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| Public Act 099-0039
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| HB3543 Enrolled | LRB099 10088 MGM 30311 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Banking Act is amended by changing |
Sections 48, 48.05, and 78 as follows:
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(205 ILCS 5/48)
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Sec. 48. Secretary's powers; duties. The Secretary shall |
have the
powers and authority, and is charged with the duties |
and responsibilities
designated in this Act, and a State bank |
shall not be subject to any
other visitorial power other than |
as authorized by this Act, except those
vested in the courts, |
or upon prior consultation with the Secretary, a
foreign bank |
regulator with an appropriate supervisory interest in the |
parent
or affiliate of a state bank. In the performance of the |
Secretary's
duties:
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(1) The Commissioner shall call for statements from all |
State banks
as provided in Section 47 at least one time |
during each calendar quarter.
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(2) (a) The Commissioner, as often as the Commissioner |
shall deem
necessary or
proper, and no less frequently than |
18 months following the preceding
examination, shall |
appoint a suitable person or
persons to make an examination |
of the affairs of every State bank,
except that for every |
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eligible State bank, as defined by regulation, the
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Commissioner in lieu of the examination may accept on an |
alternating basis the
examination made by the eligible |
State bank's appropriate federal banking
agency pursuant |
to Section 111 of the Federal Deposit Insurance Corporation
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Improvement Act of 1991, provided the appropriate federal |
banking agency has
made such an examination. A person so |
appointed shall not be a stockholder or
officer or employee |
of
any bank which that person may be directed to examine, |
and shall have
powers to make a thorough examination into |
all the affairs of the bank and
in so doing to examine any |
of the officers or agents or employees thereof
on oath and |
shall make a full and detailed report of the condition of |
the
bank to the Commissioner. In making the examination the |
examiners shall
include an examination of the affairs of |
all the affiliates of the bank, as
defined in subsection |
(b) of Section 35.2 of this Act, or subsidiaries of the
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bank as shall be
necessary to disclose fully the conditions |
of the subsidiaries or
affiliates, the relations
between |
the bank and the subsidiaries or affiliates and the effect |
of those
relations upon
the affairs of the bank, and in |
connection therewith shall have power to
examine any of the |
officers, directors, agents, or employees of the
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subsidiaries or affiliates
on oath. After May 31, 1997, the |
Commissioner may enter into cooperative
agreements
with |
state regulatory authorities of other states to provide for |
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examination of
State bank branches in those states, and the |
Commissioner may accept reports
of examinations of State |
bank branches from those state regulatory authorities.
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These cooperative agreements may set forth the manner in |
which the other state
regulatory authorities may be |
compensated for examinations prepared for and
submitted to |
the Commissioner.
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(b) After May 31, 1997, the Commissioner is authorized |
to examine, as often
as the Commissioner shall deem |
necessary or proper, branches of out-of-state
banks. The |
Commissioner may establish and may assess fees to be paid |
to the
Commissioner for examinations under this subsection |
(b). The fees shall be
borne by the out-of-state bank, |
unless the fees are borne by the state
regulatory authority |
that chartered the out-of-state bank, as determined by a
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cooperative agreement between the Commissioner and the |
state regulatory
authority that chartered the out-of-state |
bank.
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(2.1) Pursuant to paragraph (a) of subsection (6) of |
this Section, the Secretary shall adopt rules that ensure |
consistency and due process in the examination process. The |
Secretary may also establish guidelines that (i) define the |
scope of the examination process and (ii) clarify |
examination items to be resolved. The rules, formal |
guidance, interpretive letters, or opinions furnished to |
State banks by the Secretary may be relied upon by the |
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State banks. |
(2.5) Whenever any State bank, any subsidiary or |
affiliate of a State
bank, or after May 31, 1997, any |
branch of an out-of-state bank causes to
be performed, by |
contract or otherwise, any bank services
for itself, |
whether on or off its premises:
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(a) that performance shall be subject to |
examination by the Commissioner
to the same extent as |
if services were being performed by the bank or, after
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May 31, 1997, branch of the out-of-state bank itself
on |
its own premises; and
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(b) the bank or, after May 31, 1997, branch of the |
out-of-state bank
shall notify the Commissioner of the |
existence of a service
relationship. The notification |
shall be submitted with the first statement
of |
condition (as required by Section 47 of this Act) due |
after the making
of the service contract or the |
performance of the service, whichever occurs
first. |
The Commissioner shall be notified of each subsequent |
contract in
the same manner.
