary for any anticipated turnover in |
21 |
| employees, whether due to normal
attrition or due to |
22 |
| layoffs, terminations, or resignations.
|
23 |
| (d) The aggregate of all fees collected by the |
24 |
| Secretary under
this Act, the Corporate Fiduciary Act,
or |
25 |
| the Foreign Banking Office Act on
and after July 1, 1979, |
26 |
| shall be paid promptly after receipt of the same,
|
|
|
|
SB2101 Engrossed |
- 27 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| accompanied by a detailed statement thereof, into the State |
2 |
| treasury and
shall be set apart in a special fund to be |
3 |
| known as the "Bank and Trust
Company Fund", except as |
4 |
| provided in paragraph (c) of subsection (11) of
this |
5 |
| Section. All earnings received from investments of funds in |
6 |
| the Bank
and
Trust Company Fund shall be deposited in the |
7 |
| Bank and Trust Company Fund
and may be used for the same |
8 |
| purposes as fees deposited in that Fund. The
amount from |
9 |
| time to time deposited into the Bank and
Trust Company Fund |
10 |
| shall be used: (i) to offset the ordinary administrative
|
11 |
| expenses of the Secretary as defined in
this Section or |
12 |
| (ii) as a credit against fees under paragraph (d-1) of this |
13 |
| subsection (3). Nothing in this amendatory Act of 1979 |
14 |
| shall prevent
continuing the practice of paying expenses |
15 |
| involving salaries, retirement,
social security, and |
16 |
| State-paid insurance premiums of State officers by
|
17 |
| appropriations from the General Revenue Fund. However, the |
18 |
| General Revenue
Fund shall be reimbursed for those payments |
19 |
| made on and after July 1, 1979,
by an annual transfer of |
20 |
| funds from the Bank and Trust Company Fund. Moneys in the |
21 |
| Bank and Trust Company Fund may be transferred to the |
22 |
| Professions Indirect Cost Fund, as authorized under |
23 |
| Section 2105-300 of the Department of Professional |
24 |
| Regulation Law of the Civil Administrative Code of |
25 |
| Illinois.
|
26 |
| Notwithstanding provisions in the State Finance Act, |
|
|
|
SB2101 Engrossed |
- 28 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| as now or hereafter amended, or any other law to the |
2 |
| contrary, the sum of $18,788,847 shall be transferred from |
3 |
| the Bank and Trust Company Fund to the Financial |
4 |
| Institutions Settlement of 2008 Fund on the effective date |
5 |
| of this amendatory Act of the 95th General Assembly, or as |
6 |
| soon thereafter as practical. |
7 |
| Notwithstanding provisions in the State Finance Act, |
8 |
| as now or hereafter amended, or any other law to the |
9 |
| contrary, the Governor may, during any fiscal year through |
10 |
| January 10, 2011, from time to time direct the State |
11 |
| Treasurer and Comptroller to transfer a specified sum not |
12 |
| exceeding 10% of the revenues to be deposited into the Bank |
13 |
| and Trust Company Fund during that fiscal year from that |
14 |
| Fund to the General Revenue Fund in order to help defray |
15 |
| the State's operating costs for the fiscal year. |
16 |
| Notwithstanding provisions in the State Finance Act, as now |
17 |
| or hereafter amended, or any other law to the contrary, the |
18 |
| total sum transferred during any fiscal year through |
19 |
| January 10, 2011, from the Bank and Trust Company Fund to |
20 |
| the General Revenue Fund pursuant to this provision shall |
21 |
| not exceed during any fiscal year 10% of the revenues to be |
22 |
| deposited into the Bank and Trust Company Fund during that |
23 |
| fiscal year. The State Treasurer and Comptroller shall |
24 |
| transfer the amounts designated under this Section as soon |
25 |
| as may be practicable after receiving the direction to |
26 |
| transfer from the Governor.
|
|
|
|
SB2101 Engrossed |
- 29 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| (d-1) Adequate funds shall be available in the Bank and |
2 |
| Trust
Company Fund to permit the timely payment of |
3 |
| administration expenses. In
each fiscal year the total |
4 |
| administration expenses shall be deducted from
the total |
5 |
| fees collected by the Commissioner and the remainder |
6 |
| transferred
into the Cash Flow Reserve Account, unless the |
7 |
| balance of the Cash Flow
Reserve Account prior to the |
8 |
| transfer equals or exceeds
one-fourth of the total initial |
9 |
| appropriations from the Bank and Trust
Company Fund for the |
10 |
| subsequent year, in which case the remainder shall be
|
11 |
| credited to State banks and foreign banking corporations
|
12 |
| and applied against their fees for the subsequent
year. The |
13 |
| amount credited to each State bank and foreign banking |
14 |
| corporation
shall be in the same proportion as the
Call |
15 |
| Report Fees paid by each for the year bear to the total |
16 |
| Call Report
Fees collected for the year. If, after a |
17 |
| transfer to the Cash Flow Reserve
Account is made or if no |
18 |
| remainder is available for transfer, the balance
of the |
19 |
| Cash Flow Reserve Account is less than one-fourth of the |
20 |
| total
initial appropriations for the subsequent year and |
21 |
| the amount transferred
is less than 5% of the total Call |
22 |
| Report Fees for the year, additional
amounts needed to make |
23 |
| the transfer equal to 5% of the total Call Report
Fees for |
24 |
| the year shall be apportioned amongst, assessed upon, and
|
25 |
| paid by the State banks and foreign banking corporations
in |
26 |
| the same proportion that the Call Report Fees of each,
|
|
|
|
SB2101 Engrossed |
- 30 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| respectively, for the year bear to the total Call Report |
2 |
| Fees collected for
the year. The additional amounts |
3 |
| assessed shall be transferred into the
Cash Flow Reserve |
4 |
| Account. For purposes of this paragraph (d-1), the
|
5 |
| calculation of the fees collected by the Commissioner shall |
6 |
| exclude the
receivership fees provided for in Section 5-10 |
7 |
| of the Corporate Fiduciary Act.
|
8 |
| (e) The Commissioner may upon request certify to any |
9 |
| public record
in his keeping and shall have authority to |
10 |
| levy a reasonable charge for
issuing certifications of any |
11 |
| public record in his keeping.
|
12 |
| (f) In addition to fees authorized elsewhere in this |
13 |
| Act, the
Commissioner
may, in connection with a review, |
14 |
| approval, or provision of a service, levy a
reasonable |
15 |
| charge to recover the cost of the review, approval, or |
16 |
| service.
|
17 |
| (4) Nothing contained in this Act shall be construed to |
18 |
| limit the
obligation relative to examinations and reports of |
19 |
| any State bank, deposits
in which are to any extent insured by |
20 |
| the United States or any agency
thereof, nor to limit in any |
21 |
| way the powers of the Commissioner with
reference to |
22 |
| examinations and reports of that bank.
