Bill Text: IL HB5685 | 2013-2014 | 98th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Repeals the Illinois Savings and Loan Act of 1985. Amends the Savings Bank Act. Deletes the definition of "impairment" and related provisions and defines "out-of-state savings bank". Adds provisions regarding the deposit of moneys into the Savings Bank Regulatory Fund. Adds an Article concerning the effect of the repeal of the Illinois Savings and Loan Act of 1985 and an Article that establishes the Board of Savings Banks and creates provisions concerning appointment to the Board, the organization of the Board, meetings of the Board, and the powers of the Board. Amends the Corporate Fiduciary Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the State Finance Act. Changes the name of the Savings and Residential Finance Regulatory Fund to the Residential Finance Regulatory Fund and changes the name of the Savings Bank Institutions Regulatory Fund to the Savings Bank Regulatory Fund. Amends the Illinois Banking Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the Residential Mortgage License Act of 1987. Deletes provisions concerning the Commissioner of Banks and Real Estate. Makes other changes.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1081 [HB5685 Detail]
Download: Illinois-2013-HB5685-Engrossed.html
Bill Title: Repeals the Illinois Savings and Loan Act of 1985. Amends the Savings Bank Act. Deletes the definition of "impairment" and related provisions and defines "out-of-state savings bank". Adds provisions regarding the deposit of moneys into the Savings Bank Regulatory Fund. Adds an Article concerning the effect of the repeal of the Illinois Savings and Loan Act of 1985 and an Article that establishes the Board of Savings Banks and creates provisions concerning appointment to the Board, the organization of the Board, meetings of the Board, and the powers of the Board. Amends the Corporate Fiduciary Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the State Finance Act. Changes the name of the Savings and Residential Finance Regulatory Fund to the Residential Finance Regulatory Fund and changes the name of the Savings Bank Institutions Regulatory Fund to the Savings Bank Regulatory Fund. Amends the Illinois Banking Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the Residential Mortgage License Act of 1987. Deletes provisions concerning the Commissioner of Banks and Real Estate. Makes other changes.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1081 [HB5685 Detail]
Download: Illinois-2013-HB5685-Engrossed.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | ||||||
5 | Sections 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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15 | (a) The moneys in the State Pensions Fund shall be used | ||||||
16 | exclusively
for the administration of the Uniform Disposition | ||||||
17 | of Unclaimed Property Act and
for the expenses incurred by the | ||||||
18 | Auditor General for administering the provisions of Section | ||||||
19 | 2-8.1 of the Illinois State Auditing Act and for the funding of | ||||||
20 | the unfunded liabilities of the designated retirement systems. | ||||||
21 | Beginning in State fiscal year 2015, payments to the designated |
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1 | retirement systems under this Section shall be in addition to, | ||||||
2 | and not in lieu of, any State contributions required under the | ||||||
3 | Illinois Pension Code.
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4 | "Designated retirement systems" means:
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5 | (1) the State Employees' Retirement System of | ||||||
6 | Illinois;
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7 | (2) the Teachers' Retirement System of the State of | ||||||
8 | Illinois;
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9 | (3) the State Universities Retirement System;
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10 | (4) the Judges Retirement System of Illinois; and
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11 | (5) the General Assembly Retirement System.
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12 | (b) Each year the General Assembly may make appropriations | ||||||
13 | from
the State Pensions Fund for the administration of the | ||||||
14 | Uniform Disposition of
Unclaimed Property Act.
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15 | Each month, the Commissioner of the Office of Banks and | ||||||
16 | Real Estate shall
certify to the State Treasurer the actual | ||||||
17 | expenditures that the Office of
Banks and Real Estate incurred | ||||||
18 | conducting unclaimed property examinations under
the Uniform | ||||||
19 | Disposition of Unclaimed Property Act during the immediately
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20 | preceding month. Within a reasonable
time following the | ||||||
21 | acceptance of such certification by the State Treasurer, the
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22 | State Treasurer shall pay from its appropriation from the State | ||||||
23 | Pensions Fund
to the Bank and Trust Company Fund , the Savings | ||||||
24 | Bank Regulatory Fund, and the Savings and Residential Finance
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25 | Regulatory Fund an amount equal to the expenditures incurred by | ||||||
26 | each Fund for
that month.
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1 | Each month, the Director of Financial Institutions shall
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2 | certify to the State Treasurer the actual expenditures that the | ||||||
3 | Department of
Financial Institutions incurred conducting | ||||||
4 | unclaimed property examinations
under the Uniform Disposition | ||||||
5 | of Unclaimed Property Act during the immediately
preceding | ||||||
6 | month. Within a reasonable time following the acceptance of | ||||||
7 | such
certification by the State Treasurer, the State Treasurer | ||||||
8 | shall pay from its
appropriation from the State Pensions Fund
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9 | to the Financial Institution Fund and the Credit Union Fund
an | ||||||
10 | amount equal to the expenditures incurred by each Fund for
that | ||||||
11 | month.
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12 | (c) As soon as possible after the effective date of this | ||||||
13 | amendatory Act of the 93rd General Assembly, the General | ||||||
14 | Assembly shall appropriate from the State Pensions Fund (1) to | ||||||
15 | the State Universities Retirement System the amount certified | ||||||
16 | under Section 15-165 during the prior year, (2) to the Judges | ||||||
17 | Retirement System of Illinois the amount certified under | ||||||
18 | Section 18-140 during the prior year, and (3) to the General | ||||||
19 | Assembly Retirement System the amount certified under Section | ||||||
20 | 2-134 during the prior year as part of the required
State | ||||||
21 | contributions to each of those designated retirement systems; | ||||||
22 | except that amounts appropriated under this subsection (c) in | ||||||
23 | State fiscal year 2005 shall not reduce the amount in the State | ||||||
24 | Pensions Fund below $5,000,000. If the amount in the State | ||||||
25 | Pensions Fund does not exceed the sum of the amounts certified | ||||||
26 | in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, |
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1 | the amount paid to each designated retirement system under this | ||||||
2 | subsection shall be reduced in proportion to the amount | ||||||
3 | certified by each of those designated retirement systems.