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For purposes of this subsection (2.5), the term "bank |
services" means
services such as sorting and posting of |
checks and deposits, computation
and posting of interest |
and other credits and charges, preparation and
mailing of |
checks, statements, notices, and similar items, or any |
other
clerical, bookkeeping, accounting, statistical, or |
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similar functions
performed for a State bank, including but |
not limited to electronic data
processing related to those |
bank services.
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(3) The expense of administering this Act, including |
the expense of
the examinations of State banks as provided |
in this Act, shall to the extent
of the amounts resulting |
from the fees provided for in paragraphs (a),
(a-2), and |
(b) of this subsection (3) be assessed against and borne by |
the
State banks:
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(a) Each bank shall pay to the Secretary a Call |
Report Fee which
shall be paid in quarterly |
installments equal
to one-fourth of the sum of the |
annual fixed fee of $800, plus a variable
fee based on |
the assets shown on the quarterly statement of |
condition
delivered to the Secretary in accordance |
with Section 47 for the
preceding quarter according to |
the following schedule: 16˘ per $1,000 of
the first |
$5,000,000 of total assets, 15˘ per $1,000 of the next
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$20,000,000 of total assets, 13˘ per $1,000 of the next |
$75,000,000 of
total assets, 9˘ per $1,000 of the next |
$400,000,000 of total assets, 7˘
per $1,000 of the next |
$500,000,000 of total assets, and 5˘ per $1,000 of
all |
assets in excess of $1,000,000,000, of the State bank. |
The Call Report
Fee shall be calculated by the |
Secretary and billed to the banks for
remittance at the |
time of the quarterly statements of condition
provided |
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for in Section 47. The Secretary may require payment of |
the fees
provided in this Section by an electronic |
transfer of funds or an automatic
debit of an account |
of each of the State banks. In case more than one
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examination of any
bank is deemed by the Secretary to |
be necessary in any examination
frequency cycle |
specified in subsection 2(a) of this Section,
and is |
performed at his direction, the Secretary may
assess a |
reasonable additional fee to recover the cost of the |
additional
examination; provided, however, that an |
examination conducted at the request
of the State |
Treasurer pursuant to the Uniform Disposition of |
Unclaimed
Property Act shall not be deemed to be an |
additional examination under this
Section.
In lieu
of |
the method and amounts set forth in this paragraph (a) |
for the calculation
of the Call Report Fee, the |
Secretary may specify by
rule that the Call Report Fees |
provided by this Section may be assessed
semiannually |
or some other period and may provide in the rule the |
formula to
be
used for calculating and assessing the |
periodic Call Report Fees to be paid by
State
banks.
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(a-1) If in the opinion of the Commissioner an |
emergency exists or
appears likely, the Commissioner |
may assign an examiner or examiners to
monitor the |
affairs of a State bank with whatever frequency he |
deems
appropriate, including but not limited to a daily |
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basis. The reasonable
and necessary expenses of the |
Commissioner during the period of the monitoring
shall |
be borne by the subject bank. The Commissioner shall |
furnish the
State bank a statement of time and expenses |
if requested to do so within 30
days of the conclusion |
of the monitoring period.
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(a-2) On and after January 1, 1990, the reasonable |
and necessary
expenses of the Commissioner during |
examination of the performance of
electronic data |
processing services under subsection (2.5) shall be
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borne by the banks for which the services are provided. |
An amount, based
upon a fee structure prescribed by the |
Commissioner, shall be paid by the
banks or, after May |
31, 1997, branches of out-of-state banks receiving the
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electronic data processing services along with the
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Call Report Fee assessed under paragraph (a) of this
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subsection (3).
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(a-3) After May 31, 1997, the reasonable and |
necessary expenses of the
Commissioner during |
examination of the performance of electronic data
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processing services under subsection (2.5) at or on |
behalf of branches of
out-of-state banks shall be borne |
by the out-of-state banks, unless those
expenses are |
borne by the state regulatory authorities that |
chartered the
out-of-state banks, as determined by |
cooperative agreements between the
Commissioner and |
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the state regulatory authorities that chartered the
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out-of-state banks.
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(b) "Fiscal year" for purposes of this Section 48 |
is defined as a
period beginning July 1 of any year and |
ending June 30 of the next year.
The Commissioner shall |
receive for each fiscal year, commencing with the
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fiscal year ending June 30, 1987, a contingent fee |
equal to the lesser of
the aggregate of the fees paid |
by all State banks under paragraph (a) of
subsection |
(3) for that year, or the amount, if any, whereby the |
aggregate
of the administration expenses, as defined |
in paragraph (c), for that
fiscal year exceeds the sum |
of the aggregate of the fees payable by all
State banks |
for that year under paragraph (a) of subsection (3),
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plus any amounts transferred into the Bank and Trust |
Company Fund from the
State Pensions Fund for that |
year,
plus all
other amounts collected by the |
Commissioner for that year under any
other provision of |
this Act, plus the aggregate of all fees
collected for |
that year by the Commissioner under the Corporate |
Fiduciary
Act, excluding the receivership fees |
provided for in Section 5-10 of the
Corporate Fiduciary |
Act, and the Foreign Banking Office Act.
