Bill Text: IL SB2581 | 2009-2010 | 96th General Assembly | Enrolled

---

Bill Title: Amends various Acts to provide that references to the Commissioner of Banks and Real Estate now refer to the Secretary of Financial and Professional Regulation and that references to the Office of Banks and Real Estate are now references to the Division of Banking of the Department of Financial and Professional Regulation. Amends the Illinois Bank Examiners' Education Foundation Act. Provides that the purpose of the Illinois Bank Examiners' Education Foundation is to further continuing education for employees of the Division. Provides that references to "Board" in the Act refer to the State Banking Board of Illinois and that the Foundation shall be governed by the State Banking Board of Illinois (instead of the Board of Trustees). Changes provisions concerning liability. Amends the Illinois Banking Act. Changes provisions concerning the powers of the Secretary. Changes provisions concerning the membership composition and terms of office of members of the State Banking Board of Illinois. Changes provisions concerning the powers of the Board, including powers related to fund transfers, investment of funds, and continuing education programs. Amends the Illinois Bank Holding Company Act of 1957. Provides that the specified powers apply to the Secretary (instead of the Commissioner). In provisions concerning removal orders, deletes language referring to certain procedures in front of the Board. Amends the Corporate Fiduciary Act. Provides that provisions concerning removal orders apply to the Secretary (instead of the Commissioner). In provisions concerning removal orders, deletes language referring to certain procedures in front of the Board. Provides that language concerning all final administrative decisions apply to the Secretary (instead of the Commissioner or, under specified circumstances, the Board).

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2010-07-21 - Public Act . . . . . . . . . 96-1163 [SB2581 Detail]

Download: Illinois-2009-SB2581-Enrolled.html

---

SB2581 Enrolled LRB096 16851 MJR 32162 b
AN ACT concerning financial regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Bank Examiners' Education
Foundation Act is amended by changing Sections 1, 3.01, 4, 5,
and 8 and by adding Section 3.07 as follows:
(20 ILCS 3210/1) (from Ch. 17, par. 401)
Sec. 1. The Illinois Bank Examiners' Education Foundation
is hereby created for the purpose of providing a means through
which funds may be raised, invested and disbursed for
continuing education and professional training activity for
the examination employees of the Division of Banking whose
responsibilities include the supervision and regulation of
commercial banks, foreign banking offices, trust companies,
and their information technology service providers
Commissioner's office.
(Source: P.A. 84-1127.)
(20 ILCS 3210/3.01) (from Ch. 17, par. 403.1)
Sec. 3.01. "Board" means the State Banking Board of
Illinois Board of Trustees of the Illinois Bank Examiners'
Education Foundation created by the Illinois Banking Act this
Act.

SB2581 Enrolled - 2 - LRB096 16851 MJR 32162 b
(Source: P.A. 84-1127.)
(20 ILCS 3210/3.07 new)
Sec. 3.07. Division of Banking. "Division of Banking" means
the Division of Banking of the Department of Financial and
Professional Regulation.
(20 ILCS 3210/4) (from Ch. 17, par. 404)
Sec. 4. The Foundation shall establish an endowment fund
with the monies in the Illinois Bank Examiners' Education Fund.
The income from such Fund shall be used to pay for continuing
education and professional training activity for the
examination employees of the Division of Banking whose
responsibilities include the supervision and regulation of
commercial banks, foreign banking offices, trust companies,
and their information technology service providers
Commissioner's office authorized by the Board of the Illinois
Bank Examiners' Education Program and to pay for reasonable
expenses incurred by the Board in the course of its official
duties. The continuing education and professional training
activity to be funded by the Foundation shall be a supplement
to the education and training expenditures regularly being made
from the Bank & Trust Company Fund for such purposes.
(Source: P.A. 84-1127.)
(20 ILCS 3210/5) (from Ch. 17, par. 405)

SB2581 Enrolled - 3 - LRB096 16851 MJR 32162 b
Sec. 5. The Foundation shall be governed by the State
Banking Board of Illinois a Board of Trustees. The Board shall
consist of the following trustees: the Commissioner, who shall
be its chairman; one Class A member and three Class B members
from the State Banking Board of Illinois, appointed by the
Governor.
The terms of the trustees of the Foundation who are members
of the State Banking Board of Illinois are to be coextensive
with their terms on the State Banking Board of Illinois. An
appointment to fill a vacancy shall be for the unexpired term
of the trustee whose term is being filled. Trustees shall
receive no compensation for service on the Board, but shall be
reimbursed for all reasonable and necessary expenditures
incurred in the performance of their official duties.
(Source: P.A. 84-1127.)
(20 ILCS 3210/8) (from Ch. 17, par. 408)
Sec. 8. No Neither the Commissioner nor any member of the
Board shall be subject to any civil liability or penalty,
whether for damages or otherwise, on account of or for any
action taken or omitted to be taken in their respective
official capacities, except when such acts or omissions to act
are corrupt or malicious or unless such action is taken or
omitted to be taken not in good faith and without reasonable
grounds.
(Source: P.A. 84-1127.)

SB2581 Enrolled - 4 - LRB096 16851 MJR 32162 b
Section 10. The Illinois Banking Act is amended by changing
Sections 2, 48, 78, 79, 80, and 82 as follows:
(205 ILCS 5/2) (from Ch. 17, par. 302)
Sec. 2. General definitions. In this Act, unless the
context otherwise requires, the following words and phrases
shall have the following meanings:
"Accommodation party" shall have the meaning ascribed to
that term in Section 3-419 of the Uniform Commercial Code.
"Action" in the sense of a judicial proceeding includes
recoupments, counterclaims, set-off, and any other proceeding
in which rights are determined.
"Affiliate facility" of a bank means a main banking
premises or branch of another commonly owned bank. The main
banking premises or any branch of a bank may be an "affiliate
facility" with respect to one or more other commonly owned
banks.
"Appropriate federal banking agency" means the Federal
Deposit Insurance Corporation, the Federal Reserve Bank of
Chicago, or the Federal Reserve Bank of St. Louis, as
determined by federal law.
"Bank" means any person doing a banking business whether
subject to the laws of this or any other jurisdiction.
A "banking house", "branch", "branch bank" or "branch
office" shall mean any place of business of a bank at which

SB2581 Enrolled - 5 - LRB096 16851 MJR 32162 b
deposits are received, checks paid, or loans made, but shall
not include any place at which only records thereof are made,
posted, or kept. A place of business at which deposits are
received, checks paid, or loans made shall not be deemed to be
a branch, branch bank, or branch office if the place of
business is adjacent to and connected with the main banking
premises, or if it is separated from the main banking premises
by not more than an alley; provided always that (i) if the
place of business is separated by an alley from the main
banking premises there is a connection between the two by
public or private way or by subterranean or overhead passage,
and (ii) if the place of business is in a building not wholly
occupied by the bank, the place of business shall not be within
any office or room in which any other business or service of
any kind or nature other than the business of the bank is
conducted or carried on. A place of business at which deposits
are received, checks paid, or loans made shall not be deemed to
be a branch, branch bank, or branch office (i) of any bank if
the place is a terminal established and maintained in
accordance with paragraph (17) of Section 5 of this Act, or
(ii) of a commonly owned bank by virtue of transactions
conducted at that place on behalf of the other commonly owned
bank under paragraph (23) of Section 5 of this Act if the place
is an affiliate facility with respect to the other bank.
"Branch of an out-of-state bank" means a branch established
or maintained in Illinois by an out-of-state bank as a result

SB2581 Enrolled - 6 - LRB096 16851 MJR 32162 b
of a merger between an Illinois bank and the out-of-state bank
that occurs on or after May 31, 1997, or any branch established
by the out-of-state bank following the merger.
"Bylaws" means the bylaws of a bank that are adopted by the
bank's board of directors or shareholders for the regulation
and management of the bank's affairs. If the bank operates as a
limited liability company, however, "bylaws" means the
operating agreement of the bank.
"Call report fee" means the fee to be paid to the
Commissioner by each State bank pursuant to paragraph (a) of
subsection (3) of Section 48 of this Act.
"Capital" includes the aggregate of outstanding capital
stock and preferred stock.
"Cash flow reserve account" means the account within the
books and records of the Commissioner of Banks and Real Estate
used to record funds designated to maintain a reasonable Bank
and Trust Company Fund operating balance to meet agency
obligations on a timely basis.
"Charter" includes the original charter and all amendments
thereto and articles of merger or consolidation.
"Commissioner" means the Commissioner of Banks and Real
Estate, except that beginning on April 6, 2009 (the effective
date of Public Act 95-1047) this amendatory Act of the 95th
General Assembly, all references in this Act to the
Commissioner of Banks and Real Estate are deemed, in
appropriate contexts, to be references to the Secretary of

SB2581 Enrolled - 7 - LRB096 16851 MJR 32162 b
Financial and Professional Regulation.
"Commonly owned banks" means 2 or more banks that each
qualify as a bank subsidiary of the same bank holding company
pursuant to Section 18 of the Federal Deposit Insurance Act;
"commonly owned bank" refers to one of a group of commonly
owned banks but only with respect to one or more of the other
banks in the same group.
"Community" means a city, village, or incorporated town and
also includes the area served by the banking offices of a bank,
but need not be limited or expanded to conform to the
geographic boundaries of units of local government.
"Company" means a corporation, limited liability company,
partnership, business trust, association, or similar
organization and, unless specifically excluded, includes a
"State bank" and a "bank".
"Consolidating bank" means a party to a consolidation.
"Consolidation" takes place when 2 or more banks, or a
trust company and a bank, are extinguished and by the same
process a new bank is created, taking over the assets and
assuming the liabilities of the banks or trust company passing
out of existence.
"Continuing bank" means a merging bank, the charter of
which becomes the charter of the resulting bank.
"Converting bank" means a State bank converting to become a
national bank, or a national bank converting to become a State
bank.

