Full Text of SB2495 94th General Assembly
SB2495sam002 94TH GENERAL ASSEMBLY
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Sen. Terry Link
Filed: 2/7/2006
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| AMENDMENT TO SENATE BILL 2495
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| AMENDMENT NO. ______. Amend Senate Bill 2495, AS AMENDED, | 3 |
| by replacing everything after the enacting clause with the | 4 |
| following:
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| "Section 5. The State Finance Act is amended by changing | 6 |
| Sections 6z-26, 8h, and 8j as follows:
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| (30 ILCS 105/6z-26)
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| Sec. 6z-26. The Financial Institution Fund. All moneys | 9 |
| received by the
Department of Financial and Professional | 10 |
| Regulation under the Safety Deposit License Act, the
Foreign | 11 |
| Exchange License Act, the Pawners Societies Act, the Sale of | 12 |
| Exchange
Act, the Currency Exchange Act, the Sales Finance | 13 |
| Agency Act, the Debt Management Service Act, the Consumer | 14 |
| Installment Loan Act, the Illinois Development Credit
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| Corporation Act, the Title Insurance Act, and any other Act | 16 |
| administered by the Department of Financial and Professional | 17 |
| Regulation as the successor of the
Department of Financial | 18 |
| Institutions now or in the future , other than the Illinois | 19 |
| Credit Union Act, (unless an Act
specifically provides | 20 |
| otherwise) shall be deposited in the Financial
Institution Fund | 21 |
| (hereinafter "Fund"), a special fund that is hereby created in
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| the State Treasury.
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| Moneys in the Fund shall be used by the Department, subject | 24 |
| to appropriation,
for expenses incurred in administering the |
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| above named and referenced Acts.
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| 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.
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| 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
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| 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.
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| 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.
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| 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.
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| (Source: P.A. 94-91, eff. 7-1-05.)
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| (30 ILCS 105/8h)
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| Sec. 8h. Transfers to General Revenue Fund. | 27 |
| (a) Except as provided in subsection (b), notwithstanding | 28 |
| any other
State law to the contrary, the Governor
may, through | 29 |
| June 30, 2007, from time to time direct the State Treasurer and | 30 |
| Comptroller to transfer
a specified sum from any fund held by | 31 |
| the State Treasurer to the General
Revenue Fund in order to | 32 |
| help defray the State's operating costs for the
fiscal year. | 33 |
| The total transfer under this Section from any fund in any
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| fiscal year shall not exceed the lesser of (i) 8% of the | 2 |
| revenues to be deposited
into the fund during that fiscal year | 3 |
| or (ii) an amount that leaves a remaining fund balance of 25% | 4 |
| of the July 1 fund balance of that fiscal year. In fiscal year | 5 |
| 2005 only, prior to calculating the July 1, 2004 final | 6 |
| balances, the Governor may calculate and direct the State | 7 |
| Treasurer with the Comptroller to transfer additional amounts | 8 |
| determined by applying the formula authorized in Public Act | 9 |
| 93-839 to the funds balances on July 1, 2003.
No transfer may | 10 |
| be made from a fund under this Section that would have the
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| effect of reducing the available balance in the fund to an | 12 |
| amount less than
the amount remaining unexpended and unreserved | 13 |
| from the total appropriation
from that fund estimated to be | 14 |
| expended for that fiscal year. This Section does not apply to | 15 |
| any
funds that are restricted by federal law to a specific use, | 16 |
| to any funds in
the Motor Fuel Tax Fund, the Intercity | 17 |
| Passenger Rail Fund, the Hospital Provider Fund, the Medicaid | 18 |
| Provider Relief Fund, the Teacher Health Insurance Security | 19 |
| Fund, the Reviewing Court Alternative Dispute Resolution Fund, | 20 |
| or the Voters' Guide Fund, the Foreign Language Interpreter | 21 |
| Fund, the Lawyers' Assistance Program Fund, the Supreme Court | 22 |
| Federal Projects Fund, the Supreme Court Special State Projects | 23 |
| Fund, or the Low-Level Radioactive Waste Facility Development | 24 |
| and Operation Fund, or the Hospital Basic Services Preservation | 25 |
| Fund, or to any
funds to which subsection (f) of Section 20-40 | 26 |
| of the Nursing and Advanced Practice Nursing Act applies. No | 27 |
| transfers may be made under this Section from the Pet | 28 |
| Population Control Fund. Notwithstanding any
other provision | 29 |
| of this Section, for fiscal year 2004,
the total transfer under | 30 |
| this Section from the Road Fund or the State
Construction | 31 |
| Account Fund shall not exceed the lesser of (i) 5% of the | 32 |
| revenues to be deposited
into the fund during that fiscal year | 33 |
| or (ii) 25% of the beginning balance in the fund.
For fiscal | 34 |
| year 2005 through fiscal year 2007, no amounts may be |
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| transferred under this Section from the Road Fund, the State | 2 |
| Construction Account Fund, the Criminal Justice Information | 3 |
| Systems Trust Fund, the Wireless Service Emergency Fund, or the | 4 |
| Mandatory Arbitration Fund.
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| In determining the available balance in a fund, the | 6 |
| Governor
may include receipts, transfers into the fund, and | 7 |
| other
resources anticipated to be available in the fund in that | 8 |
| fiscal year.
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| The State Treasurer and Comptroller shall transfer the | 10 |
| amounts designated
under this Section as soon as may be | 11 |
| practicable after receiving the direction
to transfer from the | 12 |
| Governor.
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| (b) This Section does not apply to: (i) the Ticket For The | 14 |
| Cure Fund ; (ii)
or to any fund established under the Community | 15 |
| Senior Services and Resources Act; (iii)
or
(ii) on or after | 16 |
| January 1, 2006 ( the effective date of Public Act 94-511)
this | 17 |
| amendatory Act of the 94th General Assembly , the Child Labor | 18 |
| and Day and Temporary Labor Enforcement Fund ; or (iv) any fund | 19 |
| established under the Illinois Credit Union Act, the Illinois | 20 |
| Banking Act, the Illinois Savings and Loan Act of 1985, or the | 21 |
| Savings Bank Act, or the Professions Indirect Cost Fund | 22 |
| established under the Department of Professional Regulation | 23 |
| Law of the Civil Administrative Code of Illinois, the transfers | 24 |
| from and expenditures of such funds being at all times limited | 25 |
| to the purposes specified in those Acts . | 26 |
| (c) This Section does not apply to the Demutualization | 27 |
| Trust Fund established under the Uniform Disposition of | 28 |
| Unclaimed Property Act.
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| (d)
(c) This Section does not apply to moneys set aside in | 30 |
| the Illinois State Podiatric Disciplinary Fund for podiatric | 31 |
| scholarships and residency programs under the Podiatric | 32 |
| Scholarship and Residency Act. | 33 |
| (Source: P.A. 93-32, eff. 6-20-03; 93-659, eff. 2-3-04; 93-674, | 34 |
| eff. 6-10-04; 93-714, eff. 7-12-04; 93-801, eff. 7-22-04; |
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| 93-839, eff. 7-30-04; 93-1054, eff. 11-18-04; 93-1067, eff. | 2 |
| 1-15-05; 94-91, eff. 7-1-05; 94-120, eff. 7-6-05; 94-511, eff. | 3 |
| 1-1-06; 94-535, eff. 8-10-05; 94-639, eff. 8-22-05; 94-645, | 4 |
| eff. 8-22-05; 94-648, eff. 1-1-06; 94-686, eff. 11-2-05; | 5 |
| 94-691, eff. 11-2-05; 94-726, eff. 1-20-06; revised 1-23-06.)
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| (30 ILCS 105/8j)
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| Sec. 8j. Allocation and transfer of fee receipts to General | 8 |
| Revenue Fund. Notwithstanding any other law to the
contrary, | 9 |
| additional amounts generated by the new and increased fees | 10 |
| created
or authorized by Public Acts 93-22, 93-23, 93-24, and | 11 |
| 93-32 shall be allocated between the fund otherwise entitled to
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| receive the fee and the General Revenue Fund by the Governor's | 13 |
| Office of
Management and Budget , except that no allocation and | 14 |
| transfer shall be made with respect to or from the Credit Union | 15 |
| Fund . In determining the amount of
the allocation to the | 16 |
| General Revenue Fund, the Director of the Governor's
Office of | 17 |
| Management and Budget shall calculate
whether the available | 18 |
| resources in the fund are sufficient to satisfy the
unexpended | 19 |
| and unreserved appropriations from the fund for the fiscal | 20 |
| year.
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| In calculating the available resources in a fund, the | 22 |
| Director of the
Governor's Office of Management and Budget may
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| include receipts, transfers into the fund, and other resources | 24 |
| anticipated to
be available in the fund in that fiscal year.