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4 | (c-5) For fiscal years 2006 through 2014, the General | ||||||
5 | Assembly shall appropriate from the State Pensions Fund to the | ||||||
6 | State Universities Retirement System the amount estimated to be | ||||||
7 | available during the fiscal year in the State Pensions Fund; | ||||||
8 | provided, however, that the amounts appropriated under this | ||||||
9 | subsection (c-5) shall not reduce the amount in the State | ||||||
10 | Pensions Fund below $5,000,000.
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11 | (c-6) For fiscal year 2015 and each fiscal year thereafter, | ||||||
12 | as soon as may be practical after any money is deposited into | ||||||
13 | the State Pensions Fund from the Unclaimed Property Trust Fund, | ||||||
14 | the State Treasurer shall apportion the deposited amount among | ||||||
15 | the designated retirement systems as defined in subsection (a) | ||||||
16 | to reduce their actuarial reserve deficiencies. The State | ||||||
17 | Comptroller and State Treasurer shall pay the apportioned | ||||||
18 | amounts to the designated retirement systems to fund the | ||||||
19 | unfunded liabilities of the designated retirement systems. The | ||||||
20 | amount apportioned to each designated retirement system shall | ||||||
21 | constitute a portion of the amount estimated to be available | ||||||
22 | for appropriation from the State Pensions Fund that is the same | ||||||
23 | as that retirement system's portion of the total actual reserve | ||||||
24 | deficiency of the systems, as determined annually by the | ||||||
25 | Governor's Office of Management and Budget at the request of | ||||||
26 | the State Treasurer. The amounts apportioned under this |
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1 | subsection shall not reduce the amount in the State Pensions | ||||||
2 | Fund below $5,000,000. | ||||||
3 | (d) The
Governor's Office of Management and Budget shall | ||||||
4 | determine the individual and total
reserve deficiencies of the | ||||||
5 | designated retirement systems. For this purpose,
the
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6 | Governor's Office of Management and Budget shall utilize the | ||||||
7 | latest available audit and actuarial
reports of each of the | ||||||
8 | retirement systems and the relevant reports and
statistics of | ||||||
9 | the Public Employee Pension Fund Division of the Department of
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10 | Insurance.
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11 | (d-1) As soon as practicable after the effective date of | ||||||
12 | this
amendatory Act of the 93rd General Assembly, the | ||||||
13 | Comptroller shall
direct and the Treasurer shall transfer from | ||||||
14 | the State Pensions Fund to
the General Revenue Fund, as funds | ||||||
15 | become available, a sum equal to the
amounts that would have | ||||||
16 | been paid
from the State Pensions Fund to the Teachers' | ||||||
17 | Retirement System of the State
of Illinois,
the State | ||||||
18 | Universities Retirement System, the Judges Retirement
System | ||||||
19 | of Illinois, the
General Assembly Retirement System, and the | ||||||
20 | State Employees'
Retirement System
of Illinois
after the | ||||||
21 | effective date of this
amendatory Act during the remainder of | ||||||
22 | fiscal year 2004 to the
designated retirement systems from the | ||||||
23 | appropriations provided for in
this Section if the transfers | ||||||
24 | provided in Section 6z-61 had not
occurred. The transfers | ||||||
25 | described in this subsection (d-1) are to
partially repay the | ||||||
26 | General Revenue Fund for the costs associated with
the bonds |
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1 | used to fund the moneys transferred to the designated
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2 | retirement systems under Section 6z-61.
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3 | (e) The changes to this Section made by this amendatory Act | ||||||
4 | of 1994 shall
first apply to distributions from the Fund for | ||||||
5 | State fiscal year 1996.
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6 | (Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24, | ||||||
7 | eff. 6-19-13; 98-463, eff. 8-16-13.)
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8 | Section 10. The Illinois Banking Act is amended by changing | ||||||
9 | Section 71 as follows:
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10 | (205 ILCS 5/71) (from Ch. 17, par. 383)
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11 | Sec. 71. Voluntary dissolution; fees and expenses | ||||||
12 | Commissioner's fee . | ||||||
13 | (a) Any bank that elects to dissolve voluntarily under this | ||||||
14 | Act shall pay to the Secretary a fee, which shall be paid upon | ||||||
15 | the Secretary's receipt of the bank's statement of intent. The | ||||||
16 | Secretary shall prescribe by rule the amount of such fee. | ||||||
17 | (b) All expenses incurred by the Secretary in connection | ||||||
18 | with the voluntary dissolution of any bank shall be paid by the | ||||||
19 | dissolving State bank. The expenses incurred under this | ||||||
20 | subsection shall be deemed to be a liability of the dissolving | ||||||
21 | bank. | ||||||
22 | The Commissioner shall be entitled to a fee, which shall be | ||||||
23 | paid at the
time of deposit, on all money deposited with him | ||||||
24 | for the account of one
dissolving bank of two per cent of the |
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1 | first five thousand dollars and one
per cent of all sums in | ||||||
2 | excess of five thousand dollars.
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3 | (Source: Laws 1965, p. 2020.)
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4 | (205 ILCS 105/Act rep.)
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5 | Section 15. The Illinois Savings and Loan Act of 1985 is | ||||||
6 | repealed.
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7 | Section 20. The Savings Bank Act is amended by changing | ||||||
8 | Sections 1007.130, 4008, 9002, and 9002.5 and by adding | ||||||
9 | Sections 1007.150 and 9002.1 and Articles 12.1 and 12.2 as | ||||||
10 | follows:
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11 | (205 ILCS 205/1007.130)
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12 | Sec. 1007.130. Out-of-state savings bank. "Out-of-state | ||||||
13 | savings bank" means a savings bank or an association chartered | ||||||
14 | under the laws of a state other than Illinois, a territory of | ||||||
15 | the United States, or the District of Columbia.
