(205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
Sec. 9002. Powers of Secretary. (a) The Secretary shall have the following
powers and duties:
(1) To exercise the rights, powers, and duties set |
| forth in this Act or in any related Act.
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(2) To establish regulations as may be reasonable or
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| necessary to accomplish the purposes of this Act.
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(3) To make an annual report regarding the work of
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| his or her office under this Act as he may consider desirable to the Governor, or as the Governor may request.
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(4) To cause a suit to be filed in his or her name to
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| enforce any law of this State that applies to savings banks, their service corporations, subsidiaries, affiliates, or holding companies operating under this Act, including the enforcement of any obligation of the officers, directors, agents, or employees of any savings bank.
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(5) To prescribe a uniform manner in which the books
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| and records of every savings bank are to be maintained.
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(6) To establish a reasonable fee structure for
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| savings banks and holding companies operating under this Act and for their service corporations and subsidiaries. The fees shall include, but not be limited to, annual fees, application fees, regular and special examination fees, and other fees as the Secretary establishes and demonstrates to be directly resultant from the Secretary's responsibilities under this Act and as are directly attributable to individual entities operating under this Act. The aggregate of all moneys collected by the Secretary on and after the effective date of this Act shall be paid promptly after receipt of the same, accompanied by a detailed statement thereof, into the Savings Bank Regulatory Fund established under Section 9002.1 of this Act. Nothing in this Act shall prevent continuing the practice of paying expenses involving salaries, retirement, social security, and State-paid insurance of State officers by appropriation from the General Revenue Fund. The Secretary may require payment of the fees under this Act by an electronic transfer of funds or an automatic debit of an account of each of the savings banks.
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(b) Notwithstanding the provisions of subsection (a), the Secretary shall not:
(1) issue an order against a savings bank or holding
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| company organized under this Act for unsafe or unsound banking practices solely because the entity provides or has provided financial services to a cannabis-related legitimate business;
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(2) prohibit, penalize, or otherwise discourage a
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| savings bank or holding company organized under this Act from providing financial services to a cannabis-related legitimate business solely because the entity provides or has provided financial services to a cannabis-related legitimate business;
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(3) recommend, incentivize, or encourage a savings
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| bank or holding company organized under this Act not to offer financial services to an account holder or to downgrade or cancel the financial services offered to an account holder solely because:
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(A) the account holder is a manufacturer or
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| producer, or is the owner, operator, or employee of, a cannabis-related legitimate business;
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(B) the account holder later becomes an owner or
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| operator of a cannabis-related legitimate business; or
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(C) the savings bank or holding company organized
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| under this Act was not aware that the account holder is the owner or operator of a cannabis-related legitimate business; or
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(4) take any adverse or corrective supervisory action
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| on a loan made to an owner or operator of:
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(A) a cannabis-related legitimate business solely
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| because the owner or operator owns or operates a cannabis-related legitimate business; or
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(B) real estate or equipment that is leased to a
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| cannabis-related legitimate business solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate business.
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(Source: P.A. 101-593, eff. 12-4-19.)
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(205 ILCS 205/9002.5) Sec. 9002.5. Regulatory fees. (a) Each fiscal year, each savings bank and each service corporation operating under this Act shall pay in quarterly installments equal to one-fourth of a regulatory fee based on the total assets of the savings bank or service corporation, as shown in the quarterly report of condition, at the following rates: 19.295 cents per $1,000 of the first $5,000,000 of |
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18.16 cents per $1,000 of the next $20,000,000 of
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15.89 cents per $1,000 of the next $75,000,000 of
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10.7825 cents per $1,000 of the next $400,000,000 of
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8.5125 cents per $1,000 of the next $500,000,000 of
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6.2425 cents per $1,000 of the next $19,000,000,000
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2.27 cents per $1,000 of the next $30,000,000,000 of
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1.135 cents per $1,000 of the next $50,000,000,000 of
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0.5675 cents per $1,000 of all assets in excess of
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| $100,000,000,000 of the savings bank.
