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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | ||||||||||||||||||||||||
5 | Sections 6z-26, 8h, and 8j as follows:
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6 | (30 ILCS 105/6z-26)
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7 | Sec. 6z-26. The Financial Institution Fund. All moneys | ||||||||||||||||||||||||
8 | received by the
Department of Financial and Professional | ||||||||||||||||||||||||
9 | Regulation under the Safety Deposit License Act, the
Foreign | ||||||||||||||||||||||||
10 | Exchange License Act, the Pawners Societies Act, the Sale of | ||||||||||||||||||||||||
11 | Exchange
Act, the Currency Exchange Act, the Sales Finance | ||||||||||||||||||||||||
12 | Agency Act, the Debt Management Service Act, the Consumer | ||||||||||||||||||||||||
13 | Installment Loan Act, the Illinois Development Credit
| ||||||||||||||||||||||||
14 | Corporation Act, the Title Insurance Act, and any other Act | ||||||||||||||||||||||||
15 | administered by the Department of Financial and Professional | ||||||||||||||||||||||||
16 | Regulation as the successor of the
Department of Financial | ||||||||||||||||||||||||
17 | Institutions now or in the future , other than the Illinois | ||||||||||||||||||||||||
18 | Credit Union Act, (unless an Act
specifically provides | ||||||||||||||||||||||||
19 | otherwise) shall be deposited in the Financial
Institution Fund | ||||||||||||||||||||||||
20 | (hereinafter "Fund"), a special fund that is hereby created in
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21 | the State Treasury.
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22 | Moneys in the Fund shall be used by the Department, subject | ||||||||||||||||||||||||
23 | to appropriation,
for expenses incurred in administering the |
| |||||||
| |||||||
1 | above named and referenced Acts.
| ||||||
2 | The Comptroller and the State Treasurer shall transfer from | ||||||
3 | the General
Revenue Fund to the Fund any monies received by the | ||||||
4 | Department after June 30,
1993, under any of the above named | ||||||
5 | and referenced Acts that have been deposited
in the General | ||||||
6 | Revenue Fund.
| ||||||
7 | As soon as possible after the end of each calendar year, | ||||||
8 | the Comptroller
shall compare the balance in the Fund at the | ||||||
9 | end of the calendar year with the
amount appropriated from the | ||||||
10 | Fund for the fiscal year beginning on July 1 of
that calendar | ||||||
11 | year. If the balance in the Fund exceeds the amount
| ||||||
12 | appropriated, the Comptroller and the State Treasurer shall | ||||||
13 | transfer from the
Fund to the General Revenue Fund an amount | ||||||
14 | equal to the difference between the
balance in the Fund and the | ||||||
15 | amount appropriated.
| ||||||
16 | Nothing in this Section shall be construed to prohibit | ||||||
17 | appropriations from
the General Revenue Fund for expenses | ||||||
18 | incurred in the administration of the
above named and | ||||||
19 | referenced Acts.
| ||||||
20 | Moneys in the Fund may be transferred to the Professions | ||||||
21 | Indirect Cost Fund, as authorized under Section 2105-300 of the | ||||||
22 | Department of Professional Regulation Law of the Civil | ||||||
23 | Administrative Code of Illinois.
| ||||||
24 | (Source: P.A. 94-91, eff. 7-1-05.)
| ||||||
25 | (30 ILCS 105/8h)
|
| |||||||
| |||||||
1 | Sec. 8h. Transfers to General Revenue Fund. | ||||||
2 | (a) Except as otherwise provided in this Section and | ||||||
3 | Section 8n of this Act, and (c), (d), or (e),
notwithstanding | ||||||
4 | any other
State law to the contrary, the Governor
may, through | ||||||
5 | June 30, 2007, from time to time direct the State Treasurer and | ||||||
6 | Comptroller to transfer
a specified sum from any fund held by | ||||||
7 | the State Treasurer to the General
Revenue Fund in order to | ||||||
8 | help defray the State's operating costs for the
fiscal year. | ||||||
9 | The total transfer under this Section from any fund in any
| ||||||
10 | fiscal year shall not exceed the lesser of (i) 8% of the | ||||||
11 | revenues to be deposited
into the fund during that fiscal year | ||||||
12 | or (ii) an amount that leaves a remaining fund balance of 25% | ||||||
13 | of the July 1 fund balance of that fiscal year. In fiscal year | ||||||
14 | 2005 only, prior to calculating the July 1, 2004 final | ||||||
15 | balances, the Governor may calculate and direct the State | ||||||
16 | Treasurer with the Comptroller to transfer additional amounts | ||||||
17 | determined by applying the formula authorized in Public Act | ||||||
18 | 93-839 to the funds balances on July 1, 2003.
No transfer may | ||||||
19 | be made from a fund under this Section that would have the
| ||||||
20 | effect of reducing the available balance in the fund to an | ||||||
21 | amount less than
the amount remaining unexpended and unreserved | ||||||
22 | from the total appropriation
from that fund estimated to be | ||||||
23 | expended for that fiscal year. This Section does not apply to | ||||||
24 | any
funds that are restricted by federal law to a specific use, | ||||||
25 | to any funds in
the Motor Fuel Tax Fund, the Intercity | ||||||
26 | Passenger Rail Fund, the Hospital Provider Fund, the Medicaid |
| |||||||
| |||||||
1 | Provider Relief Fund, the Teacher Health Insurance Security | ||||||
2 | Fund, the Reviewing Court Alternative Dispute Resolution Fund, | ||||||
3 | the Voters' Guide Fund, the Foreign Language Interpreter Fund, | ||||||
4 | the Lawyers' Assistance Program Fund, the Supreme Court Federal | ||||||
5 | Projects Fund, the Supreme Court Special State Projects Fund, | ||||||
6 | the Supplemental Low-Income Energy Assistance Fund, the Good | ||||||
7 | Samaritan Energy Trust Fund, the Low-Level Radioactive Waste | ||||||
8 | Facility Development and Operation Fund, the Horse Racing | ||||||
9 | Equity Trust Fund, or the Hospital Basic Services Preservation | ||||||
10 | Fund, or to any
funds to which subsection (f) of Section 20-40 | ||||||
11 | of the Nursing and Advanced Practice Nursing Act applies. No | ||||||
12 | transfers may be made under this Section from the Pet | ||||||
13 | Population Control Fund. Notwithstanding any
other provision | ||||||
14 | of this Section, for fiscal year 2004,
the total transfer under | ||||||
15 | this Section from the Road Fund or the State
Construction | ||||||
16 | Account Fund shall not exceed the lesser of (i) 5% of the | ||||||
17 | revenues to be deposited
into the fund during that fiscal year | ||||||
18 | or (ii) 25% of the beginning balance in the fund.
For fiscal | ||||||
19 | year 2005 through fiscal year 2007, no amounts may be | ||||||
20 | transferred under this Section from the Road Fund, the State | ||||||
21 | Construction Account Fund, the Criminal Justice Information | ||||||
22 | Systems Trust Fund, the Wireless Service Emergency Fund, or the | ||||||
23 | Mandatory Arbitration Fund.
| ||||||
24 | In determining the available balance in a fund, the | ||||||
25 | Governor
may include receipts, transfers into the fund, and | ||||||
26 | other
resources anticipated to be available in the fund in that |
| |||||||
| |||||||
1 | fiscal year.
| ||||||
2 | The State Treasurer and Comptroller shall transfer the | ||||||
3 | amounts designated
under this Section as soon as may be | ||||||
4 | practicable after receiving the direction
to transfer from the | ||||||
5 | Governor.
| ||||||
6 | (a-5) Transfers directed to be made under this Section on | ||||||
7 | or before February 28, 2006 that are still pending on May 19, | ||||||
8 | 2006 ( the effective date of Public Act 94-774)
this amendatory | ||||||
9 | Act of the 94th General Assembly shall be redirected as | ||||||
10 | provided in Section 8n of this Act.
| ||||||
11 | (b) This Section does not apply to: (i) the Ticket For The | ||||||
12 | Cure Fund; (ii) any fund established under the Community Senior | ||||||
13 | Services and Resources Act; or (iii) on or after January 1, | ||||||
14 | 2006 (the effective date of Public Act 94-511), the Child Labor | ||||||
15 | and Day and Temporary Labor Enforcement Fund ; or (iv) any fund | ||||||
16 | established under the Illinois Credit Union Act, the Illinois | ||||||
17 | Banking Act, the Illinois Savings and Loan Act of 1985, or the | ||||||
18 | Savings Bank Act, or the Professions Indirect Cost Fund | ||||||
19 | established under the Department of Professional Regulation | ||||||
20 | Law of the Civil Administrative Code of Illinois, the transfers | ||||||
21 | from and expenditures of such funds being at all times limited | ||||||
22 | to the purposes specified in those Acts . | ||||||
23 | (c) This Section does not apply to the Demutualization | ||||||
24 | Trust Fund established under the Uniform Disposition of | ||||||
25 | Unclaimed Property Act.
| ||||||
26 | (d) This Section does not apply to moneys set aside in the |
| |||||||
| |||||||
1 | Illinois State Podiatric Disciplinary Fund for podiatric | ||||||
2 | scholarships and residency programs under the Podiatric | ||||||
3 | Scholarship and Residency Act. | ||||||
4 | (e) Subsection (a) does not apply to, and no transfer may | ||||||
5 | be made under this Section from, the Pension Stabilization | ||||||
6 | Fund.
| ||||||
7 | (Source: P.A. 93-32, eff. 6-20-03; 93-659, eff. 2-3-04; 93-674, | ||||||
8 | eff. 6-10-04; 93-714, eff. 7-12-04; 93-801, eff. 7-22-04; | ||||||
9 | 93-839, eff. 7-30-04; 93-1054, eff. 11-18-04; 93-1067, eff. | ||||||
10 | 1-15-05; 94-91, eff. 7-1-05; 94-120, eff. 7-6-05; 94-511, eff. | ||||||
11 | 1-1-06; 94-535, eff. 8-10-05; 94-639, eff. 8-22-05; 94-645, | ||||||
12 | eff. 8-22-05; 94-648, eff. 1-1-06; 94-686, eff. 11-2-05; | ||||||
13 | 94-691, eff. 11-2-05; 94-726, eff. 1-20-06; 94-773, eff. | ||||||
14 | 5-18-06; 94-774, eff. 5-19-06; 94-804, eff. 5-26-06; 94-839, | ||||||
15 | eff. 6-6-06; revised 6-19-06.)