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16 | (Source: P.A. 93-965, eff. 8-20-04.)
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17 | (205 ILCS 205/1007.150 new) | ||||||
18 | Sec. 1007.150. Applicability of other Acts. Whenever the | ||||||
19 | term "savings and loan", "building and loan", "mutual building | ||||||
20 | loan and homestead", or "building loan and homestead" or other | ||||||
21 | similar name is used with reference to an association organized | ||||||
22 | for the purposes of associations incorporated under the |
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1 | Illinois Savings and Loan Act of 1985 or a similar Act, such | ||||||
2 | reference shall be applicable to a savings bank operating under | ||||||
3 | this Act. Whenever in any Act the term "members", | ||||||
4 | "shareholders", or "investors" is used in connection with such | ||||||
5 | associations, however named, the same shall refer to members | ||||||
6 | and holders of capital of savings banks operating under this | ||||||
7 | Act.
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8 | (205 ILCS 205/4008) (from Ch. 17, par. 7304-8)
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9 | Sec. 4008. Directors. The business and affairs of the | ||||||
10 | savings bank shall
be exercised by its elected board of | ||||||
11 | directors. The board of directors
shall consist of the number | ||||||
12 | of directors fixed by the bylaws, but shall not
be fewer than | ||||||
13 | 5. No more than 40% of the directors shall be salaried
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14 | employees of the savings bank, except that a higher percentage | ||||||
15 | may be allowed
with the prior written approval of the | ||||||
16 | Commissioner. At least two-thirds of
the directors shall
be | ||||||
17 | residents of this State.
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18 | (Source: P.A. 90-301, eff. 8-1-97.)
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19 | (205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
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20 | Sec. 9002. Powers of Secretary. The Secretary shall have | ||||||
21 | the following
powers and duties:
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22 | (1) To exercise the rights, powers, and duties set | ||||||
23 | forth in
this Act or in any related Act.
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24 | (2) To establish regulations as may be reasonable or
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1 | necessary to accomplish the purposes of this Act.
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2 | (3) To make an annual report regarding the work of his
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3 | office under this Act as he may consider desirable to the
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4 | Governor, or as the Governor may request.
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5 | (4) To cause a suit to be filed in his name to enforce
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6 | any law of this State that applies to savings banks, their | ||||||
7 | service
corporations, subsidiaries, affiliates, or holding | ||||||
8 | companies
operating under this Act, including the | ||||||
9 | enforcement of any
obligation of the officers, directors, | ||||||
10 | agents, or employees of any
savings bank.
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11 | (5) To prescribe a uniform manner in which the books | ||||||
12 | and
records of every savings bank are to be maintained.
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13 | (6) To establish a reasonable fee
structure for savings | ||||||
14 | banks and holding companies operating under
this Act and | ||||||
15 | for their service corporations and subsidiaries.
The fees | ||||||
16 | shall include, but not be limited to, annual fees,
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17 | application fees, regular and special examination fees, | ||||||
18 | and other
fees as the Secretary establishes and | ||||||
19 | demonstrates to be
directly resultant from the Secretary's | ||||||
20 | responsibilities under
this Act and as are directly | ||||||
21 | attributable to individual entities
operating under this | ||||||
22 | Act. The aggregate of all moneys collected by
the Secretary | ||||||
23 | on and after the effective date of this Act shall
be paid | ||||||
24 | promptly after receipt of the same, accompanied by a
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25 | detailed statement thereof, into the Savings Bank | ||||||
26 | Regulatory Fund established under Section 9002.1 of this |
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1 | Act. Savings and Residential Finance Regulatory
Fund | ||||||
2 | subject to the provisions of Section 7-19.1 of the Illinois | ||||||
3 | Savings and Loan Act of 1985 including without limitation | ||||||
4 | the provision for credits against regulatory fees. The | ||||||
5 | amounts deposited into the Fund shall be used for the | ||||||
6 | ordinary and
contingent expenses of the Office of Banks and | ||||||
7 | Real Estate. Notwithstanding any other provision of this | ||||||
8 | paragraph (6), the aggregate of all moneys collected by the | ||||||
9 | Secretary under this Act shall be paid promptly after | ||||||
10 | receipt of same, accompanied by a detailed statement | ||||||
11 | thereof, into the Savings Institutions Regulatory Fund | ||||||
12 | upon the creation of that fund under Section 7-19.2 of the | ||||||
13 | Illinois Savings and Loan Act of 1985, subject to the | ||||||
14 | provisions of Section 7-19.2 of the Illinois Savings and | ||||||
15 | Loan Act of 1985, including without limitation the | ||||||
16 | provision for credits against regulatory fees. The amounts | ||||||
17 | deposited into the Savings Institutions Regulatory Fund | ||||||
18 | under this paragraph (6) shall be used for the ordinary and | ||||||
19 | contingent expenses of administering and enforcing this | ||||||
20 | Act. Nothing
in this Act shall prevent continuing the | ||||||
21 | practice of paying expenses involving
salaries, | ||||||
22 | retirement, social security, and State-paid insurance of | ||||||
23 | State
officers by appropriation from the General Revenue | ||||||
24 | Fund. The Secretary may require payment of the fees under | ||||||
25 | this Act by an electronic transfer of funds or an automatic | ||||||
26 | debit of an account of each of the savings banks.
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1 | (Source: P.A. 96-1365, eff. 7-28-10; 97-492, eff. 1-1-12.)
