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1 | | AN ACT concerning regulation.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Banking Act is amended by changing |
5 | | Sections 18, 48.1, and 48.3 as follows:
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6 | | (205 ILCS 5/18) (from Ch. 17, par. 325)
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7 | | Sec. 18. Change in control.
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8 | | (a) Before any person, whether acting directly or |
9 | | indirectly or through or in concert with one or more persons, |
10 | | may cause (i) a change to may occur in the ownership of |
11 | | outstanding
stock of any State bank, whether by sale and |
12 | | purchase, gift, bequest or
inheritance, or any other means, |
13 | | including the acquisition of stock of the
State bank by any |
14 | | bank holding company, which will result in control or a
change |
15 | | in the
control of the bank or (ii) before a change to occur in |
16 | | the control of a holding company
having control of the |
17 | | outstanding stock of a State bank whether by sale and
purchase, |
18 | | gift, bequest or inheritance, or any other means, including the
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19 | | acquisition of stock of such holding company by any other bank |
20 | | holding
company, which will result
in control or a change in |
21 | | control of the bank or holding company, or (iii) before a
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22 | | transfer of substantially all the assets or liabilities of the |
23 | | State bank,
the Secretary
Commissioner shall be of the opinion |
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1 | | and find:
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2 | | (1) that the general character of proposed management
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3 | | or of the person desiring to purchase substantially all the |
4 | | assets or
to assume substantially all the liabilities of |
5 | | the State bank, after the
change in control, is such as to |
6 | | assure reasonable promise of successful,
safe and sound |
7 | | operation;
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8 | | (1.1) that depositors' interests will not be
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9 | | jeopardized by the purchase or assumption and that adequate |
10 | | provision has
been made for all liabilities as required for |
11 | | a voluntary liquidation under
Section 68 of this Act;
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12 | | (2) that the future earnings prospects
of the person |
13 | | desiring
to purchase substantially all assets or to assume |
14 | | substantially all the
liabilities of the State bank, after |
15 | | the proposed change in
control, are favorable;
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16 | | (2.5) that the future prospects of the institution will |
17 | | not jeopardize the financial stability of the bank or |
18 | | prejudice the interests of the depositors of the bank;
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19 | | (3) that any prior involvement by the persons proposing |
20 | | to obtain
control, to purchase substantially all the |
21 | | assets, or to assume substantially
all the liabilities of |
22 | | the State bank or by the proposed management personnel
with |
23 | | any other financial
institution, whether as stockholder, |
24 | | director, officer or customer, was
conducted in a safe and |
25 | | sound manner; and
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26 | | (4) that if the acquisition is being made by a bank |
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1 | | holding company,
the acquisition is authorized under the |
2 | | Illinois Bank Holding Company Act
of 1957.
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3 | | (b) Any person Persons desiring to purchase control of an |
4 | | existing State state bank, to
purchase substantially all the |
5 | | assets, or to assume substantially all the
liabilities of the |
6 | | State bank shall, prior to that purchase, submit to the |
7 | | Secretary
Commissioner :
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8 | | (1) a statement of financial worth;
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9 | | (2) satisfactory evidence that any prior involvement |
10 | | by the persons
and the proposed management personnel with |
11 | | any other financial institution,
whether as stockholder, |
12 | | director, officer or customer, was conducted in a
safe and |
13 | | sound manner; and
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14 | | (3) such other relevant information as the Secretary |
15 | | Commissioner may request to
substantiate the findings |
16 | | under subsection (a) of this Section.
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17 | | A person who has submitted information to the Secretary |
18 | | Commissioner pursuant to
this subsection (b) is under a |
19 | | continuing obligation until the Secretary Commissioner
takes |
20 | | action on the application to immediately supplement
that
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21 | | information if there are any material changes in the |
22 | | information previously
furnished
or if there are any material |
23 | | changes in any circumstances that may affect the Secretary's
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24 | | Commissioner's opinion and findings. In addition, a person |
25 | | submitting
information
under this subsection shall notify the |
26 | | Secretary Commissioner of the date when the change
in control
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1 | | is finally effected.
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2 | | The Secretary Commissioner may impose such terms and |
3 | | conditions on the approval
of the change in control application |
4 | | as he deems necessary or appropriate.
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5 | | If an applicant, whose application for a change in control |
6 | | has been approved
pursuant to subsection (a) of this Section, |
7 | | fails to effect the change in
control within
180 days after the |
8 | | date of the Secretary's Commissioner's approval, the Secretary |
9 | | Commissioner shall
revoke that approval unless a request has |
10 | | been submitted, in writing, to
the Secretary Commissioner for |
11 | | an extension and the request has been approved.
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12 | | (b-1) Any person , whether acting directly or indirectly or |
13 | | through or in concert with one or more persons, who obtains |
14 | | ownership of stock of an existing State bank or
stock of a |
15 | | holding company that controls the State bank by gift, bequest, |
16 | | or
inheritance such that ownership of the stock would |
17 | | constitute control of the
State bank or holding company may |
18 | | obtain title and ownership of the stock, but
may not exercise |
19 | | management or control of the business and affairs of the bank
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20 | | or vote his or her shares so as to exercise management or |
21 | | control unless and
until the Secretary Commissioner approves an |
22 | | application for the change of control as
provided in subsection |
23 | | (b) of this Section.
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24 | | (b-3) The provisions of this Section do not apply to an |
25 | | established holding company acquiring control of a State bank |
26 | | if the transaction is subject to approval under Section 3 of |
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1 | | the federal Bank Holding Company Act, the Federal Deposit |
2 | | Insurance Act, or the federal Home Owners' Loan Act. |
3 | | (c) Whenever a State state bank makes a loan or loans, |
4 | | secured, or to be
secured, by 25% or more of the outstanding |
5 | | stock of a State state bank, the
president or other chief |
6 | | executive officer of the lending bank shall
promptly report |
7 | | such fact to the Secretary Commissioner upon obtaining |
8 | | knowledge of
such loan or loans, except that no report need be |
9 | | made in those cases where
the borrower has been the owner of |
10 | | record of the stock for a period of one
year or more, or the |
11 | | stock is that of a newly organized bank prior to its
opening.
