205 ILCS 620/4A-20
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IVA - Multistate Trust Activities

Sec. 4A-20.     Examination of foreign corporations.(a) To the extent consistent with subsection (c) of this Section, the  Commissioner  may make such examinations of any place of business established or maintained  under Section 4A-5 by a foreign corporation as the Commissioner may deem  necessary to determine whether the place of business is being operated in  compliance with the laws of this State and in accordance with safe and sound  banking practices.  The provisions of Section 5-2 of this Act shall apply to  the examinations.(b) The Commissioner may require periodic reports regarding any foreign  corporation that has maintained a place of business in this State under  Section 4A-5.  The required reports shall be provided by the foreign  corporation or by the home state regulator.  Any reporting requirements  prescribed by the Commissioner under this Section shall be consistent  with Section 5-9 of this Act.(c) The Commissioner may enter into cooperative, coordinating, and  information-sharing agreements with any other bank supervisory  agencies or any organization affiliated with or representing one or more  bank supervisory agencies with respect to the periodic examination or  other supervision of any office in this State of a foreign corporation or any  office of a corporate fiduciary in a host state.  The Commissioner may accept  a report of examination or report of investigation in lieu of the  Commissioner conducting an examination or investigation.(d) The Commissioner may enter into contracts with any bank supervisory  agency that has concurrent jurisdiction over a corporate fiduciary or  foreign corporation maintaining a place of business under Section 4A-5  of this Act to engage the services of that agency's examiners at a reasonable  rate of compensation or to provide the services of the Commissioner's  examiners to that agency at a reasonable rate of compensation.(e) The Commissioner may enter joint examinations or joint enforcement  actions with other bank supervisory agencies having concurrent jurisdiction  over any place of business established under Section 4A-5 or any office of a  corporate fiduciary in any host state.  The Commissioner may at any time take  such actions independently if the Commissioner deems such actions to be  necessary or appropriate to ensure compliance with the laws of this State.  However, in the case of a foreign corporation, the Commissioner shall recognize  the exclusive authority of the home state regulator over corporate governance  matters and the primary responsibility of the home state regulator over safety  and soundness matters.(f) A foreign corporation that maintains one or more offices pursuant to  Section 4A-5 may be assessed, and if assessed, shall pay supervisory  and examination fees in accordance with Section 5-10 of this Act.  The  fees may be shared with other bank supervisory agencies or any organization  affiliated with or representing one or more bank supervisory agencies in  accordance with agreements between such parties and the Commissioner.    (Source: P.A. 92-483, eff. 8-23-01.)