SB2581 Enrolled - 8 - LRB096 16851 MJR 32162 b
"Converting trust company" means a trust company
converting to become a State bank.
"Court" means a court of competent jurisdiction.
"Director" means a member of the board of directors of a
bank. In the case of a manager-managed limited liability
company, however, "director" means a manager of the bank and,
in the case of a member-managed limited liability company,
"director" means a member of the bank. The term "director" does
not include an advisory director, honorary director, director
emeritus, or similar person, unless the person is otherwise
performing functions similar to those of a member of the board
of directors.
"Director of Banking" means the Director of the Division of
Banking of the Department of Financial and Professional
Regulation.
"Eligible depository institution" means an insured savings
association that is in default, an insured savings association
that is in danger of default, a State or national bank that is
in default or a State or national bank that is in danger of
default, as those terms are defined in this Section, or a new
bank as that term defined in Section 11(m) of the Federal
Deposit Insurance Act or a bridge bank as that term is defined
in Section 11(n) of the Federal Deposit Insurance Act or a new
federal savings association authorized under Section
11(d)(2)(f) of the Federal Deposit Insurance Act.
"Fiduciary" means trustee, agent, executor, administrator,

SB2581 Enrolled - 9 - LRB096 16851 MJR 32162 b
committee, guardian for a minor or for a person under legal
disability, receiver, trustee in bankruptcy, assignee for
creditors, or any holder of similar position of trust.
"Financial institution" means a bank, savings bank,
savings and loan association, credit union, or any licensee
under the Consumer Installment Loan Act or the Sales Finance
Agency Act and, for purposes of Section 48.3, any proprietary
network, funds transfer corporation, or other entity providing
electronic funds transfer services, or any corporate
fiduciary, its subsidiaries, affiliates, parent company, or
contractual service provider that is examined by the
Commissioner. For purposes of Section 5c and subsection (b) of
Section 13 of this Act, "financial institution" includes any
proprietary network, funds transfer corporation, or other
entity providing electronic funds transfer services, and any
corporate fiduciary.
"Foundation" means the Illinois Bank Examiners' Education
Foundation.
"General obligation" means a bond, note, debenture,
security, or other instrument evidencing an obligation of the
government entity that is the issuer that is supported by the
full available resources of the issuer, the principal and
interest of which is payable in whole or in part by taxation.
"Guarantee" means an undertaking or promise to answer for
payment of another's debt or performance of another's duty,
liability, or obligation whether "payment guaranteed" or

SB2581 Enrolled - 10 - LRB096 16851 MJR 32162 b
"collection guaranteed".
"In danger of default" means a State or national bank, a
federally chartered insured savings association or an Illinois
state chartered insured savings association with respect to
which the Commissioner or the appropriate federal banking
agency has advised the Federal Deposit Insurance Corporation
that:
(1) in the opinion of the Commissioner or the
appropriate federal banking agency,
(A) the State or national bank or insured savings
association is not likely to be able to meet the
demands of the State or national bank's or savings
association's obligations in the normal course of
business; and
(B) there is no reasonable prospect that the State
or national bank or insured savings association will be
able to meet those demands or pay those obligations
without federal assistance; or
(2) in the opinion of the Commissioner or the
appropriate federal banking agency,
(A) the State or national bank or insured savings
association has incurred or is likely to incur losses
that will deplete all or substantially all of its
capital; and
(B) there is no reasonable prospect that the
capital of the State or national bank or insured

SB2581 Enrolled - 11 - LRB096 16851 MJR 32162 b
savings association will be replenished without
federal assistance.
"In default" means, with respect to a State or national
bank or an insured savings association, any adjudication or
other official determination by any court of competent
jurisdiction, the Commissioner, the appropriate federal
banking agency, or other public authority pursuant to which a
conservator, receiver, or other legal custodian is appointed
for a State or national bank or an insured savings association.
"Insured savings association" means any federal savings
association chartered under Section 5 of the federal Home
Owners' Loan Act and any State savings association chartered
under the Illinois Savings and Loan Act of 1985 or a
predecessor Illinois statute, the deposits of which are insured
by the Federal Deposit Insurance Corporation. The term also
includes a savings bank organized or operating under the
Savings Bank Act.
"Insured savings association in recovery" means an insured
savings association that is not an eligible depository
institution and that does not meet the minimum capital
requirements applicable with respect to the insured savings
association.
"Issuer" means for purposes of Section 33 every person who
shall have issued or proposed to issue any security; except
that (1) with respect to certificates of deposit, voting trust
certificates, collateral-trust certificates, and certificates

SB2581 Enrolled - 12 - LRB096 16851 MJR 32162 b
of interest or shares in an unincorporated investment trust not
having a board of directors (or persons performing similar
functions), "issuer" means the person or persons performing the
acts and assuming the duties of depositor or manager pursuant
to the provisions of the trust, agreement, or instrument under
which the securities are issued; (2) with respect to trusts
other than those specified in clause (1) above, where the
trustee is a corporation authorized to accept and execute
trusts, "issuer" means the entrusters, depositors, or creators
of the trust and any manager or committee charged with the
general direction of the affairs of the trust pursuant to the
provisions of the agreement or instrument creating the trust;
and (3) with respect to equipment trust certificates or like
securities, "issuer" means the person to whom the equipment or
property is or is to be leased or conditionally sold.
"Letter of credit" and "customer" shall have the meanings
ascribed to those terms in Section 5-102 of the Uniform
Commercial Code.
"Main banking premises" means the location that is
designated in a bank's charter as its main office.
"Maker or obligor" means for purposes of Section 33 the
issuer of a security, the promisor in a debenture or other debt
security, or the mortgagor or grantor of a trust deed or
similar conveyance of a security interest in real or personal
property.
"Merged bank" means a merging bank that is not the

SB2581 Enrolled - 13 - LRB096 16851 MJR 32162 b
continuing, resulting, or surviving bank in a consolidation or
merger.
"Merger" includes consolidation.
"Merging bank" means a party to a bank merger.
"Merging trust company" means a trust company party to a
merger with a State bank.
"Mid-tier bank holding company" means a corporation that
(a) owns 100% of the issued and outstanding shares of each
class of stock of a State bank, (b) has no other subsidiaries,
and (c) 100% of the issued and outstanding shares of the
corporation are owned by a parent bank holding company.
"Municipality" means any municipality, political
subdivision, school district, taxing district, or agency.
"National bank" means a national banking association
located in this State and after May 31, 1997, means a national
banking association without regard to its location.
"Out-of-state bank" means a bank chartered under the laws
of a state other than Illinois, a territory of the United
States, or the District of Columbia.
"Parent bank holding company" means a corporation that is a
bank holding company as that term is defined in the Illinois
Bank Holding Company Act of 1957 and owns 100% of the issued
and outstanding shares of a mid-tier bank holding company.
"Person" means an individual, corporation, limited
liability company, partnership, joint venture, trust, estate,
or unincorporated association.

SB2581 Enrolled - 14 - LRB096 16851 MJR 32162 b
"Public agency" means the State of Illinois, the various
counties, townships, cities, towns, villages, school
districts, educational service regions, special road
districts, public water supply districts, fire protection
districts, drainage districts, levee districts, sewer
districts, housing authorities, the Illinois Bank Examiners'
Education Foundation, the Chicago Park District, and all other
political corporations or subdivisions of the State of
Illinois, whether now or hereafter created, whether herein
specifically mentioned or not, and shall also include any other
state or any political corporation or subdivision of another
state.
"Public funds" or "public money" means current operating
funds, special funds, interest and sinking funds, and funds of
any kind or character belonging to, in the custody of, or
subject to the control or regulation of the United States or a
public agency. "Public funds" or "public money" shall include
funds held by any of the officers, agents, or employees of the
United States or of a public agency in the course of their
official duties and, with respect to public money of the United
States, shall include Postal Savings funds.
"Published" means, unless the context requires otherwise,
the publishing of the notice or instrument referred to in some
newspaper of general circulation in the community in which the
bank is located at least once each week for 3 successive weeks.
Publishing shall be accomplished by, and at the expense of, the

SB2581 Enrolled - 15 - LRB096 16851 MJR 32162 b
bank required to publish. Where publishing is required, the
bank shall submit to the Commissioner that evidence of the
publication as the Commissioner shall deem appropriate.
"Qualified financial contract" means any security
contract, commodity contract, forward contract, including spot
and forward foreign exchange contracts, repurchase agreement,
swap agreement, and any similar agreement, any option to enter
into any such agreement, including any combination of the
foregoing, and any master agreement for such agreements. A
master agreement, together with all supplements thereto, shall
be treated as one qualified financial contract. The contract,
option, agreement, or combination of contracts, options, or
agreements shall be reflected upon the books, accounts, or
records of the bank, or a party to the contract shall provide
documentary evidence of such agreement.
"Recorded" means the filing or recording of the notice or
instrument referred to in the office of the Recorder of the
county wherein the bank is located.
"Resulting bank" means the bank resulting from a merger or
conversion.
"Secretary" means the Secretary of Financial and
Professional Regulation, or a person authorized by the
Secretary or by this Act to act in the Secretary's stead.
"Securities" means stocks, bonds, debentures, notes, or
other similar obligations.
"Stand-by letter of credit" means a letter of credit under

SB2581 Enrolled - 16 - LRB096 16851 MJR 32162 b
which drafts are payable upon the condition the customer has
defaulted in performance of a duty, liability, or obligation.
"State bank" means any banking corporation that has a
banking charter issued by the Commissioner under this Act.
"State Banking Board" means the State Banking Board of
Illinois.
"Subsidiary" with respect to a specified company means a
company that is controlled by the specified company. For
purposes of paragraphs (8) and (12) of Section 5 of this Act,
"control" means the exercise of operational or managerial
control of a corporation by the bank, either alone or together
with other affiliates of the bank.
"Surplus" means the aggregate of (i) amounts paid in excess
of the par value of capital stock and preferred stock; (ii)
amounts contributed other than for capital stock and preferred
stock and allocated to the surplus account; and (iii) amounts
transferred from undivided profits.
"Tier 1 Capital" and "Tier 2 Capital" have the meanings
assigned to those terms in regulations promulgated for the
appropriate federal banking agency of a state bank, as those
regulations are now or hereafter amended.
"Trust company" means a limited liability company or
corporation incorporated in this State for the purpose of
accepting and executing trusts.
"Undivided profits" means undistributed earnings less
discretionary transfers to surplus.