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12 | | (d) The reports required by subsections (b) and (c) of this
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13 | | Section 18, other than those relating to a transfer of assets |
14 | | or assumption
of liabilities, shall contain the following |
15 | | information to the extent that it
is
known by the person making |
16 | | the report: (1) the number of shares involved;
(2) the names of |
17 | | the sellers (or transferors); (3) the names of the
purchasers |
18 | | (or transferees); (4) the names of the beneficial owners if the
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19 | | shares are registered in another name: (5) the purchase price, |
20 | | if
applicable; (6) the
total number of shares owned by the |
21 | | sellers (or transferors), the
purchasers (or transferees) and |
22 | | the beneficial owners both immediately
before and after the |
23 | | transaction; and, (7) in the case of a loan, the name
of the |
24 | | borrower, the amount of the loan, the name of the bank issuing
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25 | | the stock securing the loan and the number of shares securing |
26 | | the loan. In
addition to the foregoing, such reports shall |
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1 | | contain such other
information which is requested by the |
2 | | Secretary Commissioner to inform the Secretary
Commissioner of |
3 | | the effect of the transaction upon control of the bank
whose |
4 | | stock is involved.
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5 | | (d-1) The reports required by subsection (b) of this |
6 | | Section 18 that
relate to purchase of assets and assumption of |
7 | | liabilities shall contain the
following information to the |
8 | | extent that it is known by the person making the
report: (1) |
9 | | the value, amount, and description of the assets transferred; |
10 | | (2)
the amount, type, and to whom each type of liabilities are |
11 | | owed; (3) the names
of the purchasers (or transferees); (4) the |
12 | | names of the beneficial owners if
the shares of a purchaser or |
13 | | transferee are registered in another name; (5) the
purchase |
14 | | price, if applicable; and, (6) in the case of a loan obtained |
15 | | to
effect a purchase, the name of the borrower, the amount and |
16 | | terms of the loan,
and the description of the assets securing |
17 | | the loan. In addition to the
foregoing,
these reports shall |
18 | | contain any other information that is requested by the |
19 | | Secretary
Commissioner to inform the Secretary Commissioner of |
20 | | the effect of the transaction upon
the bank from which assets |
21 | | are purchased or liabilities are transferred.
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22 | | (e) Whenever such a change as described in subsection (a) |
23 | | of this
Section 18 occurs, each State state bank shall report |
24 | | promptly to the Secretary
Commissioner any changes or |
25 | | replacement of its chief executive officer or
of any director |
26 | | occurring in the next 12 month period, including in its
report |
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1 | | a statement of the past and current business and professional
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2 | | affiliations of the new chief executive officer or directors.
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3 | | (f) (Blank).
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4 | | (g) (1) Except as otherwise expressly provided in this |
5 | | subsection (g),
the Secretary
Commissioners shall not approve |
6 | | an application for a change in control if upon
consummation of |
7 | | the change in control the persons applying for the change in
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8 | | control, including any affiliates of the persons applying, |
9 | | would control 30% or
more of the total amount of deposits which |
10 | | are located in this State at insured
depository institutions. |
11 | | For purposes of this subsection (g), the words
"insured
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12 | | depository institution" shall mean State banks, national |
13 | | banks, and insured
savings associations. For purposes of this |
14 | | subsection (g), the word "deposits"
shall have the meaning |
15 | | ascribed to that word in Section 3(1) of the Federal
Deposit |
16 | | Insurance Act. For purposes of this subsection (g), the total |
17 | | amount of
deposits which are considered to be located in this |
18 | | State at insured depository
institutions shall equal the sum of |
19 | | all deposits held at the main banking
premises and branches in |
20 | | the State of Illinois of State banks, national banks,
or |
21 | | insured savings associations. For purposes of this subsection |
22 | | (g), the word
"affiliates" shall have the meaning ascribed to |
23 | | that word in Section 35.2 of
this Act.
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24 | | (2) Notwithstanding the provisions of paragraph (1) of this |
25 | | subsection subsection (g)(1) of this Section ,
the Secretary |
26 | | Commissioner may approve an application for a change in control |
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1 | | for a bank
that is in default or in danger of default. Except |
2 | | in those instances in which
an application for a change in |
3 | | control is for a bank that is in default or in
danger of |
4 | | default, the Secretary Commissioner may not approve a change in |
5 | | control which
does not meet the requirements of paragraph (1) |
6 | | of this subsection subsection (g)(1) of this Section . The |
7 | | Secretary
Commissioner may not waive the provisions of |
8 | | paragraph (1) of this subsection subsection (g)(1) of this |
9 | | Section ,
whether pursuant to Section 3(d) of the federal Bank |
10 | | Holding Company Act of
1956 or Section 44(d) of the Federal |
11 | | Deposit Insurance Act, except as expressly
provided in this |
12 | | paragraph subsection (g) (2) of this subsection .
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13 | | (h) As used in this Section : |
14 | | "Control" , the term "control" means the power, |
15 | | directly
or indirectly, to direct the management or |
16 | | policies of the bank or to vote 25%
or more of the |
17 | | outstanding stock of the bank. If there is any question as |
18 | | to whether a change in control application
should be filed,
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19 | | the question shall be resolved in favor of filing the |
20 | | application with the
Secretary Commissioner .
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21 | | "Substantially As used in this Section, "substantially |
22 | | all" the assets or
liabilities of a State bank means that |
23 | | portion of the assets or
liabilities of a State bank such |
24 | | that their purchase or transfer will
materially impair the |
25 | | ability of the State bank to continue successful,
safe, and |
26 | | sound operations or to continue as a going concern or would
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1 | | cause the bank to lose its federal deposit insurance.
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2 | | "Purchase" As used in this Section, "purchase" |
3 | | includes a transfer by gift,
bequest, inheritance, or any |
4 | | other means.
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5 | | As used in this Section, a person is acting in concert if |
6 | | that person is acting in concert under federal laws or |
7 | | regulations. |
8 | | (Source: P.A. 92-483, eff. 8-23-01; 92-811, eff. 8-21-02.)
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9 | | (205 ILCS 5/48.1) (from Ch. 17, par. 360)
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10 | | Sec. 48.1. Customer financial records; confidentiality.
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11 | | (a) For the purpose of this Section, the term "financial |
12 | | records" means any
original, any copy, or any summary of:
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13 | | (1) a document granting signature
authority over a |
14 | | deposit or account;
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15 | | (2) a statement, ledger card or other
record on any |
16 | | deposit or account, which shows each transaction in or with
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17 | | respect to that account;
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18 | | (3) a check, draft or money order drawn on a bank
or |
19 | | issued and payable by a bank; or
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20 | | (4) any other item containing
information pertaining |
21 | | to any relationship established in the ordinary
course of a |
22 | | bank's business between a bank and its customer, including
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23 | | financial statements or other financial information |
24 | | provided by the customer.
