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Rep. Maria Antonia Berrios
Filed: 3/20/2014
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| 1 | | AMENDMENT TO HOUSE BILL 5685
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| 2 | | AMENDMENT NO. ______. Amend House Bill 5685 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The State Finance Act is amended by changing |
| 5 | | Sections 5.214, 5.805, and 8.12 as follows:
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| 6 | | (30 ILCS 105/5.214) (from Ch. 127, par. 141.214)
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| 7 | | Sec. 5.214. The Savings and Residential Finance Regulatory |
| 8 | | Fund. |
| 9 | | (Source: P.A. 85-1209; 86-1213.)
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| 10 | | (30 ILCS 105/5.805)
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| 11 | | Sec. 5.805. The Savings Bank Institutions Regulatory Fund. |
| 12 | | (Source: P.A. 97-492, eff. 1-1-12; 97-813, eff. 7-13-12.)
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| 13 | | (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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| 14 | | Sec. 8.12. State Pensions Fund.
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| 1 | | (a) The moneys in the State Pensions Fund shall be used |
| 2 | | exclusively
for the administration of the Uniform Disposition |
| 3 | | of Unclaimed Property Act and
for the expenses incurred by the |
| 4 | | Auditor General for administering the provisions of Section |
| 5 | | 2-8.1 of the Illinois State Auditing Act and for the funding of |
| 6 | | the unfunded liabilities of the designated retirement systems. |
| 7 | | Beginning in State fiscal year 2015, payments to the designated |
| 8 | | retirement systems under this Section shall be in addition to, |
| 9 | | and not in lieu of, any State contributions required under the |
| 10 | | Illinois Pension Code.
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| 11 | | "Designated retirement systems" means:
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| 12 | | (1) the State Employees' Retirement System of |
| 13 | | Illinois;
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| 14 | | (2) the Teachers' Retirement System of the State of |
| 15 | | Illinois;
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| 16 | | (3) the State Universities Retirement System;
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| 17 | | (4) the Judges Retirement System of Illinois; and
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| 18 | | (5) the General Assembly Retirement System.
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| 19 | | (b) Each year the General Assembly may make appropriations |
| 20 | | from
the State Pensions Fund for the administration of the |
| 21 | | Uniform Disposition of
Unclaimed Property Act.
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| 22 | | Each month, the Commissioner of the Office of Banks and |
| 23 | | Real Estate shall
certify to the State Treasurer the actual |
| 24 | | expenditures that the Office of
Banks and Real Estate incurred |
| 25 | | conducting unclaimed property examinations under
the Uniform |
| 26 | | Disposition of Unclaimed Property Act during the immediately
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| 1 | | preceding month. Within a reasonable
time following the |
| 2 | | acceptance of such certification by the State Treasurer, the
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| 3 | | State Treasurer shall pay from its appropriation from the State |
| 4 | | Pensions Fund
to the Bank and Trust Company Fund, the Savings |
| 5 | | Bank Regulatory Fund, and the Savings and Residential Finance
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| 6 | | Regulatory Fund an amount equal to the expenditures incurred by |
| 7 | | each Fund for
that month.
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| 8 | | Each month, the Director of Financial Institutions shall
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| 9 | | certify to the State Treasurer the actual expenditures that the |
| 10 | | Department of
Financial Institutions incurred conducting |
| 11 | | unclaimed property examinations
under the Uniform Disposition |
| 12 | | of Unclaimed Property Act during the immediately
preceding |
| 13 | | month. Within a reasonable time following the acceptance of |
| 14 | | such
certification by the State Treasurer, the State Treasurer |
| 15 | | shall pay from its
appropriation from the State Pensions Fund
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| 16 | | to the Financial Institution Fund and the Credit Union Fund
an |
| 17 | | amount equal to the expenditures incurred by each Fund for
that |
| 18 | | month.
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| 19 | | (c) As soon as possible after the effective date of this |
| 20 | | amendatory Act of the 93rd General Assembly, the General |
| 21 | | Assembly shall appropriate from the State Pensions Fund (1) to |
| 22 | | the State Universities Retirement System the amount certified |
| 23 | | under Section 15-165 during the prior year, (2) to the Judges |
| 24 | | Retirement System of Illinois the amount certified under |
| 25 | | Section 18-140 during the prior year, and (3) to the General |
| 26 | | Assembly Retirement System the amount certified under Section |
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| 1 | | 2-134 during the prior year as part of the required
State |
| 2 | | contributions to each of those designated retirement systems; |
| 3 | | except that amounts appropriated under this subsection (c) in |
| 4 | | State fiscal year 2005 shall not reduce the amount in the State |
| 5 | | Pensions Fund below $5,000,000. If the amount in the State |
| 6 | | Pensions Fund does not exceed the sum of the amounts certified |
| 7 | | in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, |
| 8 | | the amount paid to each designated retirement system under this |
| 9 | | subsection shall be reduced in proportion to the amount |
| 10 | | certified by each of those designated retirement systems.
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| 11 | | (c-5) For fiscal years 2006 through 2014, the General |
| 12 | | Assembly shall appropriate from the State Pensions Fund to the |
| 13 | | State Universities Retirement System the amount estimated to be |
| 14 | | available during the fiscal year in the State Pensions Fund; |
| 15 | | provided, however, that the amounts appropriated under this |
| 16 | | subsection (c-5) shall not reduce the amount in the State |
| 17 | | Pensions Fund below $5,000,000.