| ||||||
16 | (30 ILCS 105/8j)
| ||||||
17 | Sec. 8j. Allocation and transfer of fee receipts to General | ||||||
18 | Revenue Fund. Except as otherwise provided in this Section and | ||||||
19 | Section 8n of this Act, and notwithstanding any other law to | ||||||
20 | the
contrary, additional amounts generated by the new and | ||||||
21 | increased fees created
or authorized by Public Acts 93-22, | ||||||
22 | 93-23, 93-24, and 93-32 shall be allocated between the fund | ||||||
23 | otherwise entitled to
receive the fee and the General Revenue | ||||||
24 | Fund by the Governor , except that no allocation and transfer | ||||||
25 | shall be made with respect to or from the Credit Union Fund . In |
| |||||||
| |||||||
1 | determining the amount of
the allocation to the General Revenue | ||||||
2 | Fund, the Governor shall calculate
whether the available | ||||||
3 | resources in the fund are sufficient to satisfy the
unexpended | ||||||
4 | and unreserved appropriations from the fund for the fiscal | ||||||
5 | year.
| ||||||
6 | In calculating the available resources in a fund, the | ||||||
7 | Governor may
include receipts, transfers into the fund, and | ||||||
8 | other resources anticipated to
be available in the fund in that | ||||||
9 | fiscal year.
| ||||||
10 | Upon determining the amount of an allocation to the General | ||||||
11 | Revenue Fund
under this Section, the Governor may direct the | ||||||
12 | State Treasurer and
Comptroller to transfer the amount of that | ||||||
13 | allocation from the fund in which
the fee amounts have been | ||||||
14 | deposited to the General Revenue Fund; provided,
however, that | ||||||
15 | the Governor shall not direct the transfer of any amount that
| ||||||
16 | would have the effect of reducing the available resources in | ||||||
17 | the fund to an
amount less than the amount remaining unexpended | ||||||
18 | and unreserved from the total
appropriation from that fund for | ||||||
19 | that fiscal year.
| ||||||
20 | The State Treasurer and Comptroller shall transfer the | ||||||
21 | amounts designated
under this Section as soon as may be | ||||||
22 | practicable after receiving the direction
to transfer from the | ||||||
23 | Governor.
| ||||||
24 | This Section does not apply to the Demutualization Trust | ||||||
25 | Fund established under the Uniform Disposition of Unclaimed | ||||||
26 | Property Act.
|
| |||||||
| |||||||
1 | Transfers directed to be made under this Section on or | ||||||
2 | before February 28, 2006 that are still pending on the | ||||||
3 | effective date of this amendatory Act of the 94th General | ||||||
4 | Assembly shall be redirected as provided in Section 8n of this | ||||||
5 | Act.
| ||||||
6 | (Source: P.A. 93-25, eff. 6-20-03; 93-32, eff. 6-20-03; 94-686, | ||||||
7 | eff. 11-2-05; 94-774, eff. 5-19-06.)
| ||||||
8 | Section 10. The Illinois Banking Act is amended by changing | ||||||
9 | Section 48 as follows:
| ||||||
10 | (205 ILCS 5/48) (from Ch. 17, par. 359)
| ||||||
11 | Sec. 48. Commissioner's powers; duties. The Commissioner | ||||||
12 | shall have the
powers and authority, and is charged with the | ||||||
13 | duties and responsibilities
designated in this Act, and a State | ||||||
14 | bank shall not be subject to any
other visitorial power other | ||||||
15 | than as authorized by this Act, except those
vested in the | ||||||
16 | courts, or upon prior consultation with the Commissioner, a
| ||||||
17 | foreign bank regulator with an appropriate supervisory | ||||||
18 | interest in the parent
or affiliate of a state bank. In the | ||||||
19 | performance of the Commissioner's
duties:
| ||||||
20 | (1) The Commissioner shall call for statements from all | ||||||
21 | State banks
as provided in Section 47 at least one time during | ||||||
22 | each calendar quarter.
| ||||||
23 | (2) (a) The Commissioner, as often as the Commissioner | ||||||
24 | shall deem
necessary or
proper, and no less frequently than 18 |
| |||||||
| |||||||
1 | months following the preceding
examination, shall appoint a | ||||||
2 | suitable person or
persons to make an examination of the | ||||||
3 | affairs of every State bank,
except that for every eligible | ||||||
4 | State bank, as defined by regulation, the
Commissioner in lieu | ||||||
5 | of the examination may accept on an alternating basis the
| ||||||
6 | examination made by the eligible State bank's appropriate | ||||||
7 | federal banking
agency pursuant to Section 111 of the Federal | ||||||
8 | Deposit Insurance Corporation
Improvement Act of 1991, | ||||||
9 | provided the appropriate federal banking agency has
made such | ||||||
10 | an examination. A person so appointed shall not be a | ||||||
11 | stockholder or
officer or employee of
any bank which that | ||||||
12 | person may be directed to examine, and shall have
powers to | ||||||
13 | make a thorough examination into all the affairs of the bank | ||||||
14 | and
in so doing to examine any of the officers or agents or | ||||||
15 | employees thereof
on oath and shall make a full and detailed | ||||||
16 | report of the condition of the
bank to the Commissioner. In | ||||||
17 | making the examination the examiners shall
include an | ||||||
18 | examination of the affairs of all the affiliates of the bank, | ||||||
19 | as
defined in subsection (b) of Section 35.2 of this Act, or | ||||||
20 | subsidiaries of the
bank as shall be
necessary to disclose | ||||||
21 | fully the conditions of the subsidiaries or
affiliates, the | ||||||
22 | relations
between the bank and the subsidiaries or affiliates | ||||||
23 | and the effect of those
relations upon
the affairs of the bank, | ||||||
24 | and in connection therewith shall have power to
examine any of | ||||||
25 | the officers, directors, agents, or employees of the
| ||||||
26 | subsidiaries or affiliates
on oath. After May 31, 1997, the |
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| |||||||
1 | Commissioner may enter into cooperative
agreements
with state | ||||||
2 | regulatory authorities of other states to provide for | ||||||
3 | examination of
State bank branches in those states, and the | ||||||
4 | Commissioner may accept reports
of examinations of State bank | ||||||
5 | branches from those state regulatory authorities.
These | ||||||
6 | cooperative agreements may set forth the manner in which the | ||||||
7 | other state
regulatory authorities may be compensated for | ||||||
8 | examinations prepared for and
submitted to the Commissioner.
| ||||||
9 | (b) After May 31, 1997, the Commissioner is authorized to | ||||||
10 | examine, as often
as the Commissioner shall deem necessary or | ||||||
11 | proper, branches of out-of-state
banks. The Commissioner may | ||||||
12 | establish and may assess fees to be paid to the
Commissioner | ||||||
13 | for examinations under this subsection (b). The fees shall be
| ||||||
14 | borne by the out-of-state bank, unless the fees are borne by | ||||||
15 | the state
regulatory authority that chartered the out-of-state | ||||||
16 | bank, as determined by a
cooperative agreement between the | ||||||
17 | Commissioner and the state regulatory
authority that chartered | ||||||
18 | the out-of-state bank.
| ||||||
19 | (2.5) Whenever any State bank, any subsidiary or affiliate | ||||||
20 | of a State
bank, or after May 31, 1997, any branch of an | ||||||
21 | out-of-state bank causes to
be performed, by contract or | ||||||
22 | otherwise, any bank services
for itself, whether on or off its | ||||||
23 | premises:
| ||||||
24 | (a) that performance shall be subject to examination by | ||||||
25 | the Commissioner
to the same extent as if services were | ||||||
26 | being performed by the bank or, after
May 31, 1997, branch |
| |||||||
| |||||||
1 | of the out-of-state bank itself
on its own premises; and
| ||||||
2 | (b) the bank or, after May 31, 1997, branch of the | ||||||
3 | out-of-state bank
shall notify the Commissioner of the | ||||||
4 | existence of a service
relationship. The notification | ||||||
5 | shall be submitted with the first statement
of condition | ||||||
6 | (as required by Section 47 of this Act) due after the | ||||||
7 | making
of the service contract or the performance of the | ||||||
8 | service, whichever occurs
first. The Commissioner shall be | ||||||
9 | notified of each subsequent contract in
the same manner.
| ||||||
10 | For purposes of this subsection (2.5), the term "bank | ||||||
11 | services" means
services such as sorting and posting of checks | ||||||
12 | and deposits, computation
and posting of interest and other | ||||||
13 | credits and charges, preparation and
mailing of checks, | ||||||
14 | statements, notices, and similar items, or any other
clerical, | ||||||
15 | bookkeeping, accounting, statistical, or similar functions
| ||||||
16 | performed for a State bank, including but not limited to | ||||||
17 | electronic data
processing related to those bank services.
| ||||||
18 | (3) The expense of administering this Act, including the | ||||||
19 | expense of
the examinations of State banks as provided in this | ||||||
20 | Act, shall to the extent
of the amounts resulting from the fees | ||||||
21 | provided for in paragraphs (a),
(a-2), and (b) of this | ||||||
22 | subsection (3) be assessed against and borne by the
State | ||||||
23 | banks:
| ||||||
24 | (a) Each bank shall pay to the Commissioner a Call | ||||||
25 | Report Fee which
shall be paid in quarterly installments | ||||||
26 | equal
to one-fourth of the sum of the annual fixed fee of |
| |||||||
| |||||||
1 | $800, plus a variable
fee based on the assets shown on the | ||||||
2 | quarterly statement of condition
delivered to the | ||||||
3 | Commissioner in accordance with Section 47 for the
| ||||||
4 | preceding quarter according to the following schedule: 16¢ | ||||||
5 | per $1,000 of
the first $5,000,000 of total assets, 15¢ per | ||||||
6 | $1,000 of the next
$20,000,000 of total assets, 13¢ per | ||||||
7 | $1,000 of the next $75,000,000 of
total assets, 9¢ per | ||||||
8 | $1,000 of the next $400,000,000 of total assets, 7¢
per | ||||||
9 | $1,000 of the next $500,000,000 of total assets, and 5¢ per | ||||||
10 | $1,000 of
all assets in excess of $1,000,000,000, of the | ||||||
11 | State bank. The Call Report
Fee shall be calculated by the | ||||||
12 | Commissioner and billed to the banks for
remittance at the | ||||||
13 | time of the quarterly statements of condition
provided for | ||||||
14 | in Section 47. The Commissioner may require payment of the | ||||||
15 | fees
provided in this Section by an electronic transfer of | ||||||
16 | funds or an automatic
debit of an account of each of the | ||||||
17 | State banks. In case more than one
examination of any
bank | ||||||
18 | is deemed by the Commissioner to be necessary in any | ||||||
19 | examination
frequency cycle specified in subsection 2(a) | ||||||
20 | of this Section,
and is performed at his direction, the | ||||||
21 | Commissioner may
assess a reasonable additional fee to | ||||||
22 | recover the cost of the additional
examination; provided, | ||||||
23 | however, that an examination conducted at the request
of | ||||||
24 | the State Treasurer pursuant to the Uniform Disposition of | ||||||
25 | Unclaimed
Property Act shall not be deemed to be an | ||||||
26 | additional examination under this
Section.