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25 | | (b) This Section does not prohibit:
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1 | | (1) The preparation, examination, handling or |
2 | | maintenance of any
financial records by any officer, |
3 | | employee or agent of a bank
having custody of the records, |
4 | | or the examination of the records by a
certified public |
5 | | accountant engaged by the bank to perform an independent
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6 | | audit.
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7 | | (2) The examination of any financial records by, or the |
8 | | furnishing of
financial records by a bank to, any officer, |
9 | | employee or agent of (i) the
Commissioner of Banks and Real |
10 | | Estate, (ii) after May
31, 1997, a state regulatory |
11 | | authority authorized to examine a branch of a
State bank |
12 | | located in another state, (iii) the Comptroller of the |
13 | | Currency,
(iv) the Federal Reserve Board, or (v) the |
14 | | Federal Deposit Insurance
Corporation for use solely in the |
15 | | exercise of his duties as an officer,
employee, or agent.
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16 | | (3) The publication of data furnished from financial |
17 | | records
relating to customers where the data cannot be |
18 | | identified to any
particular customer or account.
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19 | | (4) The making of reports or returns required under |
20 | | Chapter 61 of
the Internal Revenue Code of 1986.
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21 | | (5) Furnishing information concerning the dishonor of |
22 | | any negotiable
instrument permitted to be disclosed under |
23 | | the Uniform Commercial Code.
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24 | | (6) The exchange in the regular course of business of |
25 | | (i) credit
information
between a bank and other banks or |
26 | | financial institutions or commercial
enterprises, directly |
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1 | | or through a consumer reporting agency or (ii)
financial |
2 | | records or information derived from financial records |
3 | | between a bank
and other banks or financial institutions or |
4 | | commercial enterprises for the
purpose of conducting due |
5 | | diligence pursuant to a purchase or sale involving
the bank |
6 | | or assets or liabilities of the bank.
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7 | | (7) The furnishing of information to the appropriate |
8 | | law enforcement
authorities where the bank reasonably |
9 | | believes it has been the victim of a
crime.
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10 | | (8) The furnishing of information under the Revised |
11 | | Uniform
Unclaimed Property Act.
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12 | | (9) The furnishing of information under the Illinois |
13 | | Income Tax Act and
the Illinois Estate and |
14 | | Generation-Skipping Transfer Tax Act.
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15 | | (10) The furnishing of information under the federal |
16 | | Currency
and Foreign Transactions Reporting Act Title 31, |
17 | | United States
Code, Section 1051 et seq.
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18 | | (11) The furnishing of information under any other |
19 | | statute that
by its terms or by regulations promulgated |
20 | | thereunder requires the disclosure
of financial records |
21 | | other than by subpoena, summons, warrant, or court order.
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22 | | (12) The furnishing of information about the existence |
23 | | of an account
of a person to a judgment creditor of that |
24 | | person who has made a written
request for that information.
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25 | | (13) The exchange in the regular course of business of |
26 | | information
between commonly owned banks in connection |
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1 | | with a transaction authorized
under paragraph (23) of
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2 | | Section 5 and conducted at an affiliate facility.
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3 | | (14) The furnishing of information in accordance with |
4 | | the federal
Personal Responsibility and Work Opportunity |
5 | | Reconciliation Act of 1996.
Any bank governed by this Act |
6 | | shall enter into an agreement for data
exchanges with a |
7 | | State agency provided the State agency
pays to the bank a |
8 | | reasonable fee not to exceed its
actual cost incurred. A |
9 | | bank providing
information in accordance with this item |
10 | | shall not be liable to any account
holder or other person |
11 | | for any disclosure of information to a State agency, for
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12 | | encumbering or surrendering any assets held by the bank in |
13 | | response to a lien
or order to withhold and deliver issued |
14 | | by a State agency, or for any other
action taken pursuant |
15 | | to this item, including individual or mechanical errors,
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16 | | provided the action does not constitute gross negligence or |
17 | | willful misconduct.
A bank shall have no obligation to |
18 | | hold, encumber, or surrender assets until
it has been |
19 | | served with a subpoena, summons, warrant, court or |
20 | | administrative
order,
lien, or levy.
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21 | | (15) The exchange in the regular course of business of |
22 | | information
between
a bank and any commonly owned affiliate |
23 | | of the bank, subject to the provisions
of the Financial |
24 | | Institutions Insurance Sales Law.
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25 | | (16) The furnishing of information to law enforcement |
26 | | authorities, the
Illinois Department on
Aging and its |
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1 | | regional administrative and provider agencies, the |
2 | | Department of
Human Services Office
of Inspector General, |
3 | | or public guardians: (i) upon subpoena by the investigatory |
4 | | entity or the guardian, or (ii) if there is suspicion by |
5 | | the bank that a customer
who is an elderly person or person |
6 | | with a disability has been or may become the victim of |
7 | | financial exploitation.
For the purposes of this
item (16), |
8 | | the term: (i) "elderly person" means a person who is 60 or |
9 | | more
years of age, (ii) "disabled
person" means a person |
10 | | who has or reasonably appears to the bank to have a
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11 | | physical or mental
disability that impairs his or her |
12 | | ability to seek or obtain protection from or
prevent |
13 | | financial
exploitation, and (iii) "financial exploitation" |
14 | | means tortious or illegal use
of the assets or resources of
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15 | | an elderly or disabled person, and includes, without |
16 | | limitation,
misappropriation of the elderly or
disabled |
17 | | person's assets or resources by undue influence, breach of |
18 | | fiduciary
relationship, intimidation,
fraud, deception, |
19 | | extortion, or the use of assets or resources in any manner
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20 | | contrary to law. A bank or
person furnishing information |
21 | | pursuant to this item (16) shall be entitled to
the same |
22 | | rights and
protections as a person furnishing information |
23 | | under the Adult Protective Services Act and the Illinois
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24 | | Domestic Violence Act of 1986.
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25 | | (17) The disclosure of financial records or |
26 | | information as necessary to
effect, administer, or enforce |
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1 | | a transaction requested or authorized by the
customer, or |
2 | | in connection with:
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3 | | (A) servicing or processing a financial product or |
4 | | service requested or
authorized by the customer;
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5 | | (B) maintaining or servicing a customer's account |
6 | | with the bank; or
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7 | | (C) a proposed or actual securitization or |
8 | | secondary market sale
(including sales of servicing |
9 | | rights) related to a
transaction of a customer.