The aggregate |
amount of the contingent
fee thus arrived at for any |
fiscal year shall be apportioned amongst,
assessed |
upon, and paid by the State banks and foreign banking |
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corporations,
respectively, in the same proportion
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that the fee of each under paragraph (a) of subsection |
(3), respectively,
for that year bears to the aggregate |
for that year of the fees collected
under paragraph (a) |
of subsection (3). The aggregate amount of the
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contingent fee, and the portion thereof to be assessed |
upon each State
bank and foreign banking corporation,
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respectively, shall be determined by the Commissioner |
and shall be paid by
each, respectively, within 120 |
days of the close of the period for which
the |
contingent fee is computed and is payable, and the |
Commissioner shall
give 20 days advance notice of the |
amount of the contingent fee payable by
the State bank |
and of the date fixed by the Commissioner for payment |
of
the fee.
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(c) The "administration expenses" for any fiscal |
year shall mean the
ordinary and contingent expenses |
for that year incident to making the
examinations |
provided for by, and for otherwise administering, this |
Act,
the Corporate Fiduciary Act, excluding the |
expenses paid from the
Corporate Fiduciary |
Receivership account in the Bank and Trust Company
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Fund, the Foreign Banking Office Act,
the Electronic |
Fund Transfer Act,
and the Illinois Bank Examiners'
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Education Foundation Act, including all salaries and |
other
compensation paid for personal services rendered |
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for the State by
officers or employees of the State, |
including the Commissioner and the
Deputy |
Commissioners, communication equipment and services, |
office furnishings, surety bond
premiums, and travel |
expenses of those officers and employees, employees,
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expenditures or charges for the acquisition, |
enlargement or improvement
of, or for the use of, any |
office space, building, or structure, or
expenditures |
for the maintenance thereof or for furnishing heat, |
light,
or power with respect thereto, all to the extent |
that those expenditures
are directly incidental to |
such examinations or administration.
The Commissioner |
shall not be required by paragraphs (c) or (d-1) of |
this
subsection (3) to maintain in any fiscal year's |
budget appropriated reserves
for accrued vacation and |
accrued sick leave that is required to be paid to
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employees of the Commissioner upon termination of |
their service with the
Commissioner in an amount that |
is more than is reasonably anticipated to be
necessary |
for any anticipated turnover in employees, whether due |
to normal
attrition or due to layoffs, terminations, or |
resignations.
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(d) The aggregate of all fees collected by the |
Secretary under
this Act, the Corporate Fiduciary Act,
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or the Foreign Banking Office Act on
and after July 1, |
1979, shall be paid promptly after receipt of the same,
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accompanied by a detailed statement thereof, into the |
State treasury and
shall be set apart in a special fund |
to be known as the "Bank and Trust
Company Fund", |
except as provided in paragraph (c) of subsection (11) |
of
this Section. All earnings received from |
investments of funds in the Bank
and
Trust Company Fund |
shall be deposited in the Bank and Trust Company Fund
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and may be used for the same purposes as fees deposited |
in that Fund. The
amount from time to time deposited |
into the Bank and
Trust Company Fund shall be used: (i) |
to offset the ordinary administrative
expenses of the |
Secretary as defined in
this Section or (ii) as a |
credit against fees under paragraph (d-1) of this |
subsection (3). Nothing in this amendatory Act of 1979 |
shall prevent
continuing the practice of paying |
expenses involving salaries, retirement,
social |
security, and State-paid insurance premiums of State |
officers by
appropriations from the General Revenue |
Fund. However, the General Revenue
Fund shall be |
reimbursed for those payments made on and after July 1, |
1979,
by an annual transfer of funds from the Bank and |
Trust Company Fund. Moneys in the Bank and Trust |
Company Fund may be transferred to the Professions |
Indirect Cost Fund, as authorized under Section |
2105-300 of the Department of Professional Regulation |
Law of the Civil Administrative Code of Illinois.