SB2581 Enrolled - 17 - LRB096 16851 MJR 32162 b
"Unimpaired capital and unimpaired surplus", for the
purposes of paragraph (21) of Section 5 and Sections 32, 33,
34, 35.1, 35.2, and 47 of this Act means the sum of the state
bank's Tier 1 Capital and Tier 2 Capital plus such other
shareholder equity as may be included by regulation of the
Commissioner. Unimpaired capital and unimpaired surplus shall
be calculated on the basis of the date of the last quarterly
call report filed with the Commissioner preceding the date of
the transaction for which the calculation is made, provided
that: (i) when a material event occurs after the date of the
last quarterly call report filed with the Commissioner that
reduces or increases the bank's unimpaired capital and
unimpaired surplus by 10% or more, then the unimpaired capital
and unimpaired surplus shall be calculated from the date of the
material event for a transaction conducted after the date of
the material event; and (ii) if the Commissioner determines for
safety and soundness reasons that a state bank should calculate
unimpaired capital and unimpaired surplus more frequently than
provided by this paragraph, the Commissioner may by written
notice direct the bank to calculate unimpaired capital and
unimpaired surplus at a more frequent interval. In the case of
a state bank newly chartered under Section 13 or a state bank
resulting from a merger, consolidation, or conversion under
Sections 21 through 26 for which no preceding quarterly call
report has been filed with the Commissioner, unimpaired capital
and unimpaired surplus shall be calculated for the first

SB2581 Enrolled - 18 - LRB096 16851 MJR 32162 b
calendar quarter on the basis of the effective date of the
charter, merger, consolidation, or conversion.
(Source: P.A. 95-924, eff. 8-26-08; 95-1047, eff. 4-6-09;
revised 4-14-09.)
(205 ILCS 5/48) (from Ch. 17, par. 359)
Sec. 48. Secretary's powers; duties. The Secretary shall
have the powers and authority, and is charged with the duties
and responsibilities designated in this Act, and a State bank
shall not be subject to any other visitorial power other than
as authorized by this Act, except those vested in the courts,
or upon prior consultation with the Secretary, a foreign bank
regulator with an appropriate supervisory interest in the
parent or affiliate of a state bank. In the performance of the
Secretary's duties:
(1) The Commissioner shall call for statements from all
State banks as provided in Section 47 at least one time during
each calendar quarter.
(2) (a) The Commissioner, as often as the Commissioner
shall deem necessary or proper, and no less frequently than 18
months following the preceding examination, shall appoint a
suitable person or persons to make an examination of the
affairs of every State bank, except that for every eligible
State bank, as defined by regulation, the Commissioner in lieu
of the examination may accept on an alternating basis the
examination made by the eligible State bank's appropriate

SB2581 Enrolled - 19 - LRB096 16851 MJR 32162 b
federal banking agency pursuant to Section 111 of the Federal
Deposit Insurance Corporation Improvement Act of 1991,
provided the appropriate federal banking agency has made such
an examination. A person so appointed shall not be a
stockholder or officer or employee of any bank which that
person may be directed to examine, and shall have powers to
make a thorough examination into all the affairs of the bank
and in so doing to examine any of the officers or agents or
employees thereof on oath and shall make a full and detailed
report of the condition of the bank to the Commissioner. In
making the examination the examiners shall include an
examination of the affairs of all the affiliates of the bank,
as defined in subsection (b) of Section 35.2 of this Act, or
subsidiaries of the bank as shall be necessary to disclose
fully the conditions of the subsidiaries or affiliates, the
relations between the bank and the subsidiaries or affiliates
and the effect of those relations upon the affairs of the bank,
and in connection therewith shall have power to examine any of
the officers, directors, agents, or employees of the
subsidiaries or affiliates on oath. After May 31, 1997, the
Commissioner may enter into cooperative agreements with state
regulatory authorities of other states to provide for
examination of State bank branches in those states, and the
Commissioner may accept reports of examinations of State bank
branches from those state regulatory authorities. These
cooperative agreements may set forth the manner in which the

SB2581 Enrolled - 20 - LRB096 16851 MJR 32162 b
other state regulatory authorities may be compensated for
examinations prepared for and submitted to the Commissioner.
(b) After May 31, 1997, the Commissioner is authorized to
examine, as often as the Commissioner shall deem necessary or
proper, branches of out-of-state banks. The Commissioner may
establish and may assess fees to be paid to the Commissioner
for examinations under this subsection (b). The fees shall be
borne by the out-of-state bank, unless the fees are borne by
the state regulatory authority that chartered the out-of-state
bank, as determined by a cooperative agreement between the
Commissioner and the state regulatory authority that chartered
the out-of-state bank.
(2.5) Whenever any State bank, any subsidiary or affiliate
of a State bank, or after May 31, 1997, any branch of an
out-of-state bank causes to be performed, by contract or
otherwise, any bank services for itself, whether on or off its
premises:
(a) that performance shall be subject to examination by
the Commissioner to the same extent as if services were
being performed by the bank or, after May 31, 1997, branch
of the out-of-state bank itself on its own premises; and
(b) the bank or, after May 31, 1997, branch of the
out-of-state bank shall notify the Commissioner of the
existence of a service relationship. The notification
shall be submitted with the first statement of condition
(as required by Section 47 of this Act) due after the

SB2581 Enrolled - 21 - LRB096 16851 MJR 32162 b
making of the service contract or the performance of the
service, whichever occurs first. The Commissioner shall be
notified of each subsequent contract in the same manner.
For purposes of this subsection (2.5), the term "bank
services" means services such as sorting and posting of checks
and deposits, computation and posting of interest and other
credits and charges, preparation and mailing of checks,
statements, notices, and similar items, or any other clerical,
bookkeeping, accounting, statistical, or similar functions
performed for a State bank, including but not limited to
electronic data processing related to those bank services.
(3) The expense of administering this Act, including the
expense of the examinations of State banks as provided in this
Act, shall to the extent of the amounts resulting from the fees
provided for in paragraphs (a), (a-2), and (b) of this
subsection (3) be assessed against and borne by the State
banks:
(a) Each bank shall pay to the Secretary a Call Report
Fee which shall be paid in quarterly installments equal to
one-fourth of the sum of the annual fixed fee of $800, plus
a variable fee based on the assets shown on the quarterly
statement of condition delivered to the Secretary in
accordance with Section 47 for the preceding quarter
according to the following schedule: 16¢ per $1,000 of the
first $5,000,000 of total assets, 15¢ per $1,000 of the
next $20,000,000 of total assets, 13¢ per $1,000 of the

SB2581 Enrolled - 22 - LRB096 16851 MJR 32162 b
next $75,000,000 of total assets, 9¢ per $1,000 of the next
$400,000,000 of total assets, 7¢ per $1,000 of the next
$500,000,000 of total assets, and 5¢ per $1,000 of all
assets in excess of $1,000,000,000, of the State bank. The
Call Report Fee shall be calculated by the Secretary and
billed to the banks for remittance at the time of the
quarterly statements of condition provided for in Section
47. The Secretary may require payment of the fees provided
in this Section by an electronic transfer of funds or an
automatic debit of an account of each of the State banks.
In case more than one examination of any bank is deemed by
the Secretary to be necessary in any examination frequency
cycle specified in subsection 2(a) of this Section, and is
performed at his direction, the Secretary may assess a
reasonable additional fee to recover the cost of the
additional examination; provided, however, that an
examination conducted at the request of the State Treasurer
pursuant to the Uniform Disposition of Unclaimed Property
Act shall not be deemed to be an additional examination
under this Section. In lieu of the method and amounts set
forth in this paragraph (a) for the calculation of the Call
Report Fee, the Secretary may specify by rule that the Call
Report Fees provided by this Section may be assessed
semiannually or some other period and may provide in the
rule the formula to be used for calculating and assessing
the periodic Call Report Fees to be paid by State banks.