In lieu
of the |
| |||||||
| |||||||
1 | method and amounts set forth in this paragraph (a) for the | ||||||
2 | calculation
of the Call Report Fee, the Commissioner may | ||||||
3 | specify by
rule that the Call Report Fees provided by this | ||||||
4 | Section may be assessed
semiannually or some other period | ||||||
5 | and may provide in the rule the formula to
be
used for | ||||||
6 | calculating and assessing the periodic Call Report Fees to | ||||||
7 | be paid by
State
banks.
| ||||||
8 | (a-1) If in the opinion of the Commissioner an | ||||||
9 | emergency exists or
appears likely, the Commissioner may | ||||||
10 | assign an examiner or examiners to
monitor the affairs of a | ||||||
11 | State bank with whatever frequency he deems
appropriate, | ||||||
12 | including but not limited to a daily basis. The reasonable
| ||||||
13 | and necessary expenses of the Commissioner during the | ||||||
14 | period of the monitoring
shall be borne by the subject | ||||||
15 | bank. The Commissioner shall furnish the
State bank a | ||||||
16 | statement of time and expenses if requested to do so within | ||||||
17 | 30
days of the conclusion of the monitoring period.
| ||||||
18 | (a-2) On and after January 1, 1990, the reasonable and | ||||||
19 | necessary
expenses of the Commissioner during examination | ||||||
20 | of the performance of
electronic data processing services | ||||||
21 | under subsection (2.5) shall be
borne by the banks for | ||||||
22 | which the services are provided. An amount, based
upon a | ||||||
23 | fee structure prescribed by the Commissioner, shall be paid | ||||||
24 | by the
banks or, after May 31, 1997, branches of | ||||||
25 | out-of-state banks receiving the
electronic data | ||||||
26 | processing services along with the
Call Report Fee assessed |
| |||||||
| |||||||
1 | under paragraph (a) of this
subsection (3).
| ||||||
2 | (a-3) After May 31, 1997, the reasonable and necessary | ||||||
3 | expenses of the
Commissioner during examination of the | ||||||
4 | performance of electronic data
processing services under | ||||||
5 | subsection (2.5) at or on behalf of branches of
| ||||||
6 | out-of-state banks shall be borne by the out-of-state | ||||||
7 | banks, unless those
expenses are borne by the state | ||||||
8 | regulatory authorities that chartered the
out-of-state | ||||||
9 | banks, as determined by cooperative agreements between the
| ||||||
10 | Commissioner and the state regulatory authorities that | ||||||
11 | chartered the
out-of-state banks.
| ||||||
12 | (b) "Fiscal year" for purposes of this Section 48 is | ||||||
13 | defined as a
period beginning July 1 of any year and ending | ||||||
14 | June 30 of the next year.
The Commissioner shall receive | ||||||
15 | for each fiscal year, commencing with the
fiscal year | ||||||
16 | ending June 30, 1987, a contingent fee equal to the lesser | ||||||
17 | of
the aggregate of the fees paid by all State banks under | ||||||
18 | paragraph (a) of
subsection (3) for that year, or the | ||||||
19 | amount, if any, whereby the aggregate
of the administration | ||||||
20 | expenses, as defined in paragraph (c), for that
fiscal year | ||||||
21 | exceeds the sum of the aggregate of the fees payable by all
| ||||||
22 | State banks for that year under paragraph (a) of subsection | ||||||
23 | (3),
plus any amounts transferred into the Bank and Trust | ||||||
24 | Company Fund from the
State Pensions Fund for that year,
| ||||||
25 | plus all
other amounts collected by the Commissioner for | ||||||
26 | that year under any
other provision of this Act, plus the |
| |||||||
| |||||||
1 | aggregate of all fees
collected for that year by the | ||||||
2 | Commissioner under the Corporate Fiduciary
Act, excluding | ||||||
3 | the receivership fees provided for in Section 5-10 of the
| ||||||
4 | Corporate Fiduciary Act, and the Foreign Banking Office | ||||||
5 | Act.
The aggregate amount of the contingent
fee thus | ||||||
6 | arrived at for any fiscal year shall be apportioned | ||||||
7 | amongst,
assessed upon, and paid by the State banks and | ||||||
8 | foreign banking corporations,
respectively, in the same | ||||||
9 | proportion
that the fee of each under paragraph (a) of | ||||||
10 | subsection (3), respectively,
for that year bears to the | ||||||
11 | aggregate for that year of the fees collected
under | ||||||
12 | paragraph (a) of subsection (3). The aggregate amount of | ||||||
13 | the
contingent fee, and the portion thereof to be assessed | ||||||
14 | upon each State
bank and foreign banking corporation,
| ||||||
15 | respectively, shall be determined by the Commissioner and | ||||||
16 | shall be paid by
each, respectively, within 120 days of the | ||||||
17 | close of the period for which
the contingent fee is | ||||||
18 | computed and is payable, and the Commissioner shall
give 20 | ||||||
19 | days advance notice of the amount of the contingent fee | ||||||
20 | payable by
the State bank and of the date fixed by the | ||||||
21 | Commissioner for payment of
the fee.
| ||||||
22 | (c) The "administration expenses" for any fiscal year | ||||||
23 | shall mean the
ordinary and contingent expenses for that | ||||||
24 | year incident to making the
examinations provided for by, | ||||||
25 | and for otherwise administering, this Act,
the Corporate | ||||||
26 | Fiduciary Act, excluding the expenses paid from the
|
| |||||||
| |||||||
1 | Corporate Fiduciary Receivership account in the Bank and | ||||||
2 | Trust Company
Fund, the Foreign Banking Office Act,
the | ||||||
3 | Electronic Fund Transfer Act,
and the Illinois Bank | ||||||
4 | Examiners'
Education Foundation Act, including all | ||||||
5 | salaries and other
compensation paid for personal services | ||||||
6 | rendered for the State by
officers or employees of the | ||||||
7 | State, including the Commissioner and the
Deputy | ||||||
8 | Commissioners, all expenditures for telephone and | ||||||
9 | telegraph
charges, postage and postal charges, office | ||||||
10 | stationery, supplies and
services, and office furniture | ||||||
11 | and equipment, including typewriters and
copying and | ||||||
12 | duplicating machines and filing equipment, surety bond
| ||||||
13 | premiums, and travel expenses of those officers and | ||||||
14 | employees, employees,
expenditures or charges for the | ||||||
15 | acquisition, enlargement or improvement
of, or for the use | ||||||
16 | of, any office space, building, or structure, or
| ||||||
17 | expenditures for the maintenance thereof or for furnishing | ||||||
18 | heat, light,
or power with respect thereto, all to the | ||||||
19 | extent that those expenditures
are directly incidental to | ||||||
20 | such examinations or administration.
The Commissioner | ||||||
21 | shall not be required by paragraphs (c) or (d-1) of this
| ||||||
22 | subsection (3) to maintain in any fiscal year's budget | ||||||
23 | appropriated reserves
for accrued vacation and accrued | ||||||
24 | sick leave that is required to be paid to
employees of the | ||||||
25 | Commissioner upon termination of their service with the
| ||||||
26 | Commissioner in an amount that is more than is reasonably |
| |||||||
| |||||||
1 | anticipated to be
necessary for any anticipated turnover in | ||||||
2 | employees, whether due to normal
attrition or due to | ||||||
3 | layoffs, terminations, or resignations.
| ||||||
4 | (d) The aggregate of all fees collected by the | ||||||
5 | Commissioner under
this Act, the Corporate Fiduciary Act,
| ||||||
6 | or the Foreign Banking Office Act on
and after July 1, | ||||||
7 | 1979, shall be paid promptly after receipt of the same,
| ||||||
8 | accompanied by a detailed statement thereof, into the State | ||||||
9 | treasury and
shall be set apart in a special fund to be | ||||||
10 | known as the "Bank and Trust
Company Fund", except as | ||||||
11 | provided in paragraph (c) of subsection (11) of
this | ||||||
12 | Section. All earnings received from investments of funds in | ||||||
13 | the Bank
and
Trust Company Fund shall be deposited in the | ||||||
14 | Bank and Trust Company Fund
and may only be used for the | ||||||
15 | same purposes as fees deposited in that Fund. The
amount | ||||||
16 | from time to time deposited into the Bank and
Trust Company | ||||||
17 | Fund shall be used exclusively for the following purposes: | ||||||
18 | (i) to offset the ordinary administrative
expenses of the | ||||||
19 | Commissioner of Banks and Real Estate as defined in
this | ||||||
20 | Section or (ii) as a credit against fees under paragraph | ||||||
21 | (d-1) of this subsection. No other appropriations shall be | ||||||
22 | made from the Bank and Trust Company Fund. All moneys in | ||||||
23 | the Bank and Trust Company Fund are exempt from assignment | ||||||
24 | or transfer under any other law or executive order, other | ||||||
25 | than for the purposes authorized by the Illinois State | ||||||
26 | Auditing Act . Nothing in this amendatory Act of 1979 shall |
| |||||||
| |||||||
1 | prevent
continuing the practice of paying expenses | ||||||
2 | involving salaries, retirement,
social security, and | ||||||
3 | State-paid insurance premiums of State officers by
| ||||||
4 | appropriations from the General Revenue Fund. However, the | ||||||
5 | General Revenue
Fund shall be reimbursed for those payments | ||||||
6 | made on and after July 1, 1979,
by an annual transfer of | ||||||
7 | funds from the Bank and Trust Company Fund. Moneys in the | ||||||
8 | Bank and Trust Company Fund may be transferred to the | ||||||
9 | Professions Indirect Cost Fund, as authorized under | ||||||
10 | Section 2105-300 of the Department of Professional | ||||||
11 | Regulation Law of the Civil Administrative Code of | ||||||
12 | Illinois.