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2 | (205 ILCS 205/9002.1 new) | ||||||
3 | Sec. 9002.1. Savings Bank Regulatory Fund. | ||||||
4 | (a) The aggregate of all moneys collected by the Secretary | ||||||
5 | under this Act shall be paid promptly after receipt of the | ||||||
6 | same, accompanied by a detailed statement thereof, into the | ||||||
7 | State treasury and shall be set apart in the Savings Bank | ||||||
8 | Regulatory Fund. All earnings received from investments of | ||||||
9 | funds in the Savings Bank Regulatory Fund shall be deposited | ||||||
10 | into the Savings Bank Regulatory Fund and may be used for the | ||||||
11 | same purposes as fees deposited into the Savings Bank | ||||||
12 | Regulatory Fund. The amount from time to time deposited into | ||||||
13 | the Fund shall be used (i) to offset the ordinary | ||||||
14 | administration expenses as defined in subsection (c) of this | ||||||
15 | Section or (ii) as a credit against fees under subsection (b) | ||||||
16 | of this Section. Nothing in this Section shall prevent | ||||||
17 | continuing the practice of paying expenses involving salaries, | ||||||
18 | retirement, Social Security, and State paid insurance premiums | ||||||
19 | of State officers by appropriation from the General Revenue | ||||||
20 | Fund. However, the General Revenue Fund shall be reimbursed for | ||||||
21 | those payments made by an annual transfer of funds from the | ||||||
22 | Savings Bank Regulatory Fund. Money in the Savings Bank | ||||||
23 | Regulatory Fund may be transferred to the Professions Indirect | ||||||
24 | Cost Fund as authorized under Section 2105-300 of the | ||||||
25 | Department of Professional Regulation Law of the Civil |
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1 | Administrative Code of Illinois. | ||||||
2 | (b) Adequate funds shall be available in the Savings Bank | ||||||
3 | Regulatory Fund to permit the timely payment of administration | ||||||
4 | expenses. In each fiscal year, the total administration | ||||||
5 | expenses shall be deducted from the total fees collected by the | ||||||
6 | Secretary and the remainder transferred into the Cash Flow | ||||||
7 | Reserve Account, unless the balance of the Cash Flow Reserve | ||||||
8 | Account prior to the transfer equals or exceeds one-fourth of | ||||||
9 | the total initial appropriations from the Savings Bank | ||||||
10 | Regulatory Fund for the subsequent year, in which case the | ||||||
11 | remainder shall be credited to savings banks and applied | ||||||
12 | against their fees for the subsequent year. The amount credited | ||||||
13 | to each savings bank shall be in the same proportion as the | ||||||
14 | regulatory fees paid by each for the year bear to the total | ||||||
15 | regulatory fees collected for the year. If, after a transfer to | ||||||
16 | the Cash Flow Reserve Account is made or if no remainder is | ||||||
17 | available for transfer, the balance of the Cash Flow Reserve | ||||||
18 | Account is less than one-fourth of the total initial | ||||||
19 | appropriations for the subsequent year and the amount | ||||||
20 | transferred is less than 5% of the total regulatory fees for | ||||||
21 | the year, additional amounts needed to make the transfer equal | ||||||
22 | to 5% of the total regulatory fees for the year shall be | ||||||
23 | apportioned amongst, assessed upon, and paid by savings banks | ||||||
24 | in the same proportion that the regulatory fees of each, | ||||||
25 | respectively, for the year bear to the total regulatory fees | ||||||
26 | collected for the year. The additional amounts assessed shall |
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1 | be transferred into the Cash Flow Reserve Account. | ||||||
2 | (c) For purposes of this Section, the following terms shall | ||||||
3 | have the following meanings: | ||||||
4 | "Administration expenses", for any fiscal year, means the | ||||||
5 | ordinary and contingent expenses for that year incident to | ||||||
6 | making the examinations provided for by, and for otherwise | ||||||
7 | administering, this Act, including all salaries and other | ||||||
8 | compensation paid for personal services rendered for the State | ||||||
9 | by officers or employees of the State, including the Secretary | ||||||
10 | and the Director of the Division, communication equipment and | ||||||
11 | services, office furnishings, surety bond premiums, and travel | ||||||
12 | expenses of those officers and employees, expenditures or | ||||||
13 | charges for the acquisition, enlargement or improvement of, or | ||||||
14 | for the use of, any office space, building, or structure, or | ||||||
15 | expenditures for the maintenance thereof or for furnishing | ||||||
16 | heat, light, or power with respect thereto, all to the extent | ||||||
17 | that those expenditures are directly incidental to such | ||||||
18 | examinations or administration. The Secretary shall not be | ||||||
19 | required by this subsection to maintain in any fiscal year's | ||||||
20 | budget appropriated reserves for accrued vacation and accrued | ||||||
21 | sick leave that is required to be paid to employees of the | ||||||
22 | Secretary upon termination of their service with the Secretary | ||||||
23 | in an amount that is more than is reasonably anticipated to be | ||||||
24 | necessary for any anticipated turnover in employees, whether | ||||||
25 | due to normal attrition or due to layoffs, terminations, or | ||||||
26 | resignations. |
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1 | "Regulatory fees" includes both fees collected under | ||||||
2 | Section 9002.5 and fees collected for examinations conducted by | ||||||
3 | the Secretary or his examiners or designees under authority of | ||||||
4 | this Act. | ||||||
5 | "Fiscal year" means a period beginning July 1 of any year | ||||||
6 | and ending June 30 of the next year.