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As used in this Section, "quarterly report of condition" means the Report of Condition and Income (Call Report), which the Secretary requires.
(a-5) For any savings bank or service corporation operating
under this Act that is examined by the Department between January 1,
2017 and the effective date of this amendatory Act of the 100th
General Assembly, a regulatory fee
shall not be due or paid to the Department for the first
billing of the regulatory fee immediately following the
effective date of this amendatory Act of the 100th General
Assembly. Any savings bank or service corporation subject to this subsection shall pay
the regulatory fee as prescribed in subsection (a) beginning
with the second billing of the regulatory fee by the Department
following the effective date of this amendatory Act of the 100th
General Assembly.
(b) (Blank).
(c) (Blank).
(d) The Secretary shall receive for each fiscal year, commencing with the fiscal year ending June 30, 2014, a contingent fee equal to the lesser of the aggregate of the fees paid by all savings banks under subsection (a) of this Section for that year, or the amount, if any, whereby the aggregate of the administration expenses, as defined in subsection (c) of Section 9002.1 of this Act, for that fiscal year exceeds the sum of the aggregate of the fees payable by all savings banks for that year under subsection (a) of this Section, plus any amounts transferred into the Savings Bank Regulatory Fund from the State Pensions Fund for that year, plus all other amounts collected by the Secretary for that year under any other provision of this 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 savings banks, respectively, in the same proportion that the fee of each under subsection (a) of this Section, respectively, for that year bears to the aggregate for that year of the fees collected under subsection (a) of this Section. The aggregate amount of the contingent fee, and the portion thereof to be assessed upon each savings bank, respectively, shall be determined by the Secretary 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 Secretary shall give 20 days' advance notice of the amount of the contingent fee payable by the savings bank and of the date fixed by the Secretary for payment of the fee.
(Source: P.A. 99-39, eff. 1-1-16; 100-201, eff. 8-18-17; 100-232, eff. 8-18-17.)
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(205 ILCS 205/9004) (from Ch. 17, par. 7309-4)
Sec. 9004. Examination.
(a) At least once every 18 months or more often if it is
deemed necessary or expedient, the Secretary shall examine the
books, records, operations, and affairs of each savings bank
operating under this Act. In the course of the examination, the Secretary may
also examine in the same manner all entities,
companies, and individuals which or whom the Secretary determines
may have a relationship with the savings bank or any subsidiary or
entity affiliated with it, if the relationship may adversely affect
the affairs, activities, and safety and soundness of the savings
bank, including: (i) companies controlled by the savings bank;
(ii) entities, including companies controlled by the company,
individual, or individuals that control the savings bank;
and (iii) the company or other entity which controls or owns the
savings bank. Notwithstanding any other provision of this Act, every savings bank, as defined by rule, or, if not defined, to the same extent as would be permitted in the case of a State bank, the Secretary, in lieu of the examination, may accept on an alternating basis the examination made by the eligible savings bank's appropriate 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 an examination.
(b) The Secretary shall examine to determine:
(1) Quality of financial condition, including safety |
| and soundness and investment and loan quality.
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(2) Compliance with this Act and other applicable
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| statutes and regulations.
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(3) Quality of management policies.
(4) Overall safety and soundness of the savings bank,
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| its parent, subsidiaries, and affiliates.
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(5) Remedial actions required to correct and to
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| restore compliance with applicable statutes, regulations, and proper business policies.
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(c) The Secretary may promulgate regulations to
implement and administer this Section.
(d) If a savings bank, its holding company, or any of its
corporate subsidiaries has not been audited at least once in the
12 months prior to the Secretary's examination, the Secretary may cause an audit of the savings bank's books and records to be
made by an independent licensed public accountant. The cost of the audit
shall be paid for by the entity being audited.
