(20 ILCS 3205/5)
(from Ch. 17, par. 455)
In addition to all the other powers and duties provided
by law, the Commissioner shall have the following powers:
(a) To exercise the rights, powers and duties formerly vested by law in
the Director of Financial Institutions under the Illinois Banking Act.
(b) To exercise the rights, powers and duties formerly vested by law in
the Department of Financial Institutions under "An act to provide for and
regulate the administration of trusts by trust companies", approved June 15,
1887, as amended.
(c) To exercise the rights, powers and duties formerly vested by law in
the Director of Financial Institutions under "An act authorizing foreign
corporations, including banks and national banking associations domiciled in
other states, to act in a fiduciary capacity in this state upon certain
conditions herein set forth", approved July 13, 1953, as amended.
(c-5) To exercise all of the rights, powers, and duties granted to the Director or Secretary under the Illinois Banking Act, the Corporate Fiduciary Act, the Electronic Fund Transfer Act, the Illinois Bank Holding Company Act of 1957, the Savings Bank Act, the Illinois Savings and Loan Act of 1985, the Savings and Loan Share and Account Act, the Residential Mortgage License Act of 1987, and the Pawnbroker Regulation Act.
(c-15) To enter into cooperative agreements with appropriate federal and out-of-state state regulatory agencies to conduct and otherwise perform any examination of a regulated entity as authorized under the Illinois Banking Act, the Corporate Fiduciary Act, the Electronic Fund Transfer Act, the Illinois Bank Holding Company Act of 1957, the Savings Bank Act, the Illinois Savings and Loan Act of 1985, the Residential Mortgage License Act of 1987, and the Pawnbroker Regulation Act.
(d) Whenever the Commissioner is authorized or required by law to consider
or to make findings regarding the character of incorporators, directors,
management personnel, or other relevant individuals under the Illinois Banking
the Corporate Fiduciary Act, the Pawnbroker Regulation Act, or at other
times as the Commissioner deems necessary for the purpose of carrying out the
Commissioner's statutory powers
and responsibilities, the Commissioner shall consider criminal
history record information, including nonconviction information, pursuant to
the Criminal Identification Act. The Commissioner shall, in the
form and manner required by
the Department of State Police and the Federal Bureau of Investigation, cause
to be conducted a criminal history record investigation to obtain
information currently contained in the files of the Department of State Police
or the Federal Bureau of Investigation, provided that the Commissioner need
not cause additional criminal history record investigations to be conducted
on individuals for whom the Commissioner, a federal bank regulatory
agency, or any other government agency has caused such investigations to
have been conducted previously unless such additional investigations are
otherwise required by law or unless the Commissioner deems such additional
investigations to be necessary for the purposes of
carrying out the Commissioner's statutory powers and responsibilities.
The Department of State Police shall
provide, on the Commissioner's request, information concerning criminal
charges and their disposition currently on file with respect to a relevant
individual. Information obtained as a result
of an investigation under this Section shall be used in determining eligibility
to be an incorporator, director, management personnel, or other relevant
individual in relation to a financial institution or other entity
supervised by the Commissioner. Upon request and payment of fees in
conformance with the
requirements of Section 2605-400 of the Department of State Police Law (20 ILCS
2605/2605-400), the Department of State Police is authorized
to furnish, pursuant to positive identification, such information contained in
State files as is necessary to fulfill the request.
(e) When issuing charters, permits, licenses, or other authorizations,
the Commissioner may impose such terms and conditions on the issuance
as he deems necessary or appropriate. Failure to
abide by those terms and conditions may result in the revocation of the
issuance, the imposition of corrective orders, or the imposition of civil
(f) If the Commissioner has reasonable cause to believe that any entity
that has not submitted an application for authorization or licensure is
conducting any activity that would otherwise require authorization or
licensure by the Commissioner, the Commissioner shall have the power to
subpoena witnesses, to compel their attendance, to require the production
of any relevant books, papers, accounts, and documents, and to conduct an examination of the entity in order to determine
whether the entity is subject to authorization or licensure by the
Commissioner or the Division. If the Secretary determines that the entity is subject to authorization or licensure by the Secretary, then the Secretary shall have the power to issue orders against or take any other action, including initiating a receivership against the unauthorized or unlicensed entity.
(g) The Commissioner may, through the Attorney General, request
the circuit court of any county to issue an injunction to restrain any person
from violating the provisions of any Act administered by the Commissioner.
(h) Whenever the Commissioner is authorized to take any action or
required by law to consider or make findings, the Commissioner may delegate
or appoint, in writing, an officer or employee of the Division to
take that action or make that finding.
(i) Whenever the Secretary determines that it is in the public's interest, he or she may publish any cease and desist order or other enforcement action issued by the Division.
(Source: P.A. 96-1365, eff. 7-28-10; 97-492, eff. 1-1-12.)