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Notwithstanding provisions in the State Finance |
Act, as now or hereafter amended, or any other law to |
the contrary, the sum of $18,788,847 shall be |
transferred from the Bank and Trust Company Fund to the |
Financial Institutions Settlement of 2008 Fund on the |
effective date of this amendatory Act of the 95th |
General Assembly, or as soon thereafter as practical. |
Notwithstanding provisions in the State Finance |
Act, as now or hereafter amended, or any other law to |
the contrary, the Governor may, during any fiscal year |
through January 10, 2011, from time to time direct the |
State Treasurer and Comptroller to transfer a |
specified sum not exceeding 10% of the revenues to be |
deposited into the Bank and Trust Company Fund during |
that fiscal year from that Fund to the General Revenue |
Fund in order to help defray the State's operating |
costs for the fiscal year. Notwithstanding provisions |
in the State Finance Act, as now or hereafter amended, |
or any other law to the contrary, the total sum |
transferred during any fiscal year through January 10, |
2011, from the Bank and Trust Company Fund to the |
General Revenue Fund pursuant to this provision shall |
not exceed during any fiscal year 10% of the revenues |
to be deposited into the Bank and Trust Company Fund |
during that fiscal year. The State Treasurer and |
Comptroller shall transfer the amounts designated |
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under this Section as soon as may be practicable after |
receiving the direction to transfer from the Governor.
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(d-1) Adequate funds shall be available in the Bank |
and Trust
Company Fund to permit the timely payment of |
administration expenses. In
each fiscal year the total |
administration expenses shall be deducted from
the |
total fees collected by the Commissioner and the |
remainder transferred
into the Cash Flow Reserve |
Account, unless the balance of the Cash Flow
Reserve |
Account prior to the transfer equals or exceeds
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one-fourth of the total initial appropriations from |
the Bank and Trust
Company Fund for the subsequent |
year, in which case the remainder shall be
credited to |
State banks and foreign banking corporations
and |
applied against their fees for the subsequent
year. The |
amount credited to each State bank and foreign banking |
corporation
shall be in the same proportion as the
Call |
Report Fees paid by each for the year bear to the total |
Call Report
Fees collected for the year. If, after a |
transfer to the Cash Flow Reserve
Account is made or if |
no remainder is available for transfer, the balance
of |
the Cash Flow Reserve Account is less than one-fourth |
of the total
initial appropriations for the subsequent |
year and the amount transferred
is less than 5% of the |
total Call Report Fees for the year, additional
amounts |
needed to make the transfer equal to 5% of the total |
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Call Report
Fees for the year shall be apportioned |
amongst, assessed upon, and
paid by the State banks and |
foreign banking corporations
in the same proportion |
that the Call Report Fees of each,
respectively, for |
the year bear to the total Call Report Fees collected |
for
the year. The additional amounts assessed shall be |
transferred into the
Cash Flow Reserve Account. For |
purposes of this paragraph (d-1), the
calculation of |
the fees collected by the Commissioner shall exclude |
the
receivership fees provided for in Section 5-10 of |
the Corporate Fiduciary Act.
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(e) The Commissioner may upon request certify to |
any public record
in his keeping and shall have |
authority to levy a reasonable charge for
issuing |
certifications of any public record in his keeping.
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(f) In addition to fees authorized elsewhere in |
this Act, the
Commissioner
may, in connection with a |
review, approval, or provision of a service, levy a
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reasonable charge to recover the cost of the review, |
approval, or service.
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(4) Nothing contained in this Act shall be construed to |
limit the
obligation relative to examinations and reports |
of any State bank, deposits
in which are to any extent |
insured by the United States or any agency
thereof, nor to |
limit in any way the powers of the Commissioner with
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reference to examinations and reports of that bank.
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(5) The nature and condition of the assets in or |
investment of any
bonus, pension, or profit sharing plan |
for officers or employees of every
State bank or, after May |
31, 1997, branch of an out-of-state bank shall be
deemed to |
be included in the affairs of that State
bank or branch of |
an out-of-state bank subject to examination by the
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Commissioner under the
provisions of subsection (2) of this |
Section, and if the Commissioner
shall find from an |
examination that the condition of or operation
of the |
investments or assets of the plan is unlawful, fraudulent, |
or
unsafe, or that any trustee has abused his trust, the |
Commissioner
shall, if the situation so found by the |
Commissioner shall not be
corrected to his satisfaction |
within 60 days after the Commissioner has
given notice to |
the board of directors of the State bank or out-of-state
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bank of his
findings, report the facts to the Attorney |
General who shall thereupon
institute proceedings against |
the State bank or out-of-state bank, the
board of directors
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thereof, or the trustees under such plan as the nature of |
the case may require.
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(6) The Commissioner shall have the power:
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(a) To promulgate reasonable rules for the purpose |
of
administering the provisions of this Act.