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| 18 | | (c-6) For fiscal year 2015 and each fiscal year thereafter, |
| 19 | | as soon as may be practical after any money is deposited into |
| 20 | | the State Pensions Fund from the Unclaimed Property Trust Fund, |
| 21 | | the State Treasurer shall apportion the deposited amount among |
| 22 | | the designated retirement systems as defined in subsection (a) |
| 23 | | to reduce their actuarial reserve deficiencies. The State |
| 24 | | Comptroller and State Treasurer shall pay the apportioned |
| 25 | | amounts to the designated retirement systems to fund the |
| 26 | | unfunded liabilities of the designated retirement systems. The |
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| 1 | | amount apportioned to each designated retirement system shall |
| 2 | | constitute a portion of the amount estimated to be available |
| 3 | | for appropriation from the State Pensions Fund that is the same |
| 4 | | as that retirement system's portion of the total actual reserve |
| 5 | | deficiency of the systems, as determined annually by the |
| 6 | | Governor's Office of Management and Budget at the request of |
| 7 | | the State Treasurer. The amounts apportioned under this |
| 8 | | subsection shall not reduce the amount in the State Pensions |
| 9 | | Fund below $5,000,000. |
| 10 | | (d) The
Governor's Office of Management and Budget shall |
| 11 | | determine the individual and total
reserve deficiencies of the |
| 12 | | designated retirement systems. For this purpose,
the
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| 13 | | Governor's Office of Management and Budget shall utilize the |
| 14 | | latest available audit and actuarial
reports of each of the |
| 15 | | retirement systems and the relevant reports and
statistics of |
| 16 | | the Public Employee Pension Fund Division of the Department of
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| 17 | | Insurance.
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| 18 | | (d-1) As soon as practicable after the effective date of |
| 19 | | this
amendatory Act of the 93rd General Assembly, the |
| 20 | | Comptroller shall
direct and the Treasurer shall transfer from |
| 21 | | the State Pensions Fund to
the General Revenue Fund, as funds |
| 22 | | become available, a sum equal to the
amounts that would have |
| 23 | | been paid
from the State Pensions Fund to the Teachers' |
| 24 | | Retirement System of the State
of Illinois,
the State |
| 25 | | Universities Retirement System, the Judges Retirement
System |
| 26 | | of Illinois, the
General Assembly Retirement System, and the |
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| 1 | | State Employees'
Retirement System
of Illinois
after the |
| 2 | | effective date of this
amendatory Act during the remainder of |
| 3 | | fiscal year 2004 to the
designated retirement systems from the |
| 4 | | appropriations provided for in
this Section if the transfers |
| 5 | | provided in Section 6z-61 had not
occurred. The transfers |
| 6 | | described in this subsection (d-1) are to
partially repay the |
| 7 | | General Revenue Fund for the costs associated with
the bonds |
| 8 | | used to fund the moneys transferred to the designated
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| 9 | | retirement systems under Section 6z-61.
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| 10 | | (e) The changes to this Section made by this amendatory Act |
| 11 | | of 1994 shall
first apply to distributions from the Fund for |
| 12 | | State fiscal year 1996.
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| 13 | | (Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24, |
| 14 | | eff. 6-19-13; 98-463, eff. 8-16-13.)
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| 15 | | Section 10. The Illinois Banking Act is amended by changing |
| 16 | | Section 71 as follows:
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| 17 | | (205 ILCS 5/71) (from Ch. 17, par. 383)
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| 18 | | Sec. 71. Voluntary dissolution; fees and expenses |
| 19 | | Commissioner's fee. |
| 20 | | (a) Any bank that elects to dissolve voluntarily under this |
| 21 | | Act shall pay to the Secretary a fee, which shall be paid upon |
| 22 | | the Secretary's receipt of the bank's statement of intent. The |
| 23 | | Secretary shall prescribe by rule the amount of such fee. |
| 24 | | (b) All expenses incurred by the Secretary in connection |
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| 1 | | with the voluntary dissolution of any bank shall be paid by the |
| 2 | | dissolving State bank. The expenses incurred under this |
| 3 | | subsection shall be deemed to be a liability of the dissolving |
| 4 | | bank. |
| 5 | | The Commissioner shall be entitled to a fee, which shall be |
| 6 | | paid at the
time of deposit, on all money deposited with him |
| 7 | | for the account of one
dissolving bank of two per cent of the |
| 8 | | first five thousand dollars and one
per cent of all sums in |
| 9 | | excess of five thousand dollars.
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| 10 | | (Source: Laws 1965, p. 2020.)
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| 11 | | (205 ILCS 105/Act rep.)
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| 12 | | Section 15. The Illinois Savings and Loan Act of 1985 is |
| 13 | | repealed.
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| 14 | | Section 20. The Savings Bank Act is amended by changing |
| 15 | | Sections 1007.130, 9002, 9002.5, and 9017 and by adding |
| 16 | | Sections 1007.150 and 9002.1 and Articles 12.1 and 12.2 as |
| 17 | | follows:
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| 18 | | (205 ILCS 205/1007.130)
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| 19 | | Sec. 1007.130. Out-of-state savings bank. "Out-of-state |
| 20 | | savings bank" means a savings bank or an association chartered |
| 21 | | under the laws of a state other than Illinois, a territory of |
| 22 | | the United States, or the District of Columbia.
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| 23 | | (Source: P.A. 93-965, eff. 8-20-04.)
