Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3205/0.8

(20 ILCS 3205/0.8)

Sec. 0.8.

Commissioner and deputy commissioners.

(a) The Office of Banks and Real Estate shall be under the direction of the
Commissioner of Banks and Real Estate.

There shall be a First Deputy Commissioner and such other deputy
commissioners as the Governor may deem appropriate.  All deputy commissioners
shall be under the direction, supervision, and control of the Commissioner.
The Commissioner may delegate to one or more of the deputy commissioners any
power or duty that the Commissioner is authorized or required by law to
perform.

(b) The Commissioner and all deputy commissioners shall be persons who
are experienced in the theory and practice of the business of banks and
other financial institutions.

(c) The Commissioner, the First Deputy Commissioner, and the deputy
commissioners shall be appointed by the Governor with the advice and consent
of the Senate.  If a vacancy occurs while the Senate is not in session, the
Governor may make a temporary appointment until the next meeting of the Senate,
when the Governor shall nominate some person to fill the vacancy.  A person
nominated to fill a vacancy, if confirmed by the Senate, shall hold office for
the remainder of the vacated term and until his or her successor has been
appointed and has qualified.

(d) If the Commissioner is absent or unable to act, or if the position of
Commissioner becomes vacant, the First Deputy Commissioner shall be Acting
Commissioner and shall execute the powers and discharge the duties vested by
law in the Commissioner until a temporary appointment is made as provided in
subsection (c).

If both the Commissioner and the First Deputy Commissioner are absent or
unable to act, or if the positions of Commissioner and First Deputy
Commissioner are both vacant, the Governor shall designate another deputy
commissioner as Acting Commissioner to execute the powers and discharge the
duties vested by law in the Commissioner until a temporary appointment is made
as provided in subsection (c).

(e) The terms of the persons serving as the Commissioner, First Deputy
Commissioner, and Deputy Commissioners of Banks and Trust Companies shall end
on the effective date of this amendatory Act of 1996, or as sooner provided by
executive order, except that those persons shall continue to serve as
Commissioner, First Deputy Commissioner, and Deputy Commissioners
of the Office of Banks and Real Estate, respectively, until their successors
have been appointed and have qualified.

(f) The Commissioner, First Deputy Commissioner, and Deputy Commissioners of
the Office of Banks and Real Estate shall hold office for terms beginning upon
confirmation and continuing until January 31, 2000 and until their successors
have been appointed and have qualified.  Thereafter the Commissioner, First
Deputy Commissioner, and Deputy Commissioners of the Office of Banks and Real
Estate shall serve for terms of 4 years beginning on February 1, 2000 and on
February 1 of every fourth year thereafter.

(Source: P.A. 89-508, eff. 7-3-96.)