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7 | (205 ILCS 205/9002.5)
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8 | Sec. 9002.5. Regulatory fees. | ||||||
9 | (a) For the fiscal year beginning July 1, 2007 and every | ||||||
10 | year thereafter, each savings bank and each service corporation | ||||||
11 | operating under this Act shall pay a fixed fee of $520, plus a | ||||||
12 | variable fee based on the total assets of the savings bank or | ||||||
13 | service corporation at the following rates: | ||||||
14 | 24.97¢ per $1,000 of the first $2,000,000 of total | ||||||
15 | assets; | ||||||
16 | 22.70¢ per $1,000 of the next $3,000,000 of total | ||||||
17 | assets; | ||||||
18 | 20.43¢ per $1,000 of the next $5,000,000 of total | ||||||
19 | assets; | ||||||
20 | 17.025¢ per $1,000 of the next $15,000,000 of total | ||||||
21 | assets; | ||||||
22 | 14.755¢ per $1,000 of the next $25,000,000 of total | ||||||
23 | assets; | ||||||
24 | 12.485¢ per $1,000 of the next $50,000,000 of total | ||||||
25 | 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 | (b) The Secretary shall receive and there shall be paid to | ||||||
9 | the Secretary an additional fee as an adjustment to the | ||||||
10 | supervisory fee, based upon the difference between the total | ||||||
11 | assets of each savings bank and each service corporation as | ||||||
12 | shown by its financial report filed with the Secretary for the | ||||||
13 | reporting period of the calendar year ended December 31 on | ||||||
14 | which the supervisory fee was based and the total assets of | ||||||
15 | each savings bank and each service corporation as shown by its | ||||||
16 | financial report filed with the Secretary for the reporting | ||||||
17 | period of the calendar year ended December 31 in which the | ||||||
18 | quarterly payments are made according to the following | ||||||
19 | schedule: | ||||||
20 | 24.97¢ per $1,000 of the first $2,000,000 of total | ||||||
21 | assets; | ||||||
22 | 22.70¢ per $1,000 of the next $3,000,000 of total | ||||||
23 | assets; | ||||||
24 | 20.43¢ per $1,000 of the next $5,000,000 of total | ||||||
25 | assets; | ||||||
26 | 17.025¢ per $1,000 of the next $15,000,000 of total |
| |||||||
| |||||||
1 | assets; | ||||||
2 | 14.755¢ per $1,000 of the next $25,000,000 of total | ||||||
3 | assets; | ||||||
4 | 12.485¢ per $1,000 of the next $50,000,000 of total | ||||||
5 | assets; | ||||||
6 | 10.215¢ per $1,000 of the next $400,000,000 of total | ||||||
7 | assets; | ||||||
8 | 6.81¢ per $1,000 of the next $500,000,000 of total | ||||||
9 | assets; and | ||||||
10 | 4.54¢ per $1,000 of all total assets in excess of | ||||||
11 | $1,000,000,000 of such savings bank or service | ||||||
12 | corporation. | ||||||
13 | (c) The Secretary shall receive and there shall be paid to | ||||||
14 | the Secretary by each savings bank and each service corporation | ||||||
15 | a fee of $520 for each approved branch office or facility | ||||||
16 | office established under the Illinois Administrative Code. The | ||||||
17 | determination of the fees shall be made annually as of the | ||||||
18 | close of business of the prior calendar year ended December 31.
| ||||||
19 | (d) The Secretary shall receive for each fiscal year, | ||||||
20 | commencing with the fiscal year ending June 30, 2014, a | ||||||
21 | contingent fee equal to the lesser of the aggregate of the fees | ||||||
22 | paid by all savings banks under subsections (a), (b), and (c) | ||||||
23 | of this Section for that year, or the amount, if any, whereby | ||||||
24 | the aggregate of the administration expenses, as defined in | ||||||
25 | subsection (c) of Section 9002.1 of this Act, for that fiscal | ||||||
26 | year exceeds the sum of the aggregate of the fees payable by |
| |||||||
| |||||||
1 | all savings banks for that year under subsections (a), (b), and | ||||||
2 | (c) of this Section, plus any amounts transferred into the | ||||||
3 | Savings Bank Regulatory Fund from the State Pensions Fund for | ||||||
4 | that year, plus all other amounts collected by the Secretary | ||||||
5 | for that year under any other provision of this Act. The | ||||||
6 | aggregate amount of the contingent fee thus arrived at for any | ||||||
7 | fiscal year shall be apportioned amongst, assessed upon, and | ||||||
8 | paid by the savings banks, respectively, in the same proportion | ||||||
9 | that the fee of each under subsections (a), (b), and (c) of | ||||||
10 | this Section, respectively, for that year bears to the | ||||||
11 | aggregate for that year of the fees collected under subsections | ||||||
12 | (a), (b), and (c) of this Section. The aggregate amount of the | ||||||
13 | contingent fee, and the portion thereof to be assessed upon | ||||||
14 | each savings bank, respectively, shall be determined by the | ||||||
15 | Secretary and shall be paid by each, respectively, within 120 | ||||||
16 | days of the close of the period for which the contingent fee is | ||||||
17 | computed and is payable, and the Secretary shall give 20 days | ||||||
18 | advance notice of the amount of the contingent fee payable by | ||||||
19 | the savings bank and of the date fixed by the Secretary for | ||||||
20 | payment of the fee. | ||||||
21 | (Source: P.A. 95-1047, eff. 4-6-09.)
| ||||||
22 | (205 ILCS 205/Art. 12.1 heading new) | ||||||
23 | ARTICLE 12.1. Effect of Repeal of Illinois | ||||||
24 | Savings and Loan Act of 1985 |
| |||||||
| |||||||
1 | (205 ILCS 205/12101 new) | ||||||
2 | Sec. 12101. Effect of repeal. This Article sets forth the | ||||||
3 | effect of and means of transition necessitated by the repeal of | ||||||
4 | the Illinois Savings and Loan Act of 1985.