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| 1 | | (205 ILCS 205/1007.150 new) |
| 2 | | Sec. 1007.150. Applicability of other Acts. Whenever the |
| 3 | | term "savings and loan", "building and loan", "mutual building |
| 4 | | loan and homestead", or "building loan and homestead" or other |
| 5 | | similar name is used with reference to an association organized |
| 6 | | for the purposes of associations incorporated under the |
| 7 | | Illinois Savings and Loan Act of 1985 or a similar Act, such |
| 8 | | reference shall be applicable to a savings bank operating under |
| 9 | | this Act. Whenever in any Act the term "members", |
| 10 | | "shareholders", or "investors" is used in connection with such |
| 11 | | associations, however named, the same shall refer to members |
| 12 | | and holders of capital of savings banks operating under this |
| 13 | | Act.
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| 14 | | (205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
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| 15 | | Sec. 9002. Powers of Secretary. The Secretary shall have |
| 16 | | the following
powers and duties:
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| 17 | | (1) To exercise the rights, powers, and duties set |
| 18 | | forth in
this Act or in any related Act.
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| 19 | | (2) To establish regulations as may be reasonable or
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| 20 | | necessary to accomplish the purposes of this Act.
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| 21 | | (3) To make an annual report regarding the work of his
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| 22 | | office under this Act as he may consider desirable to the
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| 23 | | Governor, or as the Governor may request.
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| 24 | | (4) To cause a suit to be filed in his name to enforce
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| 1 | | any law of this State that applies to savings banks, their |
| 2 | | service
corporations, subsidiaries, affiliates, or holding |
| 3 | | companies
operating under this Act, including the |
| 4 | | enforcement of any
obligation of the officers, directors, |
| 5 | | agents, or employees of any
savings bank.
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| 6 | | (5) To prescribe a uniform manner in which the books |
| 7 | | and
records of every savings bank are to be maintained.
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| 8 | | (6) To establish a reasonable fee
structure for savings |
| 9 | | banks and holding companies operating under
this Act and |
| 10 | | for their service corporations and subsidiaries.
The fees |
| 11 | | shall include, but not be limited to, annual fees,
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| 12 | | application fees, regular and special examination fees, |
| 13 | | and other
fees as the Secretary establishes and |
| 14 | | demonstrates to be
directly resultant from the Secretary's |
| 15 | | responsibilities under
this Act and as are directly |
| 16 | | attributable to individual entities
operating under this |
| 17 | | Act. The aggregate of all moneys collected by
the Secretary |
| 18 | | on and after the effective date of this Act shall
be paid |
| 19 | | promptly after receipt of the same, accompanied by a
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| 20 | | detailed statement thereof, into the Savings Bank |
| 21 | | Regulatory Fund established under Section 9002.1 of this |
| 22 | | Act. Savings and Residential Finance Regulatory
Fund |
| 23 | | subject to the provisions of Section 7-19.1 of the Illinois |
| 24 | | Savings and Loan Act of 1985 including without limitation |
| 25 | | the provision for credits against regulatory fees. The |
| 26 | | amounts deposited into the Fund shall be used for the |
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| 1 | | ordinary and
contingent expenses of the Office of Banks and |
| 2 | | Real Estate. Notwithstanding any other provision of this |
| 3 | | paragraph (6), the aggregate of all moneys collected by the |
| 4 | | Secretary under this Act shall be paid promptly after |
| 5 | | receipt of same, accompanied by a detailed statement |
| 6 | | thereof, into the Savings Institutions Regulatory Fund |
| 7 | | upon the creation of that fund under Section 7-19.2 of the |
| 8 | | Illinois Savings and Loan Act of 1985, subject to the |
| 9 | | provisions of Section 7-19.2 of the Illinois Savings and |
| 10 | | Loan Act of 1985, including without limitation the |
| 11 | | provision for credits against regulatory fees. The amounts |
| 12 | | deposited into the Savings Institutions Regulatory Fund |
| 13 | | under this paragraph (6) shall be used for the ordinary and |
| 14 | | contingent expenses of administering and enforcing this |
| 15 | | Act. Nothing
in this Act shall prevent continuing the |
| 16 | | practice of paying expenses involving
salaries, |
| 17 | | retirement, social security, and State-paid insurance of |
| 18 | | State
officers by appropriation from the General Revenue |
| 19 | | Fund. The Secretary may require payment of the fees under |
| 20 | | this Act by an electronic transfer of funds or an automatic |
| 21 | | debit of an account of each of the savings banks.
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| 22 | | (Source: P.A. 96-1365, eff. 7-28-10; 97-492, eff. 1-1-12.)