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| Upon determining the amount of an allocation to the General | 26 |
| Revenue Fund
under this Section, the Director of the Governor's | 27 |
| Office of Management
and Budget may direct the State Treasurer | 28 |
| and
Comptroller to transfer the amount of that allocation from | 29 |
| the fund in which
the fee amounts have been deposited to the | 30 |
| General Revenue Fund; provided,
however, that the Director | 31 |
| shall not direct the transfer of any amount that
would have the | 32 |
| effect of reducing the available resources in the fund to an
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| amount less than the amount remaining unexpended and unreserved |
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| from the total
appropriation from that fund for that fiscal | 2 |
| year.
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| The State Treasurer and Comptroller shall transfer the | 4 |
| amounts designated
under this Section as soon as may be | 5 |
| practicable after receiving the direction
to transfer from the | 6 |
| Director of the Governor's Office of Management and
Budget.
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| This Section does not apply to the Demutualization Trust | 8 |
| Fund established under the Uniform Disposition of Unclaimed | 9 |
| Property Act.
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| (Source: P.A. 93-25, eff. 6-20-03; 93-32, eff. 6-20-03; 94-686, | 11 |
| eff. 11-2-05.)
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| Section 10. The Illinois Banking Act is amended by changing | 13 |
| Section 48 as follows:
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| (205 ILCS 5/48) (from Ch. 17, par. 359)
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| Sec. 48. Commissioner's powers; duties. The Commissioner | 16 |
| shall have the
powers and authority, and is charged with the | 17 |
| duties and responsibilities
designated in this Act, and a State | 18 |
| bank shall not be subject to any
other visitorial power other | 19 |
| than as authorized by this Act, except those
vested in the | 20 |
| courts, or upon prior consultation with the Commissioner, a
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| foreign bank regulator with an appropriate supervisory | 22 |
| interest in the parent
or affiliate of a state bank. In the | 23 |
| performance of the Commissioner's
duties:
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| (1) The Commissioner shall call for statements from all | 25 |
| State banks
as provided in Section 47 at least one time during | 26 |
| each calendar quarter.
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| (2) (a) The Commissioner, as often as the Commissioner | 28 |
| shall deem
necessary or
proper, and no less frequently than 18 | 29 |
| months following the preceding
examination, shall appoint a | 30 |
| suitable person or
persons to make an examination of the | 31 |
| affairs of every State bank,
except that for every eligible | 32 |
| State bank, as defined by regulation, the
Commissioner in lieu |
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| of the examination may accept on an alternating basis the
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| examination made by the eligible State bank's appropriate | 3 |
| federal banking
agency pursuant to Section 111 of the Federal | 4 |
| Deposit Insurance Corporation
Improvement Act of 1991, | 5 |
| provided the appropriate federal banking agency has
made such | 6 |
| an examination. A person so appointed shall not be a | 7 |
| stockholder or
officer or employee of
any bank which that | 8 |
| person may be directed to examine, and shall have
powers to | 9 |
| make a thorough examination into all the affairs of the bank | 10 |
| and
in so doing to examine any of the officers or agents or | 11 |
| employees thereof
on oath and shall make a full and detailed | 12 |
| report of the condition of the
bank to the Commissioner. In | 13 |
| making the examination the examiners shall
include an | 14 |
| examination of the affairs of all the affiliates of the bank, | 15 |
| as
defined in subsection (b) of Section 35.2 of this Act, or | 16 |
| subsidiaries of the
bank as shall be
necessary to disclose | 17 |
| fully the conditions of the subsidiaries or
affiliates, the | 18 |
| relations
between the bank and the subsidiaries or affiliates | 19 |
| and the effect of those
relations upon
the affairs of the bank, | 20 |
| and in connection therewith shall have power to
examine any of | 21 |
| the officers, directors, agents, or employees of the
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| subsidiaries or affiliates
on oath. After May 31, 1997, the | 23 |
| Commissioner may enter into cooperative
agreements
with state | 24 |
| regulatory authorities of other states to provide for | 25 |
| examination of
State bank branches in those states, and the | 26 |
| Commissioner may accept reports
of examinations of State bank | 27 |
| branches from those state regulatory authorities.
These | 28 |
| cooperative agreements may set forth the manner in which the | 29 |
| other state
regulatory authorities may be compensated for | 30 |
| examinations prepared for and
submitted to the Commissioner.
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| (b) After May 31, 1997, the Commissioner is authorized to | 32 |
| examine, as often
as the Commissioner shall deem necessary or | 33 |
| proper, branches of out-of-state
banks. The Commissioner may | 34 |
| establish and may assess fees to be paid to the
Commissioner |
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| for examinations under this subsection (b). The fees shall be
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| borne by the out-of-state bank, unless the fees are borne by | 3 |
| the state
regulatory authority that chartered the out-of-state | 4 |
| bank, as determined by a
cooperative agreement between the | 5 |
| Commissioner and the state regulatory
authority that chartered | 6 |
| the out-of-state bank.
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| (2.5) Whenever any State bank, any subsidiary or affiliate | 8 |
| of a State
bank, or after May 31, 1997, any branch of an | 9 |
| out-of-state bank causes to
be performed, by contract or | 10 |
| otherwise, any bank services
for itself, whether on or off its | 11 |
| premises:
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| (a) that performance shall be subject to examination by | 13 |
| the Commissioner
to the same extent as if services were | 14 |
| being performed by the bank or, after
May 31, 1997, branch | 15 |
| of the out-of-state bank itself
on its own premises; and
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| (b) the bank or, after May 31, 1997, branch of the | 17 |
| out-of-state bank
shall notify the Commissioner of the | 18 |
| existence of a service
relationship. The notification | 19 |
| shall be submitted with the first statement
of condition | 20 |
| (as required by Section 47 of this Act) due after the | 21 |
| making
of the service contract or the performance of the | 22 |
| service, whichever occurs
first. The Commissioner shall be | 23 |
| notified of each subsequent contract in
the same manner.
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| For purposes of this subsection (2.5), the term "bank | 25 |
| services" means
services such as sorting and posting of checks | 26 |
| and deposits, computation
and posting of interest and other | 27 |
| credits and charges, preparation and
mailing of checks, | 28 |
| statements, notices, and similar items, or any other
clerical, | 29 |
| bookkeeping, accounting, statistical, or similar functions
| 30 |
| performed for a State bank, including but not limited to | 31 |
| electronic data
processing related to those bank services.
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| (3) The expense of administering this Act, including the | 33 |
| expense of
the examinations of State banks as provided in this | 34 |
| Act, shall to the extent
of the amounts resulting from the fees |
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| provided for in paragraphs (a),
(a-2), and (b) of this | 2 |
| subsection (3) be assessed against and borne by the
State | 3 |
| banks:
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| (a) Each bank shall pay to the Commissioner a Call | 5 |
| Report Fee which
shall be paid in quarterly installments | 6 |
| equal
to one-fourth of the sum of the annual fixed fee of | 7 |
| $800, plus a variable
fee based on the assets shown on the | 8 |
| quarterly statement of condition
delivered to the | 9 |
| Commissioner in accordance with Section 47 for the
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| preceding quarter according to the following schedule: 16˘ | 11 |
| per $1,000 of
the first $5,000,000 of total assets, 15˘ per | 12 |
| $1,000 of the next
$20,000,000 of total assets, 13˘ per | 13 |
| $1,000 of the next $75,000,000 of
total assets, 9˘ per | 14 |
| $1,000 of the next $400,000,000 of total assets, 7˘
per | 15 |
| $1,000 of the next $500,000,000 of total assets, and 5˘ per | 16 |
| $1,000 of
all assets in excess of $1,000,000,000, of the | 17 |
| State bank. The Call Report
Fee shall be calculated by the | 18 |
| Commissioner and billed to the banks for
remittance at the | 19 |
| time of the quarterly statements of condition
provided for | 20 |
| in Section 47. The Commissioner may require payment of the | 21 |
| fees
provided in this Section by an electronic transfer of | 22 |
| funds or an automatic
debit of an account of each of the | 23 |
| State banks. In case more than one
examination of any
bank | 24 |
| is deemed by the Commissioner to be necessary in any | 25 |
| examination
frequency cycle specified in subsection 2(a) | 26 |
| of this Section,
and is performed at his direction, the | 27 |
| Commissioner may
assess a reasonable additional fee to | 28 |
| recover the cost of the additional
examination; provided, | 29 |
| however, that an examination conducted at the request
of | 30 |
| the State Treasurer pursuant to the Uniform Disposition of | 31 |
| Unclaimed
Property Act shall not be deemed to be an | 32 |
| additional examination under this
Section.
In lieu
of the | 33 |
| method and amounts set forth in this paragraph (a) for the | 34 |
| calculation
of the Call Report Fee, the Commissioner may |
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| specify by
rule that the Call Report Fees provided by this | 2 |
| Section may be assessed
semiannually or some other period | 3 |
| and may provide in the rule the formula to
be
used for | 4 |
| calculating and assessing the periodic Call Report Fees to | 5 |
| be paid by
State
banks.