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10 | | Nothing in this item (17), however, authorizes the sale |
11 | | of the financial
records or information of a customer |
12 | | without the consent of the customer.
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13 | | (18) The disclosure of financial records or |
14 | | information as necessary to
protect against actual or |
15 | | potential fraud, unauthorized transactions, claims,
or |
16 | | other liability.
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17 | | (19)(a) The disclosure of financial records or |
18 | | information
related to a private label credit program |
19 | | between a financial
institution and a private label party |
20 | | in connection with that
private label credit program. Such |
21 | | information is limited to
outstanding balance, available |
22 | | credit, payment and performance
and account history, |
23 | | product references, purchase information,
and information
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24 | | related to the identity of the customer.
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25 | | (b)(1) For purposes of this paragraph (19) of |
26 | | subsection
(b) of Section 48.1, a "private label credit |
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1 | | program" means a
credit program involving a financial |
2 | | institution and a private label
party that is used by a |
3 | | customer of the financial institution and the
private label |
4 | | party primarily for payment for goods or services
sold, |
5 | | manufactured, or distributed by a private label party.
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6 | | (2) For purposes of this paragraph (19) of subsection |
7 | | (b)
of Section 48.1, a "private label party" means, with |
8 | | respect to a
private label credit program, any of the |
9 | | following: a
retailer, a merchant, a manufacturer, a trade |
10 | | group,
or any such person's affiliate, subsidiary, member,
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11 | | agent, or service provider.
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12 | | (c) Except as otherwise provided by this Act, a bank may |
13 | | not disclose to
any person, except to the customer or his
duly |
14 | | authorized agent, any financial records or financial |
15 | | information
obtained from financial records relating to that |
16 | | customer of
that bank unless:
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17 | | (1) the customer has authorized disclosure to the |
18 | | person;
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19 | | (2) the financial records are disclosed in response to |
20 | | a lawful
subpoena, summons, warrant, citation to discover |
21 | | assets, or court order which meets the requirements
of |
22 | | subsection (d) of this Section; or
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23 | | (3) the bank is attempting to collect an obligation |
24 | | owed to the bank
and the bank complies with the provisions |
25 | | of Section 2I of the Consumer
Fraud and Deceptive Business |
26 | | Practices Act.
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1 | | (d) A bank shall disclose financial records under paragraph |
2 | | (2) of
subsection (c) of this Section under a lawful subpoena, |
3 | | summons, warrant, citation to discover assets, or
court order |
4 | | only after the bank mails a copy of the subpoena, summons, |
5 | | warrant, citation to discover assets,
or court order to the |
6 | | person establishing the relationship with the bank, if
living, |
7 | | and, otherwise his personal representative, if known, at his |
8 | | last known
address by first class mail, postage prepaid, unless |
9 | | the bank is specifically
prohibited from notifying the person |
10 | | by order of court or by applicable State
or federal law. A bank |
11 | | shall not mail a copy of a subpoena to any person
pursuant to |
12 | | this subsection if the subpoena was issued by a grand jury |
13 | | under
the Statewide Grand Jury Act.
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14 | | (e) Any officer or employee of a bank who knowingly and
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15 | | willfully furnishes financial records in violation of this |
16 | | Section is
guilty of a business offense and, upon conviction, |
17 | | shall be fined not
more than $1,000.
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18 | | (f) Any person who knowingly and willfully induces or |
19 | | attempts to
induce any officer or employee of a bank to |
20 | | disclose financial
records in violation of this Section is |
21 | | guilty of a business offense
and, upon conviction, shall be |
22 | | fined not more than $1,000.
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23 | | (g) A bank shall be reimbursed for costs that are |
24 | | reasonably necessary
and that have been directly incurred in |
25 | | searching for, reproducing, or
transporting books, papers, |
26 | | records, or other data of a customer required or
requested to |
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1 | | be produced pursuant to a lawful subpoena, summons, warrant, |
2 | | citation to discover assets, or
court order. The Commissioner |
3 | | shall determine the rates and conditions
under which payment |
4 | | may be made.
|
5 | | (Source: P.A. 99-143, eff. 7-27-15; 100-22, eff. 1-1-18 .)
|
6 | | (205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
|
7 | | Sec. 48.3. Disclosure of reports of examinations
and |
8 | | confidential
supervisory information;
limitations. |
9 | | (a) Any report of examination, visitation, or |
10 | | investigation prepared by
the Secretary under this Act, the |
11 | | Electronic Fund Transfer
Act, the Corporate Fiduciary Act, the
|
12 | | Illinois Bank Holding Company Act of 1957, and the Foreign
|
13 | | Banking Office Act, any report of examination, visitation, or
|
14 | | investigation prepared by the state regulatory
authority of |
15 | | another state that examines a branch of an Illinois State bank |
16 | | in
that state, any document or record prepared or obtained in
|
17 | | connection with or relating to any
examination, visitation, or |
18 | | investigation, and any record prepared or
obtained by the |
19 | | Secretary to the extent that the record summarizes or
contains |
20 | | information derived from any report, document, or record |
21 | | described
in this subsection shall be deemed "confidential |
22 | | supervisory information".
Confidential
supervisory information |
23 | | shall not include any information or record
routinely prepared |
24 | | by a bank or other financial institution and maintained in
the |
25 | | ordinary course of business or any information or record that |
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1 | | is required
to be made publicly available pursuant to State or |
2 | | federal law or rule.