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| 23 | | (205 ILCS 205/9002.1 new) |
| 24 | | Sec. 9002.1. Savings Bank Regulatory Fund. |
| 25 | | (a) The aggregate of all moneys collected by the Secretary |
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| 1 | | under this Act shall be paid promptly after receipt of the |
| 2 | | same, accompanied by a detailed statement thereof, into the |
| 3 | | State treasury and shall be set apart in the Savings Bank |
| 4 | | Regulatory Fund. All earnings received from investments of |
| 5 | | funds in the Savings Bank Regulatory Fund shall be deposited |
| 6 | | into the Savings Bank Regulatory Fund and may be used for the |
| 7 | | same purposes as fees deposited into the Savings Bank |
| 8 | | Regulatory Fund. The amount from time to time deposited into |
| 9 | | the Fund shall be used (i) to offset the ordinary |
| 10 | | administration expenses as defined in subsection (c) of this |
| 11 | | Section or (ii) as a credit against fees under subsection (b) |
| 12 | | of this Section. Nothing in this Section shall prevent |
| 13 | | continuing the practice of paying expenses involving salaries, |
| 14 | | retirement, Social Security, and State paid insurance premiums |
| 15 | | of State officers by appropriation from the General Revenue |
| 16 | | Fund. However, the General Revenue Fund shall be reimbursed for |
| 17 | | those payments made by an annual transfer of funds from the |
| 18 | | Savings Bank Regulatory Fund. Money in the Savings Bank |
| 19 | | Regulatory Fund may be transferred to the Professions Indirect |
| 20 | | Cost Fund as authorized under Section 2105-300 of the |
| 21 | | Department of Professional Regulation Law of the Civil |
| 22 | | Administrative Code of Illinois. |
| 23 | | (b) Adequate funds shall be available in the Savings Bank |
| 24 | | Regulatory Fund to permit the timely payment of administration |
| 25 | | expenses. In each fiscal year, the total administration |
| 26 | | expenses shall be deducted from the total fees collected by the |
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| 1 | | Secretary and the remainder transferred into the Cash Flow |
| 2 | | Reserve Account, unless the balance of the Cash Flow Reserve |
| 3 | | Account prior to the transfer equals or exceeds one-fourth of |
| 4 | | the total initial appropriations from the Savings Bank |
| 5 | | Regulatory Fund for the subsequent year, in which case the |
| 6 | | remainder shall be credited to savings banks and applied |
| 7 | | against their fees for the subsequent year. The amount credited |
| 8 | | to each savings bank shall be in the same proportion as the |
| 9 | | regulatory fees paid by each for the year bear to the total |
| 10 | | regulatory fees collected for the year. If, after a transfer to |
| 11 | | the Cash Flow Reserve Account is made or if no remainder is |
| 12 | | available for transfer, the balance of the Cash Flow Reserve |
| 13 | | Account is less than one-fourth of the total initial |
| 14 | | appropriations for the subsequent year and the amount |
| 15 | | transferred is less than 5% of the total regulatory fees for |
| 16 | | the year, additional amounts needed to make the transfer equal |
| 17 | | to 5% of the total regulatory fees for the year shall be |
| 18 | | apportioned amongst, assessed upon, and paid by savings banks |
| 19 | | in the same proportion that the regulatory fees of each, |
| 20 | | respectively, for the year bear to the total regulatory fees |
| 21 | | collected for the year. The additional amounts assessed shall |
| 22 | | be transferred into the Cash Flow Reserve Account. |
| 23 | | (c) For purposes of this Section, the following terms shall |
| 24 | | have the following meanings: |
| 25 | | "Administration expenses", for any fiscal year, means the |
| 26 | | ordinary and contingent expenses for that year incident to |
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| 1 | | making the examinations provided for by, and for otherwise |
| 2 | | administering, this Act, including all salaries and other |
| 3 | | compensation paid for personal services rendered for the State |
| 4 | | by officers or employees of the State, including the Secretary |
| 5 | | and the Director of the Division, communication equipment and |
| 6 | | services, office furnishings, surety bond premiums, and travel |
| 7 | | expenses of those officers and employees, employees, |
| 8 | | expenditures or charges for the acquisition, enlargement or |
| 9 | | improvement of, or for the use of, any office space, building, |
| 10 | | or structure, or expenditures for the maintenance thereof or |
| 11 | | for furnishing heat, light, or power with respect thereto, all |
| 12 | | to the extent that those expenditures are directly incidental |
| 13 | | to such examinations or administration. The Secretary shall not |
| 14 | | be required by this subsection to maintain in any fiscal year's |
| 15 | | budget appropriated reserves for accrued vacation and accrued |
| 16 | | sick leave that is required to be paid to employees of the |
| 17 | | Secretary upon termination of their service with the Secretary |
| 18 | | in an amount that is more than is reasonably anticipated to be |
| 19 | | necessary for any anticipated turnover in employees, whether |
| 20 | | due to normal attrition or due to layoffs, terminations, or |
| 21 | | resignations. |
| 22 | | "Regulatory fees" includes both fees collected under |
| 23 | | Section 9002.5 and fees collected for examinations conducted by |
| 24 | | the Secretary or his examiners or designees under authority of |
| 25 | | this Act. |
| 26 | | "Fiscal year" means a period beginning July 1 of any year |
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| 1 | | and ending June 30 of the next year.