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| (a-1) If in the opinion of the Commissioner an | 7 |
| emergency exists or
appears likely, the Commissioner may | 8 |
| assign an examiner or examiners to
monitor the affairs of a | 9 |
| State bank with whatever frequency he deems
appropriate, | 10 |
| including but not limited to a daily basis. The reasonable
| 11 |
| and necessary expenses of the Commissioner during the | 12 |
| period of the monitoring
shall be borne by the subject | 13 |
| bank. The Commissioner shall furnish the
State bank a | 14 |
| statement of time and expenses if requested to do so within | 15 |
| 30
days of the conclusion of the monitoring period.
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| (a-2) On and after January 1, 1990, the reasonable and | 17 |
| necessary
expenses of the Commissioner during examination | 18 |
| of the performance of
electronic data processing services | 19 |
| under subsection (2.5) shall be
borne by the banks for | 20 |
| which the services are provided. An amount, based
upon a | 21 |
| fee structure prescribed by the Commissioner, shall be paid | 22 |
| by the
banks or, after May 31, 1997, branches of | 23 |
| out-of-state banks receiving the
electronic data | 24 |
| processing services along with the
Call Report Fee assessed | 25 |
| under paragraph (a) of this
subsection (3).
| 26 |
| (a-3) After May 31, 1997, the reasonable and necessary | 27 |
| expenses of the
Commissioner during examination of the | 28 |
| performance of electronic data
processing services under | 29 |
| subsection (2.5) at or on behalf of branches of
| 30 |
| out-of-state banks shall be borne by the out-of-state | 31 |
| banks, unless those
expenses are borne by the state | 32 |
| regulatory authorities that chartered the
out-of-state | 33 |
| banks, as determined by cooperative agreements between the
| 34 |
| Commissioner and the state regulatory authorities that |
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| chartered the
out-of-state banks.
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| (b) "Fiscal year" for purposes of this Section 48 is | 3 |
| defined as a
period beginning July 1 of any year and ending | 4 |
| June 30 of the next year.
The Commissioner shall receive | 5 |
| for each fiscal year, commencing with the
fiscal year | 6 |
| ending June 30, 1987, a contingent fee equal to the lesser | 7 |
| of
the aggregate of the fees paid by all State banks under | 8 |
| paragraph (a) of
subsection (3) for that year, or the | 9 |
| amount, if any, whereby the aggregate
of the administration | 10 |
| expenses, as defined in paragraph (c), for that
fiscal year | 11 |
| exceeds the sum of the aggregate of the fees payable by all
| 12 |
| State banks for that year under paragraph (a) of subsection | 13 |
| (3),
plus any amounts transferred into the Bank and Trust | 14 |
| Company Fund from the
State Pensions Fund for that year,
| 15 |
| plus all
other amounts collected by the Commissioner for | 16 |
| that year under any
other provision of this Act, plus the | 17 |
| aggregate of all fees
collected for that year by the | 18 |
| Commissioner under the Corporate Fiduciary
Act, excluding | 19 |
| the receivership fees provided for in Section 5-10 of the
| 20 |
| Corporate Fiduciary Act, and the Foreign Banking Office | 21 |
| Act.
The aggregate amount of the contingent
fee thus | 22 |
| arrived at for any fiscal year shall be apportioned | 23 |
| amongst,
assessed upon, and paid by the State banks and | 24 |
| foreign banking corporations,
respectively, in the same | 25 |
| proportion
that the fee of each under paragraph (a) of | 26 |
| subsection (3), respectively,
for that year bears to the | 27 |
| aggregate for that year of the fees collected
under | 28 |
| paragraph (a) of subsection (3). The aggregate amount of | 29 |
| the
contingent fee, and the portion thereof to be assessed | 30 |
| upon each State
bank and foreign banking corporation,
| 31 |
| respectively, shall be determined by the Commissioner and | 32 |
| shall be paid by
each, respectively, within 120 days of the | 33 |
| close of the period for which
the contingent fee is | 34 |
| computed and is payable, and the Commissioner shall
give 20 |
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| days advance notice of the amount of the contingent fee | 2 |
| payable by
the State bank and of the date fixed by the | 3 |
| Commissioner for payment of
the fee.
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| (c) The "administration expenses" for any fiscal year | 5 |
| shall mean the
ordinary and contingent expenses for that | 6 |
| year incident to making the
examinations provided for by, | 7 |
| and for otherwise administering, this Act,
the Corporate | 8 |
| Fiduciary Act, excluding the expenses paid from the
| 9 |
| Corporate Fiduciary Receivership account in the Bank and | 10 |
| Trust Company
Fund, the Foreign Banking Office Act,
the | 11 |
| Electronic Fund Transfer Act,
and the Illinois Bank | 12 |
| Examiners'
Education Foundation Act, including all | 13 |
| salaries and other
compensation paid for personal services | 14 |
| rendered for the State by
officers or employees of the | 15 |
| State, including the Commissioner and the
Deputy | 16 |
| Commissioners, all expenditures for telephone and | 17 |
| telegraph
charges, postage and postal charges, office | 18 |
| stationery, supplies and
services, and office furniture | 19 |
| and equipment, including typewriters and
copying and | 20 |
| duplicating machines and filing equipment, surety bond
| 21 |
| premiums, and travel expenses of those officers and | 22 |
| employees, employees,
expenditures or charges for the | 23 |
| acquisition, enlargement or improvement
of, or for the use | 24 |
| of, any office space, building, or structure, or
| 25 |
| expenditures for the maintenance thereof or for furnishing | 26 |
| heat, light,
or power with respect thereto, all to the | 27 |
| extent that those expenditures
are directly incidental to | 28 |
| such examinations or administration.
The Commissioner | 29 |
| shall not be required by paragraphs (c) or (d-1) of this
| 30 |
| subsection (3) to maintain in any fiscal year's budget | 31 |
| appropriated reserves
for accrued vacation and accrued | 32 |
| sick leave that is required to be paid to
employees of the | 33 |
| Commissioner upon termination of their service with the
| 34 |
| Commissioner in an amount that is more than is reasonably |
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|
| 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 | 27 |
| prevent
continuing the practice of paying expenses | 28 |
| involving salaries, retirement,
social security, and | 29 |
| State-paid insurance premiums of State officers by
| 30 |
| appropriations from the General Revenue Fund. However, the | 31 |
| General Revenue
Fund shall be reimbursed for those payments | 32 |
| made on and after July 1, 1979,
by an annual transfer of | 33 |
| funds from the Bank and Trust Company Fund. Moneys in the | 34 |
| Bank and Trust Company Fund may be transferred to the |
|
|
|
09400SB2495sam002 |
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|
| 1 |
| Professions Indirect Cost Fund, as authorized under | 2 |
| Section 2105-300 of the Department of Professional | 3 |
| Regulation Law of the Civil Administrative Code of | 4 |
| Illinois.
Any fees assessed upon and paid by State banks | 5 |
| pursuant to this Act must be held in trust to be used | 6 |
| exclusively to pay the expenses of administering this Act. | 7 |
| The credit to State banks of unexpended funds provided for | 8 |
| under paragraph (d-1) of this subsection (3) constitutes a | 9 |
| continuing property interest of the State banks in those | 10 |
| unexpended funds.
| 11 |
| (d-1) Adequate funds shall be available in the Bank and | 12 |
| Trust
Company Fund to permit the timely payment of | 13 |
| administration expenses. In
each fiscal year the total | 14 |
| administration expenses shall be deducted from
the total | 15 |
| fees collected by the Commissioner and the remainder | 16 |
| transferred
into the Cash Flow Reserve Account, unless the | 17 |
| balance of the Cash Flow
Reserve Account prior to the | 18 |
| transfer equals or exceeds
one-fourth of the total initial | 19 |
| appropriations from the Bank and Trust
Company Fund for the | 20 |
| subsequent year, in which case the remainder shall be
| 21 |
| credited to State banks and foreign banking corporations
| 22 |
| and applied against their fees for the subsequent
year. The | 23 |
| amount credited to each State bank and foreign banking | 24 |
| corporation
shall be in the same proportion as the
Call | 25 |
| Report Fees paid by each for the year bear to the total | 26 |
| Call Report
Fees collected for the year. For the fiscal | 27 |
| year beginning July 1, 2007, the Commissioner must adopt | 28 |
| rules to adjust regulatory fee rates to those in effect | 29 |
| prior to the escalation in rates published in 27 Ill.Reg. | 30 |
| 16024, Oct. 10, 2003, and as amended at 27 Ill.Reg. 16326, | 31 |
| Oct. 24, 2003, unless an audit by the Auditor General of | 32 |
| banking regulatory oversight activities requires a | 33 |
| different rate to be set to cover the costs of regulatory | 34 |
| oversight. Any adjustments made pursuant to an Auditor |
|
|
|
09400SB2495sam002 |
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|
| 1 |
| General's audit must be set forth in the form of a notice | 2 |
| to each affected entity 45 days prior to making those | 3 |
| adjustments. The notice must contain an explanation that | 4 |
| includes a description of the audit results pertaining to | 5 |
| the banking industry and a description of each reason why | 6 |
| adjustments to the regulatory fee rates are required.