Any fees assessed upon and paid by State banks | ||||||
13 | pursuant to this Act must be held in trust to be used | ||||||
14 | exclusively to pay the expenses of administering this Act. | ||||||
15 | The credit to State banks of unexpended funds provided for | ||||||
16 | under paragraph (d-1) of this subsection (3) constitutes a | ||||||
17 | continuing property interest of the State banks in those | ||||||
18 | unexpended funds.
| ||||||
19 | (d-1) Adequate funds shall be available in the Bank and | ||||||
20 | Trust
Company Fund to permit the timely payment of | ||||||
21 | administration expenses. In
each fiscal year the total | ||||||
22 | administration expenses shall be deducted from
the total | ||||||
23 | fees collected by the Commissioner and the remainder | ||||||
24 | transferred
into the Cash Flow Reserve Account, unless the | ||||||
25 | balance of the Cash Flow
Reserve Account prior to the | ||||||
26 | transfer equals or exceeds
one-fourth of the total initial |
| |||||||
| |||||||
1 | appropriations from the Bank and Trust
Company Fund for the | ||||||
2 | subsequent year, in which case the remainder shall be
| ||||||
3 | credited to State banks and foreign banking corporations
| ||||||
4 | and applied against their fees for the subsequent
year. The | ||||||
5 | amount credited to each State bank and foreign banking | ||||||
6 | corporation
shall be in the same proportion as the
Call | ||||||
7 | Report Fees paid by each for the year bear to the total | ||||||
8 | Call Report
Fees collected for the year. Beginning January | ||||||
9 | 1, 2008, the Commissioner must adopt rules to adjust | ||||||
10 | regulatory fee rates to those in effect prior to the | ||||||
11 | escalation in rates published in 27 Ill.Reg. 16024, Oct. | ||||||
12 | 10, 2003, and as amended at 27 Ill.Reg. 16326, Oct. 24, | ||||||
13 | 2003, unless an audit by the Auditor General of banking | ||||||
14 | regulatory oversight activities requires a different rate | ||||||
15 | to be set to cover the costs of regulatory oversight. Any | ||||||
16 | adjustments made pursuant to an Auditor General's audit | ||||||
17 | must be set forth in the form of a notice to each affected | ||||||
18 | entity 45 days prior to making those adjustments. The | ||||||
19 | notice must contain an explanation that includes a | ||||||
20 | description of the audit results pertaining to the banking | ||||||
21 | industry and a description of each reason why adjustments | ||||||
22 | to the regulatory fee rates are required.
If, after a | ||||||
23 | transfer to the Cash Flow Reserve
Account is made or if no | ||||||
24 | remainder is available for transfer, the balance
of the | ||||||
25 | Cash Flow Reserve Account is less than one-fourth of the | ||||||
26 | total
initial appropriations for the subsequent year and |
| |||||||
| |||||||
1 | the amount transferred
is less than 5% of the total Call | ||||||
2 | Report Fees for the year, additional
amounts needed to make | ||||||
3 | the transfer equal to 5% of the total Call Report
Fees for | ||||||
4 | the year shall be apportioned amongst, assessed upon, and
| ||||||
5 | paid by the State banks and foreign banking corporations
in | ||||||
6 | the same proportion that the Call Report Fees of each,
| ||||||
7 | respectively, for the year bear to the total Call Report | ||||||
8 | Fees collected for
the year. The additional amounts | ||||||
9 | assessed shall be transferred into the
Cash Flow Reserve | ||||||
10 | Account. For purposes of this paragraph (d-1), the
| ||||||
11 | calculation of the fees collected by the Commissioner shall | ||||||
12 | exclude the
receivership fees provided for in Section 5-10 | ||||||
13 | of the Corporate Fiduciary Act.
| ||||||
14 | (e) The Commissioner may upon request certify to any | ||||||
15 | public record
in his keeping and shall have authority to | ||||||
16 | levy a reasonable charge for
issuing certifications of any | ||||||
17 | public record in his keeping.
| ||||||
18 | (f) In addition to fees authorized elsewhere in this | ||||||
19 | Act, the
Commissioner
may, in connection with a review, | ||||||
20 | approval, or provision of a service, levy a
reasonable | ||||||
21 | charge to recover the cost of the review, approval, or | ||||||
22 | service.
| ||||||
23 | (4) Nothing contained in this Act shall be construed to | ||||||
24 | limit the
obligation relative to examinations and reports of | ||||||
25 | any State bank, deposits
in which are to any extent insured by | ||||||
26 | the United States or any agency
thereof, nor to limit in any |
| |||||||
| |||||||
1 | way the powers of the Commissioner with
reference to | ||||||
2 | examinations and reports of that bank.
| ||||||
3 | (5) The nature and condition of the assets in or investment | ||||||
4 | of any
bonus, pension, or profit sharing plan for officers or | ||||||
5 | employees of every
State bank or, after May 31, 1997, branch of | ||||||
6 | an out-of-state bank shall be
deemed to be included in the | ||||||
7 | affairs of that State
bank or branch of an out-of-state bank | ||||||
8 | subject to examination by the
Commissioner under the
provisions | ||||||
9 | of subsection (2) of this Section, and if the Commissioner
| ||||||
10 | shall find from an examination that the condition of or | ||||||
11 | operation
of the investments or assets of the plan is unlawful, | ||||||
12 | fraudulent, or
unsafe, or that any trustee has abused his | ||||||
13 | trust, the Commissioner
shall, if the situation so found by the | ||||||
14 | Commissioner shall not be
corrected to his satisfaction within | ||||||
15 | 60 days after the Commissioner has
given notice to the board of | ||||||
16 | directors of the State bank or out-of-state
bank of his
| ||||||
17 | findings, report the facts to the Attorney General who shall | ||||||
18 | thereupon
institute proceedings against the State bank or | ||||||
19 | out-of-state bank, the
board of directors
thereof, or the | ||||||
20 | trustees under such plan as the nature of the case may require.
| ||||||
21 | (6) The Commissioner shall have the power:
| ||||||
22 | (a) To promulgate reasonable rules for the purpose of
| ||||||
23 | administering the provisions of this Act.
| ||||||
24 | (a-5) To impose conditions on any approval issued by | ||||||
25 | the Commissioner
if he determines that the conditions are | ||||||
26 | necessary or appropriate. These
conditions shall be |
| |||||||
| |||||||
1 | imposed in writing and shall continue
in effect for the | ||||||
2 | period prescribed by the Commissioner.
| ||||||
3 | (b) To issue orders
against any person, if the | ||||||
4 | Commissioner has
reasonable cause to believe that an unsafe | ||||||
5 | or unsound banking practice
has occurred, is occurring, or | ||||||
6 | is about to occur, if any person has violated,
is | ||||||
7 | violating, or is about to violate any law, rule, or written
| ||||||
8 | agreement with the Commissioner, or
for the purpose of | ||||||
9 | administering the provisions of
this Act and any rule | ||||||
10 | promulgated in accordance with this Act.
| ||||||
11 | (b-1) To enter into agreements with a bank establishing | ||||||
12 | a program to
correct the condition of the bank or its | ||||||
13 | practices.
| ||||||
14 | (c) To appoint hearing officers to execute any of the | ||||||
15 | powers granted to
the Commissioner under this Section for | ||||||
16 | the purpose of administering this
Act and any rule | ||||||
17 | promulgated in accordance with this Act
and otherwise to | ||||||
18 | authorize, in writing, an officer or employee of the Office
| ||||||
19 | of
Banks and Real Estate to exercise his powers under this | ||||||
20 | Act.
| ||||||
21 | (d) To subpoena witnesses, to compel their attendance, | ||||||
22 | to administer
an oath, to examine any person under oath, | ||||||
23 | and to require the production of
any relevant books, | ||||||
24 | papers, accounts, and documents in the course of and
| ||||||
25 | pursuant to any investigation being conducted, or any | ||||||
26 | action being taken,
by the Commissioner in respect of any |
| |||||||
| |||||||
1 | matter relating to the duties imposed
upon, or the powers | ||||||
2 | vested in, the Commissioner under the provisions of
this | ||||||
3 | Act or any rule promulgated in accordance with this Act.
| ||||||
4 | (e) To conduct hearings.
| ||||||
5 | (7) Whenever, in the opinion of the Commissioner, any | ||||||
6 | director,
officer, employee, or agent of a State bank
or any | ||||||
7 | subsidiary or bank holding company of the bank
or, after May | ||||||
8 | 31, 1997, of any
branch of an out-of-state bank
or any | ||||||
9 | subsidiary or bank holding company of the bank
shall have | ||||||
10 | violated any law,
rule, or order relating to that bank
or any | ||||||
11 | subsidiary or bank holding company of the bank, shall have
| ||||||
12 | obstructed or impeded any examination or investigation by the | ||||||
13 | Commissioner, shall have engaged in an unsafe or
unsound | ||||||
14 | practice in conducting the business of that bank
or any | ||||||
15 | subsidiary or bank holding company of the bank,
or shall have
| ||||||
16 | violated any law or engaged or participated in any unsafe or | ||||||
17 | unsound practice
in connection with any financial institution | ||||||
18 | or other business entity such that
the character and fitness of | ||||||
19 | the director, officer, employee, or agent does not
assure | ||||||
20 | reasonable promise of safe and sound operation of the State | ||||||
21 | bank, the
Commissioner
may issue an order of removal.