SB2581 Enrolled - 23 - LRB096 16851 MJR 32162 b
(a-1) If in the opinion of the Commissioner an
emergency exists or appears likely, the Commissioner may
assign an examiner or examiners to monitor the affairs of a
State bank with whatever frequency he deems appropriate,
including but not limited to a daily basis. The reasonable
and necessary expenses of the Commissioner during the
period of the monitoring shall be borne by the subject
bank. The Commissioner shall furnish the State bank a
statement of time and expenses if requested to do so within
30 days of the conclusion of the monitoring period.
(a-2) On and after January 1, 1990, the reasonable and
necessary expenses of the Commissioner during examination
of the performance of electronic data processing services
under subsection (2.5) shall be borne by the banks for
which the services are provided. An amount, based upon a
fee structure prescribed by the Commissioner, shall be paid
by the banks or, after May 31, 1997, branches of
out-of-state banks receiving the electronic data
processing services along with the Call Report Fee assessed
under paragraph (a) of this subsection (3).
(a-3) After May 31, 1997, the reasonable and necessary
expenses of the Commissioner during examination of the
performance of electronic data processing services under
subsection (2.5) at or on behalf of branches of
out-of-state banks shall be borne by the out-of-state
banks, unless those expenses are borne by the state

SB2581 Enrolled - 24 - LRB096 16851 MJR 32162 b
regulatory authorities that chartered the out-of-state
banks, as determined by cooperative agreements between the
Commissioner and the state regulatory authorities that
chartered the out-of-state banks.
(b) "Fiscal year" for purposes of this Section 48 is
defined as a period beginning July 1 of any year and ending
June 30 of the next year. The Commissioner shall receive
for each fiscal year, commencing with the fiscal year
ending June 30, 1987, a contingent fee equal to the lesser
of the aggregate of the fees paid by all State banks under
paragraph (a) of subsection (3) for that year, or the
amount, if any, whereby the aggregate of the administration
expenses, as defined in paragraph (c), for that fiscal year
exceeds the sum of the aggregate of the fees payable by all
State banks for that year under paragraph (a) of subsection
(3), plus any amounts transferred into the Bank and Trust
Company Fund from the State Pensions Fund for that year,
plus all other amounts collected by the Commissioner for
that year under any other provision of this Act, plus the
aggregate of all fees collected for that year by the
Commissioner under the Corporate Fiduciary Act, excluding
the receivership fees provided for in Section 5-10 of the
Corporate Fiduciary Act, and the Foreign Banking Office
Act. The aggregate amount of the contingent fee thus
arrived at for any fiscal year shall be apportioned
amongst, assessed upon, and paid by the State banks and

SB2581 Enrolled - 25 - LRB096 16851 MJR 32162 b
foreign banking corporations, respectively, in the same
proportion that the fee of each under paragraph (a) of
subsection (3), respectively, for that year bears to the
aggregate for that year of the fees collected under
paragraph (a) of subsection (3). The aggregate amount of
the contingent fee, and the portion thereof to be assessed
upon each State bank and foreign banking corporation,
respectively, shall be determined by the Commissioner and
shall be paid by each, respectively, within 120 days of the
close of the period for which the contingent fee is
computed and is payable, and the Commissioner shall give 20
days advance notice of the amount of the contingent fee
payable by the State bank and of the date fixed by the
Commissioner for payment of the fee.
(c) The "administration expenses" for any fiscal year
shall mean the ordinary and contingent expenses for that
year incident to making the examinations provided for by,
and for otherwise administering, this Act, the Corporate
Fiduciary Act, excluding the expenses paid from the
Corporate Fiduciary Receivership account in the Bank and
Trust Company Fund, the Foreign Banking Office Act, the
Electronic Fund Transfer Act, and the Illinois Bank
Examiners' Education Foundation Act, including all
salaries and other compensation paid for personal services
rendered for the State by officers or employees of the
State, including the Commissioner and the Deputy

SB2581 Enrolled - 26 - LRB096 16851 MJR 32162 b
Commissioners, all expenditures for telephone and
telegraph charges, postage and postal charges, office
stationery, supplies and services, and office furniture
and equipment, including typewriters and copying and
duplicating machines and filing equipment, surety bond
premiums, and travel expenses of those officers and
employees, employees, expenditures or charges for the
acquisition, enlargement or improvement of, or for the use
of, any office space, building, or structure, or
expenditures for the maintenance thereof or for furnishing
heat, light, or power with respect thereto, all to the
extent that those expenditures are directly incidental to
such examinations or administration. The Commissioner
shall not be required by paragraphs (c) or (d-1) of this
subsection (3) to maintain in any fiscal year's budget
appropriated reserves for accrued vacation and accrued
sick leave that is required to be paid to employees of the
Commissioner upon termination of their service with the
Commissioner in an amount that is more than is reasonably
anticipated to be necessary for any anticipated turnover in
employees, whether due to normal attrition or due to
layoffs, terminations, or resignations.
(d) The aggregate of all fees collected by the
Secretary under this Act, the Corporate Fiduciary Act, or
the Foreign Banking Office Act on and after July 1, 1979,
shall be paid promptly after receipt of the same,

SB2581 Enrolled - 27 - LRB096 16851 MJR 32162 b
accompanied by a detailed statement thereof, into the State
treasury and shall be set apart in a special fund to be
known as the "Bank and Trust Company Fund", except as
provided in paragraph (c) of subsection (11) of this
Section. All earnings received from investments of funds in
the Bank and Trust Company Fund shall be deposited in the
Bank and Trust Company Fund and may be used for the same
purposes as fees deposited in that Fund. The amount from
time to time deposited into the Bank and Trust Company Fund
shall be used: (i) to offset the ordinary administrative
expenses of the Secretary as defined in this Section or
(ii) as a credit against fees under paragraph (d-1) of this
subsection (3). Nothing in this amendatory Act of 1979
shall prevent continuing the practice of paying expenses
involving salaries, retirement, social security, and
State-paid insurance premiums of State officers by
appropriations from the General Revenue Fund. However, the
General Revenue Fund shall be reimbursed for those payments
made on and after July 1, 1979, by an annual transfer of
funds from the Bank and Trust Company Fund. Moneys in the
Bank and Trust Company Fund may be transferred to the
Professions Indirect Cost Fund, as authorized under
Section 2105-300 of the Department of Professional
Regulation Law of the Civil Administrative Code of
Illinois.
Notwithstanding provisions in the State Finance Act,

SB2581 Enrolled - 28 - LRB096 16851 MJR 32162 b
as now or hereafter amended, or any other law to the
contrary, the sum of $18,788,847 shall be transferred from
the Bank and Trust Company Fund to the Financial
Institutions Settlement of 2008 Fund on the effective date
of this amendatory Act of the 95th General Assembly, or as
soon thereafter as practical.
Notwithstanding provisions in the State Finance Act,
as now or hereafter amended, or any other law to the
contrary, the Governor may, during any fiscal year through
January 10, 2011, from time to time direct the State
Treasurer and Comptroller to transfer a specified sum not
exceeding 10% of the revenues to be deposited into the Bank
and Trust Company Fund during that fiscal year from that
Fund to the General Revenue Fund in order to help defray
the State's operating costs for the fiscal year.
Notwithstanding provisions in the State Finance Act, as now
or hereafter amended, or any other law to the contrary, the
total sum transferred during any fiscal year through
January 10, 2011, from the Bank and Trust Company Fund to
the General Revenue Fund pursuant to this provision shall
not exceed during any fiscal year 10% of the revenues to be
deposited into the Bank and Trust Company Fund during that
fiscal year. The State Treasurer and Comptroller shall
transfer the amounts designated under this Section as soon
as may be practicable after receiving the direction to
transfer from the Governor.

SB2581 Enrolled - 29 - LRB096 16851 MJR 32162 b
(d-1) Adequate funds shall be available in the Bank and
Trust Company Fund to permit the timely payment of
administration expenses. In each fiscal year the total
administration expenses shall be deducted from the total
fees collected by the Commissioner and the remainder
transferred into the Cash Flow Reserve Account, unless the
balance of the Cash Flow Reserve Account prior to the
transfer equals or exceeds one-fourth of the total initial
appropriations from the Bank and Trust Company Fund for the
subsequent year, in which case the remainder shall be
credited to State banks and foreign banking corporations
and applied against their fees for the subsequent year. The
amount credited to each State bank and foreign banking
corporation shall be in the same proportion as the Call
Report Fees paid by each for the year bear to the total
Call Report Fees collected for the year. If, after a
transfer to the Cash Flow Reserve Account is made or if no
remainder is available for transfer, the balance of the
Cash Flow Reserve Account is less than one-fourth of the
total initial appropriations for the subsequent year and
the amount transferred is less than 5% of the total Call
Report Fees for the year, additional amounts needed to make
the transfer equal to 5% of the total Call Report Fees for
the year shall be apportioned amongst, assessed upon, and
paid by the State banks and foreign banking corporations in
the same proportion that the Call Report Fees of each,

SB2581 Enrolled - 30 - LRB096 16851 MJR 32162 b
respectively, for the year bear to the total Call Report
Fees collected for the year. The additional amounts
assessed shall be transferred into the Cash Flow Reserve
Account. For purposes of this paragraph (d-1), the
calculation of the fees collected by the Commissioner shall
exclude the receivership fees provided for in Section 5-10
of the Corporate Fiduciary Act.
(e) The Commissioner may upon request certify to any
public record in his keeping and shall have authority to
levy a reasonable charge for issuing certifications of any
public record in his keeping.
(f) In addition to fees authorized elsewhere in this
Act, the Commissioner may, in connection with a review,
approval, or provision of a service, levy a reasonable
charge to recover the cost of the review, approval, or
service.
(4) Nothing contained in this Act shall be construed to
limit the obligation relative to examinations and reports of
any State bank, deposits in which are to any extent insured by
the United States or any agency thereof, nor to limit in any
way the powers of the Commissioner with reference to
examinations and reports of that bank.
(5) The nature and condition of the assets in or investment
of any bonus, pension, or profit sharing plan for officers or
employees of every State bank or, after May 31, 1997, branch of
an out-of-state bank shall be deemed to be included in the