If, | 7 |
| after a transfer to the Cash Flow Reserve
Account is made | 8 |
| or if no remainder is available for transfer, the balance
| 9 |
| of the Cash Flow Reserve Account is less than one-fourth of | 10 |
| the total
initial appropriations for the subsequent year | 11 |
| and the amount transferred
is less than 5% of the total | 12 |
| Call Report Fees for the year, additional
amounts needed to | 13 |
| make the transfer equal to 5% of the total Call Report
Fees | 14 |
| for the year shall be apportioned amongst, assessed upon, | 15 |
| and
paid by the State banks and foreign banking | 16 |
| corporations
in the same proportion that the Call Report | 17 |
| Fees of each,
respectively, for the year bear to the total | 18 |
| Call Report Fees collected for
the year. The additional | 19 |
| amounts assessed shall be transferred into the
Cash Flow | 20 |
| Reserve Account. For purposes of this paragraph (d-1), the
| 21 |
| calculation of the fees collected by the Commissioner shall | 22 |
| exclude the
receivership fees provided for in Section 5-10 | 23 |
| of the Corporate Fiduciary Act.
| 24 |
| (e) The Commissioner may upon request certify to any | 25 |
| public record
in his keeping and shall have authority to | 26 |
| levy a reasonable charge for
issuing certifications of any | 27 |
| public record in his keeping.
| 28 |
| (f) In addition to fees authorized elsewhere in this | 29 |
| Act, the
Commissioner
may, in connection with a review, | 30 |
| approval, or provision of a service, levy a
reasonable | 31 |
| charge to recover the cost of the review, approval, or | 32 |
| service.
| 33 |
| (4) Nothing contained in this Act shall be construed to | 34 |
| limit the
obligation relative to examinations and reports of |
|
|
|
09400SB2495sam002 |
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|
| 1 |
| any State bank, deposits
in which are to any extent insured by | 2 |
| the United States or any agency
thereof, nor to limit in any | 3 |
| way the powers of the Commissioner with
reference to | 4 |
| examinations and reports of that bank.
| 5 |
| (5) The nature and condition of the assets in or investment | 6 |
| of any
bonus, pension, or profit sharing plan for officers or | 7 |
| employees of every
State bank or, after May 31, 1997, branch of | 8 |
| an out-of-state bank shall be
deemed to be included in the | 9 |
| affairs of that State
bank or branch of an out-of-state bank | 10 |
| subject to examination by the
Commissioner under the
provisions | 11 |
| of subsection (2) of this Section, and if the Commissioner
| 12 |
| shall find from an examination that the condition of or | 13 |
| operation
of the investments or assets of the plan is unlawful, | 14 |
| fraudulent, or
unsafe, or that any trustee has abused his | 15 |
| trust, the Commissioner
shall, if the situation so found by the | 16 |
| Commissioner shall not be
corrected to his satisfaction within | 17 |
| 60 days after the Commissioner has
given notice to the board of | 18 |
| directors of the State bank or out-of-state
bank of his
| 19 |
| findings, report the facts to the Attorney General who shall | 20 |
| thereupon
institute proceedings against the State bank or | 21 |
| out-of-state bank, the
board of directors
thereof, or the | 22 |
| trustees under such plan as the nature of the case may require.
| 23 |
| (6) The Commissioner shall have the power:
| 24 |
| (a) To promulgate reasonable rules for the purpose of
| 25 |
| administering the provisions of this Act.
| 26 |
| (a-5) To impose conditions on any approval issued by | 27 |
| the Commissioner
if he determines that the conditions are | 28 |
| necessary or appropriate. These
conditions shall be | 29 |
| imposed in writing and shall continue
in effect for the | 30 |
| period prescribed by the Commissioner.
| 31 |
| (b) To issue orders
against any person, if the | 32 |
| Commissioner has
reasonable cause to believe that an unsafe | 33 |
| or unsound banking practice
has occurred, is occurring, or | 34 |
| is about to occur, if any person has violated,
is |
|
|
|
09400SB2495sam002 |
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|
| 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 Commissioner, any | 26 |
| director,
officer, employee, or agent of a State bank
or any | 27 |
| subsidiary or bank holding company of the bank
or, after May | 28 |
| 31, 1997, of any
branch of an out-of-state bank
or any | 29 |
| subsidiary or bank holding company of the bank
shall have | 30 |
| violated any law,
rule, or order relating to that bank
or any | 31 |
| subsidiary or bank holding company of the bank, shall have
| 32 |
| obstructed or impeded any examination or investigation by the | 33 |
| Commissioner, shall have engaged in an unsafe or
unsound | 34 |
| practice in conducting the business of that bank
or any |
|
|
|
09400SB2495sam002 |
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LRB094 17958 LJB 55612 a |
|
| 1 |
| subsidiary or bank holding company of the bank,
or shall have
| 2 |
| violated any law or engaged or participated in any unsafe or | 3 |
| unsound practice
in connection with any financial institution | 4 |
| or other business entity such that
the character and fitness of | 5 |
| the director, officer, employee, or agent does not
assure | 6 |
| reasonable promise of safe and sound operation of the State | 7 |
| bank, the
Commissioner
may issue an order of removal.
If, in | 8 |
| the opinion of the Commissioner, any former director, officer,
| 9 |
| employee,
or agent of a State bank
or any subsidiary or bank | 10 |
| holding company of the bank, prior to the
termination of his or | 11 |
| her service with
that bank
or any subsidiary or bank holding | 12 |
| company of the bank, violated any law,
rule, or order relating | 13 |
| to that
State bank
or any subsidiary or bank holding company of | 14 |
| the bank, obstructed or impeded
any examination or | 15 |
| investigation by the Commissioner, engaged in an unsafe or | 16 |
| unsound practice in conducting the
business of that bank
or any | 17 |
| subsidiary or bank holding company of the bank,
or violated any | 18 |
| law or engaged or participated in any
unsafe or unsound | 19 |
| practice in connection with any financial institution or
other | 20 |
| business entity such that the character and fitness of the | 21 |
| director,
officer, employee, or agent would not have assured | 22 |
| reasonable promise of safe
and sound operation of the State | 23 |
| bank, the Commissioner may issue an order
prohibiting that | 24 |
| person from
further
service with a bank
or any subsidiary or | 25 |
| bank holding company of the bank
as a director, officer, | 26 |
| employee, or agent. An order
issued pursuant to this subsection | 27 |
| shall be served upon the
director,
officer, employee, or agent. | 28 |
| A copy of the order shall be sent to each
director of the bank | 29 |
| affected by registered mail. The person affected by
the action | 30 |
| may request a hearing before the State Banking Board within 10
| 31 |
| days after receipt of the order. The hearing shall be held by
| 32 |
| the Board within 30 days after the request has been received by | 33 |
| the Board.
The Board shall make a determination approving, | 34 |
| modifying, or disapproving
the order of the Commissioner as its |
|
|
|
09400SB2495sam002 |
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|
| 1 |
| final administrative decision. If a
hearing is held by the | 2 |
| Board, the Board shall make its determination within
60 days | 3 |
| from the conclusion of the hearing. Any person affected by a
| 4 |
| decision of the Board under this subsection (7) of Section 48 | 5 |
| of this Act
may have the decision reviewed only under and in | 6 |
| accordance with the
Administrative Review Law and the rules | 7 |
| adopted pursuant thereto. A copy of
the order shall also be | 8 |
| served upon the bank of which he is a director,
officer, | 9 |
| employee, or agent, whereupon he shall cease to be a director,
| 10 |
| officer, employee, or agent of that bank. The Commissioner may
| 11 |
| institute a civil action against the director, officer, or | 12 |
| agent of the
State bank or, after May 31, 1997, of the branch | 13 |
| of the out-of-state bank
against whom any order provided for by | 14 |
| this subsection (7) of
this Section 48 has been issued, and | 15 |
| against the State bank or, after May 31,
1997, out-of-state | 16 |
| bank, to enforce
compliance with or to enjoin any violation of | 17 |
| the terms of the order.