|
23 |
| (5) The nature and condition of the assets in or investment |
24 |
| of any
bonus, pension, or profit sharing plan for officers or |
25 |
| employees of every
State bank or, after May 31, 1997, branch of |
26 |
| an out-of-state bank shall be
deemed to be included in the |
|
|
|
SB2101 Engrossed |
- 31 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| affairs of that State
bank or branch of an out-of-state bank |
2 |
| subject to examination by the
Commissioner under the
provisions |
3 |
| of subsection (2) of this Section, and if the Commissioner
|
4 |
| shall find from an examination that the condition of or |
5 |
| operation
of the investments or assets of the plan is unlawful, |
6 |
| fraudulent, or
unsafe, or that any trustee has abused his |
7 |
| trust, the Commissioner
shall, if the situation so found by the |
8 |
| Commissioner shall not be
corrected to his satisfaction within |
9 |
| 60 days after the Commissioner has
given notice to the board of |
10 |
| directors of the State bank or out-of-state
bank of his
|
11 |
| findings, report the facts to the Attorney General who shall |
12 |
| thereupon
institute proceedings against the State bank or |
13 |
| out-of-state bank, the
board of directors
thereof, or the |
14 |
| trustees under such plan as the nature of the case may require.
|
15 |
| (6) The Commissioner shall have the power:
|
16 |
| (a) To promulgate reasonable rules for the purpose of
|
17 |
| administering the provisions of this Act.
|
18 |
| (a-5) To impose conditions on any approval issued by |
19 |
| the Commissioner
if he determines that the conditions are |
20 |
| necessary or appropriate. These
conditions shall be |
21 |
| imposed in writing and shall continue
in effect for the |
22 |
| period prescribed by the Commissioner.
|
23 |
| (b) To issue orders
against any person, if the |
24 |
| Commissioner has
reasonable cause to believe that an unsafe |
25 |
| or unsound banking practice
has occurred, is occurring, or |
26 |
| is about to occur, if any person has violated,
is |
|
|
|
SB2101 Engrossed |
- 32 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| violating, or is about to violate any law, rule, or written
|
2 |
| agreement with the Commissioner, or
for the purpose of |
3 |
| administering the provisions of
this Act and any rule |
4 |
| promulgated in accordance with this Act.
|
5 |
| (b-1) To enter into agreements with a bank establishing |
6 |
| a program to
correct the condition of the bank or its |
7 |
| practices.
|
8 |
| (c) To appoint hearing officers to execute any of the |
9 |
| powers granted to
the Commissioner under this Section for |
10 |
| the purpose of administering this
Act and any rule |
11 |
| promulgated in accordance with this Act
and otherwise to |
12 |
| authorize, in writing, an officer or employee of the Office
|
13 |
| of
Banks and Real Estate to exercise his powers under this |
14 |
| Act.
|
15 |
| (d) To subpoena witnesses, to compel their attendance, |
16 |
| to administer
an oath, to examine any person under oath, |
17 |
| and to require the production of
any relevant books, |
18 |
| papers, accounts, and documents in the course of and
|
19 |
| pursuant to any investigation being conducted, or any |
20 |
| action being taken,
by the Commissioner in respect of any |
21 |
| matter relating to the duties imposed
upon, or the powers |
22 |
| vested in, the Commissioner under the provisions of
this |
23 |
| Act or any rule promulgated in accordance with this Act.
|
24 |
| (e) To conduct hearings.
|
25 |
| (7) Whenever, in the opinion of the Secretary Commissioner , |
26 |
| any director,
officer, employee, or agent of a State bank
or |
|
|
|
SB2101 Engrossed |
- 33 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| any subsidiary or bank holding company of the bank
or, after |
2 |
| May 31, 1997, of any
branch of an out-of-state bank
or any |
3 |
| subsidiary or bank holding company of the bank
shall have |
4 |
| violated any law,
rule, or order relating to that bank
or any |
5 |
| subsidiary or bank holding company of the bank, shall have
|
6 |
| obstructed or impeded any examination or investigation by the |
7 |
| Secretary Commissioner , shall have engaged in an unsafe or
|
8 |
| unsound practice in conducting the business of that bank
or any |
9 |
| subsidiary or bank holding company of the bank,
or shall have
|
10 |
| violated any law or engaged or participated in any unsafe or |
11 |
| unsound practice
in connection with any financial institution |
12 |
| or other business entity such that
the character and fitness of |
13 |
| the director, officer, employee, or agent does not
assure |
14 |
| reasonable promise of safe and sound operation of the State |
15 |
| bank, the
Secretary Commissioner
may issue an order of removal.
|
16 |
| If, in the opinion of the Secretary Commissioner , any former |
17 |
| director, officer,
employee,
or agent of a State bank
or any |
18 |
| subsidiary or bank holding company of the bank, prior to the
|
19 |
| termination of his or her service with
that bank
or any |
20 |
| subsidiary or bank holding company of the bank, violated any |
21 |
| law,
rule, or order relating to that
State bank
or any |
22 |
| subsidiary or bank holding company of the bank, obstructed or |
23 |
| impeded
any examination or investigation by the Secretary |
24 |
| Commissioner , engaged in an unsafe or unsound practice in |
25 |
| conducting the
business of that bank
or any subsidiary or bank |
26 |
| holding company of the bank,
or violated any law or engaged or |
|
|
|
SB2101 Engrossed |
- 34 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| participated in any
unsafe or unsound practice in connection |
2 |
| with any financial institution or
other business entity such |
3 |
| that the character and fitness of the director,
officer, |
4 |
| employee, or agent would not have assured reasonable promise of |
5 |
| safe
and sound operation of the State bank, the Secretary |
6 |
| Commissioner may issue an order
prohibiting that person from
|
7 |
| further
service with a bank
or any subsidiary or bank holding |
8 |
| company of the bank
as a director, officer, employee, or agent. |
9 |
| An order
issued pursuant to this subsection shall be served |
10 |
| upon the
director,
officer, employee, or agent. A copy of the |
11 |
| order shall be sent to each
director of the bank affected by |
12 |
| registered mail. The person affected by
the action may request |
13 |
| a hearing before the State Banking Board within 10
days after |
14 |
| receipt of the order. The hearing shall be held by
the Board |
15 |
| within 30 days after the request has been received by the |
16 |
| Board.
The Board shall make a determination approving, |
17 |
| modifying, or disapproving
the order of the Commissioner as its |
18 |
| final administrative decision. If a
hearing is held by the |
19 |
| Board, the Board shall make its determination within
60 days |
20 |
| from the conclusion of the hearing. Any person affected by a
|
21 |
| decision of the Board under this subsection (7) of Section 48 |
22 |
| of this Act
may have the decision reviewed only under and in |
23 |
| accordance with the
Administrative Review Law and the rules |
24 |
| adopted pursuant thereto. A copy of
the order shall also be |
25 |
| served upon the bank of which he is a director,
officer, |
26 |
| employee, or agent, whereupon he shall cease to be a director,
|
|
|
|
SB2101 Engrossed |
- 35 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| officer, employee, or agent of that bank. The Secretary |
2 |
| Commissioner may
institute a civil action against the director, |
3 |
| officer, or agent of the
State bank or, after May 31, 1997, of |
4 |
| the branch of the out-of-state bank
against whom any order |
5 |
| provided for by this subsection (7) of
this Section 48 has been |
6 |
| issued, and against the State bank or, after May 31,
1997, |
7 |
| out-of-state bank, to enforce
compliance with or to enjoin any |
8 |
| violation of the terms of the order.