Confidential supervisory information
|
3 | | shall be the property of the Secretary and shall only be
|
4 | | disclosed under the circumstances and for the purposes set |
5 | | forth in this
Section.
|
6 | | The Secretary may
disclose
confidential supervisory |
7 | | information only under the following circumstances:
|
8 | | (1) The Secretary may furnish confidential supervisory |
9 | | information
to the Board of Governors of the
Federal |
10 | | Reserve System, the federal reserve bank of the federal |
11 | | reserve
district in which the State bank is located or in |
12 | | which the parent or other
affiliate of the State bank is |
13 | | located, any official or examiner
thereof duly accredited |
14 | | for the purpose, or any other state regulator, federal
|
15 | | regulator, or in the case of a foreign bank possessing a |
16 | | certificate of
authority pursuant to the Foreign Banking |
17 | | Office Act or a license pursuant to
the Foreign Bank |
18 | | Representative Office Act, the bank regulator in the |
19 | | country
where the foreign bank is chartered,
that the |
20 | | Secretary determines to have an appropriate
regulatory |
21 | | interest. Nothing contained in this Act shall be construed |
22 | | to
limit the obligation of any member State bank to comply |
23 | | with the
requirements relative to examinations and reports |
24 | | of the Federal Reserve
Act and of the Board of Governors of |
25 | | the Federal Reserve System or the
federal reserve bank of |
26 | | the federal reserve district in which the bank is
located, |
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1 | | nor to limit in any way the powers of the Secretary with
|
2 | | reference to examinations and reports.
|
3 | | (2) The Secretary may furnish confidential supervisory |
4 | | information
to the United States, any agency
thereof that |
5 | | has insured a bank's deposits in whole or in part, or any |
6 | | official
or examiner thereof duly accredited for the |
7 | | purpose. Nothing contained in this Act shall be
construed |
8 | | to limit the obligation relative to examinations and |
9 | | reports of any
State bank, deposits in which are to any |
10 | | extent insured by the United States,
any agency thereof, |
11 | | nor to limit in any way the powers of the Secretary with
|
12 | | reference to examination and reports of such bank.
|
13 | | (2.5) The Secretary may furnish confidential |
14 | | supervisory information to a Federal Home Loan Bank in |
15 | | connection with any bank that is a member of the Federal |
16 | | Home Loan Bank or in connection with any application by the |
17 | | bank before the Federal Home Loan Bank. The confidential |
18 | | supervisory information shall remain the property of the |
19 | | Secretary and may not be further disclosed without the |
20 | | Secretary's permission. |
21 | | (3) The Secretary may furnish
confidential supervisory
|
22 | | information
to the appropriate law
enforcement authorities |
23 | | when the Secretary reasonably believes a
bank, which
the |
24 | | Secretary has
caused to be examined, has been a victim of a |
25 | | crime.
|
26 | | (4) The Secretary may furnish confidential supervisory |
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1 | | information
relating to a bank or other
financial |
2 | | institution, which the Secretary has caused to be
examined, |
3 | | to be sent to the
administrator of the Revised Uniform |
4 | | Unclaimed Property Act.
|
5 | | (5) The Secretary may furnish
confidential supervisory
|
6 | | information relating to a bank or other
financial |
7 | | institution, which
the Secretary has caused to be examined, |
8 | | relating to its
performance of obligations under the |
9 | | Illinois Income Tax Act and the
Illinois Estate and |
10 | | Generation-Skipping Transfer Tax Act to the Illinois
|
11 | | Department of Revenue.
|
12 | | (6) The Secretary may furnish
confidential supervisory
|
13 | | information relating to a bank or other
financial |
14 | | institution, which
the Secretary has caused to be examined, |
15 | | under the
federal Currency and Foreign Transactions |
16 | | Reporting Act,
Title 31, United States Code, Section 1051 |
17 | | et seq.
|
18 | | (6.5) The Secretary may furnish
confidential |
19 | | supervisory
information to any other agency or entity that |
20 | | the Secretary determines
to
have a legitimate regulatory |
21 | | interest.
|
22 | | (7) The Secretary may furnish
confidential supervisory
|
23 | | information under any other
statute that by its terms or by |
24 | | regulations promulgated thereunder
requires the disclosure |
25 | | of financial records other than by subpoena,
summons, |
26 | | warrant, or court order.
|
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1 | | (8) At the request of the affected bank or other |
2 | | financial institution,
the Secretary may furnish
|
3 | | confidential supervisory
information relating to a bank or |
4 | | other financial
institution, which
the Secretary has |
5 | | caused to be examined, in connection with the
obtaining of |
6 | | insurance coverage or the pursuit of an insurance claim for |
7 | | or on
behalf of the bank or other financial institution; |
8 | | provided that, when
possible, the Secretary shall disclose |
9 | | only relevant information while
maintaining the |
10 | | confidentiality of financial records not relevant to such
|
11 | | insurance coverage or claim and, when appropriate, may |
12 | | delete identifying data
relating to any person or |
13 | | individual.
|
14 | | (9) The Secretary may furnish a copy of a report of any |
15 | | examination
performed by the Secretary of the condition and |
16 | | affairs of any
electronic data processing entity to the |
17 | | banks serviced by the electronic
data processing entity.
|
18 | | (10) In addition to the foregoing circumstances, the |
19 | | Secretary may,
but is not required to, furnish
confidential |
20 | | supervisory information under the same circumstances |
21 | | authorized for
the bank or financial
institution pursuant |
22 | | to subsection
(b) of this Section, except that the |
23 | | Secretary shall provide
confidential supervisory |
24 | | information under circumstances described in paragraph (3) |
25 | | of
subsection (b) of this Section only upon the request of |
26 | | the bank or other
financial institution.
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1 | | (b) A bank or other financial institution or its officers, |
2 | | agents, and
employees may disclose
confidential supervisory |
3 | | information only under the
following circumstances:
|
4 | | (1) to the board of directors of the bank or other |
5 | | financial institution,
as well as the president, |
6 | | vice-president, cashier, and other officers of the
bank or |
7 | | other financial institution to whom the board of directors |
8 | | may delegate
duties with respect to compliance with |
9 | | recommendations for action, and to the board of directors |
10 | | of a bank holding company that owns at
least 80% of the |
11 | | outstanding stock of the bank or other financial |
12 | | institution;
|
13 | | (2) to attorneys for the bank or other financial |
14 | | institution and to a
certified public accountant engaged by |
15 | | the State bank or financial
institution to perform an |
16 | | independent audit provided that the attorney or
certified |
17 | | public accountant shall not permit the
confidential |
18 | | supervisory
information to be further disseminated;
|
19 | | (3) to any person who seeks to acquire a controlling |
20 | | interest in, or who
seeks to merge with, the
bank or |
21 | | financial institution, provided that all attorneys, |
22 | | certified public
accountants, officers, agents, or |
23 | | employees of that person shall agree to be
bound to respect |
24 | | the confidentiality of the
confidential supervisory
|
25 | | information and to not further disseminate the information |
26 | | therein contained;
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1 | | (3.5) to a Federal Home Loan Bank of which it is a |
2 | | member; |
3 | | (4) (blank); or |
4 | | (4.5) to any attorney, accountant, consultant, or |
5 | | other professional as needed to comply with any enforcement |
6 | | action issued by the Secretary; or
|
7 | | (5) to the bank's insurance company in relation to an |
8 | | insurance
claim or
the effort by the bank to procure |
9 | | insurance coverage, provided that, when
possible, the bank |
10 | | shall disclose only information that is relevant to the
|
11 | | insurance claim or that is necessary to procure the |
12 | | insurance coverage, while
maintaining the confidentiality |
13 | | of financial information pertaining to
customers. When |
14 | | appropriate, the bank may delete identifying data relating |
15 | | to
any person.