Any person who has been the subject of | 18 |
| an order of removal
or
an order of prohibition issued by the | 19 |
| Commissioner under
this subsection or Section 5-6 of the | 20 |
| Corporate Fiduciary Act may not
thereafter serve as director, | 21 |
| officer, employee, or agent of any State bank
or of any branch | 22 |
| of any out-of-state bank,
or of any corporate fiduciary, as | 23 |
| defined in Section 1-5.05 of the
Corporate
Fiduciary Act, or of | 24 |
| any other entity that is subject to licensure or
regulation by | 25 |
| the Commissioner or the Office of Banks and Real Estate unless
| 26 |
| the Commissioner has granted prior approval in writing.
| 27 |
| For purposes of this paragraph (7), "bank holding company" | 28 |
| has the
meaning prescribed in Section 2 of the Illinois Bank | 29 |
| Holding Company Act of
1957.
| 30 |
| (8) The Commissioner may impose civil penalties of up to | 31 |
| $10,000 against
any person for each violation of any provision | 32 |
| of this Act, any rule
promulgated in accordance with this Act, | 33 |
| any order of the Commissioner, or
any other action which in the | 34 |
| Commissioner's discretion is an unsafe or
unsound banking |
|
|
|
09400SB2495sam002 |
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LRB094 17958 LJB 55612 a |
|
| 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
Commissioner and property received by the | 23 |
| Commissioner on behalf of the
Illinois Bank Examiners' | 24 |
| Education Foundation under this subsection
(11) on or after | 25 |
| June 30, 1986, shall be either (i) promptly paid after
| 26 |
| receipt of the same, accompanied by a detailed statement | 27 |
| thereof, into the
State Treasury and shall be set apart in | 28 |
| a special fund to be known as "The
Illinois Bank Examiners' | 29 |
| Education Fund" to be invested by either the
Treasurer of | 30 |
| the State of Illinois in the Public Treasurers' Investment
| 31 |
| Pool or in any other investment he is authorized to make or | 32 |
| by the Illinois
State Board of Investment as the board of | 33 |
| trustees of the Illinois Bank
Examiners' Education | 34 |
| Foundation may direct or (ii) deposited into an account
|
|
|
|
09400SB2495sam002 |
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LRB094 17958 LJB 55612 a |
|
| 1 |
| maintained in a commercial bank or corporate fiduciary in | 2 |
| the name of the
Illinois Bank Examiners' Education | 3 |
| Foundation pursuant to the order and
direction of the Board | 4 |
| of Trustees of the Illinois Bank Examiners' Education
| 5 |
| Foundation.
| 6 |
| (12) (Blank).
| 7 |
| (Source: P.A. 94-91, eff. 7-1-05.)
| 8 |
| Section 15. The Illinois Savings and Loan Act of 1985 is | 9 |
| amended by changing Sections 7-3 and 7-19.1 as follows:
| 10 |
| (205 ILCS 105/7-3) (from Ch. 17, par. 3307-3)
| 11 |
| Sec. 7-3. Personnel, records, files, actions and
duties, | 12 |
| etc. | 13 |
| (a) The Commissioner shall appoint, subject to
applicable | 14 |
| provisions of the Personnel Code, a supervisor, such
examiners, | 15 |
| employees, experts and special assistants as may be necessary
| 16 |
| to carry out effectively this Act. The Commissioner shall | 17 |
| require each
supervisor, examiner, expert and special | 18 |
| assistant employed or appointed
by him to give bond, with | 19 |
| security to be approved by the Commissioner,
not less in any | 20 |
| case than $15,000, conditioned for the faithful
discharge of | 21 |
| his duties. The premium on such bond shall be paid by the
| 22 |
| Commissioner from funds appropriated for that purpose. The | 23 |
| bond, along
with verification of payment of the premium on such | 24 |
| bond, shall be filed
in the office of the Secretary of State.
| 25 |
| (b) The Commissioner shall have the following duties and | 26 |
| powers:
| 27 |
| (1) To exercise the rights, powers and duties set forth in | 28 |
| this Act
or in any other related Act;
| 29 |
| (2) To establish such regulations as may be reasonable or | 30 |
| necessary
to accomplish the purposes of this Act;
| 31 |
| (3) To direct and supervise all the administrative and
| 32 |
| technical activities of this office and create an Advisory |
|
|
|
09400SB2495sam002 |
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|
| 1 |
| Committee
which upon request will make recommendations to him;
| 2 |
| (4) To make an annual report regarding the work of his | 3 |
| office
as he may consider desirable to the Governor, or as the | 4 |
| Governor may
request;
| 5 |
| (5) To cause a suit to be filed in his name to enforce any | 6 |
| law of
this State that applies to an association, subsidiary of | 7 |
| an association,
or holding company operating under this Act and
| 8 |
| shall include the enforcement of any obligation of the | 9 |
| officers,
directors or employees of any association;
| 10 |
| (6) To prescribe a uniform manner in which the books and | 11 |
| records of
every association are to be maintained; and
| 12 |
| (7) To establish reasonable and rationally based fee | 13 |
| structures for each
association and holding company operating | 14 |
| under this Act and for their
service corporations and | 15 |
| subsidiaries, which fees shall include but not be
limited to | 16 |
| annual fees, application fees, regular and special examination
| 17 |
| fees, and such other fees as the Commissioner establishes and | 18 |
| demonstrates
to be directly resultant from his | 19 |
| responsibilities under this Act and as
are directly | 20 |
| attributable to individual entities operating under this Act. | 21 |
| For the fiscal year beginning on July 1, 2007, the Commissioner | 22 |
| must adopt rules to adjust regulatory fee rates to those in | 23 |
| effect prior to the escalation in rates published in 27 | 24 |
| Ill.Reg. 16024, Oct. 10, 2003, and as amended at 27 Ill.Reg. | 25 |
| 16326, Oct. 24, 2003, unless an audit by the Auditor General of | 26 |
| banking regulatory oversight activities requires a different | 27 |
| rate to be set to cover the costs of regulatory oversight. Any | 28 |
| adjustments made pursuant to an Auditor General's audit must be | 29 |
| set forth in the form of a notice to each affected entity 45 | 30 |
| days prior to making those adjustments. The notice must contain | 31 |
| an explanation that includes a description of the audit results | 32 |
| pertaining to the banking industry and a description of each | 33 |
| reason why adjustments to the regulatory fee rates are | 34 |
| required.
|
|
|
|
09400SB2495sam002 |
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LRB094 17958 LJB 55612 a |
|
| 1 |
| (Source: P.A. 85-313.)
| 2 |
| (205 ILCS 105/7-19.1) (from Ch. 17, par. 3307-19.1)
| 3 |
| Sec. 7-19.1. Savings and Residential Finance Regulatory | 4 |
| Fund.
| 5 |
| (a) The aggregate of all fees collected by the Commissioner | 6 |
| under this Act
shall be paid promptly after receipt of the | 7 |
| same, accompanied by a detailed
statement thereof, into the | 8 |
| State treasury and shall be set apart in the
Savings and | 9 |
| Residential Finance Regulatory Fund, a special fund hereby | 10 |
| created
in the State treasury. The amounts deposited into the | 11 |
| Fund shall be solely and exclusively used for
the ordinary and | 12 |
| contingent expenses of the Commissioner in administering the | 13 |
| Illinois Savings and Loan Act of 1985, the Savings Bank Act, | 14 |
| and the Residential Mortgage License Act of 1987
Office of | 15 |
| Banks and Real
Estate . Nothing in this Act shall prevent | 16 |
| continuing the practice of paying
expenses involving salaries, | 17 |
| retirement, social security, and State-paid
insurance of State | 18 |
| officers by appropriation from the General Revenue Fund.
| 19 |
| (b) Except as otherwise provided in subsection (b-5), no
| 20 |
| moneys in the Savings and Residential Finance Regulatory Fund | 21 |
| shall
may not
be appropriated, assigned, or transferred to | 22 |
| another State fund. All moneys in the Fund shall be exempt from | 23 |
| assignment or transfer under any other law or executive order, | 24 |
| other than for the purposes authorized by the Illinois State | 25 |
| Auditing Act. All
The
moneys in
the Fund shall remain the | 26 |
| property of and shall be held in trust for the sole benefit and | 27 |
| exclusive regulation of
be for the sole benefit of the | 28 |
| institutions and entities
assessed.
| 29 |
| (b-5) Moneys in the Savings and Residential Finance | 30 |
| Regulatory Fund may be transferred to the Professions Indirect | 31 |
| Cost Fund, as authorized under Section 2105-300 of the | 32 |
| Department of Professional Regulation Law of the Civil | 33 |
| Administrative Code of Illinois.
|
|
|
|
09400SB2495sam002 |
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LRB094 17958 LJB 55612 a |
|
| 1 |
| (c) All
earnings received from investments of funds in the | 2 |
| Savings and Residential
Finance Regulatory Fund shall be | 3 |
| deposited into the Savings and Residential
Finance Regulatory | 4 |
| Fund and may be used for the same purposes as fees
deposited | 5 |
| into that Fund.