| ||||||
5 | (205 ILCS 205/12102 new) | ||||||
6 | Sec. 12102. Effect on special funds. | ||||||
7 | (a) The Savings and Residential Finance Regulatory Fund | ||||||
8 | established under Section 7-19.1 of the Illinois Savings and | ||||||
9 | Loan Act of 1985 is hereby redesignated the Residential Finance | ||||||
10 | Regulatory Fund. The fund shall continue in existence under the | ||||||
11 | Illinois Residential Mortgage License Act of 1987 without | ||||||
12 | interruption and shall retain all moneys therein, except moneys | ||||||
13 | required to be transferred or returned from Savings and | ||||||
14 | Residential Finance Regulatory Fund, now designated the | ||||||
15 | Residential Finance Regulatory Fund, to the Savings | ||||||
16 | Institutions Regulatory Fund, now designated the Savings Bank | ||||||
17 | Regulatory Fund, pursuant to subsection (e) of Section 7-19.2 | ||||||
18 | of the Illinois Savings and Loan Act of 1985, shall continue to | ||||||
19 | be required to be transferred or returned to the Savings | ||||||
20 | Institutions Regulatory Fund, now designated the Savings Bank | ||||||
21 | Regulatory Fund, as if subsection (e) of Section 7-19.2 of the | ||||||
22 | Illinois Savings and Loan Act of 1985 had not been repealed. | ||||||
23 | (b) The Savings Institutions Regulatory Fund established | ||||||
24 | under Section 7-19.2 of the Illinois Savings and Loan Act of | ||||||
25 | 1985 is hereby redesignated the Savings Bank Regulatory Fund. |
| |||||||
| |||||||
1 | The fund shall continue in existence under Section 9002.1 of | ||||||
2 | this Act without interruption and shall retain all moneys | ||||||
3 | therein.
| ||||||
4 | (205 ILCS 205/12103 new) | ||||||
5 | Sec. 12103. Effect on foreign associations. | ||||||
6 | (a) Any existing foreign association shall be deemed to be | ||||||
7 | an out-of-state savings bank under this Act. | ||||||
8 | (b) Notwithstanding any other provision of this Act, an | ||||||
9 | existing foreign association may retain any branch or office in | ||||||
10 | the State that properly existed in the State at the time of the | ||||||
11 | repeal of the Illinois Savings and Loan Act of 1985, and | ||||||
12 | continue to engage in the same activities in the State | ||||||
13 | therefrom as were engaged in immediately prior to the repeal of | ||||||
14 | the Illinois Savings and Loan Act, without further application | ||||||
15 | or notice to or approval of the Secretary. | ||||||
16 | (c) An existing foreign association may retain a | ||||||
17 | representative office in the State that properly existed in the | ||||||
18 | State at the time of the repeal of the Illinois Savings and | ||||||
19 | Loan Act of 1985, provided that the foreign association obtains | ||||||
20 | a license under the Foreign Bank Representative Office Act.
| ||||||
21 | (205 ILCS 205/12104 new) | ||||||
22 | Sec. 12104. Effect on the Board of Savings Institutions. | ||||||
23 | The Board of Savings Institutions is hereby redesignated as the | ||||||
24 | Board of Savings Banks. The Board shall continue to operate |
| |||||||
| |||||||
1 | without interruption and as if it had been originally | ||||||
2 | established under Article 12.2 of this Act. The current members | ||||||
3 | of the Board of Savings Institutions shall continue to serve | ||||||
4 | the balance of their terms. Thereafter, the Board of Savings | ||||||
5 | Institutions shall be composed of members as required by | ||||||
6 | Section 12202 of this Act.
| ||||||
7 | (205 ILCS 205/12105 new) | ||||||
8 | Sec. 12105. Applicability of other Acts. Whenever in any | ||||||
9 | Act the term "savings and loan", "building and loan", "mutual | ||||||
10 | building loan and homestead", or "building loan and homestead" | ||||||
11 | or other similar name is used with reference to an association | ||||||
12 | organized for the purposes of associations incorporated under | ||||||
13 | the Illinois Savings and Loan Act of 1985 or a similar Act, | ||||||
14 | such reference shall be applicable to a savings bank operating | ||||||
15 | under this Act. Whenever in any Act the term "members", | ||||||
16 | "shareholders", or "investors" is used in connection with such | ||||||
17 | associations, however named, the same shall refer to members | ||||||
18 | and holders of capital of savings banks operating under this | ||||||
19 | Act.
| ||||||
20 | (205 ILCS 205/Art. 12.2 heading new) | ||||||
21 | ARTICLE 12.2. Board of Savings Banks | ||||||
22 | (205 ILCS 205/12201 new) | ||||||
23 | Sec. 12201. Board of Savings Banks; appointment. The Board |
| |||||||
| |||||||
1 | of Savings Bank is established pursuant to Section 12104 of | ||||||
2 | this Act. The Board of Savings Banks shall be composed of the | ||||||
3 | Director of Banking, who shall be its chairperson and have the | ||||||
4 | power to vote, and 7 persons appointed by the Governor. Two of | ||||||
5 | the 7 persons appointed by the Governor shall represent the | ||||||
6 | public interest and the remainder shall have been engaged | ||||||
7 | actively in savings bank or savings and loan management in this | ||||||
8 | State for at least 5 years immediately prior to appointment. | ||||||
9 | Each member of the Board appointed by the Governor shall be | ||||||
10 | reimbursed for ordinary and necessary expenses incurred in | ||||||
11 | attending the meetings of the Board. Members, excluding the | ||||||
12 | chairperson, shall be appointed for 4-year terms to expire on | ||||||
13 | the third Monday in January. Except as otherwise provided in | ||||||
14 | this Section, members of the Board shall serve until their | ||||||
15 | respective successors are appointed and qualified. A member who | ||||||
16 | tenders a written resignation shall serve only until the | ||||||
17 | resignation is accepted by the chairperson. A member who fails | ||||||
18 | to attend 3 consecutive Board meetings without an excused | ||||||
19 | absence shall no longer serve as a member. The Governor shall | ||||||
20 | fill any vacancy by the appointment of a member for the | ||||||
21 | unexpired term in the same manner as in the making of original | ||||||
22 | appointments.