|
16 | | The disclosure of confidential supervisory information by |
17 | | a bank or other
financial institution pursuant to this |
18 | | subsection (b) and the disclosure of
information to the |
19 | | Secretary or other regulatory agency in connection with
any |
20 | | examination, visitation, or investigation shall not constitute |
21 | | a waiver of
any legal privilege otherwise available to the bank |
22 | | or other financial
institution with respect to the information.
|
23 | | (c) (1) Notwithstanding any other provision of this Act
or |
24 | | any other law, confidential supervisory information shall be |
25 | | the property of
the Secretary and shall be privileged from |
26 | | disclosure to any person except
as provided in this Section. No |
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1 | | person in possession of confidential
supervisory information |
2 | | may disclose that information for any reason or under
any |
3 | | circumstances not specified in this Section without the prior |
4 | | authorization
of the Secretary. Any person upon whom a demand |
5 | | for production of confidential
supervisory information is |
6 | | made, whether by subpoena, order, or other judicial
or |
7 | | administrative process, must withhold production of the |
8 | | confidential
supervisory information and must notify the |
9 | | Secretary of the demand, at
which time the Secretary is |
10 | | authorized to intervene for the purpose of
enforcing the |
11 | | limitations of this Section or seeking the withdrawal or
|
12 | | termination of the attempt to compel production of the |
13 | | confidential
supervisory information.
|
14 | | (2) Any request for discovery or disclosure of confidential |
15 | | supervisory
information, whether by subpoena, order, or other |
16 | | judicial or administrative
process, shall be made to the |
17 | | Secretary, and the Secretary shall
determine within 15 days |
18 | | whether to disclose the information pursuant to
procedures and |
19 | | standards that the Secretary shall establish by rule. If the |
20 | | Secretary
determines that such information will not be |
21 | | disclosed, the Secretary's
decision shall be subject to |
22 | | judicial review under the
provisions of the Administrative |
23 | | Review Law, and venue shall be in either
Sangamon County or |
24 | | Cook County.
|
25 | | (3) Any court order that compels disclosure of confidential |
26 | | supervisory
information may be immediately appealed by the |
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1 | | Secretary, and the order
shall
be automatically stayed pending |
2 | | the outcome of the appeal.
|
3 | | (d) If any officer, agent, attorney, or employee of a bank |
4 | | or
financial institution knowingly and willfully furnishes
|
5 | | confidential supervisory information in violation of this |
6 | | Section, the Secretary
may impose a
civil monetary penalty up |
7 | | to $1,000 for the violation against
the officer, agent, |
8 | | attorney, or employee.
|
9 | | (Source: P.A. 100-22, eff 1-1-18; 100-64, eff. 8-11-17; revised |
10 | | 10-5-17.)
|
11 | | Section 10. The Savings Bank Act is amended by changing |
12 | | Sections 8015 and 9012 as follows:
|
13 | | (205 ILCS 205/8015) (from Ch. 17, par. 7308-15)
|
14 | | Sec. 8015. Change in control.
|
15 | | (a) No person, whether acting directly or indirectly or |
16 | | through or in concert with one or more persons, may acquire |
17 | | control of a savings bank operating under this Act without |
18 | | prior approval of the Secretary. The provisions of this Section |
19 | | do not apply to an established holding company acquiring |
20 | | control of a State savings bank if the transaction is subject |
21 | | to approval under the Federal Deposit Insurance Act, the |
22 | | federal Home Owners' Loan Act, or Section 3 of the federal Bank |
23 | | Holding Company Act.
|
24 | | (b) Any person seeking to acquire control of a savings bank |
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1 | | or subsidiary of a savings bank operating under this Act shall |
2 | | submit an application in the form required by the Secretary.
|
3 | | (c) The Secretary may examine the books and records of the |
4 | | applicant and related persons, investigate any matter relevant |
5 | | to the application, and require the applicant to submit |
6 | | additional information and documents.
|
7 | | (d) The Secretary shall not approve an acquisition of |
8 | | control unless the application and related examination and |
9 | | investigation permit the Secretary to find positively on all of |
10 | | the following matters: |
11 | | (1) The applicant has filed a complete application, has |
12 | | cooperated with all examinations and investigations of the |
13 | | Secretary, and has submitted all information and documents |
14 | | requested by the Secretary. |
15 | | (2) The applicant and proposed management have the |
16 | | necessary competence, experience, integrity, and financial |
17 | | ability. |
18 | | (3) The business plans of the applicant are consistent |
19 | | with the safe and sound operation of the savings bank and |
20 | | the purposes of this Act. |
21 | | (4) The acquisition of control would not be inequitable |
22 | | to members, borrowers or creditors of the savings bank. |
23 | | (5) The applicant and proposed management have |
24 | | complied with subsection (f) of this Section. |
25 | | (6) The future prospects of the institution will not |
26 | | jeopardize the financial stability of the savings bank or |
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1 | | prejudice the interests of the members of the savings bank. |
2 | | (e) Shares of stock or mutual members shares acquired in |
3 | | violation of subsection (a) of this Section shall not be voted |
4 | | and shall not be counted in calculating the total number of |
5 | | shares eligible to vote. In addition to any other action |
6 | | authorized under this Act, the Secretary may require divestment |
7 | | of shares of stock acquired in violation of this Section and |
8 | | may require retirement of the withdrawal value of accounts |
9 | | providing mutual member voting shares acquired in violation of |
10 | | this Section, in which case the savings bank shall pay accrued |
11 | | interest on the retired withdrawal value and shall not assess |
12 | | any penalty for early withdrawal. |
13 | | (f) An individual, whether acting directly or indirectly or |
14 | | through or in concert with one or more persons, shall file |
15 | | written notice to the Secretary within 10 days of the |
16 | | occurrence of either of the following events: |
17 | | (1) becoming, directly or indirectly, the beneficial |
18 | | owner of more than five percent of the voting shares of a |
19 | | savings bank or savings bank holding company; or |
20 | | (2) obtaining, directly or indirectly, the power to |
21 | | cast more than five percent of the member votes of a |
22 | | savings bank or savings bank holding company. |
23 | | The requirements of this subsection (f) are separate and in |
24 | | addition to the requirements of subsection (a) of this Section. |
25 | | (g) The Secretary may promulgate rules to implement this |
26 | | provision, including definitions, form and content of |
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1 | | application or notice, procedures, exemptions, and |
2 | | requirements for approval. |
3 | | (h) As used in this Section, a person is acting in concert |
4 | | if that person is acting in concert under federal laws or |
5 | | regulations. |
6 | | (Source: P.A. 96-585, eff. 8-18-09; 97-492, eff. 1-1-12.)