| 6 |
| (d) When the amount remaining in the Savings and | 7 |
| Residential Finance Regulatory Fund at the end of a fiscal year | 8 |
| exceeds 25% of the total actual administrative and operational | 9 |
| expenses incurred under the Illinois Savings and Loan Act of | 10 |
| 1985, the Savings Bank Act, and the Residential Mortgage | 11 |
| License Act of 1987 for that fiscal year, the excess must be | 12 |
| credited to the appropriate institutions and entities and | 13 |
| applied against their regulatory fees for the subsequent fiscal | 14 |
| year. The amount credited to the institution or entity must be | 15 |
| in the same proportion that the fees paid by the institution or | 16 |
| entity for the fiscal year in which the excess is produced | 17 |
| bears to the aggregate of the fees collected by the | 18 |
| Commissioner under the Illinois Savings and Loan Act of 1985, | 19 |
| the Savings Bank Act, and the Residential Mortgage License Act | 20 |
| of 1987 for the same fiscal year. For the purpose of this | 21 |
| Section, "fiscal year" means the period beginning July 1 of any | 22 |
| calendar year and ending June 30 of the next calendar year.
| 23 |
| (Source: P.A. 94-91, eff. 7-1-05.)
| 24 |
| Section 20. The Savings Bank Act is amended by changing | 25 |
| Section 9002 as follows:
| 26 |
| (205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
| 27 |
| Sec. 9002. Powers of Commissioner. The Commissioner shall | 28 |
| have the following
powers and duties:
| 29 |
| (1) To exercise the rights, powers, and duties set forth in
| 30 |
| this Act or in any related Act.
| 31 |
| (2) To establish regulations as may be reasonable or
| 32 |
| necessary to accomplish the purposes of this Act.
|
|
|
|
09400SB2495sam002 |
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LRB094 17958 LJB 55612 a |
|
| 1 |
| (3) To make an annual report regarding the work of his
| 2 |
| office under this Act as he may consider desirable to the
| 3 |
| Governor, or as the Governor may request.
| 4 |
| (4) To cause a suit to be filed in his name to enforce
any | 5 |
| law of this State that applies to savings banks, their service
| 6 |
| corporations, subsidiaries, affiliates, or holding companies
| 7 |
| operating under this Act, including the enforcement of any
| 8 |
| obligation of the officers, directors, agents, or employees of | 9 |
| any
savings bank.
| 10 |
| (5) To prescribe a uniform manner in which the books and
| 11 |
| records of every savings bank are to be maintained.
| 12 |
| (6) To establish a reasonable fee
structure for savings | 13 |
| banks and holding companies operating under
this Act and for | 14 |
| their service corporations and subsidiaries.
The fees shall | 15 |
| include, but not be limited to, annual fees,
application fees, | 16 |
| regular and special examination fees, and other
fees as the | 17 |
| Commissioner establishes and demonstrates to be
directly | 18 |
| resultant from the Commissioner's responsibilities under
this | 19 |
| Act and as are directly attributable to individual entities
| 20 |
| operating under this Act. The aggregate of all fees collected | 21 |
| by
the Commissioner on and after the effective date of this Act | 22 |
| shall
be paid promptly after receipt of the same, accompanied | 23 |
| by a
detailed statement thereof, into the Savings and | 24 |
| Residential Finance Regulatory
Fund. The amounts deposited | 25 |
| into the Fund shall be used for the ordinary and
contingent | 26 |
| expenses of the Office of Banks and Real Estate. Nothing
in | 27 |
| this Act shall prevent continuing the practice of paying | 28 |
| expenses involving
salaries, retirement, social security, and | 29 |
| State-paid insurance of State
officers by appropriation from | 30 |
| the General Revenue Fund. For the fiscal year beginning July 1, | 31 |
| 2007, the Commissioner must adopt rules to adjust regulatory | 32 |
| fee rates to those in effect prior to the escalation in rates | 33 |
| published in 27 Ill.Reg. 16024, Oct. 10, 2003, and as amended | 34 |
| at 27 Ill.Reg. 16326, Oct. 24, 2003, unless an audit by the |
|
|
|
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|
| 1 |
| Auditor General of banking regulatory oversight activities | 2 |
| requires a different rate to be set to cover the costs of | 3 |
| regulatory oversight. Any adjustments made pursuant to an | 4 |
| Auditor General's audit must be set forth in the form of a | 5 |
| notice to each affected entity 45 days prior to making those | 6 |
| adjustments. The notice must contain an explanation that | 7 |
| includes a description of the audit results pertaining to the | 8 |
| banking industry and a description of each reason why | 9 |
| adjustments to the regulatory fee rates are 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) :
|
|
23 | | TOTAL ASSETS | REGULATORY FEE |
|
24 | | $25,000 or less ............... | $100 |
|
25 | | Over $25,000 and not over
|
|
26 | | $100,000 ...................... | $100 plus $4 per |
| 27 | | $1,000 of assets in excess of |
| 28 | | $25,000 |
|
29 | | Over $100,000 and not over
|
|
30 | | $200,000 ...................... | $400 plus $3 per |
| 31 | | $1,000 of assets in excess of |
| 32 | | $100,000 |
|
|
|
|
|
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|
| 1 | | Over $200,000 and not over
|
|
2 | | $500,000 ...................... | $700 plus $2 per |
| 3 | | $1,000 of assets in excess of |
| 4 | | $200,000 |
|
5 | | Over $500,000 and not over
|
|
6 | | $1,000,000 .................... | $1,300 plus $1.40 |
| 7 | | per $1,000 of assets in excess |
| 8 | | of $500,000 |
|
9 | | Over $1,000,000 and not
|
|
10 | | over $5,000,000 ................ | $2,000 plus $0.50 |
| 11 | | per $1,000 of assets in |
| 12 | | excess of $1,000,000 |
|
13 | | Over $5,000,000 and not
|
|
14 | | over $30,000,000 .............. |
$4,000
$5,080 plus $0.35
$0.44 |
| 15 | | per $1,000 assets |
| 16 | | in excess of $5,000,000 |
|
17 | | Over $30,000,000 and not
|
|
18 | | over $100,000,000 ............. | $12,750
$16,192 plus $0.30
$0.38
|
| 19 | | per $1,000 of assets in |
| 20 | | excess of $30,000,000 |
|
21 | | Over $100,000,000 and not
|
|
22 | | over $500,000,000 ............. | $33,750
$42,862 plus $0.15
$0.19
|
| 23 | | per $1,000 of assets in |
| 24 | | excess of $100,000,000 |
|
25 | | Over $500,000,000 ............. | $93,750
$140,625 plus $0.05
$0.075 |
| 26 | | per $1,000 of assets in |
| 27 | | excess of $500,000,000 |
|
28 |
| (2) The Director shall review the regulatory fee schedule | 29 |
| in subsection
(1) and the projected earnings on those fees on | 30 |
| an annual
basis
and adjust the fee schedule for the next fiscal | 31 |
| year. The fee schedule may be increased by no more than 5% |
|
|
|
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|
| 1 |
| annually
if necessary to defray the actual
estimated
| 2 |
| administrative and operational expenses of
the Credit Union | 3 |
| Section,
Department as defined in subsection (5) . However, the | 4 |
| fee schedule shall not be increased if the amount remaining in | 5 |
| the Credit Union Fund at the end of the fiscal year is equal to | 6 |
| or greater than 25% of the actual administrative and | 7 |
| operational expenses for the preceding fiscal year. The | 8 |
| regulatory fee for the next fiscal year shall be calculated by | 9 |
| the Director based on the credit union's total assets as of | 10 |
| December 31 of the preceding calendar year . The Director shall | 11 |
| provide credit
unions with written notice of any adjustment | 12 |
| made in the regulatory fee
schedule.
| 13 |
| (3) Beginning on July 1, 2007, each fiscal year
Not later | 14 |
| than March 1 of each calendar year, a credit union shall
pay to | 15 |
| the Department a regulatory fee in quarterly installments equal | 16 |
| to one-fourth of the regulatory fee due for that fiscal year
| 17 |
| for that calendar year in accordance with the regulatory fee | 18 |
| schedule in
subsection (1), on the basis of assets as
of the | 19 |
| Year-end Call Report of the preceding year . The total annual
| 20 |
| regulatory fee shall
not be less than
$100 or more than | 21 |
| $125,000
$187,500 , provided that the
regulatory fee cap of | 22 |
| $125,000
$187,500
shall be adjusted to incorporate the same | 23 |
| percentage increase as the Director
makes in the regulatory fee | 24 |
| schedule from time to time under subsection (2).
No regulatory
| 25 |
| fee
shall be collected
from a credit union until it
has been in | 26 |
| operation for one year.
The regulatory fee shall be billed to | 27 |
| credit unions on a quarterly basis and payable by credit unions | 28 |
| on the due date for the call report for the preceding quarter.
| 29 |
| (4) The aggregate of all fees collected by the Department | 30 |
| under this
Act
shall be paid promptly after they are received,
| 31 |
| accompanied by a detailed
statement thereof, into the State | 32 |
| Treasury and shall be set apart in the
Credit Union Fund, a | 33 |
| special fund hereby created in the State treasury.