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| 2 | | (205 ILCS 205/9002.5)
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| 3 | | Sec. 9002.5. Regulatory fees. |
| 4 | | (a) For the fiscal year beginning July 1, 2007 and every |
| 5 | | year thereafter, each savings bank and each service corporation |
| 6 | | operating under this Act shall pay a fixed fee of $520, plus a |
| 7 | | variable fee based on the total assets of the savings bank or |
| 8 | | service corporation at the following rates: |
| 9 | | 24.97¢ per $1,000 of the first $2,000,000 of total |
| 10 | | assets; |
| 11 | | 22.70¢ per $1,000 of the next $3,000,000 of total |
| 12 | | assets; |
| 13 | | 20.43¢ per $1,000 of the next $5,000,000 of total |
| 14 | | assets; |
| 15 | | 17.025¢ per $1,000 of the next $15,000,000 of total |
| 16 | | assets; |
| 17 | | 14.755¢ per $1,000 of the next $25,000,000 of total |
| 18 | | assets; |
| 19 | | 12.485¢ per $1,000 of the next $50,000,000 of total |
| 20 | | assets; |
| 21 | | 10.215¢ per $1,000 of the next $400,000,000 of total |
| 22 | | assets; |
| 23 | | 6.81¢ per $1,000 of the next $500,000,000 of total |
| 24 | | assets; and |
| 25 | | 4.54¢ per $1,000 of all total assets in excess of |
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| 1 | | $1,000,000,000 of such savings bank or service |
| 2 | | corporation. |
| 3 | | (b) The Secretary shall receive and there shall be paid to |
| 4 | | the Secretary an additional fee as an adjustment to the |
| 5 | | supervisory fee, based upon the difference between the total |
| 6 | | assets of each savings bank and each service corporation as |
| 7 | | shown by its financial report filed with the Secretary for the |
| 8 | | reporting period of the calendar year ended December 31 on |
| 9 | | which the supervisory fee was based and the total assets of |
| 10 | | each savings bank and each service corporation as shown by its |
| 11 | | financial report filed with the Secretary for the reporting |
| 12 | | period of the calendar year ended December 31 in which the |
| 13 | | quarterly payments are made according to the following |
| 14 | | schedule: |
| 15 | | 24.97¢ per $1,000 of the first $2,000,000 of total |
| 16 | | assets; |
| 17 | | 22.70¢ per $1,000 of the next $3,000,000 of total |
| 18 | | assets; |
| 19 | | 20.43¢ per $1,000 of the next $5,000,000 of total |
| 20 | | assets; |
| 21 | | 17.025¢ per $1,000 of the next $15,000,000 of total |
| 22 | | assets; |
| 23 | | 14.755¢ per $1,000 of the next $25,000,000 of total |
| 24 | | assets; |
| 25 | | 12.485¢ per $1,000 of the next $50,000,000 of total |
| 26 | | assets; |
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| 1 | | 10.215¢ per $1,000 of the next $400,000,000 of total |
| 2 | | assets; |
| 3 | | 6.81¢ per $1,000 of the next $500,000,000 of total |
| 4 | | assets; and |
| 5 | | 4.54¢ per $1,000 of all total assets in excess of |
| 6 | | $1,000,000,000 of such savings bank or service |
| 7 | | corporation. |
| 8 | | (c) The Secretary shall receive and there shall be paid to |
| 9 | | the Secretary by each savings bank and each service corporation |
| 10 | | a fee of $520 for each approved branch office or facility |
| 11 | | office established under the Illinois Administrative Code. The |
| 12 | | determination of the fees shall be made annually as of the |
| 13 | | close of business of the prior calendar year ended December 31.
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| 14 | | (d) The Secretary shall receive for each fiscal year, |
| 15 | | commencing with the fiscal year ending June 30, 2014, a |
| 16 | | contingent fee equal to the lesser of the aggregate of the fees |
| 17 | | paid by all savings banks under subsections (a), (b), and (c) |
| 18 | | of this Section for that year, or the amount, if any, whereby |
| 19 | | the aggregate of the administration expenses, as defined in |
| 20 | | subsection (c) of Section 9002.1 of this Act, for that fiscal |
| 21 | | year exceeds the sum of the aggregate of the fees payable by |
| 22 | | all savings banks for that year under subsections (a), (b), and |
| 23 | | (c) of this Section, plus any amounts transferred into the |
| 24 | | Savings Bank Regulatory Fund from the State Pensions Fund for |
| 25 | | that year, plus all other amounts collected by the Secretary |
| 26 | | for that year under any other provision of this Act. The |
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| 1 | | aggregate amount of the contingent fee thus arrived at for any |
| 2 | | fiscal year shall be apportioned amongst, assessed upon, and |
| 3 | | paid by the savings banks, respectively, in the same proportion |
| 4 | | that the fee of each under subsections (a), (b), and (c) of |
| 5 | | this Section, respectively, for that year bears to the |
| 6 | | aggregate for that year of the fees collected under subsections |
| 7 | | (a), (b), and (c) of this Section. The aggregate amount of the |
| 8 | | contingent fee, and the portion thereof to be assessed upon |
| 9 | | each savings bank, respectively, shall be determined by the |
| 10 | | Secretary and shall be paid by each, respectively, within 120 |
| 11 | | days of the close of the period for which the contingent fee is |
| 12 | | computed and is payable, and the Secretary shall give 20 days |
| 13 | | advance notice of the amount of the contingent fee payable by |
| 14 | | the savings bank and of the date fixed by the Secretary for |
| 15 | | payment of the fee. |
| 16 | | (Source: P.A. 95-1047, eff. 4-6-09.)
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| 17 | | (205 ILCS 205/Art. 12.1 heading new) |
| 18 | | ARTICLE 12.1. Effect of Repeal of Illinois |
| 19 | | Savings and Loan Act of 1985
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| 20 | | (205 ILCS 205/12101 new) |
| 21 | | Sec. 12101. Effect of repeal. This Article sets forth the |
| 22 | | effect of and means of transition necessitated by the repeal of |
| 23 | | the Illinois Savings and Loan Act of 1985.
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| 1 | | (205 ILCS 205/12102 new) |
| 2 | | Sec. 12102. Effect on special funds. |
| 3 | | (a) The Savings and Residential Finance Regulatory Fund |
| 4 | | established under Section 7-19.1 of the Illinois Savings and |
| 5 | | Loan Act of 1985 is hereby redesignated the Residential Finance |
| 6 | | Regulatory Fund. The fund shall continue in existence under the |
| 7 | | Illinois Residential Mortgage License Act of 1987 without |
| 8 | | interruption and shall retain all moneys therein, except moneys |
| 9 | | required to be transferred or returned from Savings and |
| 10 | | Residential Finance Regulatory Fund, now designated the |
| 11 | | Residential Finance Regulatory Fund, to the Savings |
| 12 | | Institutions Regulatory Fund, now designated the Savings Bank |
| 13 | | Regulatory Fund, pursuant to subsection (e) of Section 7-19.2 |
| 14 | | of the Illinois Savings and Loan Act of 1985, shall continue to |
| 15 | | be required to be transferred or returned to the Savings |
| 16 | | Institutions Regulatory Fund, now designated the Savings Bank |
| 17 | | Regulatory Fund, as if subsection (e) of Section 7-19.2 of the |
| 18 | | Illinois Savings and Loan Act of 1985 had not been repealed. |
| 19 | | (b) The Savings Institutions Regulatory Fund established |
| 20 | | under Section 7-19.2 of the Illinois Savings and Loan Act of |
| 21 | | 1985 is hereby redesignated the Savings Bank Regulatory Fund. |
| 22 | | The fund shall continue in existence under Section 9002.1 of |
| 23 | | this Act without interruption and shall retain all moneys |
| 24 | | therein.