|
7 | | (205 ILCS 205/9012) (from Ch. 17, par. 7309-12)
|
8 | | Sec. 9012. Disclosure of reports of examinations and |
9 | | confidential
supervisory information; limitations. |
10 | | (a) Any report of examination, visitation, or |
11 | | investigation prepared by
the Secretary
under this Act, any |
12 | | report of examination, visitation, or investigation
prepared |
13 | | by the state
regulatory authority of another state that |
14 | | examines a branch of an Illinois
State savings bank in
that |
15 | | state, any document or record prepared or obtained in |
16 | | connection with or
relating to any
examination, visitation, or |
17 | | investigation, and any record prepared or obtained
by the |
18 | | Secretary
to the extent that the record summarizes or contains |
19 | | information
derived from
any report, document, or record |
20 | | described in this subsection shall be deemed
confidential
|
21 | | supervisory information. "Confidential supervisory |
22 | | information" shall not
include any information or
record |
23 | | routinely prepared by a savings bank and maintained in the |
24 | | ordinary
course of business or any
information or record that |
25 | | is required to be made publicly available pursuant
to State or |
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1 | | federal law
or rule. Confidential supervisory information |
2 | | shall be the property of the Secretary
and shall
only be |
3 | | disclosed under the circumstances and for the purposes set |
4 | | forth in
this Section.
|
5 | | The Secretary may disclose confidential supervisory |
6 | | information only under
the following
circumstances:
|
7 | | (1) The Secretary may furnish confidential supervisory |
8 | | information to
federal and state
depository institution |
9 | | regulators, or any official or examiner thereof duly
|
10 | | accredited for the
purpose. Nothing contained in this Act |
11 | | shall be construed to limit the
obligation of any savings
|
12 | | bank to comply with the requirements relative to |
13 | | examinations and reports nor
to limit in any way
the powers |
14 | | of the Secretary relative to examinations and reports.
|
15 | | (2) The Secretary may furnish confidential supervisory |
16 | | information to
the United
States or any agency thereof that |
17 | | to any extent has insured a savings bank's
deposits, or any
|
18 | | official or examiner thereof duly accredited for the |
19 | | purpose. Nothing contained
in this Act shall be
construed |
20 | | to limit the obligation relative to examinations and |
21 | | reports of any
savings bank
in which deposits are to any |
22 | | extent insured by the United States or any agency
thereof
|
23 | | nor to limit in any way
the powers of the Secretary with |
24 | | reference to examination and reports of the
savings bank.
|
25 | | (2.5) The Secretary may furnish confidential |
26 | | supervisory information to a Federal Home Loan Bank in |
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1 | | connection with any savings bank that is a member of the |
2 | | Federal Home Loan Bank or in connection with any |
3 | | application by the savings bank before the Federal Home |
4 | | Loan Bank. The confidential supervisory information shall |
5 | | remain the property of the Secretary and may not be further |
6 | | disclosed without the Secretary's permission. |
7 | | (3) The Secretary may furnish confidential supervisory |
8 | | information to
the appropriate
law enforcement authorities |
9 | | when the Secretary reasonably believes a savings
bank, |
10 | | which the Secretary
has caused to be examined, has been a |
11 | | victim of a crime.
|
12 | | (4) The Secretary may furnish confidential supervisory |
13 | | information
related
to a
savings bank, which the Secretary |
14 | | has caused to be examined, to the
administrator of the
|
15 | | Revised Uniform Unclaimed Property Act.
|
16 | | (5) The Secretary may furnish confidential supervisory |
17 | | information
relating to a
savings bank, which the Secretary |
18 | | has caused to be examined, relating to its
performance
of |
19 | | obligations under the Illinois Income Tax Act and the |
20 | | Illinois Estate and
Generation-Skipping
Transfer Tax Act |
21 | | to the Illinois Department of Revenue.
|
22 | | (6) The Secretary may furnish confidential supervisory |
23 | | information
relating to a
savings bank, which the Secretary |
24 | | has caused to be examined, under the
federal Currency
and |
25 | | Foreign Transactions Reporting Act, 31 United States Code, |
26 | | Section
1051 et seq.
|
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1 | | (7) The Secretary may furnish confidential supervisory |
2 | | information to
any other agency
or entity that the |
3 | | Secretary determines to have a legitimate regulatory
|
4 | | interest.
|
5 | | (8) The Secretary may furnish confidential supervisory |
6 | | information as
otherwise
permitted or required by this Act |
7 | | and may furnish confidential supervisory
information under |
8 | | any
other statute that by its terms or by regulations |
9 | | promulgated thereunder
requires the disclosure
of |
10 | | financial records other than by subpoena, summons, |
11 | | warrant, or court order.
|
12 | | (9) At the request of the affected savings bank, the |
13 | | Secretary may
furnish confidential
supervisory information |
14 | | relating to the savings bank, which the Secretary
has |
15 | | caused to be
examined, in connection with the obtaining of |
16 | | insurance coverage or the pursuit
of an insurance
claim for |
17 | | or on behalf of the savings bank; provided that, when |
18 | | possible, the Secretary
shall
disclose only relevant |
19 | | information while maintaining the confidentiality of
|
20 | | financial records
not relevant to such insurance coverage |
21 | | or claim and, when appropriate, may
delete identifying data
|
22 | | relating to any person.
|
23 | | (10) The Secretary may furnish a copy of a report of |
24 | | any examination
performed by
the Secretary of the condition |
25 | | and affairs of any electronic data processing
entity to the
|
26 | | savings banks serviced by the electronic data processing |
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1 | | entity.
