205 ILCS 620/5-2
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article V - Supervision of Corporate Fiduciaries and Powers of the Commissioner

 (from Ch. 17, par. 1555-2)Sec. 5-2.     Examinations of corporate fiduciaries.(a) The Commissioner, no less frequently than 18 months following the  preceding examination,  and whenever in his judgment it is necessary or expedient,   either personally or by one or more  competent persons appointed by him, shall visit and examine every  corporate fiduciary in this State  and may, to the extent the Commissioner determines necessary, examine the  affairs of the corporate fiduciary's subsidiaries, affiliates, parent  companies and contractual service providers for fiduciary services of the  corporate fiduciary as shall be necessary to fully disclose the condition  of such subsidiaries, affiliates, parent companies and contractual service  providers and the relation between the corporate fiduciary and such  subsidiaries, affiliates, parent companies and contractual service  providers and the effect of such relations upon the affairs of such  corporate fiduciary.  Instead of the Commissioner making the examination  provided by this  subsection or appointing a competent person to do so, the Commissioner may  accept on an alternating basis the examination made by the corporate  fiduciary's appropriate federal regulatory agency, provided the appropriate  federal regulatory agency has made such an examination.  Fiduciary services  shall include, but not be limited  to, clerical, accounting, bookkeeping, statistical, data processing,  safekeeping or similar functions for a corporate fiduciary.(b) The Commissioner and every such examiner may administer  an oath to any person whose testimony is required on any such  examination, and compel the appearance and attendance of any such  person for the purpose of examination, by summons, subpoena or  attachment, in the manner now authorized in respect to the  attendance of persons as witnesses in the circuit court; and all  books and papers which are necessary to be examined by the  Commissioner or examiner so appointed shall be produced, and  their production may be compelled in like manner.(c) The expense of every examination, if any, shall be paid  by the corporate fiduciary examined, in such amount as the  Commissioner certifies to be just and reasonable.(d) On every examination, inquiry shall be made as to the  condition and resources of the corporate fiduciary generally, the  mode of conducting and managing its affairs, the action of its  directors or trustees, the investments of its funds, the safety  and prudence of its management, the security afforded to those by  whom its engagements are held, and whether the requirements of  its charter and of the laws have been complied with in the  administration of its affairs. The nature and condition of the assets in or  investment of any bonus, pension, or profit sharing plan for officers or  employees of a corporate fiduciary shall be deemed to be included in the  affairs of that corporate fiduciary subject to examination by the  Commissioner.(e) Whenever any corporate fiduciary causes to be performed, by  contract or otherwise, any fiduciary services for itself, whether on or off its  premises:(1) such performance shall be subject to examination     by the Commissioner to the same extent as if the services were being performed by the corporate fiduciary itself on its own premises; and(2) the corporate fiduciary shall notify the     Commissioner of the existence of the service relationship.  Such notification shall be submitted within 30 days after the making of such service contract, or the performance of the service, whichever occurs first.  The Commissioner shall be notified of each subsequent contract in the same manner.For purposes of this subsection (e), the term "fiduciary services" shall  include such services as the computation and posting of interest and other  credits and charges; preparation and mailing of checks, statements, notices and  similar items; clerical, bookkeeping, accounting, statistical or similar  functions; and any other function which the corporate fiduciary, in the  ordinary course of its business, could have performed itself.Any report of examination pursuant to this Section and any  copies thereof shall be the property of the Commissioner,  confidential and may only be disclosed under the circumstances  set forth in Section 48.3 of the Illinois Banking Act, as  now or hereafter amended.    (Source: P.A. 92-811, eff. 8-21-02.)