Any person who has been |
9 |
| the subject of an order of removal
or
an order of prohibition |
10 |
| issued by the Secretary Commissioner under
this subsection or |
11 |
| Section 5-6 of the Corporate Fiduciary Act may not
thereafter |
12 |
| serve as director, officer, employee, or agent of any State |
13 |
| bank
or of any branch of any out-of-state bank,
or of any |
14 |
| corporate fiduciary, as defined in Section 1-5.05 of the
|
15 |
| Corporate
Fiduciary Act, or of any other entity that is subject |
16 |
| to licensure or
regulation by the Division of Banking |
17 |
| Commissioner or the Office of Banks and Real Estate unless
the |
18 |
| Secretary Commissioner has granted prior approval in writing.
|
19 |
| For purposes of this paragraph (7), "bank holding company" |
20 |
| has the
meaning prescribed in Section 2 of the Illinois Bank |
21 |
| Holding Company Act of
1957.
|
22 |
| (8) The Commissioner may impose civil penalties of up to |
23 |
| $10,000 against
any person for each violation of any provision |
24 |
| of this Act, any rule
promulgated in accordance with this Act, |
25 |
| any order of the Commissioner, or
any other action which in the |
26 |
| Commissioner's discretion is an unsafe or
unsound banking |
|
|
|
SB2101 Engrossed |
- 36 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| practice.
|
2 |
| (9) The Commissioner may impose civil penalties of up to |
3 |
| $100
against any person for the first failure to comply with |
4 |
| reporting
requirements set forth in the report of examination |
5 |
| of the bank and up to
$200 for the second and subsequent |
6 |
| failures to comply with those reporting
requirements.
|
7 |
| (10) All final administrative decisions of the |
8 |
| Commissioner hereunder
shall be subject to judicial review |
9 |
| pursuant to the provisions of the
Administrative Review Law. |
10 |
| For matters involving administrative review,
venue shall be in |
11 |
| either Sangamon County or Cook County.
|
12 |
| (11) The endowment fund for the Illinois Bank Examiners' |
13 |
| Education
Foundation shall be administered as follows:
|
14 |
| (a) (Blank).
|
15 |
| (b) The Foundation is empowered to receive voluntary |
16 |
| contributions,
gifts, grants, bequests, and donations on |
17 |
| behalf of the Illinois Bank
Examiners' Education |
18 |
| Foundation from national banks and other persons for
the |
19 |
| purpose of funding the endowment of the Illinois Bank |
20 |
| Examiners'
Education Foundation.
|
21 |
| (c) The aggregate of all special educational fees |
22 |
| collected by the
Secretary Commissioner and property |
23 |
| received by the Secretary Commissioner on behalf of the
|
24 |
| Illinois Bank Examiners' Education Foundation under this |
25 |
| subsection
(11) on or after June 30, 1986, shall be either |
26 |
| (i) promptly paid after
receipt of the same, accompanied by |
|
|
|
SB2101 Engrossed |
- 37 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| a detailed statement thereof, into the
State Treasury and |
2 |
| shall be set apart in a special fund to be known as "The
|
3 |
| Illinois Bank Examiners' Education Fund" to be invested by |
4 |
| either the
Treasurer of the State of Illinois in the Public |
5 |
| Treasurers' Investment
Pool or in any other investment he |
6 |
| is authorized to make or by the Illinois
State Board of |
7 |
| Investment as the State Banking Board of Illinois board of |
8 |
| trustees of the Illinois Bank
Examiners' Education |
9 |
| Foundation may direct or (ii) deposited into an account
|
10 |
| maintained in a commercial bank or corporate fiduciary in |
11 |
| the name of the
Illinois Bank Examiners' Education |
12 |
| Foundation pursuant to the order and
direction of the Board |
13 |
| of Trustees of the Illinois Bank Examiners' Education
|
14 |
| Foundation.
|
15 |
| (12) (Blank).
|
16 |
| (Source: P.A. 94-91, eff. 7-1-05; 95-1047, eff. 4-6-09.)
|
17 |
| (205 ILCS 5/78) (from Ch. 17, par. 390)
|
18 |
| Sec. 78. Board of banks and trust companies; creation, |
19 |
| members, appointment.
There is created a Board which shall be |
20 |
| known as the State Banking Board of
Illinois which shall |
21 |
| consist of the Director of Banking Commissioner , who shall be |
22 |
| its chairman,
and 11 16 additional members . The Board shall be |
23 |
| comprised of individuals interested in the banking industry. |
24 |
| Two members shall be from State banks having total assets of |
25 |
| not more than $75,000,000 at the time of their appointment; 2 |
|
|
|
SB2101 Engrossed |
- 38 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| members shall be from State banks having total assets of more |
2 |
| than $75,000,000, but not more than $150,000,000 at the time of |
3 |
| their appointment; 2 members shall be from State banks having |
4 |
| total assets of more than $150,000,000, but not more than |
5 |
| $500,000,000 at the time of their appointment; 2 members shall |
6 |
| be from State banks having total assets of more than |
7 |
| $500,000,000, but not more than $2,000,000,000 at the time of |
8 |
| their appointment, and one member shall be from a State bank |
9 |
| having total assets of more than $2,000,000,000 at the time of |
10 |
| his or her appointment. There shall be 2 public members, |
11 |
| neither of whom shall be an officer or director of or owner, |
12 |
| whether directly or indirectly, of more than 5% of the |
13 |
| outstanding capital stock of any bank. divided into 3 classes
|
14 |
| designated Class A members, Class B members, and Class C
|
15 |
| members who are appointed by the Governor by and with the |
16 |
| advice and consent
of the Senate and made up as follows:
|
17 |
| Class A shall consist of 4 persons, none of whom shall be |
18 |
| an officer
or director of or owner, whether direct or indirect, |
19 |
| of more than 5% of the
outstanding capital stock of any bank.
|
20 |
| Class B shall consist of 10 persons who at the time of |
21 |
| their respective
appointments shall have had not less than 10 |
22 |
| years
banking experience. Of the 10
Class B members, 2 shall be |
23 |
| from State banks having total
assets of not more than |
24 |
| $20,000,000 at the time of
their appointment, 2
shall be from |
25 |
| State banks having total assets of more than
$20,000,000 but |
26 |
| not more than $50,000,000 at the time of their
appointment, 2 |
|
|
|
SB2101 Engrossed |
- 39 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| shall be from State banks having total
assets of more than |
2 |
| $50,000,000, but not more than $125,000,000 at the
time of |
3 |
| their appointment, one shall be from a
State bank having total |
4 |
| assets of more than $125,000,000 but not more than
$250,000,000 |
5 |
| at the time of appointment, one shall be from a State bank
|
6 |
| having total assets of more than $250,000,000 but not more than
|
7 |
| $1,000,000,000 at the time of appointment, one shall be from a |
8 |
| State bank
having total assets of more than $1,000,000,000 at |
9 |
| the time of appointment
and one shall be from a foreign banking |
10 |
| corporation certificated pursuant
to the Foreign Banking |
11 |
| Office Act.
|
12 |
| Class C shall consist of 2 persons who shall be at-large |
13 |
| members
representing the banking industry generally.
|
14 |
| (Source: P.A. 91-798, eff. 7-9-00.)