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| 25 | | (205 ILCS 205/12103 new) |
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| 1 | | Sec. 12103. Effect on foreign associations. |
| 2 | | (a) Any existing foreign association shall be deemed to be |
| 3 | | an out-of-state savings bank under this Act. |
| 4 | | (b) Notwithstanding any other provision of this Act, an |
| 5 | | existing foreign association may retain any branch or office in |
| 6 | | the State that properly existed in the State at the time of the |
| 7 | | repeal of the Illinois Savings and Loan Act of 1985, and |
| 8 | | continue to engage in the same activities in the State |
| 9 | | therefrom as were engaged in immediately prior to the repeal of |
| 10 | | the Illinois Savings and Loan Act, without further application |
| 11 | | or notice to or approval of the Secretary. |
| 12 | | (c) An existing foreign association may retain a |
| 13 | | representative office in the State that properly existed in the |
| 14 | | State at the time of the repeal of the Illinois Savings and |
| 15 | | Loan Act of 1985, provided that the foreign association obtains |
| 16 | | a license under the Foreign Bank Representative Office Act.
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| 17 | | (205 ILCS 205/12104 new) |
| 18 | | Sec. 12104. Effect on the Board of Savings Institutions. |
| 19 | | The Board of Savings Institutions is hereby redesignated as the |
| 20 | | Board of Savings Banks. The Board shall continue to operate |
| 21 | | without interruption and as if it had been originally |
| 22 | | established under Article 12.2 of this Act. The current members |
| 23 | | of the Board of Savings Institutions shall continue to serve |
| 24 | | the balance of their terms. Thereafter, the Board of Savings |
| 25 | | Institutions shall be composed of members as required by |
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| 1 | | Section 12202 of this Act.
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| 2 | | (205 ILCS 205/12105 new) |
| 3 | | Sec. 12105. Applicability of other Acts. Whenever in any |
| 4 | | Act the term "savings and loan", "building and loan", "mutual |
| 5 | | building loan and homestead", or "building loan and homestead" |
| 6 | | or other similar name is used with reference to an association |
| 7 | | organized for the purposes of associations incorporated under |
| 8 | | the Illinois Savings and Loan Act of 1985 or a similar act, |
| 9 | | such reference shall be applicable to a savings bank operating |
| 10 | | under this Act. Whenever in any Act the term "members", |
| 11 | | "shareholders", or "investors" is used in connection with such |
| 12 | | associations, however named, the same shall refer to members |
| 13 | | and holders of capital of savings banks operating under this |
| 14 | | Act.
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| 15 | | (205 ILCS 205/Art. 12.2 heading new) |
| 16 | | ARTICLE 12.2. Board of Savings Banks
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| 17 | | (205 ILCS 205/12201 new) |
| 18 | | Sec. 12201. Board of Savings Banks; appointment. The Board |
| 19 | | of Savings Bank is established pursuant to Section 12104 of |
| 20 | | this Act. The Board of Savings Banks shall be composed of the |
| 21 | | Director of Banking, who shall be its chairperson and have the |
| 22 | | power to vote, and 7 persons appointed by the Governor. Two of |
| 23 | | the 7 persons appointed by the Governor shall represent the |
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| 1 | | public interest and the remainder shall have been engaged |
| 2 | | actively in savings bank or savings and loan management in this |
| 3 | | State for at least 5 years immediately prior to appointment. |
| 4 | | Each member of the Board appointed by the Governor shall be |
| 5 | | reimbursed for ordinary and necessary expenses incurred in |
| 6 | | attending the meetings of the Board. Members, excluding the |
| 7 | | chairperson, shall be appointed for 4-year terms to expire on |
| 8 | | the third Monday in January. Except as otherwise provided in |
| 9 | | this Section, members of the Board shall serve until their |
| 10 | | respective successors are appointed and qualified. A member who |
| 11 | | tenders a written resignation shall serve only until the |
| 12 | | resignation is accepted by the chairperson. A member who fails |
| 13 | | to attend 3 consecutive Board meetings without an excused |
| 14 | | absence shall no longer serve as a member. The Governor shall |
| 15 | | fill any vacancy by the appointment of a member for the |
| 16 | | unexpired term in the same manner as in the making original |
| 17 | | appointments.