If, in | ||||||
22 | the opinion of the Commissioner, any former director, officer,
| ||||||
23 | employee,
or agent of a State bank
or any subsidiary or bank | ||||||
24 | holding company of the bank, prior to the
termination of his or | ||||||
25 | her service with
that bank
or any subsidiary or bank holding | ||||||
26 | company of the bank, violated any law,
rule, or order relating |
| |||||||
| |||||||
1 | to that
State bank
or any subsidiary or bank holding company of | ||||||
2 | the bank, obstructed or impeded
any examination or | ||||||
3 | investigation by the Commissioner, engaged in an unsafe or | ||||||
4 | unsound practice in conducting the
business of that bank
or any | ||||||
5 | subsidiary or bank holding company of the bank,
or violated any | ||||||
6 | law or engaged or participated in any
unsafe or unsound | ||||||
7 | practice in connection with any financial institution or
other | ||||||
8 | business entity such that the character and fitness of the | ||||||
9 | director,
officer, employee, or agent would not have assured | ||||||
10 | reasonable promise of safe
and sound operation of the State | ||||||
11 | bank, the Commissioner may issue an order
prohibiting that | ||||||
12 | person from
further
service with a bank
or any subsidiary or | ||||||
13 | bank holding company of the bank
as a director, officer, | ||||||
14 | employee, or agent. An order
issued pursuant to this subsection | ||||||
15 | shall be served upon the
director,
officer, employee, or agent. | ||||||
16 | A copy of the order shall be sent to each
director of the bank | ||||||
17 | affected by registered mail. The person affected by
the action | ||||||
18 | may request a hearing before the State Banking Board within 10
| ||||||
19 | days after receipt of the order. The hearing shall be held by
| ||||||
20 | the Board within 30 days after the request has been received by | ||||||
21 | the Board.
The Board shall make a determination approving, | ||||||
22 | modifying, or disapproving
the order of the Commissioner as its | ||||||
23 | final administrative decision. If a
hearing is held by the | ||||||
24 | Board, the Board shall make its determination within
60 days | ||||||
25 | from the conclusion of the hearing. Any person affected by a
| ||||||
26 | decision of the Board under this subsection (7) of Section 48 |
| |||||||
| |||||||
1 | of this Act
may have the decision reviewed only under and in | ||||||
2 | accordance with the
Administrative Review Law and the rules | ||||||
3 | adopted pursuant thereto. A copy of
the order shall also be | ||||||
4 | served upon the bank of which he is a director,
officer, | ||||||
5 | employee, or agent, whereupon he shall cease to be a director,
| ||||||
6 | officer, employee, or agent of that bank. The Commissioner may
| ||||||
7 | institute a civil action against the director, officer, or | ||||||
8 | agent of the
State bank or, after May 31, 1997, of the branch | ||||||
9 | of the out-of-state bank
against whom any order provided for by | ||||||
10 | this subsection (7) of
this Section 48 has been issued, and | ||||||
11 | against the State bank or, after May 31,
1997, out-of-state | ||||||
12 | bank, to enforce
compliance with or to enjoin any violation of | ||||||
13 | the terms of the order.
Any person who has been the subject of | ||||||
14 | an order of removal
or
an order of prohibition issued by the | ||||||
15 | Commissioner under
this subsection or Section 5-6 of the | ||||||
16 | Corporate Fiduciary Act may not
thereafter serve as director, | ||||||
17 | officer, employee, or agent of any State bank
or of any branch | ||||||
18 | of any out-of-state bank,
or of any corporate fiduciary, as | ||||||
19 | defined in Section 1-5.05 of the
Corporate
Fiduciary Act, or of | ||||||
20 | any other entity that is subject to licensure or
regulation by | ||||||
21 | the Commissioner or the Office of Banks and Real Estate unless
| ||||||
22 | the Commissioner has granted prior approval in writing.
| ||||||
23 | For purposes of this paragraph (7), "bank holding company" | ||||||
24 | has the
meaning prescribed in Section 2 of the Illinois Bank | ||||||
25 | Holding Company Act of
1957.
| ||||||
26 | (8) The Commissioner may impose civil penalties of up to |
| |||||||
| |||||||
1 | $10,000 against
any person for each violation of any provision | ||||||
2 | of this Act, any rule
promulgated in accordance with this Act, | ||||||
3 | any order of the Commissioner, or
any other action which in the | ||||||
4 | Commissioner's discretion is an unsafe or
unsound banking | ||||||
5 | practice.
| ||||||
6 | (9) The Commissioner may impose civil penalties of up to | ||||||
7 | $100
against any person for the first failure to comply with | ||||||
8 | reporting
requirements set forth in the report of examination | ||||||
9 | of the bank and up to
$200 for the second and subsequent | ||||||
10 | failures to comply with those reporting
requirements.
| ||||||
11 | (10) All final administrative decisions of the | ||||||
12 | Commissioner hereunder
shall be subject to judicial review | ||||||
13 | pursuant to the provisions of the
Administrative Review Law. | ||||||
14 | For matters involving administrative review,
venue shall be in | ||||||
15 | either Sangamon County or Cook County.
| ||||||
16 | (11) The endowment fund for the Illinois Bank Examiners' | ||||||
17 | Education
Foundation shall be administered as follows:
| ||||||
18 | (a) (Blank).
| ||||||
19 | (b) The Foundation is empowered to receive voluntary | ||||||
20 | contributions,
gifts, grants, bequests, and donations on | ||||||
21 | behalf of the Illinois Bank
Examiners' Education | ||||||
22 | Foundation from national banks and other persons for
the | ||||||
23 | purpose of funding the endowment of the Illinois Bank | ||||||
24 | Examiners'
Education Foundation.
| ||||||
25 | (c) The aggregate of all special educational fees | ||||||
26 | collected by the
Commissioner and property received by the |
| |||||||
| |||||||
1 | Commissioner on behalf of the
Illinois Bank Examiners' | ||||||
2 | Education Foundation under this subsection
(11) on or after | ||||||
3 | June 30, 1986, shall be either (i) promptly paid after
| ||||||
4 | receipt of the same, accompanied by a detailed statement | ||||||
5 | thereof, into the
State Treasury and shall be set apart in | ||||||
6 | a special fund to be known as "The
Illinois Bank Examiners' | ||||||
7 | Education Fund" to be invested by either the
Treasurer of | ||||||
8 | the State of Illinois in the Public Treasurers' Investment
| ||||||
9 | Pool or in any other investment he is authorized to make or | ||||||
10 | by the Illinois
State Board of Investment as the board of | ||||||
11 | trustees of the Illinois Bank
Examiners' Education | ||||||
12 | Foundation may direct or (ii) deposited into an account
| ||||||
13 | maintained in a commercial bank or corporate fiduciary in | ||||||
14 | the name of the
Illinois Bank Examiners' Education | ||||||
15 | Foundation pursuant to the order and
direction of the Board | ||||||
16 | of Trustees of the Illinois Bank Examiners' Education
| ||||||
17 | Foundation.
| ||||||
18 | (12) (Blank).
| ||||||
19 | (Source: P.A. 94-91, eff. 7-1-05.)
| ||||||
20 | Section 15. The Illinois Savings and Loan Act of 1985 is | ||||||
21 | amended by changing Sections 7-3 and 7-19.1 as follows:
| ||||||
22 | (205 ILCS 105/7-3) (from Ch. 17, par. 3307-3)
| ||||||
23 | Sec. 7-3. Personnel, records, files, actions and
duties, | ||||||
24 | etc. |
| |||||||
| |||||||
1 | (a) The Commissioner shall appoint, subject to
applicable | ||||||
2 | provisions of the Personnel Code, a supervisor, such
examiners, | ||||||
3 | employees, experts and special assistants as may be necessary
| ||||||
4 | to carry out effectively this Act. The Commissioner shall | ||||||
5 | require each
supervisor, examiner, expert and special | ||||||
6 | assistant employed or appointed
by him to give bond, with | ||||||
7 | security to be approved by the Commissioner,
not less in any | ||||||
8 | case than $15,000, conditioned for the faithful
discharge of | ||||||
9 | his duties. The premium on such bond shall be paid by the
| ||||||
10 | Commissioner from funds appropriated for that purpose. The | ||||||
11 | bond, along
with verification of payment of the premium on such | ||||||
12 | bond, shall be filed
in the office of the Secretary of State.
| ||||||
13 | (b) The Commissioner shall have the following duties and | ||||||
14 | powers:
| ||||||
15 | (1) To exercise the rights, powers and duties set forth in | ||||||
16 | this Act
or in any other related Act;
| ||||||
17 | (2) To establish such regulations as may be reasonable or | ||||||
18 | necessary
to accomplish the purposes of this Act;
| ||||||
19 | (3) To direct and supervise all the administrative and
| ||||||
20 | technical activities of this office and create an Advisory | ||||||
21 | Committee
which upon request will make recommendations to him;
| ||||||
22 | (4) To make an annual report regarding the work of his | ||||||
23 | office
as he may consider desirable to the Governor, or as the | ||||||
24 | Governor may
request;
| ||||||
25 | (5) To cause a suit to be filed in his name to enforce any | ||||||
26 | law of
this State that applies to an association, subsidiary of |
| |||||||
| |||||||
1 | an association,
or holding company operating under this Act and
| ||||||
2 | shall include the enforcement of any obligation of the | ||||||
3 | officers,
directors or employees of any association;
| ||||||
4 | (6) To prescribe a uniform manner in which the books and | ||||||
5 | records of
every association are to be maintained; and
| ||||||
6 | (7) To establish reasonable and rationally based fee | ||||||
7 | structures for each
association and holding company operating | ||||||
8 | under this Act and for their
service corporations and | ||||||
9 | subsidiaries, which fees shall include but not be
limited to | ||||||
10 | annual fees, application fees, regular and special examination
| ||||||
11 | fees, and such other fees as the Commissioner establishes and | ||||||
12 | demonstrates
to be directly resultant from his | ||||||
13 | responsibilities under this Act and as
are directly | ||||||
14 | attributable to individual entities operating under this Act. | ||||||
15 | Beginning on January 1, 2008, the Commissioner must adopt rules | ||||||
16 | to adjust regulatory fee rates to those in effect prior to the | ||||||
17 | escalation in rates published in 27 Ill.Reg. 16024, Oct. 10, | ||||||
18 | 2003, and as amended at 27 Ill.Reg. 16326, Oct. 24, 2003, | ||||||
19 | unless an audit by the Auditor General of banking regulatory | ||||||
20 | oversight activities requires a different rate to be set to | ||||||
21 | cover the costs of regulatory oversight. Any adjustments made | ||||||
22 | pursuant to an Auditor General's audit must be set forth in the | ||||||
23 | form of a notice to each affected entity 45 days prior to | ||||||
24 | making those adjustments. The notice must contain an | ||||||
25 | explanation that includes a description of the audit results | ||||||
26 | pertaining to the banking industry and a description of each |
| |||||||
| |||||||
1 | reason why adjustments to the regulatory fee rates are | ||||||
2 | required.