|
15 |
| (205 ILCS 5/79) (from Ch. 17, par. 391)
|
16 |
| Sec. 79. Board, terms of office. The terms of office of the |
17 |
| Class A and Class B members of the State Banking Board of |
18 |
| Illinois shall be 4 years, except that the initial Board |
19 |
| appointments shall be staggered with the Governor initially |
20 |
| appointing, with advice and consent of the Senate, 3 members to |
21 |
| serve 2-year terms, 4 members to serve 3-year terms, and 4 |
22 |
| members to serve 4-year terms. Members shall continue to serve |
23 |
| on the Board until their replacement is appointed and |
24 |
| qualified. Vacancies shall be filled by appointment by the |
25 |
| Governor with advice and consent of the Senate. Board of
Banks |
|
|
|
SB2101 Engrossed |
- 40 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| and Trust Companies who are in office on the effective date of |
2 |
| this
Amendatory Act of 1985 shall expire on December 31, 1985.
|
3 |
| The terms of office of Class A, Class B, and Class C members of
|
4 |
| the State Banking Board shall be
as follows:
|
5 |
| (a) The terms of office of all Class A and Class B members |
6 |
| of the
State Banking Board shall begin on January 1, 1986.
|
7 |
| (b) The persons first appointed as the Class A members of |
8 |
| the State Banking Board
shall have the following terms as |
9 |
| designated by the Governor; one person
for a term of one year, |
10 |
| one person for a term of 2 years, one
person
for a term of 3 |
11 |
| years and one person for a term of 4
years. Thereafter, the |
12 |
| term of office of each Class
A member shall be 4 years, except |
13 |
| that an appointment to fill a vacancy
shall be for the |
14 |
| unexpired term of the member whose term is being filled.
|
15 |
| (c) The persons first appointed as Class B members of the |
16 |
| State Banking Board shall
have the following terms as |
17 |
| designated by the Governor; one member for a
term of one year, |
18 |
| 3 members for a term of 2 years,
3 members for
a term of 3 |
19 |
| years, and 3 members for a term of 4 years.
Thereafter, the |
20 |
| term of office of each Class B
member shall be 4 years, except |
21 |
| that an appointment to fill a vacancy
shall be for the |
22 |
| unexpired term of the member whose term is being filled.
|
23 |
| (c-5) The initial term of office of each Class C member of |
24 |
| the State
Banking Board appointed pursuant to this amendatory |
25 |
| Act of the 91st General
Assembly shall expire on January 1, |
26 |
| 2004. Thereafter, the term of office of
each Class C member |
|
|
|
SB2101 Engrossed |
- 41 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| shall be 4 years, except that an appointment to fill a
vacancy |
2 |
| shall be for the unexpired term of the member whose term is |
3 |
| being
filled.
|
4 |
| (d) No Class A, Class B, or Class C State Banking Board
|
5 |
| member shall serve
more than 2 full 4-year terms of office.
|
6 |
| (e) The term of office of a State Banking Board member |
7 |
| shall terminate
automatically when the member no longer meets |
8 |
| the qualifications for the
member's appointment to the Board |
9 |
| provided that an increase or decrease in the
asset size of the |
10 |
| member's bank during the member's term of office on the State
|
11 |
| Banking Board shall not result in the termination of the |
12 |
| member's term of
office.
|
13 |
| (Source: P.A. 90-301, eff. 8-1-97; 91-798, eff. 7-9-00.)
|
14 |
| (205 ILCS 5/80) (from Ch. 17, par. 392)
|
15 |
| Sec. 80. Board; powers. The Board shall have the following |
16 |
| powers in
addition to any others that may be granted to it by |
17 |
| law:
|
18 |
| (a) (Blank). To make, alter, and amend rules and |
19 |
| regulations proposed for
adoption by the Commissioner with |
20 |
| respect to the following matters:
|
21 |
| (i) The scope and nature of showings to be furnished |
22 |
| and evidence to
be presented in connection with the |
23 |
| granting of charters of new banks,
and in connection with |
24 |
| the approval by the Commissioner of mergers,
conversions, |
25 |
| consolidations and changes of location, and the forms upon
|
|
|
|
SB2101 Engrossed |
- 42 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| which any of such showings may be made.
|
2 |
| (ii) The steps to be taken and the showings to be |
3 |
| furnished in
connection with voluntary dissolutions under |
4 |
| Sections 68 to 74,
inclusive, of this Act, and the forms |
5 |
| upon which such showing are to be
made.
|
6 |
| (iii) The form, content and nature of the reports to be |
7 |
| furnished to
the Commissioner under Section 47 of this Act, |
8 |
| and the definition of the
scope of examinations and the |
9 |
| data to be furnished in connection with
examinations by the |
10 |
| Commissioner under subsection (2)
and subsection (5) of |
11 |
| Section 48 of this Act.
|
12 |
| (b) To review, consider , and make recommendations to the |
13 |
| Director of Banking Commissioner
upon any banking matters.
|
14 |
| (c) (Blank). To require the Commissioner to report |
15 |
| periodically to the Board
on any banking matters, including the |
16 |
| following:
|
17 |
| (i) Data with respect to banks whose condition or |
18 |
| practices are
being critically considered or reviewed by |
19 |
| the Commissioner pursuant to
Section 51 of this Act, and |
20 |
| data with respect to banks to which any
notice has been |
21 |
| given by the Commissioner pursuant to said Section 51;
and
|
22 |
| (ii) The extent and nature of all disciplinary action |
23 |
| taken by the
Commissioner against any bank or any officer |
24 |
| or director thereof, and
information with respect to the |
25 |
| manner or extent of the remedial action,
if any, taken by |
26 |
| the criticized bank or director or officer; and
|
|
|
|
SB2101 Engrossed |
- 43 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| (iii) The extent and nature of all action taken by the |
2 |
| Commissioner
under or pursuant to Section 52 of this Act; |
3 |
| and
|
4 |
| (iv) The extent and nature of all action taken by the |
5 |
| Commissioner
under or pursuant to Section 31 of this Act.
|
6 |
| (d) (Blank). To require the Commissioner to furnish the |
7 |
| Board reports in
respect of the granting or of the denial of |
8 |
| new charters, mergers,
changes of location, conversions or |
9 |
| consolidations, including the
findings made and the basis for |
10 |
| the action taken by the Commissioner in
connection therewith.
|
11 |
| (e) To review, consider , and submit to the Director of |
12 |
| Banking Commissioner and to the
Governor proposals for |
13 |
| amendments to this Act or for changes in or
additions to the |
14 |
| administration thereof which in the opinion of the
Board are |
15 |
| necessary or desirable in order to assure the safe and sound
|
16 |
| conduct of the banking business.
|
17 |
| (f) (Blank). To require the Commissioner to furnish the |
18 |
| Board space for
meetings to be held by the Board as well as to |
19 |
| require the Commissioner
to provide such clerical and technical |
20 |
| assistance as the Board may
require.
|
21 |
| (g) To adopt its own by-laws with respect to Board meetings |
22 |
| and
procedures. Such by-laws shall provide that:
|
23 |
| (i) A majority of the whole Board constitutes a quorum.