|
2 | | (11) In addition to the foregoing circumstances, the |
3 | | Secretary may, but
is not
required to, furnish confidential |
4 | | supervisory information under the same
circumstances |
5 | | authorized
for the savings bank pursuant to subsection (b) |
6 | | of this Section, except that
the Secretary shall
provide |
7 | | confidential supervisory information under circumstances |
8 | | described in
paragraph (3) of
subsection (b) of this |
9 | | Section only upon the request of the savings bank.
|
10 | | (b) A savings bank or its officers, agents, and employees |
11 | | may disclose
confidential
supervisory information only under |
12 | | the following circumstances:
|
13 | | (1) to the board of directors of the savings bank, as |
14 | | well as the
president, vice-president,
cashier, and other |
15 | | officers of the savings bank to whom the board of directors
|
16 | | may delegate
duties with respect to compliance with |
17 | | recommendations for action, and to the
board of
directors |
18 | | of a savings bank holding company that owns at least 80% of |
19 | | the
outstanding stock of the
savings bank or other |
20 | | financial institution.
|
21 | | (2) to attorneys for the savings bank and to a |
22 | | certified public
accountant engaged by the
savings bank to |
23 | | perform an independent audit; provided that the attorney or
|
24 | | certified public
accountant shall not permit the |
25 | | confidential supervisory information to be
further |
26 | | disseminated.
|
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1 | | (3) to any person who seeks to acquire a controlling |
2 | | interest in, or who
seeks to merge with,
the savings bank; |
3 | | provided that the person shall agree to be bound to respect
|
4 | | the confidentiality
of the confidential supervisory |
5 | | information and to not further disseminate the
information
|
6 | | other than to attorneys, certified public accountants, |
7 | | officers, agents, or
employees of that
person who likewise |
8 | | shall agree to be bound to respect the confidentiality of
|
9 | | the confidential
supervisory information and to not |
10 | | further disseminate the information.
|
11 | | (4) to the savings bank's insurance company, if the |
12 | | supervisory
information contains
information that is |
13 | | otherwise unavailable and is strictly necessary to
|
14 | | obtaining insurance coverage or
pursuing an insurance |
15 | | claim for or on behalf of the savings bank; provided
that, |
16 | | when possible, the
savings bank shall disclose only |
17 | | information that is relevant to obtaining
insurance |
18 | | coverage or
pursuing an insurance claim, while maintaining |
19 | | the confidentiality of financial
information
pertaining to |
20 | | customers; and provided further that, when appropriate, |
21 | | the
savings bank may delete
identifying data relating to
|
22 | | any person.
|
23 | | (5) to a Federal Home Loan Bank of which it is a |
24 | | member. |
25 | | (6) to any attorney, accountant, consultant, or other |
26 | | professional as needed to comply with an enforcement action |
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1 | | issued by the Secretary. |
2 | | The disclosure of confidential supervisory information by |
3 | | a savings bank
pursuant to this
subsection (b) and the |
4 | | disclosure of information to the Secretary or other
regulatory |
5 | | agency in
connection with any examination, visitation, or |
6 | | investigation shall not
constitute a waiver of any
legal |
7 | | privilege otherwise available to the savings bank with respect |
8 | | to the
information.
|
9 | | (c) (1) Notwithstanding any other provision of this Act or |
10 | | any other law,
confidential
supervisory information shall be |
11 | | the property of the Secretary and shall be
privileged from
|
12 | | disclosure to any person except as provided in this Section. No |
13 | | person in
possession of
confidential supervisory information |
14 | | may disclose that information for any
reason or under any
|
15 | | circumstances not specified in this Section without the prior |
16 | | authorization of
the Secretary.
Any person upon whom a demand |
17 | | for production of confidential supervisory
information is |
18 | | made,
whether by subpoena, order, or other judicial or |
19 | | administrative process, must
withhold
production of the |
20 | | confidential supervisory information and must notify the |
21 | | Secretary
of the
demand, at which time the Secretary is |
22 | | authorized to intervene for the
purpose of
enforcing the |
23 | | limitations of this Section or seeking the withdrawal or
|
24 | | termination of the attempt to
compel production of the |
25 | | confidential supervisory information.
|
26 | | (2) Any request for discovery or disclosure of confidential |
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1 | | supervisory
information, whether
by subpoena, order, or other |
2 | | judicial or administrative process, shall be made
to the |
3 | | Secretary, and the Secretary shall determine within 15 days |
4 | | whether to
disclose the
information pursuant to procedures and |
5 | | standards that the Secretary shall
establish by rule. If
the |
6 | | Secretary determines that such information will not be |
7 | | disclosed, the Secretary's
decision shall be subject to |
8 | | judicial review under the provisions of the
Administrative |
9 | | Review
Law, and venue shall be in either Sangamon County or |
10 | | Cook County.
|
11 | | (3) Any court order that compels disclosure of confidential |
12 | | supervisory
information may be
immediately appealed by the |
13 | | Secretary, and the order shall be automatically
stayed pending |
14 | | the
outcome of the appeal.
|
15 | | (d) If any officer, agent, attorney, or employee of a |
16 | | savings bank knowingly
and willfully
furnishes confidential |
17 | | supervisory information in violation of this Section,
the |
18 | | Secretary
may impose a civil monetary penalty up to $1,000 for |
19 | | the violation
against
the officer, agent, attorney, or |
20 | | employee.
|
21 | | (e) Subject to the limits of this Section, the Secretary
|
22 | | also may promulgate regulations to set procedures and
standards |
23 | | for
disclosure of
the
following items:
|
24 | | (1) All fixed orders and opinions made in cases of
|
25 | | appeals of the Secretary's actions.
|
26 | | (2) Statements of policy and interpretations adopted |
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1 | | by
the Secretary's office, but not otherwise made public.
|
2 | | (3) Nonconfidential portions of application files,
|
3 | | including applications for new charters. The Secretary
|
4 | | shall specify by rule as to what part of the files are
|
5 | | confidential.
|
6 | | (4) Quarterly reports of income, deposits, and |
7 | | financial
condition.
|
8 | | (Source: P.A. 100-22, eff. 1-1-18; 100-64, eff. 8-11-17; |
9 | | revised 10-5-17.)
|
10 | | Section 99. Effective date. This Act takes effect upon |
11 | | becoming law.
|