2023 Illinois Compiled Statutes › Chapter 205 - FINANCIAL REGULATION › 205 ILCS 620/ - Corporate Fiduciary Act. › Article IVA - Multistate Trust Activities

(205 ILCS 620/Art. IVA heading)
ARTICLE IVA.  
		MULTISTATE TRUST ACTIVITIES
(205 ILCS 620/4A-1)
Sec. 4A-1. 
		Corporate fiduciaries establishing offices in other states.
(a) A corporate fiduciary may act as a fiduciary or otherwise engage in
fiduciary activities in this or any other state or foreign country, subject
to complying with applicable laws of that state or foreign country, at an
office established and maintained pursuant to this Act, at a branch, or at
any location other than an office or branch.  A corporate fiduciary seeking
to establish or acquire a branch in another state or foreign country must
comply with the notice provisions in Section 1-7 of this Act.
(b) A corporate fiduciary may also conduct any activities at any office
outside Illinois that are permissible for a trust institution chartered by
the state where the office is located, except to the extent those
activities
are expressly prohibited by the laws of Illinois or by any regulation or order
of the Commissioner.  However, the Commissioner may waive any such
prohibition if he determines, by order or regulation, that the involvement
of out-of-state offices of state corporate fiduciaries in particular activities
would not threaten the safety or soundness of those state corporate
fiduciaries.
(Source: P.A. 92-483, eff. 8-23-01.)
(205 ILCS 620/4A-5)
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.)
(205 ILCS 620/4A-10)
Sec. 4A-10. 
		
		Additional places of business for foreign
corporations. A foreign corporation that establishes or acquires and maintains
a place of business to conduct business as a fiduciary in Illinois pursuant to
Section 4A-5  may establish or acquire additional trust offices or
representative
offices in this State to the same extent that a corporate fiduciary may
establish
or acquire additional offices in Illinois under Section 1-7 of this Act.
(Source: P.A. 92-483, eff. 8-23-01.)
(205 ILCS 620/4A-15)
Sec. 4A-15. 
		Representative offices. 
		A foreign corporation
not conducting fiduciary activities may establish a
representative office under the Foreign Bank Representative
Office Act.  At these offices, the foreign corporation may
market and solicit fiduciary services and provide back
office and administrative support to the foreign corporation's
fiduciary activities, but it may not engage in fiduciary
activities.
(Source: P.A. 92-483, eff. 8-23-01; 92-811, eff. 8-21-02.)
(205 ILCS 620/4A-20)
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.)
(205 ILCS 620/4A-25)
Sec. 4A-25. 
		Notice to Commissioner. 
		A corporate fiduciary that
maintains
a place of business in this State under Section 4A-5, or the home state
regulator
of such foreign corporation, shall give at least 30 days prior written notice
or,
in the case of an emergency transaction, such shorter notice as is consistent
with applicable state or federal law, to the Commissioner of:
(1) any merger, consolidation, or other transaction     that would cause a change in control with respect to the foreign corporation or any bank holding company that controls the corporation;
(2) any transfer of all or substantially all of the     trust accounts or trust assets of the foreign corporation to another person; or
(3) the closing or disposition of any place of     business in this State.
(Source: P.A. 92-483, eff. 8-23-01.)