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(a-5) To impose conditions on any approval issued |
by the Commissioner
if he determines that the |
conditions are necessary or appropriate. These
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conditions shall be imposed in writing and shall |
continue
in effect for the period prescribed by the |
Commissioner.
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(b) To issue orders
against any person, if the |
Commissioner has
reasonable cause to believe that an |
unsafe or unsound banking practice
has occurred, is |
occurring, or is about to occur, if any person has |
violated,
is violating, or is about to violate any law, |
rule, or written
agreement with the Commissioner, or
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for the purpose of administering the provisions of
this |
Act and any rule promulgated in accordance with this |
Act.
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(b-1) To enter into agreements with a bank |
establishing a program to
correct the condition of the |
bank or its practices.
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(c) To appoint hearing officers to execute any of |
the powers granted to
the Commissioner under this |
Section for the purpose of administering this
Act and |
any rule promulgated in accordance with this Act
and |
otherwise to authorize, in writing, an officer or |
employee of the Office
of
Banks and Real Estate to |
exercise his powers under this Act.
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(d) To subpoena witnesses, to compel their |
attendance, to administer
an oath, to examine any |
person under oath, and to require the production of
any |
relevant books, papers, accounts, and documents in the |
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course of and
pursuant to any investigation being |
conducted, or any action being taken,
by the |
Commissioner in respect of any matter relating to the |
duties imposed
upon, or the powers vested in, the |
Commissioner under the provisions of
this Act or any |
rule promulgated in accordance with this Act.
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(e) To conduct hearings.
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(7) Whenever, in the opinion of the Secretary, any |
director,
officer, employee, or agent of a State bank
or |
any subsidiary or bank holding company of the bank
or, |
after May 31, 1997, of any
branch of an out-of-state bank
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or any subsidiary or bank holding company of the bank
shall |
have violated any law,
rule, or order relating to that bank
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or any subsidiary or bank holding company of the bank, |
shall have
obstructed or impeded any examination or |
investigation by the Secretary, shall have engaged in an |
unsafe or
unsound practice in conducting the business of |
that bank
or any subsidiary or bank holding company of the |
bank,
or shall have
violated any law or engaged or |
participated in any unsafe or unsound practice
in |
connection with any financial institution or other |
business entity such that
the character and fitness of the |
director, officer, employee, or agent does not
assure |
reasonable promise of safe and sound operation of the State |
bank, the
Secretary
may issue an order of removal.
If, in |
the opinion of the Secretary, any former director, officer,
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employee,
or agent of a State bank
or any subsidiary or |
bank holding company of the bank, prior to the
termination |
of his or her service with
that bank
or any subsidiary or |
bank holding company of the bank, violated any law,
rule, |
or order relating to that
State bank
or any subsidiary or |
bank holding company of the bank, obstructed or impeded
any |
examination or investigation by the Secretary, engaged in |
an unsafe or unsound practice in conducting the
business of |
that bank
or any subsidiary or bank holding company of the |
bank,
or violated any law or engaged or participated in any
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unsafe or unsound practice in connection with any financial |
institution or
other business entity such that the |
character and fitness of the director,
officer, employee, |
or agent would not have assured reasonable promise of safe
|
and sound operation of the State bank, the Secretary may |
issue an order
prohibiting that person from
further
service |
with a bank
or any subsidiary or bank holding company of |
the bank
as a director, officer, employee, or agent. An |
order
issued pursuant to this subsection shall be served |
upon the
director,
officer, employee, or agent. A copy of |
the order shall be sent to each
director of the bank |
affected by registered mail. A copy of
the order shall also |
be served upon the bank of which he is a director,
officer, |
employee, or agent, whereupon he shall cease to be a |
director,
officer, employee, or agent of that bank. The |
Secretary may
institute a civil action against the |
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director, officer, or agent of the
State bank or, after May |
31, 1997, of the branch of the out-of-state bank
against |
whom any order provided for by this subsection (7) of
this |
Section 48 has been issued, and against the State bank or, |
after May 31,
1997, out-of-state bank, to enforce
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compliance with or to enjoin any violation of the terms of |
the order.
Any person who has been the subject of an order |
of removal
or
an order of prohibition issued by the |
Secretary under
this subsection or Section 5-6 of the |
Corporate Fiduciary Act may not
thereafter serve as |
director, officer, employee, or agent of any State bank
or |
of any branch of any out-of-state bank,
or of any corporate |
fiduciary, as defined in Section 1-5.05 of the
Corporate
|
Fiduciary Act, or of any other entity that is subject to |
licensure or
regulation by the Division of Banking unless
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the Secretary has granted prior approval in writing.
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For purposes of this paragraph (7), "bank holding |
company" has the
meaning prescribed in Section 2 of the |
Illinois Bank Holding Company Act of
1957.
