205 ILCS 620/4A-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IVA - Multistate Trust Activities

Sec. 4A-5. Foreign corporations establishing places of business to conduct  fiduciary activities in Illinois.(a) A foreign corporation may establish or acquire and maintain a place of  business for the conduct of business as a fiduciary in this State provided  that a corporate fiduciary that has its principal place of business in  Illinois  is permitted to establish or acquire and maintain a similar place of business  that may engage in activities substantially similar to those permitted to  foreign  corporations under this Act in the state where the foreign corporation has its  principal place of business.(b) A foreign corporation desiring to establish or acquire and maintain a  place  of  business to conduct business as a fiduciary in Illinois under this Section  shall  provide, or cause its home state regulator to provide, written notice of the  proposed transaction to the Commissioner on or after the date on which the  foreign corporation applies to its home state regulator for approval to  establish  or acquire and maintain a place of business in Illinois.  The filing of the  notice  shall be preceded or accompanied by a copy of the resolution adopted by the  board authorizing the additional place of business and the filing fee required  by  the Commissioner.  The Commissioner may prescribe the form of the notice  required  under this Section.  In the Commissioner's discretion, the application or  notice  submitted to the foreign corporation's home state regulator may be sufficient  notice under this Section.(c) A foreign corporation desiring to establish or acquire and maintain a  place  of business to conduct business as a fiduciary shall (i) confirm in writing to  the  Commissioner that for as long as it maintains a place of business in  Illinois,  it will comply with the laws of this State and (ii) provide satisfactory  evidence to  the Commissioner of compliance with any applicable requirements of state  foreign  corporation qualification laws and applicable requirements of its home state  regulator for acquiring or establishing and maintaining the office.(d) A foreign corporation submitting a notice to the Commissioner in  accordance  with subsection (b) may commence fiduciary business at the place of business  listed in its notice after the Commissioner approves the foreign corporation to conduct a fiduciary business in Illinois.  However, if  the foreign corporation is not a depository institution and the Commissioner  approves the foreign corporation to conduct a fiduciary business in Illinois  subject to specific conditions, the foreign corporation shall not commence a  fiduciary business in Illinois until it has satisfied those conditions  and  provided evidence satisfactory to the Commissioner that it has done so.  The Commissioner may deny  approval of the notice if he finds that the foreign corporation lacks  sufficient  financial resources to undertake the proposed expansion without adversely  affecting its safety or soundness or that the place of business is contrary to  the public interest.  (Source: P.A. 97-492, eff. 1-1-12.)