(205 ILCS 205/10100) Sec. 10100. Judicial review. Whenever the Secretary shall have taken possession and control of a savings bank and its assets for the purpose of examination, reorganization, or liquidation through receivership, or whenever the Secretary shall have appointed a receiver for a savings bank, other than the Federal Deposit Insurance Corporation, and filed a complaint for the dissolution or for the winding up of the affairs of a savings bank, and the savings bank denies the grounds for such actions, it may, at any time within 10 days, apply to the Circuit Court of Sangamon County, Illinois, to enjoin further proceedings in the premises; and such court shall cite the Secretary to show cause why further proceedings should not be enjoined, and if the court shall find that the grounds do not exist, the court shall make an order enjoining the Secretary and any receiver acting under his or her direction from all further proceedings on account of such alleged grounds, provided that neither the 10 days allowed by this Section 10100 for judicial review nor the pendency of any proceedings for judicial review shall operate to defer, delay, impede, or prevent the payment or acquisition by the Federal Deposit Insurance Corporation of the deposit liabilities of the savings bank that are insured by the Federal Deposit Insurance Corporation, and during the period allowed for judicial review and during the pendency of any proceedings for judicial review under this Section 10100, the Secretary or, as the case may be, the receiver shall make available to the Federal Deposit Insurance Corporation such facilities in or of the savings bank and the books, records, and other relevant data of the savings bank as may be necessary or appropriate to enable the Federal Deposit Insurance Corporation to pay out or to acquire the insured deposit liabilities of the savings bank, and said Federal Deposit Insurance Corporation and its directors, officers, agents, and employees, and the Secretary and his agents and employees, including the receiver, if any, shall be free from any liability to the savings bank and its stockholders and creditors for or on account of any matter or thing in this proviso referred to or provided for.
(Source: P.A. 96-1365, eff. 7-28-10.) |
(205 ILCS 205/11001) (from Ch. 17, par. 7311-1)
Sec. 11001.
Affirmative action to correct conditions resulting
from violations of law, regulations, or orders or from practices.
The Commissioner is hereby granted authority to issue orders
under this Act that require a savings bank or an
institution-affiliated party to take affirmative action to correct
any conditions resulting from any violations or practices cited
with respect to the order. The order may require the savings bank
or the institution-affiliated party to:
(1) Make restitution or provide reimbursement, |
| indemnification, or guarantees for or against losses if:
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(A) the savings bank or the institution
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| affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with the violation or practice; or
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(B) the violation or practice involved a reckless
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| disregard for applicable laws, regulations, or written agreements or written orders of the Commissioner or other appropriate regulator.
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(2) Restrict the savings bank's growth or institute
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| appropriate operating restrictions.
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(3) Dispose of any loan or asset involved.
(4) Rescind agreements or contracts.
(5) Submit candidates for future directors,
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| employees, or officers to the Commissioner for approval.
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(6) Take any other actions the Commissioner deems
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(Source: P.A. 86-1213.)
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(205 ILCS 205/11002) (from Ch. 17, par. 7311-2)
Sec. 11002.
Cease and desist orders; books and records.
(a) If the notice of charges and orders under Section 11001
specifies that the books
and records of a savings bank are so incomplete and inaccurate that the
Commissioner is unable to determine the financial condition of the savings
bank or unable to determine the nature, details, or purpose of any
transaction that may have a material effect on the savings bank's financial
condition, then the Commissioner shall issue an order that shall be
immediately effective requiring:
(1) Specific, affirmative steps to restore, |
| reconstruct, or adjust the books and records to accuracy and compliance.
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(2) Rescission or cessation of transactions or
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| activities that led to the incomplete or inaccurate condition of the books and records.
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(3) The establishment of reserves for any losses that
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| the Commissioner finds were incurred due to the condition of the books and records.
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(b) Orders under this Section shall be effective until the
Commissioner's examination determines that the condition has been
corrected.
(Source: P.A. 86-1213.)
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(205 ILCS 205/11003) (from Ch. 17, par. 7311-3)
Sec. 11003. Removal and prohibition authority.
(a) In addition to other provisions of this Act concerning
officers and directors, the Commissioner may remove or suspend from any
savings bank operating under this Act any officer, director,
employee, or agent of a savings bank, and the Commissioner may prohibit
participation in the affairs of any savings bank by any current, former, or
prospective officer, director, employee, or agent of a savings bank, if he
finds any of the following:
(1) The person or persons have directly or indirectly |
| violated any law, regulation, or order including orders, conditions, and agreements between the savings bank and the Commissioner or between the savings bank and its federal regulators.
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(2) The person or persons have breached their
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| fiduciary or professional responsibilities to the savings bank.
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(3) The person or persons have engaged or
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| participated in unsafe action in conducting the business of a savings bank, a savings bank holding company, or a savings bank affiliate.
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(4) The person or persons have obstructed or impeded
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| an examination or investigation of a savings bank, a savings bank holding company, or savings bank affiliate.
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(5) The person or persons have similarly behaved
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| towards any other insured depository institution or otherwise regulated entity or that the person or persons are the subject of any final order issued by the federal insurer, the Office of the Comptroller of the Currency, the Federal Reserve Board, a state financial institutions regulator, the Securities and Exchange Commission, or by a state or federal court of law.
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(b) The Commissioner may serve upon a party a written
notice of the Commissioner's intention to remove or suspend the
party from office in the savings bank or to prohibit any
participation in any manner by the party in the
affairs of any savings bank, if the Commissioner
finds because of
a violation of subsection (a) any of the following:
(1) Any savings bank, other insured depository
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| institution, or other regulated entity has or probably will suffer financial loss or other damage.
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(2) The interests of the savings bank's depositors or
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| other insured depository institution's depositors have been or could be prejudiced.
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(3) The party has received financial gain or other
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| benefit by reason of the violation and the Commissioner finds that the violation or breach involves personal dishonesty on the part of the party or demonstrates willful or continuing disregard by the party for the safety and soundness of the savings bank or other insured depository institution.
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(Source: P.A. 96-585, eff. 8-18-09.)
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(205 ILCS 205/11006) (from Ch. 17, par. 7311-6)
Sec. 11006. Civil penalties. The Commissioner, in addition to any
other powers granted in this Act, shall have the power and authority to:
(1) Impose civil penalties of up to $100,000 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 that in the Commissioner's discretion, is an unsafe or unsound banking practice.
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(2) Impose civil penalties of up to $100 against any
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| 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.
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(Source: P.A. 96-1365, eff. 7-28-10.)
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