|
24 |
| (ii) A majority of the quorum shall constitute |
25 |
| effective action
except that a vote of a majority of the |
26 |
| whole Board shall be necessary
for the approval of rules |
|
|
|
SB2101 Engrossed |
- 44 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| and regulations proposed for adoption by the
Commissioner |
2 |
| under Section 80(a), (i), (ii) and (iii) of this Act and
|
3 |
| shall be necessary for recommendations made to the Director |
4 |
| of Banking Commissioner and to
the Governor with regard to |
5 |
| proposed amendments to this Act or to the
administrative |
6 |
| practices hereunder.
|
7 |
| (iii) The Board shall meet at least once in each |
8 |
| calendar year and upon
the call of the Director of Banking |
9 |
| Commissioner or a majority of the Board. The
Director of |
10 |
| Banking Commissioner or a majority of the Board may call |
11 |
| such special or additional
meetings as may be deemed |
12 |
| necessary or desirable.
|
13 |
| (h) (Blank). To make rules to regulate the method of |
14 |
| selecting candidates for
consideration by the Governor to fill |
15 |
| a vacancy in the Office of the
Commissioner and the deputy |
16 |
| commissioners.
|
17 |
| (i) (Blank). To make rules to regulate the method of |
18 |
| selecting candidates for
consideration by the Governor to fill |
19 |
| a vacancy in the office of any of
the 10 Class B members of the |
20 |
| Board.
|
21 |
| (j) (Blank). To make rules to regulate the conduct of |
22 |
| hearings under subsection
(7) of Section 48 of this Act.
|
23 |
| (k) (Blank). To subpoena witnesses, to compel their |
24 |
| attendance, to administer an
oath, to examine any person under |
25 |
| oath and to require the production of any
relevant books, |
26 |
| papers, accounts and documents in the course of and
pursuant to |
|
|
|
SB2101 Engrossed |
- 45 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| any hearing being conducted under subsection (7) of
Section 48 |
2 |
| of this Act.
|
3 |
| (l) (Blank). To appoint hearing officers to conduct |
4 |
| hearings under subsection (7)
of Section 48 of this Act.
|
5 |
| (m) To authorize the transfer of funds from the Illinois |
6 |
| Bank Examiners' Education Fund to the Bank and Trust Company |
7 |
| Fund. Any amount transferred shall be retransferred to the |
8 |
| Illinois Bank Examiners' Education Fund from the Bank and Trust |
9 |
| Company Fund within 3 years. |
10 |
| (n) To maintain and direct the investments of the Illinois |
11 |
| Bank Examiners' Education Fund. |
12 |
| (o) To evaluate various courses, programs, curricula, and |
13 |
| schools of continuing education and professional training that |
14 |
| are available from within the United States for State banking |
15 |
| department examination personnel and develop a program known as |
16 |
| the Illinois Bank Examiners' Education Program. The Board shall |
17 |
| determine which courses, programs, curricula, and schools will |
18 |
| be included in the Program to be funded by the Foundation. |
19 |
| (Source: P.A. 89-508, eff. 7-3-96.)
|
20 |
| (205 ILCS 5/82) (from Ch. 17, par. 394)
|
21 |
| Sec. 82. Commissioner, board; civil liability. Neither the |
22 |
| Secretary, Director of Banking, Commissioner, any deputy |
23 |
| commissioner, any member of the
Board of Banks and Trust |
24 |
| Companies, any member of the State Banking Board
of Illinois, |
25 |
| nor any examiner, assistant examiner or
other employee of the |
|
|
|
SB2101 Engrossed |
- 46 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| Division of Banking Commissioner's office shall be subject to |
2 |
| any civil
liability or penalty, whether for damages or |
3 |
| otherwise, on account of or
for any action taken or omitted to |
4 |
| be taken in their respective official
capacities, except when |
5 |
| such acts or omissions to act are corrupt or
malicious or |
6 |
| unless such action is taken or omitted to be taken not in good
|
7 |
| faith and without reasonable grounds.
|
8 |
| (Source: P.A. 85-204.)
|
9 |
| Section 15. The Illinois Bank Holding Company Act of 1957 |
10 |
| is amended by changing Sections 2 and 3.074 as follows:
|
11 |
| (205 ILCS 10/2) (from Ch. 17, par. 2502)
|
12 |
| Sec. 2. Unless the context requires otherwise:
|
13 |
| (a) "Bank" means any national banking association or any |
14 |
| bank, banking
association or savings bank, whether organized |
15 |
| under the laws of Illinois,
another state, the United States, |
16 |
| the District of Columbia, any territory of
the United States, |
17 |
| Puerto Rico, Guam, American Samoa or the Virgin Islands,
which |
18 |
| (1) accepts deposits that the depositor has a legal right to |
19 |
| withdraw on
demand by check or other negotiable order and (2) |
20 |
| engages in the business of
making commercial loans. "Bank" does |
21 |
| not include any organization operating
under Sections 25 or 25 |
22 |
| (a) of the Federal Reserve Act, or any organization
which does |
23 |
| not do business within the United States except as an incident |
24 |
| to
its activities outside the United States or any foreign |
|
|
|
SB2101 Engrossed |
- 47 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| bank.
|
2 |
| (b) "Bank holding company" means any company that controls |
3 |
| or has control
over any bank or over any company that is or |
4 |
| becomes a bank holding company by
virtue of this Act.
|
5 |
| (c) "Banking office" means the principal office of a bank, |
6 |
| any branch
of a bank, or any other office at which a bank |
7 |
| accepts deposits, provided,
however, that "banking office" |
8 |
| shall not mean:
|
9 |
| (1) unmanned automatic teller machines, point of sale |
10 |
| terminals or other
similar unmanned electronic banking |
11 |
| facilities at which deposits may be
accepted; or
|
12 |
| (2) offices located outside the United States.
|
13 |
| (d) "Cause to be chartered", with respect to a specified |
14 |
| bank, means the
acquisition of control of such bank prior to |
15 |
| the time it commences to
engage in the banking business.
|
16 |
| (e) "Commissioner" means the Commissioner of Banks and Real |
17 |
| Estate
or a person authorized by the Commissioner, the Office |
18 |
| of Banks and Real Estate
Act, or this Act to act in the |
19 |
| Commissioner's stead , except that beginning on the effective |
20 |
| date of this amendatory Act of the 96th General Assembly, all |
21 |
| references in this Act to the Commissioner of Banks and Real |
22 |
| Estate are deemed, in appropriate contexts, to be references to |
23 |
| the Secretary of Financial and Professional Regulation .
|
24 |
| (f) "Community" means the contiguous area served by the |
25 |
| banking offices
of a bank, but need not be limited or expanded |
26 |
| to conform to the geographic
boundaries of units of local |
|
|
|
SB2101 Engrossed |
- 48 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| government.
|
2 |
| (g) "Company" means any corporation, business trust, |
3 |
| voting trust,
association, partnership, joint venture, similar |
4 |
| organization or any other
trust unless by its terms it must |
5 |
| terminate within 25 years or not later
than 21 years and 10 |
6 |
| months after the death of individuals living on the
effective |
7 |
| date of the trust, but shall not include (1) an individual or |
8 |
| (2)
any corporation the majority of the shares of which are |
9 |
| owned by the United
States or by any state or any corporation |
10 |
| or community chest fund,
organized and operated exclusively for |
11 |
| religious, charitable, scientific,
literary or educational |
12 |
| purposes, no part of the net earnings of which
inure to the |
13 |
| benefit of any private shareholder or individual and no
|
14 |
| substantial part of the activities of which is carrying on |
15 |
| propaganda or
otherwise attempting to influence legislation.