| ||||||
3 | (Source: P.A. 85-313.)
| ||||||
4 | (205 ILCS 105/7-19.1) (from Ch. 17, par. 3307-19.1)
| ||||||
5 | Sec. 7-19.1. Savings and Residential Finance Regulatory | ||||||
6 | Fund.
| ||||||
7 | (a) The aggregate of all fees collected by the Commissioner | ||||||
8 | under this Act
shall be paid promptly after receipt of the | ||||||
9 | same, accompanied by a detailed
statement thereof, into the | ||||||
10 | State treasury and shall be set apart in the
Savings and | ||||||
11 | Residential Finance Regulatory Fund, a special fund hereby | ||||||
12 | created
in the State treasury. The amounts deposited into the | ||||||
13 | Fund shall be solely and exclusively used for
the ordinary and | ||||||
14 | contingent expenses of the Commissioner in administering the | ||||||
15 | Illinois Savings and Loan Act of 1985, the Savings Bank Act, | ||||||
16 | and the Residential Mortgage License Act of 1987
Office of | ||||||
17 | Banks and Real
Estate . Nothing in this Act shall prevent | ||||||
18 | continuing the practice of paying
expenses involving salaries, | ||||||
19 | retirement, social security, and State-paid
insurance of State | ||||||
20 | officers by appropriation from the General Revenue Fund.
| ||||||
21 | (b) Except as otherwise provided in subsection (b-5), no
| ||||||
22 | moneys in the Savings and Residential Finance Regulatory Fund | ||||||
23 | shall
may not
be appropriated, assigned, or transferred to | ||||||
24 | another State fund. All moneys in the Fund shall be exempt from | ||||||
25 | assignment or transfer under any other law or executive order, |
| |||||||
| |||||||
1 | other than for the purposes authorized by the Illinois State | ||||||
2 | Auditing Act. All
The
moneys in
the Fund shall remain the | ||||||
3 | property of and shall be held in trust for the sole benefit and | ||||||
4 | exclusive regulation of
be for the sole benefit of the | ||||||
5 | institutions and entities
assessed.
| ||||||
6 | (b-5) Moneys in the Savings and Residential Finance | ||||||
7 | Regulatory Fund may be transferred to the Professions Indirect | ||||||
8 | Cost Fund, as authorized under Section 2105-300 of the | ||||||
9 | Department of Professional Regulation Law of the Civil | ||||||
10 | Administrative Code of Illinois.
| ||||||
11 | (c) All
earnings received from investments of funds in the | ||||||
12 | Savings and Residential
Finance Regulatory Fund shall be | ||||||
13 | deposited into the Savings and Residential
Finance Regulatory | ||||||
14 | Fund and may be used for the same purposes as fees
deposited | ||||||
15 | into that Fund.
| ||||||
16 | (d) When the amount remaining in the Savings and | ||||||
17 | Residential Finance Regulatory Fund at the end of a fiscal year | ||||||
18 | exceeds 25% of the total actual administrative and operational | ||||||
19 | expenses incurred under the Illinois Savings and Loan Act of | ||||||
20 | 1985, the Savings Bank Act, and the Residential Mortgage | ||||||
21 | License Act of 1987 for that fiscal year, the excess must be | ||||||
22 | credited to the appropriate institutions and entities and | ||||||
23 | applied against their regulatory fees for the subsequent fiscal | ||||||
24 | year. The amount credited to the institution or entity must be | ||||||
25 | in the same proportion that the fees paid by the institution or | ||||||
26 | entity for the fiscal year in which the excess is produced |
| |||||||
| |||||||
1 | bears to the aggregate of the fees collected by the | ||||||
2 | Commissioner under the Illinois Savings and Loan Act of 1985, | ||||||
3 | the Savings Bank Act, and the Residential Mortgage License Act | ||||||
4 | of 1987 for the same fiscal year. For the purpose of this | ||||||
5 | Section, "fiscal year" means the period beginning July 1 of any | ||||||
6 | calendar year and ending June 30 of the next calendar year.
| ||||||
7 | (Source: P.A. 94-91, eff. 7-1-05.)
| ||||||
8 | Section 20. The Savings Bank Act is amended by changing | ||||||
9 | Section 9002 as follows:
| ||||||
10 | (205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
| ||||||
11 | Sec. 9002. Powers of Commissioner. The Commissioner shall | ||||||
12 | have the following
powers and duties:
| ||||||
13 | (1) To exercise the rights, powers, and duties set forth in
| ||||||
14 | this Act or in any related Act.
| ||||||
15 | (2) To establish regulations as may be reasonable or
| ||||||
16 | necessary to accomplish the purposes of this Act.
| ||||||
17 | (3) To make an annual report regarding the work of his
| ||||||
18 | office under this Act as he may consider desirable to the
| ||||||
19 | Governor, or as the Governor may request.
| ||||||
20 | (4) To cause a suit to be filed in his name to enforce
any | ||||||
21 | law of this State that applies to savings banks, their service
| ||||||
22 | corporations, subsidiaries, affiliates, or holding companies
| ||||||
23 | operating under this Act, including the enforcement of any
| ||||||
24 | obligation of the officers, directors, agents, or employees of |
| |||||||
| |||||||
1 | any
savings bank.
| ||||||
2 | (5) To prescribe a uniform manner in which the books and
| ||||||
3 | records of every savings bank are to be maintained.
| ||||||
4 | (6) To establish a reasonable fee
structure for savings | ||||||
5 | banks and holding companies operating under
this Act and for | ||||||
6 | their service corporations and subsidiaries.
The fees shall | ||||||
7 | include, but not be limited to, annual fees,
application fees, | ||||||
8 | regular and special examination fees, and other
fees as the | ||||||
9 | Commissioner establishes and demonstrates to be
directly | ||||||
10 | resultant from the Commissioner's responsibilities under
this | ||||||
11 | Act and as are directly attributable to individual entities
| ||||||
12 | operating under this Act. The aggregate of all fees collected | ||||||
13 | by
the Commissioner on and after the effective date of this Act | ||||||
14 | shall
be paid promptly after receipt of the same, accompanied | ||||||
15 | by a
detailed statement thereof, into the Savings and | ||||||
16 | Residential Finance Regulatory
Fund. The amounts deposited | ||||||
17 | into the Fund shall be used for the ordinary and
contingent | ||||||
18 | expenses of the Office of Banks and Real Estate. Nothing
in | ||||||
19 | this Act shall prevent continuing the practice of paying | ||||||
20 | expenses involving
salaries, retirement, social security, and | ||||||
21 | State-paid insurance of State
officers by appropriation from | ||||||
22 | the General Revenue Fund. Beginning on January 1, 2008, the | ||||||
23 | Commissioner must adopt rules to adjust regulatory fee rates to | ||||||
24 | those in effect prior to the escalation in rates published in | ||||||
25 | 27 Ill.Reg. 16024, Oct. 10, 2003, and as amended at 27 Ill.Reg. | ||||||
26 | 16326, Oct. 24, 2003, unless an audit by the Auditor General of |
| ||||||||||
| ||||||||||
1 | banking regulatory oversight activities requires a different | |||||||||
2 | rate to be set to cover the costs of regulatory oversight. Any | |||||||||
3 | adjustments made pursuant to an Auditor General's audit must be | |||||||||
4 | set forth in the form of a notice to each affected entity 45 | |||||||||
5 | days prior to making those adjustments. The notice must contain | |||||||||
6 | an explanation that includes a description of the audit results | |||||||||
7 | pertaining to the banking industry and a description of each | |||||||||
8 | reason why adjustments to the regulatory fee rates are | |||||||||
9 | required.
| |||||||||
10 | (Source: P.A. 89-508, eff. 7-3-96.)
| |||||||||
11 | Section 25. The Illinois Credit Union Act is amended by | |||||||||
12 | changing Section 12 as follows: | |||||||||
13 | (205 ILCS 305/12) (from Ch. 17, par. 4413) | |||||||||
14 | Sec. 12. Regulatory fees.
| |||||||||
15 | (1) A credit union regulated by the Department shall pay a | |||||||||
16 | regulatory
fee to the Department pursuant to a regulatory fee | |||||||||
17 | schedule based upon the credit union's
its total assets as | |||||||||
18 | shown by its Year-end
Call Report at the following rates or at | |||||||||
19 | a lesser rate established in a manner proportionately | |||||||||
20 | consistent with the following rates and that would fund the | |||||||||
21 | actual administrative and operational expenses of the Credit | |||||||||
22 | Union Section pursuant to subsection (5) :
| |||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||
11 | (2) The Director shall review the regulatory fee schedule | ||||||||||||||||||||||||||||||||||||||||
12 | in subsection
(1) and the projected earnings on those fees on | ||||||||||||||||||||||||||||||||||||||||
13 | an annual
basis
and adjust the fee schedule for the next fiscal | ||||||||||||||||||||||||||||||||||||||||
14 | year. The fee schedule may be increased by no more than 5% | ||||||||||||||||||||||||||||||||||||||||
15 | annually
if necessary to defray the actual
estimated
| ||||||||||||||||||||||||||||||||||||||||
16 | administrative and operational expenses of
the Credit Union | ||||||||||||||||||||||||||||||||||||||||
17 | Section,
Department as defined in subsection (5) . However, the | ||||||||||||||||||||||||||||||||||||||||
18 | fee schedule shall not be increased if the amount remaining in | ||||||||||||||||||||||||||||||||||||||||
19 | the Credit Union Fund at the end of the fiscal year is equal to | ||||||||||||||||||||||||||||||||||||||||
20 | or greater than 25% of the actual administrative and | ||||||||||||||||||||||||||||||||||||||||
21 | operational expenses for the preceding fiscal year. The | ||||||||||||||||||||||||||||||||||||||||
22 | regulatory fee for the next fiscal year shall be calculated by | ||||||||||||||||||||||||||||||||||||||||
23 | the Director based on the credit union's total assets as of |
| |||||||
| |||||||
1 | December 31 of the preceding calendar year . The Director shall | ||||||
2 | provide credit
unions with written notice of any adjustment | ||||||
3 | made in the regulatory fee
schedule.
| ||||||
4 | (3) Beginning on January 1, 2008,
Not later than March 1 of | ||||||
5 | each calendar year, a credit union shall
pay to the Department | ||||||
6 | a regulatory fee in quarterly installments equal to one-fourth | ||||||
7 | of the regulatory fee due
for that calendar year in accordance | ||||||
8 | with the regulatory fee schedule in
subsection (1), on the | ||||||
9 | basis of assets as
of the Year-end Call Report of the preceding | ||||||
10 | calendar year. The total annual
regulatory fee shall
not be | ||||||
11 | less than
$100 or more than $125,000
$187,500 , provided that | ||||||
12 | the
regulatory fee cap of $125,000
$187,500
shall be adjusted | ||||||
13 | to incorporate the same percentage increase as the Director
| ||||||
14 | makes in the regulatory fee schedule from time to time under | ||||||
15 | subsection (2).