SB2581 Enrolled - 31 - LRB096 16851 MJR 32162 b
affairs of that State bank or branch of an out-of-state bank
subject to examination by the Commissioner under the provisions
of subsection (2) of this Section, and if the Commissioner
shall find from an examination that the condition of or
operation of the investments or assets of the plan is unlawful,
fraudulent, or unsafe, or that any trustee has abused his
trust, the Commissioner shall, if the situation so found by the
Commissioner shall not be corrected to his satisfaction within
60 days after the Commissioner has given notice to the board of
directors of the State bank or out-of-state bank of his
findings, report the facts to the Attorney General who shall
thereupon institute proceedings against the State bank or
out-of-state bank, the board of directors thereof, or the
trustees under such plan as the nature of the case may require.
(6) The Commissioner shall have the power:
(a) To promulgate reasonable rules for the purpose of
administering the provisions of this Act.
(a-5) To impose conditions on any approval issued by
the Commissioner if he determines that the conditions are
necessary or appropriate. These conditions shall be
imposed in writing and shall continue in effect for the
period prescribed by the Commissioner.
(b) To issue orders against any person, if the
Commissioner has reasonable cause to believe that an unsafe
or unsound banking practice has occurred, is occurring, or
is about to occur, if any person has violated, is

SB2581 Enrolled - 32 - LRB096 16851 MJR 32162 b
violating, or is about to violate any law, rule, or written
agreement with the Commissioner, or for the purpose of
administering the provisions of this Act and any rule
promulgated in accordance with this Act.
(b-1) To enter into agreements with a bank establishing
a program to correct the condition of the bank or its
practices.
(c) To appoint hearing officers to execute any of the
powers granted to the Commissioner under this Section for
the purpose of administering this Act and any rule
promulgated in accordance with this Act and otherwise to
authorize, in writing, an officer or employee of the Office
of Banks and Real Estate to exercise his powers under this
Act.
(d) To subpoena witnesses, to compel their attendance,
to administer an oath, to examine any person under oath,
and to require the production of any relevant books,
papers, accounts, and documents in the course of and
pursuant to any investigation being conducted, or any
action being taken, by the Commissioner in respect of any
matter relating to the duties imposed upon, or the powers
vested in, the Commissioner under the provisions of this
Act or any rule promulgated in accordance with this Act.
(e) To conduct hearings.
(7) Whenever, in the opinion of the Secretary Commissioner,
any director, officer, employee, or agent of a State bank or

SB2581 Enrolled - 33 - LRB096 16851 MJR 32162 b
any subsidiary or bank holding company of the bank or, after
May 31, 1997, of any branch of an out-of-state bank or any
subsidiary or bank holding company of the bank shall have
violated any law, rule, or order relating to that bank or any
subsidiary or bank holding company of the bank, shall have
obstructed or impeded any examination or investigation by the
Secretary Commissioner, shall have engaged in an unsafe or
unsound practice in conducting the business of that bank or any
subsidiary or bank holding company of the bank, or shall have
violated any law or engaged or participated in any unsafe or
unsound practice in connection with any financial institution
or other business entity such that the character and fitness of
the director, officer, employee, or agent does not assure
reasonable promise of safe and sound operation of the State
bank, the Secretary Commissioner may issue an order of removal.
If, in the opinion of the Secretary Commissioner, any former
director, officer, employee, or agent of a State bank or any
subsidiary or bank holding company of the bank, prior to the
termination of his or her service with that bank or any
subsidiary or bank holding company of the bank, violated any
law, rule, or order relating to that State bank or any
subsidiary or bank holding company of the bank, obstructed or
impeded any examination or investigation by the Secretary
Commissioner, engaged in an unsafe or unsound practice in
conducting the business of that bank or any subsidiary or bank
holding company of the bank, or violated any law or engaged or

SB2581 Enrolled - 34 - LRB096 16851 MJR 32162 b
participated in any unsafe or unsound practice in connection
with any financial institution or other business entity such
that the character and fitness of the director, officer,
employee, or agent would not have assured reasonable promise of
safe and sound operation of the State bank, the Secretary
Commissioner may issue an order prohibiting that person from
further service with a bank or any subsidiary or bank holding
company of the bank as a director, officer, employee, or agent.
An order issued pursuant to this subsection shall be served
upon the director, officer, employee, or agent. A copy of the
order shall be sent to each director of the bank affected by
registered mail. The person affected by the action may request
a hearing before the State Banking Board within 10 days after
receipt of the order. The hearing shall be held by the Board
within 30 days after the request has been received by the
Board. The Board shall make a determination approving,
modifying, or disapproving the order of the Commissioner as its
final administrative decision. If a hearing is held by the
Board, the Board shall make its determination within 60 days
from the conclusion of the hearing. Any person affected by a
decision of the Board under this subsection (7) of Section 48
of this Act may have the decision reviewed only under and in
accordance with the Administrative Review Law and the rules
adopted pursuant thereto. A copy of the order shall also be
served upon the bank of which he is a director, officer,
employee, or agent, whereupon he shall cease to be a director,

SB2581 Enrolled - 35 - LRB096 16851 MJR 32162 b
officer, employee, or agent of that bank. The Secretary
Commissioner may institute a civil action against the director,
officer, or agent of the State bank or, after May 31, 1997, of
the branch of the out-of-state bank against whom any order
provided for by this subsection (7) of this Section 48 has been
issued, and against the State bank or, after May 31, 1997,
out-of-state bank, to enforce compliance with or to enjoin any
violation of the terms of the order. Any person who has been
the subject of an order of removal or an order of prohibition
issued by the Secretary Commissioner under this subsection or
Section 5-6 of the Corporate Fiduciary Act may not thereafter
serve as director, officer, employee, or agent of any State
bank or of any branch of any out-of-state bank, or of any
corporate fiduciary, as defined in Section 1-5.05 of the
Corporate Fiduciary Act, or of any other entity that is subject
to licensure or regulation by the Division of Banking
Commissioner or the Office of Banks and Real Estate unless the
Secretary Commissioner has granted prior approval in writing.
For purposes of this paragraph (7), "bank holding company"
has the meaning prescribed in Section 2 of the Illinois Bank
Holding Company Act of 1957.
(8) The Commissioner may impose civil penalties of up to
$10,000 against any person for each violation of any provision
of this Act, any rule promulgated in accordance with this Act,
any order of the Commissioner, or any other action which in the
Commissioner's discretion is an unsafe or unsound banking

SB2581 Enrolled - 36 - LRB096 16851 MJR 32162 b
practice.
(9) The Commissioner may impose civil penalties of up to
$100 against any person for the first failure to comply with
reporting requirements set forth in the report of examination
of the bank and up to $200 for the second and subsequent
failures to comply with those reporting requirements.
(10) All final administrative decisions of the
Commissioner hereunder shall be subject to judicial review
pursuant to the provisions of the Administrative Review Law.
For matters involving administrative review, venue shall be in
either Sangamon County or Cook County.
(11) The endowment fund for the Illinois Bank Examiners'
Education Foundation shall be administered as follows:
(a) (Blank).
(b) The Foundation is empowered to receive voluntary
contributions, gifts, grants, bequests, and donations on
behalf of the Illinois Bank Examiners' Education
Foundation from national banks and other persons for the
purpose of funding the endowment of the Illinois Bank
Examiners' Education Foundation.
(c) The aggregate of all special educational fees
collected by the Secretary Commissioner and property
received by the Secretary Commissioner on behalf of the
Illinois Bank Examiners' Education Foundation under this
subsection (11) on or after June 30, 1986, shall be either
(i) promptly paid after receipt of the same, accompanied by

SB2581 Enrolled - 37 - LRB096 16851 MJR 32162 b
a detailed statement thereof, into the State Treasury and
shall be set apart in a special fund to be known as "The
Illinois Bank Examiners' Education Fund" to be invested by
either the Treasurer of the State of Illinois in the Public
Treasurers' Investment Pool or in any other investment he
is authorized to make or by the Illinois State Board of
Investment as the State Banking Board of Illinois board of
trustees of the Illinois Bank Examiners' Education
Foundation may direct or (ii) deposited into an account
maintained in a commercial bank or corporate fiduciary in
the name of the Illinois Bank Examiners' Education
Foundation pursuant to the order and direction of the Board
of Trustees of the Illinois Bank Examiners' Education
Foundation.
(12) (Blank).
(Source: P.A. 94-91, eff. 7-1-05; 95-1047, eff. 4-6-09.)
(205 ILCS 5/78) (from Ch. 17, par. 390)
Sec. 78. Board of banks and trust companies; creation,
members, appointment. There is created a Board which shall be
known as the State Banking Board of Illinois which shall
consist of the Director of Banking Commissioner, who shall be
its chairman, and 11 16 additional members. The Board shall be
comprised of individuals interested in the banking industry.
Two members shall be from State banks having total assets of
not more than $75,000,000 at the time of their appointment; 2

SB2581 Enrolled - 38 - LRB096 16851 MJR 32162 b
members shall be from State banks having total assets of more
than $75,000,000, but not more than $150,000,000 at the time of
their appointment; 2 members shall be from State banks having
total assets of more than $150,000,000, but not more than
$500,000,000 at the time of their appointment; 2 members shall
be from State banks having total assets of more than
$500,000,000, but not more than $2,000,000,000 at the time of
their appointment, and one member shall be from a State bank
having total assets of more than $2,000,000,000 at the time of
his or her appointment. There shall be 2 public members,
neither of whom shall be an officer or director of or owner,
whether directly or indirectly, of more than 5% of the
outstanding capital stock of any bank. divided into 3 classes
designated Class A members, Class B members, and Class C
members who are appointed by the Governor by and with the
advice and consent of the Senate and made up as follows:
Class A shall consist of 4 persons, none of whom shall be
an officer or director of or owner, whether direct or indirect,
of more than 5% of the outstanding capital stock of any bank.
Class B shall consist of 10 persons who at the time of
their respective appointments shall have had not less than 10
years banking experience. Of the 10 Class B members, 2 shall be
from State banks having total assets of not more than
$20,000,000 at the time of their appointment, 2 shall be from
State banks having total assets of more than $20,000,000 but
not more than $50,000,000 at the time of their appointment, 2

