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|[ House Amendment 001 ]|
92_HB5860ham002 LRB9214920JSpcam01 1 AMENDMENT TO HOUSE BILL 5860 2 AMENDMENT NO. . Amend House Bill 5860, AS AMENDED, 3 in Section 5 of the bill by replacing all of Sec. 9-6 with 4 the following: 5 "(205 ILCS 620/9-6) 6 Sec. 9-6. Audits. 7 (a) At least once in each calendar year a trust company 8
corporate fiduciarymust cause its books and records to be 9 audited by an independent licensed public accountant. The 10 Commissioner may prescribe the scope of the audit within 11 generally accepted audit principles and standards. 12 (b) The independent licensed public accountant shall 13 provide a written audit report to the trust company's 14 corporate fiduciary'sboard of directors or to a committee 15 appointed by the trust company's corporate fiduciary'sboard 16 of directors. If the audit report is given to a committee 17 appointed by the trust company's corporate fiduciary'sboard 18 of directors, the committee shall, within 30 days after the 19 date of receipt of the audit report, provide the board of 20 directors with a written summary of the audit findings as 21 detailed in the audit report. The trust company's board of 22 directors shall file with the Commissioner a copy of any 23 written summary of the audit findings provided to the board -2- LRB9214920JSpcam01 1 pursuant to this subsection within 45 days after receipt by 2 the board of the written summary. 3 (c) The trust company's corporate fiduciary'sboard of 4 directors or committee appointed by the board of directors 5 shall cause a copy of the audit report and any written6 summary pursuant to paragraph (b) of this Sectionto be filed 7 directly by the independent licensed public accountant with 8 the Commissioner within 45 days after receipt ofthe audit 9 report is issued. 10 (d) A trust company that is directly or indirectly owned 11 by a bank holding company, a financial holding company, or a 12 savings and loan holding company shall be deemed to be in 13 compliance with the provisions of subsections (a) through (c) 14 of this Section if the bank holding company, financial 15 holding company, or savings and loan holding company obtains 16 an audit by an independent licensed public accountant that 17 includes the trust company and meets the standards of 18 subsection (a) and, within 45 days after the audit report is 19 issued, the bank holding company, financial holding company, 20 or savings and loan holding company causes the independent 21 licensed public accountant to directly file with the 22 Commissioner the provisions of the audit report relating to 23 the trust company. 24 (Source: P.A. 92-485, eff. 8-23-01.)".
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