|
16 |
| (h) A company "controls or has control over" a bank or |
17 |
| company if (1) it
directly or indirectly owns or controls or |
18 |
| has the power to vote, 25% or
more of the voting shares of any |
19 |
| class of voting securities of such bank or
company or (2) it |
20 |
| controls in any manner the election of a majority of the
|
21 |
| directors or trustees of such bank or company or (3) a trustee |
22 |
| holds for
the benefit of its shareholders, members or |
23 |
| employees, 25% or more of the
voting shares of such bank or |
24 |
| company or (4) it directly or indirectly
exercises a |
25 |
| controlling influence over the management or policies of such
|
26 |
| bank or company that is a bank holding company and the Board of |
|
|
|
SB2101 Engrossed |
- 49 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| Governors
of the Federal Reserve System has so determined under |
2 |
| the federal Bank
Holding Company Act. In determining whether |
3 |
| any company controls or has
control over a bank or company: (i) |
4 |
| shares owned or controlled by any
subsidiary of a company shall |
5 |
| be deemed to be indirectly owned or
controlled by such company; |
6 |
| (ii) shares held or controlled, directly or
indirectly, by a |
7 |
| trustee or trustees for the benefit of a company, the
|
8 |
| shareholders or members of a company or the employees (whether |
9 |
| exclusively
or not) of a company, shall be deemed to be |
10 |
| controlled by such company; and
(iii) shares transferred, |
11 |
| directly or indirectly, by any bank holding
company (or by any |
12 |
| company which, but for such transfer, would be a bank
holding |
13 |
| company) to any transferee that is indebted
to the transferor |
14 |
| or that has one or more officers, directors, trustees or
|
15 |
| beneficiaries in common with or subject to control by the |
16 |
| transferor, shall
be deemed to be indirectly owned or |
17 |
| controlled by the transferor unless
the Board of Governors of |
18 |
| the Federal Reserve System has determined, under
the federal |
19 |
| Bank Holding Company Act, that the transferor is not in fact
|
20 |
| capable of controlling the transferee. Notwithstanding the |
21 |
| foregoing, no
company shall be deemed to have control of or |
22 |
| over a bank or bank holding
company (A) by virtue of its |
23 |
| ownership or control of shares in a fiduciary
capacity arising |
24 |
| in the ordinary course of its business; (B) by virtue of
its |
25 |
| ownership or control of shares acquired by it in connection |
26 |
| with its
underwriting of securities which are held only for |
|
|
|
SB2101 Engrossed |
- 50 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| such period of time as
will permit the sale thereof upon a |
2 |
| reasonable basis; (C) by virtue of its
holding any shares as |
3 |
| collateral taken in the ordinary course of securing a
debt or |
4 |
| other obligation; (D) by virtue of its ownership or control of |
5 |
| shares
acquired in the ordinary course of collecting a debt or |
6 |
| other obligation
previously contracted in good faith, until 5 |
7 |
| years after the date acquired; or
(E) by virtue of its voting |
8 |
| rights with respect to shares of any bank or bank
holding |
9 |
| company acquired in the course of a proxy solicitation in the |
10 |
| case of a
company formed and operated for the sole purpose of |
11 |
| participating in a proxy
solicitation.
|
12 |
| (h-5) "Division of Banking" means the Division of Banking |
13 |
| of the Department of Financial and Professional Regulation.
|
14 |
| (i) "Federal Bank Holding Company Act" means the |
15 |
| federal Bank Holding
Company Act of 1956, as now or |
16 |
| hereafter amended.
|
17 |
| (j) "Foreign bank" means any company organized under the |
18 |
| laws of a
foreign country which engages in the business of |
19 |
| banking or any subsidiary
or affiliate of any such company, |
20 |
| organized under such laws. "Foreign
bank" includes, without |
21 |
| limitation, foreign merchant banks and other
foreign |
22 |
| institutions that engage in banking activities usual in |
23 |
| connection
with the business of banking in the countries where |
24 |
| such foreign
institutions are organized or operating.
|
25 |
| (k) "Home state" means the home state of a foreign bank as |
26 |
| determined
pursuant to the federal International Banking Act of |
|
|
|
SB2101 Engrossed |
- 51 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| 1978.
|
2 |
| (l) "Illinois bank" means a bank:
|
3 |
| (1) that is organized under the laws of this State or |
4 |
| of the United States; and
|
5 |
| (2) whose main banking premises is located in Illinois.
|
6 |
| (m) "Illinois bank holding company" means a bank holding |
7 |
| company:
|
8 |
| (1) whose principal place of business is Illinois; and
|
9 |
| (2) that is not directly or indirectly controlled by |
10 |
| another bank
holding company whose principal place of |
11 |
| business is a state other than
Illinois or by a foreign |
12 |
| bank whose Home State is a state other than Illinois.
|
13 |
| An out of state bank holding company that acquires
control |
14 |
| of one or more
Illinois banks or Illinois bank holding |
15 |
| companies pursuant to Sections
3.061 or 3.071 shall not be |
16 |
| deemed an Illinois bank holding company.
|
17 |
| (n) "Main banking premises" means the location that is |
18 |
| designated in a
bank's charter as its main office and that is |
19 |
| within the state in which the
total deposits held by all of the |
20 |
| banking offices of such bank are the
largest, as shown in the |
21 |
| most recent reports of condition or similar
reports filed by |
22 |
| such bank with state or federal regulatory authorities.
|
23 |
| (o) "Out of state bank" means a bank:
|
24 |
| (1) that is not an Illinois bank; and
|
25 |
| (2) whose main banking premises is located in a state |
26 |
| other
than Illinois.
|
|
|
|
SB2101 Engrossed |
- 52 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| (p) "Out of state bank holding company" means a
bank |
2 |
| holding company:
|
3 |
| (1) that is not an Illinois bank holding company;
|
4 |
| (2) whose principal place of business is a state other
|
5 |
| than Illinois the laws of which expressly authorize the |
6 |
| acquisition by an
Illinois bank holding company of a bank |
7 |
| or bank holding company in that
state under qualifications |
8 |
| and conditions which are not unduly restrictive,
as |
9 |
| determined by the Secretary Commissioner , when compared to |
10 |
| those imposed by the
laws of Illinois.
|
11 |
| (q) "Principal place of business" means,
with respect to a |
12 |
| bank holding company, the state in which the total
deposits |
13 |
| held by all of the banking offices of all of the bank |
14 |
| subsidiaries
of such bank holding company are the largest, as |
15 |
| shown in the most recent
reports of condition or similar |
16 |
| reports filed by the bank holding company's
bank subsidiaries |
17 |
| with state or federal regulatory authorities. |
18 |
| (q-5) "Secretary" means the Secretary of Financial and |
19 |
| Professional Regulation, or a person authorized by the |
20 |
| Secretary or by this Act to act in the Secretary's stead.