SB2581 Enrolled - 39 - LRB096 16851 MJR 32162 b
shall be from State banks having total assets of more than
$50,000,000, but not more than $125,000,000 at the time of
their appointment, one shall be from a State bank having total
assets of more than $125,000,000 but not more than $250,000,000
at the time of appointment, one shall be from a State bank
having total assets of more than $250,000,000 but not more than
$1,000,000,000 at the time of appointment, one shall be from a
State bank having total assets of more than $1,000,000,000 at
the time of appointment and one shall be from a foreign banking
corporation certificated pursuant to the Foreign Banking
Office Act.
Class C shall consist of 2 persons who shall be at-large
members representing the banking industry generally.
(Source: P.A. 91-798, eff. 7-9-00.)
(205 ILCS 5/79) (from Ch. 17, par. 391)
Sec. 79. Board, terms of office. The terms of office of the
Class A and Class B members of the State Banking Board of
Illinois shall be 4 years, except that the initial Board
appointments shall be staggered with the Governor initially
appointing, with advice and consent of the Senate, 3 members to
serve 2-year terms, 4 members to serve 3-year terms, and 4
members to serve 4-year terms. Members shall continue to serve
on the Board until their replacement is appointed and
qualified. Vacancies shall be filled by appointment by the
Governor with advice and consent of the Senate. Board of Banks

SB2581 Enrolled - 40 - LRB096 16851 MJR 32162 b
and Trust Companies who are in office on the effective date of
this Amendatory Act of 1985 shall expire on December 31, 1985.
The terms of office of Class A, Class B, and Class C members of
the State Banking Board shall be as follows:
(a) The terms of office of all Class A and Class B members
of the State Banking Board shall begin on January 1, 1986.
(b) The persons first appointed as the Class A members of
the State Banking Board shall have the following terms as
designated by the Governor; one person for a term of one year,
one person for a term of 2 years, one person for a term of 3
years and one person for a term of 4 years. Thereafter, the
term of office of each Class A member shall be 4 years, except
that an appointment to fill a vacancy shall be for the
unexpired term of the member whose term is being filled.
(c) The persons first appointed as Class B members of the
State Banking Board shall have the following terms as
designated by the Governor; one member for a term of one year,
3 members for a term of 2 years, 3 members for a term of 3
years, and 3 members for a term of 4 years. Thereafter, the
term of office of each Class B member shall be 4 years, except
that an appointment to fill a vacancy shall be for the
unexpired term of the member whose term is being filled.
(c-5) The initial term of office of each Class C member of
the State Banking Board appointed pursuant to this amendatory
Act of the 91st General Assembly shall expire on January 1,
2004. Thereafter, the term of office of each Class C member

SB2581 Enrolled - 41 - LRB096 16851 MJR 32162 b
shall be 4 years, except that an appointment to fill a vacancy
shall be for the unexpired term of the member whose term is
being filled.
(d) No Class A, Class B, or Class C State Banking Board
member shall serve more than 2 full 4-year terms of office.
(e) The term of office of a State Banking Board member
shall terminate automatically when the member no longer meets
the qualifications for the member's appointment to the Board
provided that an increase or decrease in the asset size of the
member's bank during the member's term of office on the State
Banking Board shall not result in the termination of the
member's term of office.
(Source: P.A. 90-301, eff. 8-1-97; 91-798, eff. 7-9-00.)
(205 ILCS 5/80) (from Ch. 17, par. 392)
Sec. 80. Board; powers. The Board shall have the following
powers in addition to any others that may be granted to it by
law:
(a) (Blank). To make, alter, and amend rules and
regulations proposed for adoption by the Commissioner with
respect to the following matters:
(i) The scope and nature of showings to be furnished
and evidence to be presented in connection with the
granting of charters of new banks, and in connection with
the approval by the Commissioner of mergers, conversions,
consolidations and changes of location, and the forms upon

SB2581 Enrolled - 42 - LRB096 16851 MJR 32162 b
which any of such showings may be made.
(ii) The steps to be taken and the showings to be
furnished in connection with voluntary dissolutions under
Sections 68 to 74, inclusive, of this Act, and the forms
upon which such showing are to be made.
(iii) The form, content and nature of the reports to be
furnished to the Commissioner under Section 47 of this Act,
and the definition of the scope of examinations and the
data to be furnished in connection with examinations by the
Commissioner under subsection (2) and subsection (5) of
Section 48 of this Act.
(b) To review, consider, and make recommendations to the
Director of Banking Commissioner upon any banking matters.
(c) (Blank). To require the Commissioner to report
periodically to the Board on any banking matters, including the
following:
(i) Data with respect to banks whose condition or
practices are being critically considered or reviewed by
the Commissioner pursuant to Section 51 of this Act, and
data with respect to banks to which any notice has been
given by the Commissioner pursuant to said Section 51; and
(ii) The extent and nature of all disciplinary action
taken by the Commissioner against any bank or any officer
or director thereof, and information with respect to the
manner or extent of the remedial action, if any, taken by
the criticized bank or director or officer; and

SB2581 Enrolled - 43 - LRB096 16851 MJR 32162 b
(iii) The extent and nature of all action taken by the
Commissioner under or pursuant to Section 52 of this Act;
and
(iv) The extent and nature of all action taken by the
Commissioner under or pursuant to Section 31 of this Act.
(d) (Blank). To require the Commissioner to furnish the
Board reports in respect of the granting or of the denial of
new charters, mergers, changes of location, conversions or
consolidations, including the findings made and the basis for
the action taken by the Commissioner in connection therewith.
(e) To review, consider, and submit to the Director of
Banking Commissioner and to the Governor proposals for
amendments to this Act or for changes in or additions to the
administration thereof which in the opinion of the Board are
necessary or desirable in order to assure the safe and sound
conduct of the banking business.
(f) To require the Secretary Commissioner to furnish the
Board space for meetings to be held by the Board as well as to
require the Secretary Commissioner to provide such clerical and
technical assistance as the Board may require.
(g) To adopt its own by-laws with respect to Board meetings
and procedures. Such by-laws shall provide that:
(i) A majority of the whole Board constitutes a quorum.
(ii) A majority of the quorum shall constitute
effective action except that a vote of a majority of the
whole Board shall be necessary for the approval of rules

SB2581 Enrolled - 44 - LRB096 16851 MJR 32162 b
and regulations proposed for adoption by the Commissioner
under Section 80(a), (i), (ii) and (iii) of this Act and
shall be necessary for recommendations made to the Director
of Banking Commissioner and to the Governor with regard to
proposed amendments to this Act or to the administrative
practices hereunder.
(iii) The Board shall meet at least once in each
calendar year and upon the call of the Director of Banking
Commissioner or a majority of the Board. The Director of
Banking Commissioner or a majority of the Board may call
such special or additional meetings as may be deemed
necessary or desirable.
(h) (Blank). To make rules to regulate the method of
selecting candidates for consideration by the Governor to fill
a vacancy in the Office of the Commissioner and the deputy
commissioners.
(i) (Blank). To make rules to regulate the method of
selecting candidates for consideration by the Governor to fill
a vacancy in the office of any of the 10 Class B members of the
Board.
(j) (Blank). To make rules to regulate the conduct of
hearings under subsection (7) of Section 48 of this Act.
(k) (Blank). To subpoena witnesses, to compel their
attendance, to administer an oath, to examine any person under
oath and to require the production of any relevant books,
papers, accounts and documents in the course of and pursuant to

SB2581 Enrolled - 45 - LRB096 16851 MJR 32162 b
any hearing being conducted under subsection (7) of Section 48
of this Act.
(l) (Blank). To appoint hearing officers to conduct
hearings under subsection (7) of Section 48 of this Act.
(m) To authorize the transfer of funds from the Illinois
Bank Examiners' Education Fund to the Bank and Trust Company
Fund. Any amount transferred shall be retransferred to the
Illinois Bank Examiners' Education Fund from the Bank and Trust
Company Fund within 3 years.
(n) To maintain and direct the investments of the Illinois
Bank Examiners' Education Fund.
(o) To evaluate various courses, programs, curricula, and
schools of continuing education and professional training that
are available from within the United States for State banking
department examination personnel and develop a program known as
the Illinois Bank Examiners' Education Program. The Board shall
determine which courses, programs, curricula, and schools will
be included in the Program to be funded by the Foundation.
(Source: P.A. 89-508, eff. 7-3-96.)
(205 ILCS 5/82) (from Ch. 17, par. 394)
Sec. 82. Commissioner, board; civil liability. Neither the
Secretary, Director of Banking, Commissioner, any deputy
commissioner, any member of the Board of Banks and Trust
Companies, any member of the State Banking Board of Illinois,
nor any examiner, assistant examiner or other employee of the

SB2581 Enrolled - 46 - LRB096 16851 MJR 32162 b
Division of Banking Commissioner's office shall be subject to
any civil liability or penalty, whether for damages or
otherwise, on account of or for any action taken or omitted to
be taken in their respective official capacities, except when
such acts or omissions to act are corrupt or malicious or
unless such action is taken or omitted to be taken not in good
faith and without reasonable grounds.
(Source: P.A. 85-204.)
Section 15. The Illinois Bank Holding Company Act of 1957
is amended by changing Sections 2 and 3.074 as follows:
(205 ILCS 10/2) (from Ch. 17, par. 2502)
Sec. 2. Unless the context requires otherwise:
(a) "Bank" means any national banking association or any
bank, banking association or savings bank, whether organized
under the laws of Illinois, another state, the United States,
the District of Columbia, any territory of the United States,
Puerto Rico, Guam, American Samoa or the Virgin Islands, which
(1) accepts deposits that the depositor has a legal right to
withdraw on demand by check or other negotiable order and (2)
engages in the business of making commercial loans. "Bank" does
not include any organization operating under Sections 25 or 25
(a) of the Federal Reserve Act, or any organization which does
not do business within the United States except as an incident
to its activities outside the United States or any foreign