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(8) The Commissioner may impose civil penalties of up |
to $100,000 against
any person for each violation of any |
provision of this Act, any rule
promulgated in accordance |
with this Act, any order of the Commissioner, or
any other |
action which in the Commissioner's discretion is an unsafe |
or
unsound banking practice.
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(9) The Commissioner may impose civil penalties of up |
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to $100
against any person for the first failure to comply |
with reporting
requirements set forth in the report of |
examination of the bank and up to
$200 for the second and |
subsequent failures to comply with those reporting
|
requirements.
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(10) All final administrative decisions of the |
Commissioner hereunder
shall be subject to judicial review |
pursuant to the provisions of the
Administrative Review |
Law. For matters involving administrative review,
venue |
shall be in either Sangamon County or Cook County.
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(11) The endowment fund for the Illinois Bank |
Examiners' Education
Foundation shall be administered as |
follows:
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(a) (Blank).
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(b) The Foundation is empowered to receive |
voluntary contributions,
gifts, grants, bequests, and |
donations on behalf of the Illinois Bank
Examiners' |
Education Foundation from national banks and other |
persons for
the purpose of funding the endowment of the |
Illinois Bank Examiners'
Education Foundation.
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(c) The aggregate of all special educational fees |
collected by the
Secretary and property received by the |
Secretary on behalf of the
Illinois Bank Examiners' |
Education Foundation under this subsection
(11) on or |
after June 30, 1986, shall be either (i) promptly paid |
after
receipt of the same, accompanied by a detailed |
|
statement thereof, into the
State Treasury and shall be |
set apart in a special fund to be known as "The
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Illinois Bank Examiners' Education Fund" to be |
invested by either the
Treasurer of the State of |
Illinois in the Public Treasurers' Investment
Pool or |
in any other investment he is authorized to make or by |
the Illinois
State Board of Investment as the State |
Banking Board of Illinois may direct or (ii) deposited |
into an account
maintained in a commercial bank or |
corporate fiduciary in the name of the
Illinois Bank |
Examiners' Education Foundation pursuant to the order |
and
direction of the Board of Trustees of the Illinois |
Bank Examiners' Education
Foundation.
|
(12) (Blank).
|
(13) The Secretary may borrow funds from the General |
Revenue Fund on behalf of the Bank and Trust Company Fund |
if the Director of Banking certifies to the Governor that |
there is an economic emergency affecting banking that |
requires a borrowing to provide additional funds to the |
Bank and Trust Company Fund. The borrowed funds shall be |
paid back within 3 years and shall not exceed the total |
funding appropriated to the Agency in the previous year. |
(14) In addition to the fees authorized in this Act, |
the Secretary may assess reasonable receivership fees |
against any State bank that does not maintain insurance |
with the Federal Deposit Insurance Corporation. All fees |
|
collected under this subsection (14) shall be paid into the |
Non-insured Institutions Receivership account in the Bank |
and Trust Company Fund, as established by the Secretary. |
The fees assessed under this subsection (14) shall provide |
for the expenses that arise from the administration of the |
receivership of any such institution required to pay into |
the Non-insured Institutions Receivership account, whether |
pursuant to this Act, the Corporate Fiduciary Act, the |
Foreign Banking Office Act, or any other Act that requires |
payments into the Non-insured Institutions Receivership |
account. The Secretary may establish by rule a reasonable |
manner of assessing fees under this subsection (14). |
(Source: P.A. 97-333, eff. 8-12-11; 98-784, eff. 7-24-14.)
|
(205 ILCS 5/48.05)
|
Sec. 48.05. Regulatory fees. For the fiscal year beginning |
July 1, 2007 and every year thereafter, each state bank |
regulated by the Department shall pay a regulatory fee to the |
Department based upon its total assets as reflected in the most |
recent quarterly report of condition shown by its year-end Call |
Report at the following rates: |
19.295˘ per $1,000 of the first $5,000,000 of total |
assets; |
18.16˘ per $1,000 of the next $20,000,000 of total |
assets; |
15.89˘ per $1,000 of the next $75,000,000 of total |
|
assets; |
10.7825˘ per $1,000 of the next $400,000,000 of total |
assets; |
8.5125˘ per $1,000 of the next $500,000,000 of total |
assets; |
6.2425˘ per $1,000 of the next $19,000,000,000 of total |
assets; |
2.27˘ per $1,000 of the next $30,000,000,000 of total |
assets; |
1.135˘ per $1,000 of the next $50,000,000,000 of total |
assets; and |
0.5675˘ per $1,000 of all assets in excess of |
$100,000,000,000 of the state bank.
|
(Source: P.A. 95-1047, eff. 4-6-09.)
|
(205 ILCS 5/78) (from Ch. 17, par. 390)
|
Sec. 78. Board of banks and trust companies; creation, |
members, appointment.