No regulatory
fee
shall be collected
from a | ||||||
16 | credit union until it
has been in operation for one year.
The | ||||||
17 | regulatory fee shall be billed to credit unions on a quarterly | ||||||
18 | basis and payable by credit unions on the due date for the call | ||||||
19 | report for the preceding quarter.
| ||||||
20 | (4) The aggregate of all fees collected by the Department | ||||||
21 | under this
Act
shall be paid promptly after they are received,
| ||||||
22 | accompanied by a detailed
statement thereof, into the State | ||||||
23 | Treasury and shall be set apart in the
Credit Union Fund, a | ||||||
24 | special fund hereby created in the State treasury.
The amount | ||||||
25 | from time to time deposited in the Credit Union Fund and shall
| ||||||
26 | be used solely and exclusively to offset the actual
ordinary
|
| |||||||
| |||||||
1 | administrative and operational expenses of
the Credit Union | ||||||
2 | Section
Department under
this Act. All earnings received from | ||||||
3 | investments of funds in the Credit
Union Fund shall be | ||||||
4 | deposited into the Credit Union Fund and may be used for
the | ||||||
5 | same purposes as fees deposited into that Fund. Moneys | ||||||
6 | deposited into the Credit Union Fund shall remain the property | ||||||
7 | of credit unions and shall be held in trust by the State for | ||||||
8 | the benefit and account of credit unions unless and until such | ||||||
9 | time as the moneys are expended for the purposes authorized in | ||||||
10 | this Act. No other appropriations shall be made from the Credit | ||||||
11 | Union Fund, and the moneys in the Credit Union Fund shall be | ||||||
12 | exempt from assignment or transfer under any other law or | ||||||
13 | executive order, other than for the purposes authorized by the | ||||||
14 | Illinois State Auditing Act.
Moneys in the Credit Union Fund | ||||||
15 | may be transferred to the Professions Indirect Cost Fund, as | ||||||
16 | authorized under Section 2105-300 of the Department of | ||||||
17 | Professional Regulation Law of the Civil Administrative Code of | ||||||
18 | Illinois.
| ||||||
19 | (5) The actual administrative and operational expenses of | ||||||
20 | the Credit Union Section for any fiscal
calendar
year shall | ||||||
21 | mean the ordinary
and contingent expenses for that year | ||||||
22 | incidental to making the examinations
provided for by, and for | ||||||
23 | administering, this Act, including all salaries
and other | ||||||
24 | compensation paid for personal services rendered for the State | ||||||
25 | by
officers or employees of the State to enforce this Act; all | ||||||
26 | expenditures
for telephone and telegraph charges, postage and |
| |||||||
| |||||||
1 | postal charges, office
supplies and services, furniture and | ||||||
2 | equipment, office space and
maintenance thereof, travel | ||||||
3 | expenses and other necessary expenses; all to
the extent that | ||||||
4 | such expenditures are directly incidental to such
examination | ||||||
5 | or administration.
| ||||||
6 | (6) When the balance in the Credit Union Fund at the end of | ||||||
7 | a fiscal year exceeds 25%
aggregate of all fees collected by | ||||||
8 | the Department under
this Act
and all earnings thereon for any | ||||||
9 | calendar year exceeds 150% of the
total actual
administrative | ||||||
10 | and operational
expenses under this Act for that fiscal year, | ||||||
11 | such excess shall be credited to
credit unions and applied | ||||||
12 | against their regulatory fees for
the subsequent fiscal year. | ||||||
13 | The amount credited to a credit union shall be in the
same | ||||||
14 | proportion as the fee paid by such credit union for the fiscal
| ||||||
15 | calendar year in which the excess is produced bears to the | ||||||
16 | aggregate of the
fees collected by the Department
under this | ||||||
17 | Act for the same fiscal year.
| ||||||
18 | (7) Examination fees for the year 2000 statutory | ||||||
19 | examinations paid
pursuant to the examination fee schedule in | ||||||
20 | effect at that time shall be
credited toward the regulatory fee | ||||||
21 | to be assessed the credit union in calendar
year 2001.
| ||||||
22 | (8) Nothing in this Act shall prohibit the General Assembly | ||||||
23 | from
appropriating funds to the Department from the General | ||||||
24 | Revenue Fund for the
purpose of administering this Act.
| ||||||
25 | (9) For purposes of this Section, "fiscal year" means a | ||||||
26 | period beginning on July 1 of any calendar year and ending on |
| |||||||
| |||||||
1 | June 30 of the next calendar year.
| ||||||
2 | (Source: P.A. 93-32, eff. 7-1-03; 93-652, eff. 1-8-04; 94-91, | ||||||
3 | eff. 7-1-05.)
| ||||||
4 | Section 30. The Residential Mortgage License Act of 1987 is | ||||||
5 | amended by changing Section 2-2, 2-6, and 4-1 as follows:
| ||||||
6 | (205 ILCS 635/2-2) (from Ch. 17, par. 2322-2)
| ||||||
7 | Sec. 2-2. Application process; investigation; fee.
| ||||||
8 | (a) The Commissioner shall issue a license upon completion | ||||||
9 | of all of the
following:
| ||||||
10 | (1) The filing of an application for license.
| ||||||
11 | (2) The filing with the Commissioner of a listing of | ||||||
12 | judgments entered
against, and bankruptcy petitions by, | ||||||
13 | the license applicant for the
preceding 10 years.
| ||||||
14 | (3) The payment, in certified funds, of
investigation | ||||||
15 | and application fees, the total of which shall be in an
| ||||||
16 | amount equal to $1,800
$2,700 annually, however, the | ||||||
17 | Commissioner may
increase the
investigation and | ||||||
18 | application fees by rule as provided in Section 4-11.
| ||||||
19 | (4) Except for a broker applying to renew a license, | ||||||
20 | the filing of an
audited balance sheet including all | ||||||
21 | footnotes prepared by a certified public
accountant in | ||||||
22 | accordance with generally accepted accounting principles | ||||||
23 | and
generally accepted auditing principles which evidences | ||||||
24 | that the applicant meets
the net worth requirements of |
| |||||||
| |||||||
1 | Section 3-5.
| ||||||
2 | (5) The filing of proof satisfactory to the | ||||||
3 | Commissioner that the
applicant, the members thereof if the | ||||||
4 | applicant is a partnership or
association, the members or | ||||||
5 | managers thereof that retain any authority or
| ||||||
6 | responsibility under the operating agreement if the | ||||||
7 | applicant is a limited
liability company, or the officers | ||||||
8 | thereof if the applicant
is a corporation have 3 years | ||||||
9 | experience preceding application
in real estate finance. | ||||||
10 | Instead of this requirement, the applicant and the
| ||||||
11 | applicant's officers or members, as applicable, may
| ||||||
12 | satisfactorily complete a program of education in real | ||||||
13 | estate finance and
fair lending, as
approved by the | ||||||
14 | Commissioner, prior to receiving the
initial license.
The | ||||||
15 | Commissioner shall promulgate rules regarding proof of | ||||||
16 | experience
requirements and educational requirements and | ||||||
17 | the satisfactory completion of
those requirements. The | ||||||
18 | Commissioner may establish by rule a list of duly
licensed | ||||||
19 | professionals and others who may be exempt from this | ||||||
20 | requirement.
| ||||||
21 | (6) An investigation of the averments required by | ||||||
22 | Section 2-4, which
investigation must allow the | ||||||
23 | Commissioner to issue positive findings stating
that the | ||||||
24 | financial responsibility, experience, character, and | ||||||
25 | general fitness
of the license applicant and of the members | ||||||
26 | thereof if the license applicant is
a partnership or |
| |||||||
| |||||||
1 | association, of the officers and directors thereof if the
| ||||||
2 | license applicant is a corporation, and of the managers and | ||||||
3 | members that retain
any authority or responsibility under | ||||||
4 | the operating agreement if the license
applicant is a | ||||||
5 | limited liability company are such as to command the | ||||||
6 | confidence
of the community and to warrant belief that the | ||||||
7 | business will be operated
honestly, fairly and efficiently | ||||||
8 | within the purpose of this Act. If the
Commissioner shall | ||||||
9 | not so find, he or she shall not issue such license, and he
| ||||||
10 | or she shall notify the license applicant of the denial. | ||||||
11 | The Commissioner may impose conditions on a license if the | ||||||
12 | Commissioner determines that the conditions are necessary or | ||||||
13 | appropriate. These conditions shall be imposed in writing and | ||||||
14 | shall continue in effect for the period prescribed by the | ||||||
15 | Commissioner.
| ||||||
16 | (b) All licenses shall be issued in duplicate with one copy
| ||||||
17 | being transmitted to the license applicant and the second being
| ||||||
18 | retained with the Commissioner.
| ||||||
19 | Upon receipt of such license, a residential mortgage | ||||||
20 | licensee shall be
authorized to engage in the business | ||||||
21 | regulated by this Act. Such license
shall remain in full force | ||||||
22 | and effect until it expires without renewal, is
surrendered by | ||||||
23 | the licensee or revoked or suspended as hereinafter provided.
| ||||||
24 | (Source: P.A. 93-32, eff. 7-1-03; 93-1018, eff. 1-1-05.)
| ||||||
25 | (205 ILCS 635/2-6) (from Ch. 17, par. 2322-6)
|
| |||||||
| |||||||
1 | Sec. 2-6. License issuance and renewal; fee.
| ||||||
2 | (a) Beginning July 1, 2003, licenses shall be renewed every | ||||||
3 | year on the
anniversary of the date of issuance of the original | ||||||
4 | license.