SB2581 Enrolled - 47 - LRB096 16851 MJR 32162 b
bank.
(b) "Bank holding company" means any company that controls
or has control over any bank or over any company that is or
becomes a bank holding company by virtue of this Act.
(c) "Banking office" means the principal office of a bank,
any branch of a bank, or any other office at which a bank
accepts deposits, provided, however, that "banking office"
shall not mean:
(1) unmanned automatic teller machines, point of sale
terminals or other similar unmanned electronic banking
facilities at which deposits may be accepted; or
(2) offices located outside the United States.
(d) "Cause to be chartered", with respect to a specified
bank, means the acquisition of control of such bank prior to
the time it commences to engage in the banking business.
(e) "Commissioner" means the Commissioner of Banks and Real
Estate or a person authorized by the Commissioner, the Office
of Banks and Real Estate Act, or this Act to act in the
Commissioner's stead, except that beginning on the effective
date of this amendatory Act of the 96th General Assembly, all
references in this Act to the Commissioner of Banks and Real
Estate are deemed, in appropriate contexts, to be references to
the Secretary of Financial and Professional Regulation.
(f) "Community" means the contiguous area served by the
banking offices of a bank, but need not be limited or expanded
to conform to the geographic boundaries of units of local

SB2581 Enrolled - 48 - LRB096 16851 MJR 32162 b
government.
(g) "Company" means any corporation, business trust,
voting trust, association, partnership, joint venture, similar
organization or any other trust unless by its terms it must
terminate within 25 years or not later than 21 years and 10
months after the death of individuals living on the effective
date of the trust, but shall not include (1) an individual or
(2) any corporation the majority of the shares of which are
owned by the United States or by any state or any corporation
or community chest fund, organized and operated exclusively for
religious, charitable, scientific, literary or educational
purposes, no part of the net earnings of which inure to the
benefit of any private shareholder or individual and no
substantial part of the activities of which is carrying on
propaganda or otherwise attempting to influence legislation.
(h) A company "controls or has control over" a bank or
company if (1) it directly or indirectly owns or controls or
has the power to vote, 25% or more of the voting shares of any
class of voting securities of such bank or company or (2) it
controls in any manner the election of a majority of the
directors or trustees of such bank or company or (3) a trustee
holds for the benefit of its shareholders, members or
employees, 25% or more of the voting shares of such bank or
company or (4) it directly or indirectly exercises a
controlling influence over the management or policies of such
bank or company that is a bank holding company and the Board of

SB2581 Enrolled - 49 - LRB096 16851 MJR 32162 b
Governors of the Federal Reserve System has so determined under
the federal Bank Holding Company Act. In determining whether
any company controls or has control over a bank or company: (i)
shares owned or controlled by any subsidiary of a company shall
be deemed to be indirectly owned or controlled by such company;
(ii) shares held or controlled, directly or indirectly, by a
trustee or trustees for the benefit of a company, the
shareholders or members of a company or the employees (whether
exclusively or not) of a company, shall be deemed to be
controlled by such company; and (iii) shares transferred,
directly or indirectly, by any bank holding company (or by any
company which, but for such transfer, would be a bank holding
company) to any transferee that is indebted to the transferor
or that has one or more officers, directors, trustees or
beneficiaries in common with or subject to control by the
transferor, shall be deemed to be indirectly owned or
controlled by the transferor unless the Board of Governors of
the Federal Reserve System has determined, under the federal
Bank Holding Company Act, that the transferor is not in fact
capable of controlling the transferee. Notwithstanding the
foregoing, no company shall be deemed to have control of or
over a bank or bank holding company (A) by virtue of its
ownership or control of shares in a fiduciary capacity arising
in the ordinary course of its business; (B) by virtue of its
ownership or control of shares acquired by it in connection
with its underwriting of securities which are held only for

SB2581 Enrolled - 50 - LRB096 16851 MJR 32162 b
such period of time as will permit the sale thereof upon a
reasonable basis; (C) by virtue of its holding any shares as
collateral taken in the ordinary course of securing a debt or
other obligation; (D) by virtue of its ownership or control of
shares acquired in the ordinary course of collecting a debt or
other obligation previously contracted in good faith, until 5
years after the date acquired; or (E) by virtue of its voting
rights with respect to shares of any bank or bank holding
company acquired in the course of a proxy solicitation in the
case of a company formed and operated for the sole purpose of
participating in a proxy solicitation.
(h-5) "Division of Banking" means the Division of Banking
of the Department of Financial and Professional Regulation.
(i) "Federal Bank Holding Company Act" means the federal
Bank Holding Company Act of 1956, as now or hereafter amended.
(j) "Foreign bank" means any company organized under the
laws of a foreign country which engages in the business of
banking or any subsidiary or affiliate of any such company,
organized under such laws. "Foreign bank" includes, without
limitation, foreign merchant banks and other foreign
institutions that engage in banking activities usual in
connection with the business of banking in the countries where
such foreign institutions are organized or operating.
(k) "Home state" means the home state of a foreign bank as
determined pursuant to the federal International Banking Act of
1978.

SB2581 Enrolled - 51 - LRB096 16851 MJR 32162 b
(l) "Illinois bank" means a bank:
(1) that is organized under the laws of this State or
of the United States; and
(2) whose main banking premises is located in Illinois.
(m) "Illinois bank holding company" means a bank holding
company:
(1) whose principal place of business is Illinois; and
(2) that is not directly or indirectly controlled by
another bank holding company whose principal place of
business is a state other than Illinois or by a foreign
bank whose Home State is a state other than Illinois.
An out of state bank holding company that acquires control
of one or more Illinois banks or Illinois bank holding
companies pursuant to Sections 3.061 or 3.071 shall not be
deemed an Illinois bank holding company.
(n) "Main banking premises" means the location that is
designated in a bank's charter as its main office and that is
within the state in which the total deposits held by all of the
banking offices of such bank are the largest, as shown in the
most recent reports of condition or similar reports filed by
such bank with state or federal regulatory authorities.
(o) "Out of state bank" means a bank:
(1) that is not an Illinois bank; and
(2) whose main banking premises is located in a state
other than Illinois.
(p) "Out of state bank holding company" means a bank

SB2581 Enrolled - 52 - LRB096 16851 MJR 32162 b
holding company:
(1) that is not an Illinois bank holding company;
(2) whose principal place of business is a state other
than Illinois the laws of which expressly authorize the
acquisition by an Illinois bank holding company of a bank
or bank holding company in that state under qualifications
and conditions which are not unduly restrictive, as
determined by the Secretary Commissioner, when compared to
those imposed by the laws of Illinois.
(q) "Principal place of business" means, with respect to a
bank holding company, the state in which the total deposits
held by all of the banking offices of all of the bank
subsidiaries of such bank holding company are the largest, as
shown in the most recent reports of condition or similar
reports filed by the bank holding company's bank subsidiaries
with state or federal regulatory authorities.
(q-5) "Secretary" means the Secretary of Financial and
Professional Regulation, or a person authorized by the
Secretary or by this Act to act in the Secretary's stead.
(r) "State" or "states" when used in this Act means any
State of the United States, the District of Columbia, any
territory of the United States, Puerto Rico, Guam, American
Samoa or the Virgin Islands.
(s) "Subsidiary", with respect to a specified bank holding
company, means any bank or company controlled by such bank
holding company.

SB2581 Enrolled - 53 - LRB096 16851 MJR 32162 b
(Source: P.A. 89-508, eff. 7-3-96.)
(205 ILCS 10/3.074) (from Ch. 17, par. 2510.04)
Sec. 3.074. Powers; administrative review.
(a) The Secretary Commissioner shall have the power and
authority:
(1) to promulgate reasonable procedural rules for the
purposes of administering the provisions of this Act. The
Secretary Commissioner shall specify the form of any
application, report or document that is required to be
filed with the Secretary Commissioner pursuant to this Act;
(2) to issue orders for the purpose of administering
the provisions of this Act and any rule promulgated in
accordance with this Act;
(3) to appoint hearing officers to execute any of the
powers granted to the Secretary Commissioner under this
Section for the purpose of administering this Act or any
rule promulgated in accordance with this Act; and
(4) to subpoena witnesses, to compel their attendance,
to administer an oath, to examine any person under oath and
to require the production of any relevant books, papers,
accounts and documents in the course of and pursuant to any
investigation or hearing being conducted or any action
being taken by the Secretary Commissioner in respect to any
matter relating to the duties imposed upon or the powers
vested in the Secretary Commissioner under the provisions

SB2581 Enrolled - 54 - LRB096 16851 MJR 32162 b
of this Act or any rule promulgated in accordance with this
Act.
(b) Whenever, in the opinion of the Secretary Commissioner,
any director, officer, employee, or agent of any bank holding
company or subsidiary or affiliate of that company shall have
violated any law, rule, or order relating to that bank holding
company or subsidiary or affiliate of that company, shall have
obstructed or impeded any examination or investigation by the
Secretary Commissioner, shall have engaged in an unsafe or
unsound practice in conducting the business of that bank
holding company or subsidiary or affiliate of that company, or
shall have violated any law or engaged or participated in any
unsafe or unsound practice in connection with any financial
institution or other business entity such that the character
and fitness of the director, officer, employee, or agent does
not assure reasonable promise of safe and sound operation of
the bank holding company, the Secretary Commissioner may issue
an order of removal. If, in the opinion of the Secretary
Commissioner, any former director, officer, employee, or agent
of a bank holding company or subsidiary or affiliate of that
company, prior to the termination of his or her service with
that holding company or subsidiary or affiliate of that
company, violated any law, rule, or order relating to that bank
holding company or subsidiary or affiliate of that company,
obstructed or impeded any examination or investigation by the
Secretary Commissioner, engaged in an unsafe or unsound