There is created a Board which shall be |
known as the State Banking Board of
Illinois which shall |
consist of the Director of Banking, who shall be its chairman,
|
and 11 additional members. The Board shall be comprised of |
individuals interested in the banking industry. Two members |
shall be from State banks having total assets of not more than |
$75,000,000 at the time of their appointment; 2 members shall |
be from State banks having total assets of more than |
$75,000,000, but not more than $150,000,000 at the time of |
|
their appointment; 2 members shall be from State banks having |
total assets of more than $150,000,000, but not more than |
$500,000,000 at the time of their appointment; 2 members shall |
be from State banks having total assets of more than |
$500,000,000, but not more than $2,000,000,000 at the time of |
their appointment, and one member shall be from a State bank |
having total assets of more than $2,000,000,000 at the time of |
his or her appointment. There shall be 2 public members, |
neither of whom shall be an officer or director of or owner, |
whether directly or indirectly, of more than 5% of the |
outstanding capital stock of any bank. Members of the State |
Banking Board of Illinois cease to be eligible to serve on the |
Board once they no longer meet the requirements of their |
original appointment; however, a member from a State bank shall |
not be disqualified solely due to a change in the bank's asset |
size.
|
(Source: P.A. 96-1163, eff. 1-1-11.)
|
Section 10. The Savings Bank Act is amended by changing |
Sections 9002.5, 10085, and 12201 as follows:
|
(205 ILCS 205/9002.5) |
Sec. 9002.5. Regulatory fees. |
(a) For the fiscal year beginning July 1, 2007 and every |
year thereafter, each savings bank and each service corporation |
operating under this Act shall pay in quarterly installments |
|
equal to one-fourth of a fixed fee of $520, plus a variable fee |
based on the total assets of the savings bank or service |
corporation, as shown in the quarterly report of condition, at |
the following rates: |
24.97˘ per $1,000 of the first $2,000,000 of total |
assets; |
22.70˘ per $1,000 of the next $3,000,000 of total |
assets; |
20.43˘ per $1,000 of the next $5,000,000 of total |
assets; |
17.025˘ per $1,000 of the next $15,000,000 of total |
assets; |
14.755˘ per $1,000 of the next $25,000,000 of total |
assets; |
12.485˘ per $1,000 of the next $50,000,000 of total |
assets; |
10.215˘ per $1,000 of the next $400,000,000 of total |
assets; |
6.81˘ per $1,000 of the next $500,000,000 of total |
assets; and |
4.54˘ per $1,000 of all total assets in excess of |
$1,000,000,000 of such savings bank or service |
corporation. |
As used in this Section, "quarterly report of condition" |
means the Report of Condition and Income (Call Report), which |
the Secretary requires. |
|
(b) (Blank). The Secretary shall receive and there shall be |
paid to the Secretary an additional fee as an adjustment to the |
supervisory fee, based upon the difference between the total |
assets of each savings bank and each service corporation as |
shown by its financial report filed with the Secretary for the |
reporting period of the calendar year ended December 31 on |
which the supervisory fee was based and the total assets of |
each savings bank and each service corporation as shown by its |
financial report filed with the Secretary for the reporting |
period of the calendar year ended December 31 in which the |
quarterly payments are made according to the following |
schedule: |
24.97˘ per $1,000 of the first $2,000,000 of total |
assets; |
22.70˘ per $1,000 of the next $3,000,000 of total |
assets; |
20.43˘ per $1,000 of the next $5,000,000 of total |
assets; |
17.025˘ per $1,000 of the next $15,000,000 of total |
assets; |
14.755˘ per $1,000 of the next $25,000,000 of total |
assets; |
12.485˘ per $1,000 of the next $50,000,000 of total |
assets; |
10.215˘ per $1,000 of the next $400,000,000 of total |
assets; |
|
6.81˘ per $1,000 of the next $500,000,000 of total |
assets; and |
4.54˘ per $1,000 of all total assets in excess of |
$1,000,000,000 of such savings bank or service |
corporation. |
(c) The Secretary shall receive and there shall be paid to |
the Secretary by each savings bank and each service corporation |
a fee of $520 for each approved branch office or facility |
office established under the Illinois Administrative Code. The |
determination of the fees shall be made annually as of the |
close of business of the prior calendar year ended December 31.