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| 18 | | (205 ILCS 205/12202 new) |
| 19 | | Sec. 12202. Board of Savings Banks; organization and |
| 20 | | meetings. The Board shall elect a vice chairperson and |
| 21 | | secretary of the Board; shall adopt by-laws for the holding and |
| 22 | | conducting of meetings and appointing officers and committees; |
| 23 | | and shall keep a record of all meetings and transactions and |
| 24 | | make such other provisions for the daily conduct of its |
| 25 | | business as it deems necessary. A majority of the members of |
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| 1 | | the Board, excluding those members who are no longer serving as |
| 2 | | members as provided in Section 12201 of this Act, shall |
| 3 | | constitute a quorum. The act of the majority of the members of |
| 4 | | the Board present at a meeting at which a quorum is present |
| 5 | | shall be the act of the Board. Regular meetings shall be held |
| 6 | | as provided in the by-laws, and special meetings may be called |
| 7 | | by the chairperson or upon the request of any 3 members of the |
| 8 | | Board or the Secretary. The Board shall maintain at the office |
| 9 | | of the Secretary permanent records of its meetings, hearings, |
| 10 | | and decisions. The Secretary shall provide adequate quarters |
| 11 | | and personnel for use by the Board.
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| 12 | | (205 ILCS 205/12203 new) |
| 13 | | Sec. 12203. Board of Savings Banks; powers. The Board shall |
| 14 | | have the power to: |
| 15 | | (a) advise the Governor and Secretary on all matters |
| 16 | | relating to the regulation of savings banks; and |
| 17 | | (b) advise the Governor on legislation proposed to amend |
| 18 | | this Act or any related Act.
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| 19 | | (205 ILCS 205/1007.70 rep.) |
| 20 | | (205 ILCS 205/9017 rep.) |
| 21 | | Section 25. The Savings Bank Act is amended by repealing |
| 22 | | Sections 1007.70 and 9017.
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| 23 | | Section 30. The Residential Mortgage License Act of 1987 is |
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| 1 | | amended by changing Section 4-1 and by adding Section 4-1.5 as |
| 2 | | follows:
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| 3 | | (205 ILCS 635/4-1) (from Ch. 17, par. 2324-1)
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| 4 | | Sec. 4-1. Commissioner of Banks and Real Estate; functions, |
| 5 | | powers, and duties. The functions,
powers, and duties of the |
| 6 | | Commissioner of Banks and Real Estate shall include the |
| 7 | | following:
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| 8 | | (a) to issue or refuse to issue any license as provided |
| 9 | | by this Act;
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| 10 | | (b) to revoke or suspend for cause any license issued |
| 11 | | under this Act;
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| 12 | | (c) to keep records of all licenses issued under this |
| 13 | | Act;
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| 14 | | (d) to receive, consider, investigate, and act upon |
| 15 | | complaints made by
any person in connection with any |
| 16 | | residential mortgage licensee in this State;
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| 17 | | (e) to consider and act upon any recommendations from |
| 18 | | the Residential
Mortgage Board;
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| 19 | | (f) to prescribe the forms of and receive:
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| 20 | | (1) applications for licenses; and
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| 21 | | (2) all reports and all books and records required |
| 22 | | to be made by
any licensee under this Act, including |
| 23 | | annual audited financial statements
and annual reports |
| 24 | | of mortgage activity;
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| 25 | | (g) to adopt rules and regulations necessary and proper |
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| 1 | | for the
administration of this Act;
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| 2 | | (h) to subpoena documents and witnesses and compel |
| 3 | | their attendance and
production, to administer oaths, and |
| 4 | | to require the production of any books,
papers, or other |
| 5 | | materials relevant to any inquiry authorized by this Act;
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| 6 | | (h-1) to issue orders against any person, if the |
| 7 | | Commissioner has reasonable cause to believe that an |
| 8 | | unsafe, unsound, or unlawful practice has occurred, is |
| 9 | | occurring, or is about to occur, if any person has |
| 10 | | violated, is violating, or is about to violate any law, |
| 11 | | rule, or written agreement with the Commissioner, or for |
| 12 | | the purpose of administering the provisions of this Act and |
| 13 | | any rule adopted in accordance with the Act; |
| 14 | | (h-2) to address any inquiries to any licensee, or the |
| 15 | | officers thereof, in relation to its activities and |
| 16 | | conditions, or any other matter connected with its affairs, |
| 17 | | and it shall be the duty of any licensee or person so |
| 18 | | addressed, to promptly reply in writing to such inquiries. |
| 19 | | The Commissioner may also require reports from any licensee |
| 20 | | at any time the Commissioner may deem desirable;
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| 21 | | (i) to require information with regard to any license |
| 22 | | applicant
as he or she may deem desirable, with due regard |
| 23 | | to the paramount interests
of the public as to the |
| 24 | | experience, background, honesty, truthfulness,
integrity, |
| 25 | | and competency of the license applicant as to financial
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| 26 | | transactions involving primary or subordinate mortgage |
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| 1 | | financing, and where
the license applicant is an entity |
| 2 | | other than an individual, as to the
honesty, truthfulness, |
| 3 | | integrity, and competency of any officer or director
of the |
| 4 | | corporation, association, or other entity, or the members |
| 5 | | of a
partnership;
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| 6 | | (j) to examine the books and records of every licensee |
| 7 | | under this Act at
intervals as specified in Section 4-2;
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| 8 | | (k) to enforce provisions of this Act;
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| 9 | | (l) to levy fees, fines, and charges for services |
| 10 | | performed in administering
this Act; the aggregate of all |
| 11 | | fees collected by the Commissioner on and after
the |
| 12 | | effective date of this Act shall be paid promptly after |
| 13 | | receipt of the
same, accompanied by a detailed statement |
| 14 | | thereof, into the Savings and
Residential Finance |
| 15 | | Regulatory Fund under Section 4-1.5 of this Act; the |
| 16 | | amounts deposited into that Fund shall
be used for the |
| 17 | | ordinary and contingent expenses of the Office of Banks and
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| 18 | | Real Estate. Nothing in this Act shall prevent continuing |
| 19 | | the practice of paying
expenses involving salaries, |
| 20 | | retirement, social security, and State-paid
insurance of |
| 21 | | State officers by appropriation from the General Revenue |
| 22 | | Fund.