SB2581 Enrolled - 55 - LRB096 16851 MJR 32162 b
practice in conducting the business of that bank holding
company or subsidiary or affiliate of that company, or violated
any law or engaged or participated in any unsafe or unsound
practice in connection with any financial institution or other
business entity such that the character and fitness of the
director, officer, employee, or agent would not have assured
reasonable promise of safe and sound operation of the bank
holding company, the Secretary Commissioner may issue an order
prohibiting that person from further service with a bank
holding company or subsidiary or affiliate of that company as a
director, officer, employee, or agent.
An order issued pursuant to this subsection shall be served
upon the director, officer, employee, or agent. A copy of the
order shall be sent to each director of the bank holding
company affected by registered mail. The person affected by the
action may request a hearing before the State Banking Board
within 10 days after receipt of the order. The hearing shall be
held by the State Banking Board within 30 days after the
request has been received by the State Banking Board. The State
Banking Board shall make a determination approving, modifying,
or disapproving the order of the Commissioner as its final
administrative decision. If a hearing is held by the State
Banking Board, the State Banking Board shall make its
determination within 60 days from the conclusion of the
hearing. Any person affected by a decision of the State Banking
Board under this subsection may have the decision reviewed only

SB2581 Enrolled - 56 - LRB096 16851 MJR 32162 b
under and in accordance with the Administrative Review Law and
the rules adopted pursuant thereto. A copy of the order shall
also be served upon the bank holding company of which he is a
director, officer, employee, or agent, whereupon he shall cease
to be a director, officer, employee, or agent of that bank
holding company.
The Secretary Commissioner may institute a civil action
against the director, officer, employee, or agent of the bank
holding company, against whom any order provided for by this
subsection has been issued, to enforce compliance with or to
enjoin any violation of the terms of the order.
Any person who has been the subject of an order of removal
or an order of prohibition issued by the Secretary Commissioner
under this subsection, subdivision (7) of Section 48 of the
Illinois Banking Act, or Section 5-6 of the Corporate Fiduciary
Act may not thereafter serve as director, officer, employee, or
agent of any holding company, State bank, or branch of any
out-of-state bank, of any corporate fiduciary, as defined in
Section 1-5.05 of the Corporate Fiduciary Act, or of any other
entity that is subject to licensure or regulation by the
Division of Banking Commissioner or the Office of Banks and
Real Estate unless the Secretary Commissioner has granted prior
approval in writing.
(c) All final administrative decisions of the Secretary
Commissioner under this Act shall be subject to judicial review
pursuant to provisions of the Administrative Review Law. For

SB2581 Enrolled - 57 - LRB096 16851 MJR 32162 b
matters involving administrative review, venue shall be in
either Sangamon County or Cook County.
(Source: P.A. 92-483, eff. 8-23-01.)
Section 20. The Corporate Fiduciary Act is amended by
changing Sections 1-5.03, 5-6, and 5-8 and by adding Sections
1-5.07a and 1-5.09a as follows:
(205 ILCS 620/1-5.03) (from Ch. 17, par. 1551-5.03)
Sec. 1-5.03. "Commissioner" means the Commissioner of
Banks and Real Estate or a person authorized by the
Commissioner, the Office of Banks and Real Estate Act, or this
Act to act in the Commissioner's stead, except that beginning
on the effective date of this amendatory Act of the 96th
General Assembly, all references in this Act to the
Commissioner of Banks and Real Estate are deemed, in
appropriate contexts, to be references to the Secretary of
Financial and Professional Regulation.
(Source: P.A. 89-508, eff. 7-3-96.)
(205 ILCS 620/1-5.07a new)
Sec. 1-5.07a. Division of Banking. "Division of Banking"
means the Division of Banking of the Department of Financial
and Professional Regulation.
(205 ILCS 620/1-5.09a new)

SB2581 Enrolled - 58 - LRB096 16851 MJR 32162 b
Sec. 1-5.09a. Secretary. "Secretary" means the Secretary
of Financial and Professional Regulation, or a person
authorized by the Secretary or by this Act to act in the
Secretary's stead.
(205 ILCS 620/5-6) (from Ch. 17, par. 1555-6)
Sec. 5-6. Removal orders. Whenever, in the opinion of the
Secretary Commissioner, any director, officer, employee, or
agent of a corporate fiduciary or subsidiary or corporate
parent of the corporate fiduciary shall have violated any law,
rule, or order relating to the corporate fiduciary or
subsidiary or corporate parent of the corporate fiduciary,
shall have engaged in an unsafe or unsound practice in
conducting the business of the corporate fiduciary or
subsidiary or corporate parent of the corporate fiduciary, or
shall have violated any law or engaged or participated in any
unsafe or unsound practice in connection with any financial
institution or other business entity such that the character
and fitness of the director, officer, employee, or agent does
not assure reasonable promise of safe and sound operation of
the corporate fiduciary or subsidiary or corporate parent of
the corporate fiduciary, the Secretary Commissioner may issue
an order of removal. If in the opinion of the Secretary
Commissioner, any former director, officer, employee, or agent
of a corporate fiduciary or subsidiary or corporate parent of
the corporate fiduciary, prior to the termination of his or her

SB2581 Enrolled - 59 - LRB096 16851 MJR 32162 b
service with the corporate fiduciary or subsidiary or corporate
parent of the corporate fiduciary, violated any law, rule, or
order relating to the corporate fiduciary or subsidiary or
corporate parent of the corporate fiduciary or engaged in an
unsafe or unsound practice in conducting the business of the
corporate fiduciary or subsidiary or corporate parent of the
corporate fiduciary or violated any law or engaged or
participated in any unsafe or unsound practice in connection
with any financial institution or other business entity such
that the character and fitness of the director, officer,
employee, or agent would not have assured reasonable promise of
safe and sound operation of the corporate fiduciary or
subsidiary or corporate parent of the corporate fiduciary, the
Secretary Commissioner may issue an order prohibiting that
person from further service with a corporate fiduciary or
subsidiary or corporate parent of the corporate fiduciary as a
director, officer, employee, or agent. An order issued pursuant
to this Section shall be served upon the director, officer,
employee, or agent. A copy of the order shall be sent to each
director of the corporate fiduciary affected by personal
service, certified mail return receipt requested, or any other
method that provides proof of service and receipt. The person
affected by the action may request a hearing before the State
Banking Board of Illinois, hereafter "the Board", within 10
days after receipt of the order of removal or prohibition. The
hearing shall be held by the Board according to the same

SB2581 Enrolled - 60 - LRB096 16851 MJR 32162 b
procedures used pursuant to Section 48 of the Illinois Banking
Act, and the hearing shall be held within 30 days after the
request has been received by the Board. After concluding the
hearing, the Board shall make a determination approving,
modifying, or disapproving the order of the Commissioner as its
final administrative decision. A copy of the order shall be
served upon the corporate fiduciary of which the person is a
director, officer, employee, or agent, whereupon the person
shall cease to be a director, officer, employee, or agent of
the corporate fiduciary. Any person who has been removed or
prohibited by an order of the Secretary Commissioner under this
Section or subsection (7) of Section 48 of the Illinois Banking
Act may not thereafter serve as director, officer, employee, or
agent of any State bank or corporate fiduciary, or of any other
entity that is subject to licensure or regulation by the
Division of Banking Commissioner or the Office of Banks and
Real Estate unless the Secretary Commissioner has granted prior
approval in writing. The Secretary Commissioner may institute a
civil action against the director, officer, employee, or agent
subject to an order issued under this Section and against the
corporate fiduciary to enforce compliance with or to enjoin any
violation of the terms of the order.
(Source: P.A. 92-483, eff. 8-23-01.)
(205 ILCS 620/5-8) (from Ch. 17, par. 1555-8)
Sec. 5-8. All final administrative decisions of the

SB2581 Enrolled - 61 - LRB096 16851 MJR 32162 b
Secretary Commissioner, or of the State Banking Board of
Illinois where this Act provides a hearing before such Board to
review a decision of the Commissioner, shall be subject to
review pursuant to the provisions of the Administrative Review
Law, as now or hereafter amended, and the rules adopted
pursuant thereto. For matters involving administrative review,
venue shall be in either Sangamon County or Cook County.
(Source: P.A. 86-754.)
SB2581 Enrolled - 62 - LRB096 16851 MJR 32162 b
INDEX
Statutes amended in order of appearance
20 ILCS 3210/1 from Ch. 17, par. 401
20 ILCS 3210/3.01 from Ch. 17, par. 403.1
20 ILCS 3210/3.07 new
20 ILCS 3210/4 from Ch. 17, par. 404
20 ILCS 3210/5 from Ch. 17, par. 405
20 ILCS 3210/8 from Ch. 17, par. 408
205 ILCS 5/2 from Ch. 17, par. 302
205 ILCS 5/48 from Ch. 17, par. 359
205 ILCS 5/78 from Ch. 17, par. 390
205 ILCS 5/79 from Ch. 17, par. 391
205 ILCS 5/80 from Ch. 17, par. 392
205 ILCS 5/82 from Ch. 17, par. 394
205 ILCS 10/2 from Ch. 17, par. 2502
205 ILCS 10/3.074 from Ch. 17, par. 2510.04
205 ILCS 620/1-5.03 from Ch. 17, par. 1551-5.03
205 ILCS 620/1-5.07a new
205 ILCS 620/1-5.09a new
205 ILCS 620/5-6 from Ch. 17, par. 1555-6
205 ILCS 620/5-8