(e) The Secretary or his or her examiners or other
formally designated agents are authorized to administer oaths and
to examine and to take and preserve testimony under oath as to
anything in the affairs or ownership of any savings bank or
institution or affiliate thereof.
(f) Pursuant to subsection (c) of this Section, the Secretary shall adopt rules that ensure consistency and due process in the examination process. The Secretary may also establish guidelines that (i) define the scope of the examination process and (ii) clarify examination items to be resolved. The rules, formal guidance, interpretive letters, or opinions furnished to savings banks by the Secretary may be relied upon by the savings banks.
(Source: P.A. 97-492, eff. 1-1-12; 98-784, eff. 7-24-14.)
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(205 ILCS 205/9012) (from Ch. 17, par. 7309-12)
Sec. 9012. Disclosure of reports of examinations and confidential
supervisory information; limitations. (a) Any report of examination, visitation, or investigation prepared by
the Secretary
under this Act, any report of examination, visitation, or investigation
prepared by the state
regulatory authority of another state that examines a branch of an Illinois
State savings bank in
that state, any document or record prepared or obtained in connection with or
relating to any
examination, visitation, or investigation, and any record prepared or obtained
by the Secretary
to the extent that the record summarizes or contains information
derived from
any report, document, or record described in this subsection shall be deemed
confidential
supervisory information. "Confidential supervisory information" shall not
include any information or
record routinely prepared by a savings bank and maintained in the ordinary
course of business or any
information or record that is required to be made publicly available pursuant
to State or federal law
or rule. Confidential supervisory information shall be the property of the Secretary
and shall
only be disclosed under the circumstances and for the purposes set forth in
this Section.
The Secretary may disclose confidential supervisory information only under
the following
circumstances:
(1) The Secretary may furnish confidential |
| supervisory information to federal and state depository institution regulators, or any official or examiner thereof duly accredited for the purpose. Nothing contained in this Act shall be construed to limit the obligation of any savings bank to comply with the requirements relative to examinations and reports nor to limit in any way the powers of the Secretary relative to examinations and reports.
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(2) The Secretary may furnish confidential
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| supervisory information to the United States or any agency thereof that to any extent has insured a savings bank's deposits, or any official or examiner thereof duly accredited for the purpose. Nothing contained in this Act shall be construed to limit the obligation relative to examinations and reports of any savings bank in which deposits are to any extent insured by the United States or any agency thereof nor to limit in any way the powers of the Secretary with reference to examination and reports of the savings bank.
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(2.5) The Secretary may furnish confidential
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| supervisory information to a Federal Home Loan Bank in connection with any savings bank that is a member of the Federal Home Loan Bank or in connection with any application by the savings bank before the Federal Home Loan Bank. The confidential supervisory information shall remain the property of the Secretary and may not be further disclosed without the Secretary's permission.
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(3) The Secretary may furnish confidential
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| supervisory information to the appropriate law enforcement authorities when the Secretary reasonably believes a savings bank, which the Secretary has caused to be examined, has been a victim of a crime.
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(4) The Secretary may furnish confidential
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| supervisory information related to a savings bank, which the Secretary has caused to be examined, to the administrator of the Revised Uniform Unclaimed Property Act.
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(5) The Secretary may furnish confidential
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| supervisory information relating to a savings bank, which the Secretary has caused to be examined, relating to its performance of obligations under the Illinois Income Tax Act and the Illinois Estate and Generation-Skipping Transfer Tax Act to the Illinois Department of Revenue.
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(6) The Secretary may furnish confidential
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| supervisory information relating to a savings bank, which the Secretary has caused to be examined, under the federal Currency and Foreign Transactions Reporting Act, 31 United States Code, Section 1051 et seq.
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(7) The Secretary may furnish confidential
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| supervisory information to any other agency or entity that the Secretary determines to have a legitimate regulatory interest.
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(8) The Secretary may furnish confidential
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| supervisory information as otherwise permitted or required by this Act and may furnish confidential supervisory information under any other statute that by its terms or by regulations promulgated thereunder requires the disclosure of financial records other than by subpoena, summons, warrant, or court order.