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| 23 | | (m) to appoint examiners, supervisors, experts, and |
| 24 | | special assistants as
needed to effectively and |
| 25 | | efficiently administer this Act;
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| 26 | | (n) to conduct hearings for the purpose of:
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| 1 | | (1) appeals of orders of the Commissioner;
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| 2 | | (2) suspensions or revocations of licenses, or |
| 3 | | fining of licensees;
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| 4 | | (3) investigating:
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| 5 | | (i) complaints against licensees; or
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| 6 | | (ii) annual gross delinquency rates; and
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| 7 | | (4) carrying out the purposes of this Act;
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| 8 | | (o) to exercise exclusive visitorial power over a |
| 9 | | licensee unless otherwise authorized by this Act or as |
| 10 | | vested in the courts, or upon prior consultation with the |
| 11 | | Commissioner, a foreign residential mortgage regulator |
| 12 | | with an appropriate supervisory interest in the parent or |
| 13 | | affiliate of a licensee;
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| 14 | | (p) to enter into cooperative agreements with state |
| 15 | | regulatory authorities of other states to provide for |
| 16 | | examination of corporate offices or branches of those |
| 17 | | states and to accept reports of such examinations;
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| 18 | | (q) to assign an examiner or examiners to monitor the |
| 19 | | affairs of a licensee with whatever frequency the |
| 20 | | Commissioner determines appropriate and to charge the |
| 21 | | licensee for reasonable and necessary expenses of the |
| 22 | | Commissioner, if in the opinion of the Commissioner an |
| 23 | | emergency exists or appears likely to occur;
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| 24 | | (r) to impose civil penalties of up to $50 per day |
| 25 | | against a licensee for failing to respond to a regulatory |
| 26 | | request or reporting requirement; and
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| 1 | | (s) to enter into agreements in connection with the |
| 2 | | Nationwide Mortgage Licensing System and Registry. |
| 3 | | (Source: P.A. 96-112, eff. 7-31-09; 96-1000, eff. 7-2-10.)
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| 4 | | (205 ILCS 635/4-1.5 new) |
| 5 | | Sec. 4-1.5. Residential Finance Regulatory Fund. |
| 6 | | (a) The aggregate of all moneys collected by the Secretary |
| 7 | | under this Act shall be paid promptly after receipt of the |
| 8 | | same, accompanied by a detailed statement thereof, into the |
| 9 | | State treasury and shall be set apart in the Residential |
| 10 | | Finance Regulatory Fund, formerly designated the Savings and |
| 11 | | Residential Finance Regulatory Fund, a special fund created in |
| 12 | | the State treasury. The amounts deposited into the Fund shall |
| 13 | | be used for the ordinary and contingent expenses of the |
| 14 | | Department of Financial and Professional Regulation and the |
| 15 | | Division of Banking, or their successors, in administering and |
| 16 | | enforcing the Residential Mortgage License Act of 1987 and |
| 17 | | other laws, rules, and regulations as may apply to the |
| 18 | | administration and enforcement of the foregoing laws, rules, |
| 19 | | and regulations, as amended from time to time. Nothing in this |
| 20 | | Act shall prevent continuing the practice of paying expenses |
| 21 | | involving salaries, retirement, social security, and State |
| 22 | | paid insurance of State officers by appropriation from the |
| 23 | | General Revenue Fund. |
| 24 | | (b) Moneys in the Residential Finance Regulatory Fund may |
| 25 | | be transferred to the Professions Indirect Cost Fund, as |
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| 1 | | authorized under Section 2105-300 of the Department of |
| 2 | | Professional Regulation Law of the Civil Administrative Code of |
| 3 | | Illinois. |
| 4 | | (c) All earnings received from investments of funds in the |
| 5 | | Residential Finance Regulatory Fund shall be deposited into |
| 6 | | that Fund and may be used for the same purposes as fees |
| 7 | | deposited into that Fund.
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| 8 | | Section 35. The Foreign Bank Representative Office Act is |
| 9 | | amended by changing Section 2 as follows:
|
| 10 | | (205 ILCS 650/2) (from Ch. 17, par. 2852)
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| 11 | | Sec. 2. Definitions. As used in this Act, unless the |
| 12 | | context requires
otherwise:
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| 13 | | (a) "Commissioner" means the Secretary of Financial and |
| 14 | | Professional Regulation or a
person authorized by the |
| 15 | | Secretary, the Division of Banking Act,
or this Act to act in |
| 16 | | the Secretary's stead.
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| 17 | | (b) "Foreign bank" means (1) a bank, savings bank, savings |
| 18 | | association, or trust company which is organized
under the laws |
| 19 | | of any state or territory of the United States, including the
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| 20 | | District of Columbia, other than the State of Illinois; (2) a |
| 21 | | national bank
having its principal place of business in any |
| 22 | | state or territory of the United
States, including the District |
| 23 | | of Columbia, other than the State of Illinois;
or (3) a bank or |
| 24 | | trust company organized and operating under the laws of a
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| 1 | | country other than the United States of America.
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| 2 | | (c) "Representative office" means an office in the State of |
| 3 | | Illinois at
which a foreign bank engages in representational |
| 4 | | functions
but does not conduct a commercial banking business. |
| 5 | | (d) "Division" means the Division of Banking within the |
| 6 | | Department of Financial and Professional Regulation.
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| 7 | | (Source: P.A. 96-1365, eff. 7-28-10.)".
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