|
21 |
| (r) "State" or "states" when used in this Act means any |
22 |
| State of the
United States, the District of Columbia, any |
23 |
| territory of the United
States, Puerto Rico, Guam, American |
24 |
| Samoa or the Virgin Islands.
|
25 |
| (s) "Subsidiary", with respect to a specified bank holding |
26 |
| company,
means any bank or company controlled by such bank |
|
|
|
SB2101 Engrossed |
- 53 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| holding company.
|
2 |
| (Source: P.A. 89-508, eff. 7-3-96.)
|
3 |
| (205 ILCS 10/3.074) (from Ch. 17, par. 2510.04)
|
4 |
| Sec. 3.074. Powers; administrative review.
|
5 |
| (a) The Secretary Commissioner shall have the power and |
6 |
| authority:
|
7 |
| (1) to promulgate reasonable procedural rules for the |
8 |
| purposes
of
administering the provisions of this Act. The |
9 |
| Secretary Commissioner shall specify
the form of any |
10 |
| application, report or document that is required to be
|
11 |
| filed with the Secretary Commissioner pursuant to this Act;
|
12 |
| (2) to issue orders for the purpose of administering |
13 |
| the
provisions of
this Act and any rule promulgated in |
14 |
| accordance with this Act;
|
15 |
| (3) to appoint hearing officers to execute any of the |
16 |
| powers
granted to
the Secretary Commissioner under this |
17 |
| Section for the purpose of administering this
Act or any |
18 |
| rule promulgated in accordance with this Act; and
|
19 |
| (4) to subpoena witnesses, to compel their attendance, |
20 |
| to
administer an
oath, to examine any person under oath and |
21 |
| to require the production of any
relevant books, papers, |
22 |
| accounts and documents in the course of and
pursuant to any |
23 |
| investigation or hearing being conducted or any action
|
24 |
| being taken by the Secretary Commissioner in respect to any |
25 |
| matter relating to the
duties imposed upon or the powers |
|
|
|
SB2101 Engrossed |
- 54 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| vested in the Secretary Commissioner under the
provisions |
2 |
| of this Act or any rule promulgated in accordance with this
|
3 |
| Act.
|
4 |
| (b) Whenever, in the opinion of the Secretary Commissioner , |
5 |
| any
director,
officer, employee, or agent of any bank holding |
6 |
| company or subsidiary or
affiliate of
that company shall have |
7 |
| violated any law, rule, or order relating to that bank
holding |
8 |
| company or subsidiary or affiliate of that company, shall have
|
9 |
| obstructed or
impeded any examination or investigation by the |
10 |
| Secretary Commissioner , shall have
engaged in an unsafe or |
11 |
| unsound practice in conducting the business
of that bank |
12 |
| holding company or subsidiary or affiliate of that company, or
|
13 |
| shall have
violated any law or engaged or participated in any |
14 |
| unsafe or unsound
practice in connection with any financial |
15 |
| institution or other business
entity such that the character |
16 |
| and fitness of the director, officer,
employee, or agent does |
17 |
| not assure reasonable promise of safe and sound
operation of |
18 |
| the bank holding company, the
Secretary Commissioner may issue |
19 |
| an order of removal. If, in the opinion of the Secretary
|
20 |
| Commissioner , any former director, officer, employee, or agent |
21 |
| of a bank
holding company or subsidiary or affiliate of that |
22 |
| company, prior to the
termination of his or her service with |
23 |
| that holding company or subsidiary or
affiliate of that |
24 |
| company, violated any law, rule, or order relating to that
bank |
25 |
| holding company or subsidiary or affiliate of that company, |
26 |
| obstructed
or impeded any examination or investigation by the |
|
|
|
SB2101 Engrossed |
- 55 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| Secretary Commissioner , engaged
in an unsafe or unsound |
2 |
| practice in conducting the business of that bank
holding
|
3 |
| company or subsidiary or affiliate of that company, or violated |
4 |
| any law or
engaged
or participated in any unsafe or unsound |
5 |
| practice in connection with any
financial institution or other |
6 |
| business entity such that the character
and fitness of the |
7 |
| director, officer, employee, or agent would not have
assured |
8 |
| reasonable promise of safe and sound operation of the bank
|
9 |
| holding company, the Secretary Commissioner may issue an order |
10 |
| prohibiting that
person from further service with a bank |
11 |
| holding company or subsidiary or
affiliate of that company as a |
12 |
| director, officer, employee, or agent.
|
13 |
| An order
issued
pursuant to this subsection shall be served |
14 |
| upon the director, officer,
employee, or agent. A copy of the |
15 |
| order shall be sent to each director of
the bank holding |
16 |
| company affected by registered mail. The person affected
by the |
17 |
| action may request a hearing before the State Banking Board |
18 |
| within
10 days after receipt of the order. The hearing shall be |
19 |
| held by the State
Banking Board within 30 days after the |
20 |
| request has been received by the State
Banking
Board. The State |
21 |
| Banking Board shall make a determination approving,
modifying, |
22 |
| or
disapproving the order of the Commissioner as its final |
23 |
| administrative
decision.
If a hearing is held by the State |
24 |
| Banking Board, the State Banking Board shall
make its |
25 |
| determination
within 60 days from the conclusion of the |
26 |
| hearing. Any person affected by a
decision of the State Banking |
|
|
|
SB2101 Engrossed |
- 56 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| Board under this subsection
may have the decision reviewed only |
2 |
| under and in accordance with the
Administrative
Review Law and |
3 |
| the rules adopted pursuant thereto. A copy of the order
shall |
4 |
| also be served upon the bank holding company of which he is a |
5 |
| director,
officer,
employee, or agent, whereupon he shall cease |
6 |
| to be a director, officer,
employee, or agent of that bank |
7 |
| holding company.
|
8 |
| The Secretary Commissioner may
institute a
civil action |
9 |
| against the director, officer, employee, or agent of the bank
|
10 |
| holding
company, against whom
any order provided for by this |
11 |
| subsection has been
issued, to enforce compliance with or to |
12 |
| enjoin any violation of the terms
of the order.
|
13 |
| Any person who has been the subject of an order of removal
|
14 |
| or an order of prohibition issued by the Secretary Commissioner |
15 |
| under this subsection,
subdivision (7) of Section 48 of the |
16 |
| Illinois Banking Act, or
Section 5-6 of the Corporate Fiduciary |
17 |
| Act may not thereafter serve as
director, officer, employee, or |
18 |
| agent of any holding company, State bank, or
branch
of any |
19 |
| out-of-state bank, of any corporate fiduciary, as defined in
|
20 |
| Section 1-5.05 of the Corporate Fiduciary Act, or of any other |
21 |
| entity
that is subject to licensure or regulation by the |
22 |
| Division of Banking Commissioner or the
Office of Banks and |
23 |
| Real Estate unless the Secretary Commissioner has granted
prior |
24 |
| approval in writing.
|
25 |
| (c) All final administrative decisions of the Secretary
|
26 |
| Commissioner under
this
Act shall be subject to judicial review |
|
|
|
SB2101 Engrossed |
- 57 - |
LRB096 11443 MJR 21918 b |
|
|
1 |
| pursuant to provisions of the
Administrative Review Law. For |
2 |
| matters involving administrative review,
venue shall be in |
3 |
| either Sangamon County or Cook County.
|
4 |
| (Source: P.A. 92-483, eff. 8-23-01.)
|
5 |
| Section 20. The Corporate Fiduciary Act is amended by |
6 |
| changing Sections 1-5.03, 5-6, and 5-8 and by adding Sections |
7 |
| 1-5.07a and 1-5.09a as follows:
|
8 |
| (205 ILCS 620/1-5.03) (from Ch. 17, par. 1551-5.03)
|
9 |
| Sec. 1-5.03.