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(9) At the request of the affected savings bank, the
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| Secretary may furnish confidential supervisory information relating to the savings bank, which the Secretary has caused to be examined, in connection with the obtaining of insurance coverage or the pursuit of an insurance claim for or on behalf of the savings bank; provided that, when possible, the Secretary shall disclose only relevant information while maintaining the confidentiality of financial records not relevant to such insurance coverage or claim and, when appropriate, may delete identifying data relating to any person.
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(10) The Secretary may furnish a copy of a report of
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| any examination performed by the Secretary of the condition and affairs of any electronic data processing entity to the savings banks serviced by the electronic data processing entity.
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(11) In addition to the foregoing circumstances, the
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| Secretary may, but is not required to, furnish confidential supervisory information under the same circumstances authorized for the savings bank pursuant to subsection (b) of this Section, except that the Secretary shall provide confidential supervisory information under circumstances described in paragraph (3) of subsection (b) of this Section only upon the request of the savings bank.
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(b) A savings bank or its officers, agents, and employees may disclose
confidential
supervisory information only under the following circumstances:
(1) to the board of directors of the savings bank, as
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| well as the president, vice-president, cashier, and other officers of the savings bank to whom the board of directors may delegate duties with respect to compliance with recommendations for action, and to the board of directors of a savings bank holding company that owns at least 80% of the outstanding stock of the savings bank or other financial institution.
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(2) to attorneys for the savings bank and to a
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| certified public accountant engaged by the savings bank to perform an independent audit; provided that the attorney or certified public accountant shall not permit the confidential supervisory information to be further disseminated.
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(3) to any person who seeks to acquire a controlling
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| interest in, or who seeks to merge with, the savings bank; provided that the person shall agree to be bound to respect the confidentiality of the confidential supervisory information and to not further disseminate the information other than to attorneys, certified public accountants, officers, agents, or employees of that person who likewise shall agree to be bound to respect the confidentiality of the confidential supervisory information and to not further disseminate the information.
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(4) to the savings bank's insurance company, if the
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| supervisory information contains information that is otherwise unavailable and is strictly necessary to obtaining insurance coverage or pursuing an insurance claim for or on behalf of the savings bank; provided that, when possible, the savings bank shall disclose only information that is relevant to obtaining insurance coverage or pursuing an insurance claim, while maintaining the confidentiality of financial information pertaining to customers; and provided further that, when appropriate, the savings bank may delete identifying data relating to any person.
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(5) to a Federal Home Loan Bank of which it is a
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(6) to any attorney, accountant, consultant, or
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| other professional as needed to comply with an enforcement action issued by the Secretary.
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The disclosure of confidential supervisory information by a savings bank
pursuant to this
subsection (b) and the disclosure of information to the Secretary or other
regulatory agency in
connection with any examination, visitation, or investigation shall not
constitute a waiver of any
legal privilege otherwise available to the savings bank with respect to the
information.
(c)(1) Notwithstanding any other provision of this Act or any other law,
confidential
supervisory information shall be the property of the Secretary and shall be
privileged from
disclosure to any person except as provided in this Section. No person in
possession of
confidential supervisory information may disclose that information for any
reason or under any
circumstances not specified in this Section without the prior authorization of
the Secretary.
Any person upon whom a demand for production of confidential supervisory
information is made,
whether by subpoena, order, or other judicial or administrative process, must
withhold
production of the confidential supervisory information and must notify the Secretary
of the
demand, at which time the Secretary is authorized to intervene for the
purpose of
enforcing the limitations of this Section or seeking the withdrawal or
termination of the attempt to
compel production of the confidential supervisory information.