The amount | 34 |
| from time to time deposited in the Credit Union Fund and shall
|
|
|
|
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|
| 1 |
| be used solely and exclusively to offset the actual
ordinary
| 2 |
| administrative and operational expenses of
the Credit Union | 3 |
| Section
Department under
this Act. All earnings received from | 4 |
| investments of funds in the Credit
Union Fund shall be | 5 |
| deposited into the Credit Union Fund and may be used for
the | 6 |
| same purposes as fees deposited into that Fund. Moneys | 7 |
| deposited into the Credit Union Fund shall remain the property | 8 |
| of credit unions and shall be held in trust by the State for | 9 |
| the benefit and account of credit unions unless and until such | 10 |
| time as the moneys are expended for the purposes authorized in | 11 |
| this Act. No other appropriations shall be made from the Credit | 12 |
| Union Fund, and the moneys in the Credit Union Fund shall be | 13 |
| exempt from assignment or transfer under any other law or | 14 |
| executive order, other than for the purposes authorized by the | 15 |
| Illinois State Auditing Act.
Moneys in the Credit Union Fund | 16 |
| may be transferred to the Professions Indirect Cost Fund, as | 17 |
| authorized under Section 2105-300 of the Department of | 18 |
| Professional Regulation Law of the Civil Administrative Code of | 19 |
| Illinois.
| 20 |
| (5) The actual administrative and operational expenses of | 21 |
| the Credit Union Section for any fiscal
calendar
year shall | 22 |
| mean the ordinary
and contingent expenses for that year | 23 |
| incidental to making the examinations
provided for by, and for | 24 |
| administering, this Act, including all salaries
and other | 25 |
| compensation paid for personal services rendered for the State | 26 |
| by
officers or employees of the State to enforce this Act; all | 27 |
| expenditures
for telephone and telegraph charges, postage and | 28 |
| postal charges, office
supplies and services, furniture and | 29 |
| equipment, office space and
maintenance thereof, travel | 30 |
| expenses and other necessary expenses; all to
the extent that | 31 |
| such expenditures are directly incidental to such
examination | 32 |
| or administration.
| 33 |
| (6) When the balance in the Credit Union Fund at the end of | 34 |
| a fiscal year exceeds 25%
aggregate of all fees collected by |
|
|
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|
| 1 |
| the Department under
this Act
and all earnings thereon for any | 2 |
| calendar year exceeds 150% of the
total actual
administrative | 3 |
| and operational
expenses under this Act for that fiscal year, | 4 |
| such excess shall be credited to
credit unions and applied | 5 |
| against their regulatory fees for
the subsequent fiscal year. | 6 |
| The amount credited to a credit union shall be in the
same | 7 |
| proportion as the fee paid by such credit union for the fiscal
| 8 |
| calendar year in which the excess is produced bears to the | 9 |
| aggregate of the
fees collected by the Department
under this | 10 |
| Act for the same fiscal year.
| 11 |
| (7) Examination fees for the year 2000 statutory | 12 |
| examinations paid
pursuant to the examination fee schedule in | 13 |
| effect at that time shall be
credited toward the regulatory fee | 14 |
| to be assessed the credit union in calendar
year 2001.
| 15 |
| (8) Nothing in this Act shall prohibit the General Assembly | 16 |
| from
appropriating funds to the Department from the General | 17 |
| Revenue Fund for the
purpose of administering this Act.
| 18 |
| (9) For purposes of this Section, "fiscal year" means a | 19 |
| period beginning on July 1 of any calendar year and ending on | 20 |
| June 30 of the next calendar year.
| 21 |
| (Source: P.A. 93-32, eff. 7-1-03; 93-652, eff. 1-8-04; 94-91, | 22 |
| eff. 7-1-05.)
| 23 |
| Section 30. The Residential Mortgage License Act of 1987 is | 24 |
| amended by changing Section 2-2, 2-6, and 4-1 as follows:
| 25 |
| (205 ILCS 635/2-2) (from Ch. 17, par. 2322-2)
| 26 |
| Sec. 2-2. Application process; investigation; fee.
| 27 |
| (a) The Commissioner shall issue a license upon completion | 28 |
| of all of the
following:
| 29 |
| (1) The filing of an application for license.
| 30 |
| (2) The filing with the Commissioner of a listing of | 31 |
| judgments entered
against, and bankruptcy petitions by, | 32 |
| the license applicant for the
preceding 10 years.
|
|
|
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|
| 1 |
| (3) The payment, in certified funds, of
investigation | 2 |
| and application fees, the total of which shall be in an
| 3 |
| amount equal to $1,800
$2,700 annually, however, the | 4 |
| Commissioner may
increase the
investigation and | 5 |
| application fees by rule as provided in Section 4-11.
| 6 |
| (4) Except for a broker applying to renew a license, | 7 |
| the filing of an
audited balance sheet including all | 8 |
| footnotes prepared by a certified public
accountant in | 9 |
| accordance with generally accepted accounting principles | 10 |
| and
generally accepted auditing principles which evidences | 11 |
| that the applicant meets
the net worth requirements of | 12 |
| Section 3-5.
| 13 |
| (5) The filing of proof satisfactory to the | 14 |
| Commissioner that the
applicant, the members thereof if the | 15 |
| applicant is a partnership or
association, the members or | 16 |
| managers thereof that retain any authority or
| 17 |
| responsibility under the operating agreement if the | 18 |
| applicant is a limited
liability company, or the officers | 19 |
| thereof if the applicant
is a corporation have 3 years | 20 |
| experience preceding application
in real estate finance. | 21 |
| Instead of this requirement, the applicant and the
| 22 |
| applicant's officers or members, as applicable, may
| 23 |
| satisfactorily complete a program of education in real | 24 |
| estate finance and
fair lending, as
approved by the | 25 |
| Commissioner, prior to receiving the
initial license.
The | 26 |
| Commissioner shall promulgate rules regarding proof of | 27 |
| experience
requirements and educational requirements and | 28 |
| the satisfactory completion of
those requirements. The | 29 |
| Commissioner may establish by rule a list of duly
licensed | 30 |
| professionals and others who may be exempt from this | 31 |
| requirement.
| 32 |
| (6) An investigation of the averments required by | 33 |
| Section 2-4, which
investigation must allow the | 34 |
| Commissioner to issue positive findings stating
that the |
|
|
|
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| 1 |
| financial responsibility, experience, character, and | 2 |
| general fitness
of the license applicant and of the members | 3 |
| thereof if the license applicant is
a partnership or | 4 |
| association, of the officers and directors thereof if the
| 5 |
| license applicant is a corporation, and of the managers and | 6 |
| members that retain
any authority or responsibility under | 7 |
| the operating agreement if the license
applicant is a | 8 |
| limited liability company are such as to command the | 9 |
| confidence
of the community and to warrant belief that the | 10 |
| business will be operated
honestly, fairly and efficiently | 11 |
| within the purpose of this Act. If the
Commissioner shall | 12 |
| not so find, he or she shall not issue such license, and he
| 13 |
| or she shall notify the license applicant of the denial. | 14 |
| The Commissioner may impose conditions on a license if the | 15 |
| Commissioner determines that the conditions are necessary or | 16 |
| appropriate. These conditions shall be imposed in writing and | 17 |
| shall continue in effect for the period prescribed by the | 18 |
| Commissioner.
| 19 |
| (b) All licenses shall be issued in duplicate with one copy
| 20 |
| being transmitted to the license applicant and the second being
| 21 |
| retained with the Commissioner.
| 22 |
| Upon receipt of such license, a residential mortgage | 23 |
| licensee shall be
authorized to engage in the business | 24 |
| regulated by this Act. Such license
shall remain in full force | 25 |
| and effect until it expires without renewal, is
surrendered by | 26 |
| the licensee or revoked or suspended as hereinafter provided.
| 27 |
| (Source: P.A. 93-32, eff. 7-1-03; 93-1018, eff. 1-1-05.)
| 28 |
| (205 ILCS 635/2-6) (from Ch. 17, par. 2322-6)
| 29 |
| Sec. 2-6. License issuance and renewal; fee.
| 30 |
| (a) Beginning July 1, 2003, licenses shall be renewed every | 31 |
| year on the
anniversary of the date of issuance of the original | 32 |
| license.