|
(d) The Secretary shall receive for each fiscal year, |
commencing with the fiscal year ending June 30, 2014, a |
contingent fee equal to the lesser of the aggregate of the fees |
paid by all savings banks under subsections (a), (b), and (c) |
of this Section for that year, or the amount, if any, whereby |
the aggregate of the administration expenses, as defined in |
subsection (c) of Section 9002.1 of this Act, for that fiscal |
year exceeds the sum of the aggregate of the fees payable by |
all savings banks for that year under subsections (a), (b), and |
(c) of this Section, plus any amounts transferred into the |
Savings Bank Regulatory Fund from the State Pensions Fund for |
that year, plus all other amounts collected by the Secretary |
for that year under any other provision of this Act. The |
aggregate amount of the contingent fee thus arrived at for any |
fiscal year shall be apportioned amongst, assessed upon, and |
|
paid by the savings banks, respectively, in the same proportion |
that the fee of each under subsections (a), (b), and (c) of |
this Section, respectively, for that year bears to the |
aggregate for that year of the fees collected under subsections |
(a), (b), and (c) of this Section. The aggregate amount of the |
contingent fee, and the portion thereof to be assessed upon |
each savings bank, respectively, shall be determined by the |
Secretary and shall be paid by each, respectively, within 120 |
days of the close of the period for which the contingent fee is |
computed and is payable, and the Secretary shall give 20 days |
advance notice of the amount of the contingent fee payable by |
the savings bank and of the date fixed by the Secretary for |
payment of the fee. |
(Source: P.A. 98-1081, eff. 1-1-15.)
|
(205 ILCS 205/10085) |
Sec. 10085. Expenses and fees. |
(a) In addition to the fees authorized in this Act, the |
Secretary may assess reasonable receivership fees against any |
savings bank operating under this Act that does not maintain |
insurance with the Federal Deposit Insurance Corporation. All |
fees collected under this subsection (a) shall be paid into the |
Non-insured Institutions Receivership account in the Bank and |
Trust Company Fund, as established by the Secretary. The fees |
assessed under this subsection (a) shall provide for the |
expenses that arise from the administration of the receivership |
|
of any such institution required to pay into the Non-insured |
Institutions Receivership account, whether pursuant to this |
Act, the Illinois Banking Act, the Corporate Fiduciary Act, the |
Foreign Banking Office Act, or any other Act that requires |
payments into the Non-insured Institutions Receivership |
account. |
(b) The Secretary may establish by rule a reasonable manner |
of assessing fees under subsection (a). |
(c) All expenses of a receivership, including reasonable |
receiver's and attorney's fees approved by the Secretary, shall |
be paid out of the assets of the savings bank. If the funds in |
the estate of the savings bank are insufficient to cover the |
expenses that arise from the administration of a receivership, |
the Secretary may pay such expenses from the Non-insured |
Institutions Receivership account. All expenses of any |
preliminary or other examination into the condition of any such |
savings bank or receivership and all expenses incident to and |
in connection with the possession and control of the bank and |
its assets for the purpose of examination, reorganization, or |
liquidation through receivership shall be paid out of the |
assets of the savings bank; if such funds are insufficient, the |
Secretary may pay such expenses from the Non-insured |
Institutions Receivership account. The payment authorized |
under this subsection (c) Section may be made by the Secretary |
with moneys and property of the bank in his or her possession |
and control and shall have priority over all claims.
|
|
(Source: P.A. 96-1365, eff. 7-28-10.)
|
(205 ILCS 205/12201) |
Sec. 12201. Board of Savings Banks; appointment. The Board |
of Savings Bank is established pursuant to Section 12104 of |
this Act. The Board of Savings Banks shall be composed of the |
Director of Banking, who shall be its chairperson and have the |
power to vote, and 7 persons appointed by the Governor. Two of |
the 7 persons appointed by the Governor shall represent the |
public interest and the remainder shall have been engaged |
actively in savings bank or savings and loan management in this |
State for at least 5 years immediately prior to appointment. |
Each member of the Board appointed by the Governor shall be |
reimbursed for ordinary and necessary expenses incurred in |
attending the meetings of the Board. Members, excluding the |
chairperson, shall be appointed for 4-year terms to expire on |
the third Monday in January. Except as otherwise provided in |
this Section, members of the Board shall serve until their |
respective successors are appointed and qualified. A member who |
tenders a written resignation shall serve only until the |
resignation is accepted by the chairperson. A member who fails |
to attend 3 consecutive Board meetings without an excused |
absence shall no longer serve as a member. Members of the Board |
of Savings Banks cease to be eligible to serve on the Board |
once they no longer meet the requirements of their original |
appointment. The Governor shall fill any vacancy by the |