Properly completed renewal application forms and | ||||||
5 | filing fees must be received
by the Commissioner 60 days prior | ||||||
6 | to the renewal date.
| ||||||
7 | (b) It shall be the responsibility of each licensee to | ||||||
8 | accomplish renewal
of its license; failure of the licensee to | ||||||
9 | receive renewal forms absent a
request sent by certified mail | ||||||
10 | for such forms will not waive said
responsibility. Failure by a | ||||||
11 | licensee to submit a properly completed
renewal application | ||||||
12 | form and fees in a timely fashion, absent a written
extension | ||||||
13 | from the Commissioner, will result in the assessment of
| ||||||
14 | additional fees, as follows:
| ||||||
15 | (1) A fee of $500
$750 will be assessed to the licensee | ||||||
16 | 30 days
after the
proper renewal date and $1,000
$1,500
| ||||||
17 | each month thereafter, until the
license is
either renewed | ||||||
18 | or expires pursuant to Section 2-6, subsections (c) and | ||||||
19 | (d),
of this Act.
| ||||||
20 | (2) Such fee will be assessed without prior notice to | ||||||
21 | the licensee, but
will be assessed only in cases wherein | ||||||
22 | the Commissioner has in his or her
possession documentation | ||||||
23 | of the licensee's continuing activity for which
the | ||||||
24 | unrenewed license was issued.
| ||||||
25 | (c) A license which is not renewed by the date required in | ||||||
26 | this Section
shall automatically become inactive. No activity |
| |||||||
| |||||||
1 | regulated by this Act
shall be conducted by the licensee when a | ||||||
2 | license becomes inactive. The Commissioner may require the | ||||||
3 | licensee to provide a plan for the disposition of any | ||||||
4 | residential mortgage loans not closed or funded when the | ||||||
5 | license becomes inactive. The Commissioner may allow a licensee | ||||||
6 | with an inactive license to conduct activities regulated by | ||||||
7 | this Act for the sole purpose of assisting borrowers in the | ||||||
8 | closing or funding of loans for which the loan application was | ||||||
9 | taken from a borrower while the license was active. An
inactive | ||||||
10 | license may be reactivated by the Commissioner upon payment of | ||||||
11 | the renewal fee, and payment
of a reactivation fee equal to the | ||||||
12 | renewal fee.
| ||||||
13 | (d) A license which is not renewed within one year of | ||||||
14 | becoming inactive
shall expire.
| ||||||
15 | (e) A licensee ceasing an activity or activities regulated | ||||||
16 | by this Act
and desiring to no longer be licensed shall so | ||||||
17 | inform the Commissioner in
writing and, at the same time, | ||||||
18 | convey the license and all other symbols or
indicia of | ||||||
19 | licensure. The licensee shall include a plan for the withdrawal
| ||||||
20 | from regulated business, including a timetable for the | ||||||
21 | disposition of the
business. Upon receipt of such written | ||||||
22 | notice, the Commissioner shall issue
a certified statement | ||||||
23 | canceling the license.
| ||||||
24 | (Source: P.A. 93-32, eff. 7-1-03; 93-561, eff. 1-1-04; 93-1018, | ||||||
25 | eff. 1-1-05.)
|
| |||||||
| |||||||
1 | (205 ILCS 635/4-1) (from Ch. 17, par. 2324-1)
| ||||||
2 | Sec. 4-1. Commissioner of Banks and Real Estate; functions, | ||||||
3 | powers, and duties. The functions,
powers, and duties of the | ||||||
4 | Commissioner of Banks and Real Estate shall include the | ||||||
5 | following:
| ||||||
6 | (a) To issue or refuse to issue any license as provided by | ||||||
7 | this Act;
| ||||||
8 | (b) To revoke or suspend for cause any license issued under | ||||||
9 | this Act;
| ||||||
10 | (c) To keep records of all licenses issued under this Act;
| ||||||
11 | (d) To receive, consider, investigate, and act upon | ||||||
12 | complaints made by
any person in connection with any | ||||||
13 | residential mortgage licensee in this State;
| ||||||
14 | (e) To consider and act upon any recommendations from the | ||||||
15 | Residential
Mortgage Board;
| ||||||
16 | (f) To prescribe the forms of and receive:
| ||||||
17 | (1) applications for licenses; and
| ||||||
18 | (2) all reports and all books and records required to | ||||||
19 | be made by
any licensee under this Act, including annual | ||||||
20 | audited financial statements
and annual reports of | ||||||
21 | mortgage activity;
| ||||||
22 | (g) To adopt rules and regulations necessary and proper for | ||||||
23 | the
administration of this Act;
| ||||||
24 | (h) To subpoena documents and witnesses and compel their | ||||||
25 | attendance and
production, to administer oaths, and to require | ||||||
26 | the production of any books,
papers, or other materials |
| |||||||
| |||||||
1 | relevant to any inquiry authorized by this Act;
| ||||||
2 | (h-1) To issue orders against any person, if the | ||||||
3 | Commissioner has reasonable cause to believe that an unsafe, | ||||||
4 | unsound, or unlawful practice has occurred, is occurring, or is | ||||||
5 | about to occur, if any person has violated, is violating, or is | ||||||
6 | about to violate any law, rule, or written agreement with the | ||||||
7 | Commissioner, or for the purpose of administering the | ||||||
8 | provisions of this Act and any rule adopted in accordance with | ||||||
9 | the Act; | ||||||
10 | (h-2) To address any inquiries to any licensee, or the | ||||||
11 | officers thereof, in relation to its activities and conditions, | ||||||
12 | or any other matter connected with its affairs, and it shall be | ||||||
13 | the duty of any licensee or person so addressed, to promptly | ||||||
14 | reply in writing to such inquiries. The Commissioner may also | ||||||
15 | require reports from any licensee at any time the Commissioner | ||||||
16 | may deem desirable;
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17 | (i) To require information with regard to any license | ||||||
18 | applicant
as he or she may deem desirable, with due regard to | ||||||
19 | the paramount interests
of the public as to the experience, | ||||||
20 | background, honesty, truthfulness,
integrity, and competency | ||||||
21 | of the license applicant as to financial
transactions involving | ||||||
22 | primary or subordinate mortgage financing, and where
the | ||||||
23 | license applicant is an entity other than an individual, as to | ||||||
24 | the
honesty, truthfulness, integrity, and competency of any | ||||||
25 | officer or director
of the corporation, association, or other | ||||||
26 | entity, or the members of a
partnership;
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1 | (j) To examine the books and records of every licensee | ||||||
2 | under this Act at
intervals as specified in Section 4-2;
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3 | (k) To enforce provisions of this Act;
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4 | (l) To levy fees, fines, and charges for services performed | ||||||
5 | in administering
this Act; the aggregate of all fees collected | ||||||
6 | by the Commissioner on and after
the effective date of this Act | ||||||
7 | shall be paid promptly after receipt of the
same, accompanied | ||||||
8 | by a detailed statement thereof, into the Savings and
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9 | Residential Finance Regulatory Fund; the amounts deposited | ||||||
10 | into that Fund shall
be used for the ordinary and contingent | ||||||
11 | expenses of the Office of Banks and
Real Estate. Nothing in | ||||||
12 | this Act shall prevent continuing the practice of paying
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13 | expenses involving salaries, retirement, social security, and | ||||||
14 | State-paid
insurance of State officers by appropriation from | ||||||
15 | the General Revenue Fund. Beginning on January 1, 2008, the | ||||||
16 | Commissioner must adopt rules to adjust regulatory fee rates to | ||||||
17 | those in effect prior to the escalation in rates published in | ||||||
18 | 27 Ill.Reg. 10783, July 1, 2003, unless an audit by the Auditor | ||||||
19 | General of banking regulatory oversight activities requires a | ||||||
20 | different rate to be set to cover the costs of regulatory | ||||||
21 | oversight. Any adjustments made pursuant to an Auditor | ||||||
22 | General's audit must be set forth in the form of a notice to | ||||||
23 | each affected entity 45 days prior to making those adjustments. | ||||||
24 | The notice must contain an explanation that includes a | ||||||
25 | description of the audit results pertaining to the banking | ||||||
26 | industry and a description of each reason why adjustments to |
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1 | the regulatory fee rates are required.
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2 | (m) To appoint examiners, supervisors, experts, and | ||||||
3 | special assistants as
needed to effectively and efficiently | ||||||
4 | administer this Act;
| ||||||
5 | (n) To conduct hearings for the purpose of:
| ||||||
6 | (1) appeals of orders of the Commissioner;
| ||||||
7 | (2) suspensions or revocations of licenses, or fining | ||||||
8 | of licensees;
| ||||||
9 | (3) investigating:
| ||||||
10 | (i) complaints against licensees; or
| ||||||
11 | (ii) annual gross delinquency rates; and
| ||||||
12 | (4) carrying out the purposes of this Act;
| ||||||
13 | (o) To exercise exclusive visitorial power over a licensee | ||||||
14 | unless otherwise authorized by this Act or as vested in the | ||||||
15 | courts, or upon prior consultation with the Commissioner, a | ||||||
16 | foreign residential mortgage regulator with an appropriate | ||||||
17 | supervisory interest in the parent or affiliate of a licensee;
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18 | (p) To enter into cooperative agreements with state | ||||||
19 | regulatory authorities of other states to provide for | ||||||
20 | examination of corporate offices or branches of those states | ||||||
21 | and to accept reports of such examinations;
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22 | (q) To assign an examiner or examiners to monitor the | ||||||
23 | affairs of a licensee with whatever frequency the Commissioner | ||||||
24 | determines appropriate and to charge the licensee for | ||||||
25 | reasonable and necessary expenses of the Commissioner, if in | ||||||
26 | the opinion of the Commissioner an emergency exists or appears |
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1 | likely to occur; and
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2 | (r) To impose civil penalties of up to $50 per day against | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | a licensee for failing to respond to a regulatory request or | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | reporting requirement.
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5 | (Source: P.A. 93-1018, eff. 1-1-05.)
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6 | Section 99. Effective date. This Act takes effect upon | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | becoming law.
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