| ||||||
23 | (205 ILCS 205/12202 new) | ||||||
24 | Sec. 12202. Board of Savings Banks; organization and | ||||||
25 | meetings. The Board shall elect a vice chairperson and |
| |||||||
| |||||||
1 | secretary of the Board; shall adopt by-laws for the holding and | ||||||
2 | conducting of meetings and appointing officers and committees; | ||||||
3 | and shall keep a record of all meetings and transactions and | ||||||
4 | make such other provisions for the daily conduct of its | ||||||
5 | business as it deems necessary. A majority of the members of | ||||||
6 | the Board, excluding those members who are no longer serving as | ||||||
7 | members as provided in Section 12201 of this Act, shall | ||||||
8 | constitute a quorum. The act of the majority of the members of | ||||||
9 | the Board present at a meeting at which a quorum is present | ||||||
10 | shall be the act of the Board. Regular meetings shall be held | ||||||
11 | as provided in the by-laws, and special meetings may be called | ||||||
12 | by the chairperson or upon the request of any 3 members of the | ||||||
13 | Board or the Secretary. The Board shall maintain at the office | ||||||
14 | of the Secretary permanent records of its meetings, hearings, | ||||||
15 | and decisions. The Secretary shall provide adequate quarters | ||||||
16 | and personnel for use by the Board.
| ||||||
17 | (205 ILCS 205/12203 new) | ||||||
18 | Sec. 12203. Board of Savings Banks; powers. The Board shall | ||||||
19 | have the power to: | ||||||
20 | (a) advise the Governor and Secretary on all matters | ||||||
21 | relating to the regulation of savings banks; and | ||||||
22 | (b) advise the Governor on legislation proposed to amend | ||||||
23 | this Act or any related Act.
| ||||||
24 | (205 ILCS 205/1007.70 rep.) |
| |||||||
| |||||||
1 | (205 ILCS 205/9017 rep.) | ||||||
2 | Section 25. The Savings Bank Act is amended by repealing | ||||||
3 | Sections 1007.70 and 9017.
| ||||||
4 | Section 30. The Residential Mortgage License Act of 1987 is | ||||||
5 | amended by changing Section 4-1 and by adding Section 4-1.5 as | ||||||
6 | follows:
| ||||||
7 | (205 ILCS 635/4-1) (from Ch. 17, par. 2324-1)
| ||||||
8 | Sec. 4-1. Commissioner of Banks and Real Estate; functions, | ||||||
9 | powers, and duties. The functions,
powers, and duties of the | ||||||
10 | Commissioner of Banks and Real Estate shall include the | ||||||
11 | following:
| ||||||
12 | (a) to issue or refuse to issue any license as provided | ||||||
13 | by this Act;
| ||||||
14 | (b) to revoke or suspend for cause any license issued | ||||||
15 | under this Act;
| ||||||
16 | (c) to keep records of all licenses issued under this | ||||||
17 | Act;
| ||||||
18 | (d) to receive, consider, investigate, and act upon | ||||||
19 | complaints made by
any person in connection with any | ||||||
20 | residential mortgage licensee in this State;
| ||||||
21 | (e) to consider and act upon any recommendations from | ||||||
22 | the Residential
Mortgage Board;
| ||||||
23 | (f) to prescribe the forms of and receive:
| ||||||
24 | (1) applications for licenses; and
|
| |||||||
| |||||||
1 | (2) all reports and all books and records required | ||||||
2 | to be made by
any licensee under this Act, including | ||||||
3 | annual audited financial statements
and annual reports | ||||||
4 | of mortgage activity;
| ||||||
5 | (g) to adopt rules and regulations necessary and proper | ||||||
6 | for the
administration of this Act;
| ||||||
7 | (h) to subpoena documents and witnesses and compel | ||||||
8 | their attendance and
production, to administer oaths, and | ||||||
9 | to require the production of any books,
papers, or other | ||||||
10 | materials relevant to any inquiry authorized by this Act;
| ||||||
11 | (h-1) to issue orders against any person, if the | ||||||
12 | Commissioner has reasonable cause to believe that an | ||||||
13 | unsafe, unsound, or unlawful practice has occurred, is | ||||||
14 | occurring, or is about to occur, if any person has | ||||||
15 | violated, is violating, or is about to violate any law, | ||||||
16 | rule, or written agreement with the Commissioner, or for | ||||||
17 | the purpose of administering the provisions of this Act and | ||||||
18 | any rule adopted in accordance with the Act; | ||||||
19 | (h-2) to address any inquiries to any licensee, or the | ||||||
20 | officers thereof, in relation to its activities and | ||||||
21 | conditions, or any other matter connected with its affairs, | ||||||
22 | and it shall be the duty of any licensee or person so | ||||||
23 | addressed, to promptly reply in writing to such inquiries. | ||||||
24 | The Commissioner may also require reports from any licensee | ||||||
25 | at any time the Commissioner may deem desirable;
| ||||||
26 | (i) to require information with regard to any license |
| |||||||
| |||||||
1 | applicant
as he or she may deem desirable, with due regard | ||||||
2 | to the paramount interests
of the public as to the | ||||||
3 | experience, background, honesty, truthfulness,
integrity, | ||||||
4 | and competency of the license applicant as to financial
| ||||||
5 | transactions involving primary or subordinate mortgage | ||||||
6 | financing, and where
the license applicant is an entity | ||||||
7 | other than an individual, as to the
honesty, truthfulness, | ||||||
8 | integrity, and competency of any officer or director
of the | ||||||
9 | corporation, association, or other entity, or the members | ||||||
10 | of a
partnership;
| ||||||
11 | (j) to examine the books and records of every licensee | ||||||
12 | under this Act at
intervals as specified in Section 4-2;
| ||||||
13 | (k) to enforce provisions of this Act;
| ||||||
14 | (l) to levy fees, fines, and charges for services | ||||||
15 | performed in administering
this Act; the aggregate of all | ||||||
16 | fees collected by the Commissioner on and after
the | ||||||
17 | effective date of this Act shall be paid promptly after | ||||||
18 | receipt of the
same, accompanied by a detailed statement | ||||||
19 | thereof, into the Savings and
Residential Finance | ||||||
20 | Regulatory Fund under Section 4-1.5 of this Act ; the | ||||||
21 | amounts deposited into that Fund shall
be used for the | ||||||
22 | ordinary and contingent expenses of the Office of Banks and
| ||||||
23 | Real Estate. Nothing in this Act shall prevent continuing | ||||||
24 | the practice of paying
expenses involving salaries, | ||||||
25 | retirement, social security, and State-paid
insurance of | ||||||
26 | State officers by appropriation from the General Revenue |
| |||||||
| |||||||
1 | Fund.