"Commissioner" means the Commissioner of |
10 |
| Banks and Real
Estate or a person authorized by the |
11 |
| Commissioner, the Office of Banks and Real
Estate Act, or this |
12 |
| Act to act in the Commissioner's stead , except that beginning |
13 |
| on the effective date of this amendatory Act of the 96th |
14 |
| General Assembly, all references in this Act to the |
15 |
| Commissioner of Banks and Real Estate are deemed, in |
16 |
| appropriate contexts, to be references to the Secretary of |
17 |
| Financial and Professional Regulation .
|
18 |
| (Source: P.A. 89-508, eff. 7-3-96.)
|
19 |
| (205 ILCS 620/1-5.07a new) |
20 |
| Sec. 1-5.07a. Division of Banking. "Division of Banking" |
21 |
| means the Division of Banking of the Department of Financial |
22 |
| and Professional Regulation. |
|
|
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| (205 ILCS 620/1-5.09a new) |
2 |
| Sec. 1-5.09a. Secretary. "Secretary" means the Secretary |
3 |
| of Financial and Professional Regulation, or a person |
4 |
| authorized by the Secretary or by this Act to act in the |
5 |
| Secretary's stead.
|
6 |
| (205 ILCS 620/5-6) (from Ch. 17, par. 1555-6)
|
7 |
| Sec. 5-6. Removal orders. Whenever, in the opinion of the |
8 |
| Secretary Commissioner ,
any director, officer, employee, or |
9 |
| agent of a corporate fiduciary
or subsidiary or corporate |
10 |
| parent of the corporate fiduciary
shall have violated any law, |
11 |
| rule, or order relating to the corporate
fiduciary
or |
12 |
| subsidiary or corporate parent of the corporate fiduciary, |
13 |
| shall have
engaged in an unsafe or unsound practice in |
14 |
| conducting
the
business of the corporate fiduciary
or |
15 |
| subsidiary or corporate parent of the corporate fiduciary, or |
16 |
| shall
have violated any law or
engaged or participated in any |
17 |
| unsafe or unsound practice in connection with
any financial |
18 |
| institution or other business entity such that the character |
19 |
| and
fitness of the director, officer, employee, or agent does |
20 |
| not assure reasonable
promise of safe and sound operation of |
21 |
| the corporate fiduciary
or subsidiary or corporate parent of |
22 |
| the corporate fiduciary, the Secretary
Commissioner may issue |
23 |
| an order of
removal.
If in the opinion of the Secretary |
24 |
| Commissioner , any former director, officer,
employee, or agent |
25 |
| of a corporate fiduciary
or subsidiary or corporate parent of |
|
|
|
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| the corporate fiduciary, prior to the
termination of his
or her |
2 |
| service with the corporate fiduciary
or subsidiary or corporate |
3 |
| parent of the corporate fiduciary, violated any
law, rule, or |
4 |
| order
relating to the corporate fiduciary
or subsidiary or |
5 |
| corporate parent of the corporate fiduciary
or engaged in an |
6 |
| unsafe or unsound practice
in conducting the business of the |
7 |
| corporate fiduciary
or subsidiary or corporate parent of the |
8 |
| corporate fiduciary
or violated any law or
engaged or |
9 |
| participated in any unsafe or unsound practice in connection |
10 |
| with
any financial institution or other business entity such |
11 |
| that the character and
fitness of the director, officer, |
12 |
| employee, or agent would not have assured
reasonable promise of |
13 |
| safe and sound operation of the corporate fiduciary
or |
14 |
| subsidiary or corporate parent of the corporate fiduciary,
the
|
15 |
| Secretary Commissioner may issue
an order prohibiting that |
16 |
| person from further service with a corporate
fiduciary
or |
17 |
| subsidiary or corporate parent of the corporate fiduciary
as a |
18 |
| director, officer, employee, or agent. An order issued pursuant
|
19 |
| to this Section shall be served upon the
director, officer, |
20 |
| employee, or
agent. A copy of the order shall be sent to each |
21 |
| director of the corporate
fiduciary
affected by personal |
22 |
| service, certified mail return receipt
requested, or any other |
23 |
| method that provides proof of service and receipt. The
person |
24 |
| affected by the action may request a hearing before the
State |
25 |
| Banking Board of Illinois, hereafter "the Board", within 10 |
26 |
| days after
receipt of the order of removal or prohibition. The |
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| hearing shall be held
by the Board
according to the same |
2 |
| procedures used pursuant to Section 48 of the Illinois
Banking |
3 |
| Act, and the hearing shall be held within 30 days after the |
4 |
| request has
been received by the Board. After concluding the |
5 |
| hearing, the Board shall make
a determination approving, |
6 |
| modifying, or disapproving the order of the
Commissioner as its |
7 |
| final administrative decision. A copy of the order shall
be |
8 |
| served upon the corporate fiduciary
of which the person is a
|
9 |
| director, officer, employee, or agent, whereupon the person |
10 |
| shall cease to be a
director,
officer, employee, or agent of |
11 |
| the corporate fiduciary. Any person who has
been removed or |
12 |
| prohibited by an order of the Secretary Commissioner under this
|
13 |
| Section or subsection
(7) of Section 48 of the Illinois Banking |
14 |
| Act may not thereafter serve as
director, officer, employee, or |
15 |
| agent of any State bank or corporate fiduciary,
or of any other |
16 |
| entity that is subject to licensure or regulation by the |
17 |
| Division of Banking
Commissioner or the Office of Banks and |
18 |
| Real Estate unless the Secretary Commissioner
has granted prior |
19 |
| approval in writing. The Secretary Commissioner may institute a |
20 |
| civil
action against the
director,
officer, employee, or agent |
21 |
| subject to an order issued under this Section and
against the |
22 |
| corporate fiduciary
to enforce compliance with or to enjoin any
|
23 |
| violation of the terms of the order.
|
24 |
| (Source: P.A. 92-483, eff. 8-23-01.)
|
25 |
| (205 ILCS 620/5-8) (from Ch. 17, par. 1555-8)
|
|
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| Sec. 5-8.
All final administrative decisions of the
|
2 |
| Secretary Commissioner, or of the State Banking Board of |
3 |
| Illinois where
this Act provides a hearing before such Board to |
4 |
| review a
decision of the Commissioner, shall be subject to |
5 |
| review pursuant
to the provisions of the Administrative Review |
6 |
| Law, as now or
hereafter amended, and the rules adopted |
7 |
| pursuant thereto.
For matters involving administrative review, |
8 |
| venue shall be in either
Sangamon County or Cook County.
|
9 |
| (Source: P.A. 86-754.)
|