(2) Any request for discovery or disclosure of confidential supervisory
information, whether
by subpoena, order, or other judicial or administrative process, shall be made
to the Secretary, and the Secretary shall determine within 15 days whether to
disclose the
information pursuant to procedures and standards that the Secretary shall
establish by rule. If
the Secretary determines that such information will not be disclosed, the Secretary's
decision shall be subject to judicial review under the provisions of the
Administrative Review
Law, and venue shall be in either Sangamon County or Cook County.
(3) Any court order that compels disclosure of confidential supervisory
information may be
immediately appealed by the Secretary, and the order shall be automatically
stayed pending the
outcome of the appeal.
(d) If any officer, agent, attorney, or employee of a savings bank knowingly
and willfully
furnishes confidential supervisory information in violation of this Section,
the Secretary
may impose a civil monetary penalty up to $1,000 for the violation
against
the officer, agent, attorney, or employee.
(e) Subject to the limits of this Section, the Secretary
also may promulgate regulations to set procedures and
standards for
disclosure of
the
following items:
(1) All fixed orders and opinions made in cases of
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| appeals of the Secretary's actions.
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(2) Statements of policy and interpretations adopted
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| by the Secretary's office, but not otherwise made public.
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(3) Nonconfidential portions of application files,
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| including applications for new charters. The Secretary shall specify by rule as to what part of the files are confidential.
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(4) Quarterly reports of income, deposits, and
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(Source: P.A. 100-22, eff. 1-1-18; 100-64, eff. 8-11-17; 100-863, eff. 8-14-18; 100-888, eff. 8-14-18.)
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(205 ILCS 205/9018.3) Sec. 9018.3. Subpoena; deposition. All subpoenas issued under the laws of this State pertaining to or concerning savings banks may be served by any person who is not a minor. The fees of witnesses for attendance and travel shall be the same as fees of witnesses before the circuit courts of this State. Witness fees are to be paid at the time the witness is excused from further attendance, when the witness is subpoenaed at the instance of the Secretary or any officer or any employee designated by him or her for the purpose of conducting any investigation, inquiry, or hearing. The disbursements made in the payment of witness fees shall be audited and paid in the same manner as are other expenses of the Secretary. Whenever a subpoena is issued at the instance of a complainant, respondent, or other party to any proceeding, the Secretary may require that the cost of service thereof and the fee of the same shall be borne by the party at whose instance the witness is summoned, and the Secretary shall have power, in his or her discretion, to require a deposit to cover the cost of such service and witness fees and the payment of legal witness fees and mileage to the witness when served with a subpoena. A subpoena issued under this Section shall be served in the same manner as a subpoena issued out of a court. Any person served with a subpoena to appear and testify or to produce books, papers, accounts, or documents, either in person or by deposition, in the manner provided in this Section, issued by the Secretary or by any officer or any employee designated by him or her to conduct any such investigation, inquiry, or hearing, in the course of an investigation, inquiry, or hearing conducted under any of the provisions of the laws of this State pertaining to savings banks, and who refuses or neglects to appear or to testify, or to produce books, papers, accounts, and documents relative to such investigation, inquiry, or hearing as commanded in such subpoena, shall be guilty of a petty offense. Any circuit court of this State, on application of the Secretary or an officer or an employee designated by the Secretary for the purpose of conducting any investigation, inquiry, or hearing, may, in his or her discretion, compel the attendance of witnesses, the production of books, papers, accounts, and documents, and the giving of testimony before the Secretary or before any officer or any employee designated by the Secretary for the purpose of conducting any such investigation, inquiry, or hearing, in person or by deposition, in the manner provided in this Section, by an attachment for contempt or otherwise, in the same manner as production of evidence may be compelled before a court. The Secretary, any officer or employee designated by the Secretary for the purpose of conducting any investigation, inquiry, or hearing, or any party may, in any investigation, inquiry, or hearing, cause the deposition of witnesses residing within or outside of the State to be taken in the manner prescribed by law for taking like depositions in civil cases in courts of this State and, to that end, may compel the attendance of witnesses and the production of papers, books, accounts, and documents.
(Source: P.A. 97-492, eff. 1-1-12.) |