| ||||||
2 | (m) to appoint examiners, supervisors, experts, and | ||||||
3 | special assistants as
needed to effectively and | ||||||
4 | efficiently administer this Act;
| ||||||
5 | (n) to conduct hearings for the purpose of:
| ||||||
6 | (1) appeals of orders of the Commissioner;
| ||||||
7 | (2) suspensions or revocations of licenses, or | ||||||
8 | fining of licensees;
| ||||||
9 | (3) investigating:
| ||||||
10 | (i) complaints against licensees; or
| ||||||
11 | (ii) annual gross delinquency rates; and
| ||||||
12 | (4) carrying out the purposes of this Act;
| ||||||
13 | (o) to exercise exclusive visitorial power over a | ||||||
14 | licensee unless otherwise authorized by this Act or as | ||||||
15 | vested in the courts, or upon prior consultation with the | ||||||
16 | Commissioner, a foreign residential mortgage regulator | ||||||
17 | with an appropriate supervisory interest in the parent or | ||||||
18 | affiliate of a licensee;
| ||||||
19 | (p) to enter into cooperative agreements with state | ||||||
20 | regulatory authorities of other states to provide for | ||||||
21 | examination of corporate offices or branches of those | ||||||
22 | states and to accept reports of such examinations;
| ||||||
23 | (q) to assign an examiner or examiners to monitor the | ||||||
24 | affairs of a licensee with whatever frequency the | ||||||
25 | Commissioner determines appropriate and to charge the | ||||||
26 | licensee for reasonable and necessary expenses of the |
| |||||||
| |||||||
1 | Commissioner, if in the opinion of the Commissioner an | ||||||
2 | emergency exists or appears likely to occur;
| ||||||
3 | (r) to impose civil penalties of up to $50 per day | ||||||
4 | against a licensee for failing to respond to a regulatory | ||||||
5 | request or reporting requirement; and
| ||||||
6 | (s) to enter into agreements in connection with the | ||||||
7 | Nationwide Mortgage Licensing System and Registry. | ||||||
8 | (Source: P.A. 96-112, eff. 7-31-09; 96-1000, eff. 7-2-10.)
| ||||||
9 | (205 ILCS 635/4-1.5 new) | ||||||
10 | Sec. 4-1.5. Residential Finance Regulatory Fund. | ||||||
11 | (a) The aggregate of all moneys collected by the Secretary | ||||||
12 | under this Act shall be paid promptly after receipt of the | ||||||
13 | same, accompanied by a detailed statement thereof, into the | ||||||
14 | State treasury and shall be set apart in the Residential | ||||||
15 | Finance Regulatory Fund, formerly designated the Savings and | ||||||
16 | Residential Finance Regulatory Fund, a special fund created in | ||||||
17 | the State treasury. The amounts deposited into the Fund shall | ||||||
18 | be used for the ordinary and contingent expenses of the | ||||||
19 | Department of Financial and Professional Regulation and the | ||||||
20 | Division of Banking, or their successors, in administering and | ||||||
21 | enforcing the Residential Mortgage License Act of 1987 and | ||||||
22 | other laws, rules, and regulations as may apply to the | ||||||
23 | administration and enforcement of the foregoing laws, rules, | ||||||
24 | and regulations, as amended from time to time. Nothing in this | ||||||
25 | Act shall prevent continuing the practice of paying expenses |
| |||||||
| |||||||
1 | involving salaries, retirement, social security, and State | ||||||
2 | paid insurance of State officers by appropriation from the | ||||||
3 | General Revenue Fund. | ||||||
4 | (b) Moneys in the Residential Finance Regulatory Fund may | ||||||
5 | be transferred to the Professions Indirect Cost Fund, as | ||||||
6 | authorized under Section 2105-300 of the Department of | ||||||
7 | Professional Regulation Law of the Civil Administrative Code of | ||||||
8 | Illinois. | ||||||
9 | (c) All earnings received from investments of funds in the | ||||||
10 | Residential Finance Regulatory Fund shall be deposited into | ||||||
11 | that Fund and may be used for the same purposes as fees | ||||||
12 | deposited into that Fund.
| ||||||
13 | Section 35. The Foreign Bank Representative Office Act is | ||||||
14 | amended by changing Section 2 as follows:
| ||||||
15 | (205 ILCS 650/2) (from Ch. 17, par. 2852)
| ||||||
16 | Sec. 2. Definitions. As used in this Act, unless the | ||||||
17 | context requires
otherwise:
| ||||||
18 | (a) "Commissioner" means the Secretary of Financial and | ||||||
19 | Professional Regulation or a
person authorized by the | ||||||
20 | Secretary, the Division of Banking Act,
or this Act to act in | ||||||
21 | the Secretary's stead.
| ||||||
22 | (b) "Foreign bank" means (1) a bank , savings bank, savings | ||||||
23 | association, or trust company which is organized
under the laws | ||||||
24 | of any state or territory of the United States, including the
|
| |||||||
| |||||||
1 | District of Columbia, other than the State of Illinois; (2) a | ||||||
2 | national bank
having its principal place of business in any | ||||||
3 | state or territory of the United
States, including the District | ||||||
4 | of Columbia, other than the State of Illinois;
or (3) a bank or | ||||||
5 | trust company organized and operating under the laws of a
| ||||||
6 | country other than the United States of America.
| ||||||
7 | (c) "Representative office" means an office in the State of | ||||||
8 | Illinois at
which a foreign bank engages in representational | ||||||
9 | functions
but does not conduct a commercial banking business. | ||||||
10 | (d) "Division" means the Division of Banking within the | ||||||
11 | Department of Financial and Professional Regulation.
| ||||||
12 | (Source: P.A. 96-1365, eff. 7-28-10.)
|