Properly completed renewal application forms and | 33 |
| filing fees must be received
by the Commissioner 60 days prior |
|
|
|
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|
| 1 |
| to the renewal date.
| 2 |
| (b) It shall be the responsibility of each licensee to | 3 |
| accomplish renewal
of its license; failure of the licensee to | 4 |
| receive renewal forms absent a
request sent by certified mail | 5 |
| for such forms will not waive said
responsibility. Failure by a | 6 |
| licensee to submit a properly completed
renewal application | 7 |
| form and fees in a timely fashion, absent a written
extension | 8 |
| from the Commissioner, will result in the assessment of
| 9 |
| additional fees, as follows:
| 10 |
| (1) A fee of $500
$750 will be assessed to the licensee | 11 |
| 30 days
after the
proper renewal date and $1,000
$1,500 | 12 |
| each month thereafter, until the
license is
either renewed | 13 |
| or expires pursuant to Section 2-6, subsections (c) and | 14 |
| (d),
of this Act.
| 15 |
| (2) Such fee will be assessed without prior notice to | 16 |
| the licensee, but
will be assessed only in cases wherein | 17 |
| the Commissioner has in his or her
possession documentation | 18 |
| of the licensee's continuing activity for which
the | 19 |
| unrenewed license was issued.
| 20 |
| (c) A license which is not renewed by the date required in | 21 |
| this Section
shall automatically become inactive. No activity | 22 |
| regulated by this Act
shall be conducted by the licensee when a | 23 |
| license becomes inactive. The Commissioner may require the | 24 |
| licensee to provide a plan for the disposition of any | 25 |
| residential mortgage loans not closed or funded when the | 26 |
| license becomes inactive. The Commissioner may allow a licensee | 27 |
| with an inactive license to conduct activities regulated by | 28 |
| this Act for the sole purpose of assisting borrowers in the | 29 |
| closing or funding of loans for which the loan application was | 30 |
| taken from a borrower while the license was active. An
inactive | 31 |
| license may be reactivated by the Commissioner upon payment of | 32 |
| the renewal fee, and payment
of a reactivation fee equal to the | 33 |
| renewal fee.
| 34 |
| (d) A license which is not renewed within one year of |
|
|
|
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| becoming inactive
shall expire.
| 2 |
| (e) A licensee ceasing an activity or activities regulated | 3 |
| by this Act
and desiring to no longer be licensed shall so | 4 |
| inform the Commissioner in
writing and, at the same time, | 5 |
| convey the license and all other symbols or
indicia of | 6 |
| licensure. The licensee shall include a plan for the withdrawal
| 7 |
| from regulated business, including a timetable for the | 8 |
| disposition of the
business. Upon receipt of such written | 9 |
| notice, the Commissioner shall issue
a certified statement | 10 |
| canceling the license.
| 11 |
| (Source: P.A. 93-32, eff. 7-1-03; 93-561, eff. 1-1-04; 93-1018, | 12 |
| eff. 1-1-05.)
| 13 |
| (205 ILCS 635/4-1) (from Ch. 17, par. 2324-1)
| 14 |
| Sec. 4-1. Commissioner of Banks and Real Estate; functions, | 15 |
| powers, and duties. The functions,
powers, and duties of the | 16 |
| Commissioner of Banks and Real Estate shall include the | 17 |
| following:
| 18 |
| (a) To issue or refuse to issue any license as provided by | 19 |
| this Act;
| 20 |
| (b) To revoke or suspend for cause any license issued under | 21 |
| this Act;
| 22 |
| (c) To keep records of all licenses issued under this Act;
| 23 |
| (d) To receive, consider, investigate, and act upon | 24 |
| complaints made by
any person in connection with any | 25 |
| residential mortgage licensee in this State;
| 26 |
| (e) To consider and act upon any recommendations from the | 27 |
| Residential
Mortgage Board;
| 28 |
| (f) To prescribe the forms of and receive:
| 29 |
| (1) applications for licenses; and
| 30 |
| (2) all reports and all books and records required to | 31 |
| be made by
any licensee under this Act, including annual | 32 |
| audited financial statements
and annual reports of | 33 |
| mortgage activity;
|
|
|
|
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|
| 1 |
| (g) To adopt rules and regulations necessary and proper for | 2 |
| the
administration of this Act;
| 3 |
| (h) To subpoena documents and witnesses and compel their | 4 |
| attendance and
production, to administer oaths, and to require | 5 |
| the production of any books,
papers, or other materials | 6 |
| relevant to any inquiry authorized by this Act;
| 7 |
| (h-1) To issue orders against any person, if the | 8 |
| Commissioner has reasonable cause to believe that an unsafe, | 9 |
| unsound, or unlawful practice has occurred, is occurring, or is | 10 |
| about to occur, if any person has violated, is violating, or is | 11 |
| about to violate any law, rule, or written agreement with the | 12 |
| Commissioner, or for the purpose of administering the | 13 |
| provisions of this Act and any rule adopted in accordance with | 14 |
| the Act; | 15 |
| (h-2) To address any inquiries to any licensee, or the | 16 |
| officers thereof, in relation to its activities and conditions, | 17 |
| or any other matter connected with its affairs, and it shall be | 18 |
| the duty of any licensee or person so addressed, to promptly | 19 |
| reply in writing to such inquiries. The Commissioner may also | 20 |
| require reports from any licensee at any time the Commissioner | 21 |
| may deem desirable;
| 22 |
| (i) To require information with regard to any license | 23 |
| applicant
as he or she may deem desirable, with due regard to | 24 |
| the paramount interests
of the public as to the experience, | 25 |
| background, honesty, truthfulness,
integrity, and competency | 26 |
| of the license applicant as to financial
transactions involving | 27 |
| primary or subordinate mortgage financing, and where
the | 28 |
| license applicant is an entity other than an individual, as to | 29 |
| the
honesty, truthfulness, integrity, and competency of any | 30 |
| officer or director
of the corporation, association, or other | 31 |
| entity, or the members of a
partnership;
| 32 |
| (j) To examine the books and records of every licensee | 33 |
| under this Act at
intervals as specified in Section 4-2;
| 34 |
| (k) To enforce provisions of this Act;
|
|
|
|
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|
| 1 |
| (l) To levy fees, fines, and charges for services performed | 2 |
| in administering
this Act; the aggregate of all fees collected | 3 |
| by the Commissioner on and after
the effective date of this Act | 4 |
| shall be paid promptly after receipt of the
same, accompanied | 5 |
| by a detailed statement thereof, into the Savings and
| 6 |
| Residential Finance Regulatory Fund; the amounts deposited | 7 |
| into that Fund shall
be used for the ordinary and contingent | 8 |
| expenses of the Office of Banks and
Real Estate. Nothing in | 9 |
| this Act shall prevent continuing the practice of paying
| 10 |
| expenses involving salaries, retirement, social security, and | 11 |
| State-paid
insurance of State officers by appropriation from | 12 |
| the General Revenue Fund. For the fiscal year beginning on July | 13 |
| 1, 2007, the Commissioner must adopt rules to adjust regulatory | 14 |
| fee rates to those in effect prior to the escalation in rates | 15 |
| published in 27 Ill.Reg. 10783, July 1, 2003, unless an audit | 16 |
| by the Auditor General of banking regulatory oversight | 17 |
| activities requires a different rate to be set to cover the | 18 |
| costs of regulatory oversight. Any adjustments made pursuant to | 19 |
| an Auditor General's audit must be set forth in the form of a | 20 |
| notice to each affected entity 45 days prior to making those | 21 |
| adjustments. The notice must contain an explanation that | 22 |
| includes a description of the audit results pertaining to the | 23 |
| banking industry and a description of each reason why | 24 |
| adjustments to the regulatory fee rates are required.
| 25 |
| (m) To appoint examiners, supervisors, experts, and | 26 |
| special assistants as
needed to effectively and efficiently | 27 |
| administer this Act;
| 28 |
| (n) To conduct hearings for the purpose of:
| 29 |
| (1) appeals of orders of the Commissioner;
| 30 |
| (2) suspensions or revocations of licenses, or fining | 31 |
| of licensees;
| 32 |
| (3) investigating:
| 33 |
| (i) complaints against licensees; or
| 34 |
| (ii) annual gross delinquency rates; and
|
|
|
|
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|
| 1 |
| (4) carrying out the purposes of this Act;
| 2 |
| (o) To exercise exclusive visitorial power over a licensee | 3 |
| unless otherwise authorized by this Act or as vested in the | 4 |
| courts, or upon prior consultation with the Commissioner, a | 5 |
| foreign residential mortgage regulator with an appropriate | 6 |
| supervisory interest in the parent or affiliate of a licensee;
| 7 |
| (p) To enter into cooperative agreements with state | 8 |
| regulatory authorities of other states to provide for | 9 |
| examination of corporate offices or branches of those states | 10 |
| and to accept reports of such examinations;
| 11 |
| (q) To assign an examiner or examiners to monitor the | 12 |
| affairs of a licensee with whatever frequency the Commissioner | 13 |
| determines appropriate and to charge the licensee for | 14 |
| reasonable and necessary expenses of the Commissioner, if in | 15 |
| the opinion of the Commissioner an emergency exists or appears | 16 |
| likely to occur; and
| 17 |
| (r) To impose civil penalties of up to $50 per day against | 18 |
| a licensee for failing to respond to a regulatory request or | 19 |
| reporting requirement.
| 20 |
| (Source: P.A. 93-1018, eff. 1-1-05.)
| 21 |
| Section 99. Effective date. This Act takes effect upon | 22 |
| becoming law.".
|
|