Full Text of HB4589 100th General Assembly
HB4589 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB4589 Introduced , by Rep. Tony McCombie SYNOPSIS AS INTRODUCED: |
| 205 ILCS 205/9014 | from Ch. 17, par. 7309-14 | 205 ILCS 205/9004 rep. | |
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Amends the Savings Bank Act. Provides that a savings bank shall have its books, records, and accounts examined at least once every 18 months (rather than at least once in each year) in the same manner as a State Bank (rather than be audited by an independent licensed public accountant not connected with the savings bank). Removes requirements concerning an annual audit. Effective immediately.
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| | A BILL FOR |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Savings Bank Act is amended by changing | 5 | | Section 9014 as follows:
| 6 | | (205 ILCS 205/9014) (from Ch. 17, par. 7309-14)
| 7 | | Sec. 9014. Examination Annual audit . (a) At least once | 8 | | every 18 months, in each year, but in no case more than 12
| 9 | | months after the last examination audit conducted pursuant to | 10 | | this Section, or more often if it is necessary or expedient, it
| 11 | | shall be mandatory for each savings bank to have cause its | 12 | | books,
records, and accounts examined in the same manner as a | 13 | | State bank under the Illinois Banking Act to be audited by an | 14 | | independent licensed
public accountant not connected with the | 15 | | savings bank. This audit
must produce a certified financial | 16 | | statement. The Commissioner may
prescribe the scope of the | 17 | | audit within generally accepted auditing
standards .
| 18 | | (b) The report of the audit shall be given to a committee
| 19 | | composed of not fewer than 3 members of the board of directors, | 20 | | a majority
of whom may not be an officer, employee, or agent of | 21 | | the savings bank,
and the committee shall, at the meeting of | 22 | | the board of directors
following receipt of the report, present | 23 | | in detail the nature,
extent, and result of the report. A |
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| 1 | | written summary of the
committee's presentation, including a | 2 | | detailed listing of all
criticisms made by the accountant | 3 | | conducting the audit and any
responses thereto made by any | 4 | | member of the board of directors or
any officer of the savings | 5 | | bank, shall be sent by registered mail
to all members of the | 6 | | board of directors not present at the meeting
at which the | 7 | | committee made its presentation.
| 8 | | (c) A copy of the audit report, including a balance sheet | 9 | | of
the savings bank on the date of the audit and a statement of | 10 | | income
and expenses of the savings bank during the year ending | 11 | | with the
date of the audit and, if and when such is used, a copy | 12 | | of any
written summary prepared for absent members of the board | 13 | | of
directors shall be filed with the Commissioner by the | 14 | | committee
receiving the report within 90 days of the audit | 15 | | date; except that
the Commissioner may, for good cause shown, | 16 | | extend the filing date
for up to 60 additional days.
| 17 | | (d) The report filed with the Commissioner shall be | 18 | | certified
by the independent licensed public accountant | 19 | | conducting the audit.
If any savings bank required to make an | 20 | | audit shall fail to cause
an audit to be made, the Commissioner | 21 | | shall cause the audit to be
made by an independent licensed | 22 | | public accountant at the savings
bank's expense. In lieu of the | 23 | | audit required by this Section, the
Commissioner may accept any | 24 | | audit or financial statement or portion thereof
made
| 25 | | exclusively for or in accordance and in compliance with | 26 | | regulations adopted
by the Federal Deposit Insurance |
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| 1 | | Corporation.
| 2 | | (e) A savings bank holding company shall cause its books | 3 | | and records
to be audited at least once annually by an | 4 | | independent licensed public
accountant. A copy of the | 5 | | independent licensed
public accountant's report, along with | 6 | | all supporting documentation, shall be
filed with the | 7 | | Commissioner. The
report of audit shall be on a consolidated | 8 | | basis unless, in the auditor's
opinion, certain subsidiaries or | 9 | | parent entities should be reported separately.
If separate | 10 | | reports are prepared, they shall be prepared on the same basis | 11 | | as
the report on the holding company.
| 12 | | (Source: P.A. 89-320, eff. 1-1-96; 90-301, eff. 8-1-97.)
| 13 | | (205 ILCS 205/9004 rep.) | 14 | | Section 10. The Savings Bank Act is amended by repealing | 15 | | Section 9004.
| 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law.
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