Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 761 - ILLINOIS STATE TREASURER AND OFFICE OF BANKS AND REAL ESTATE JOINT RULES GOVERNING THE UNIFORM DISPOSITION OF UNCLAIMED PROPERTY › Section 761.20 - Examination of Property Holders

Current through Register Vol. 48, No. 28, July 12, 2024
Examination of property holders by the Office of Banks and Real
				Estate (OBRE). The following provisions shall govern the examination by OBRE of
				persons or financial organizations regulated by OBRE pursuant to the Illinois
				Banking Act [205 ILCS 5 ], the Corporate Fiduciary Act [205 ILCS 620 ], the
				Foreign Banking Office Act [205 ILCS 645 ], the Savings Bank Act [205 ILCS 205
				] or the Illinois Savings and Loan Act of 1985 [205 ILCS 105 ].
a) Primary Point of Contact. The Treasurer
			 and the Commissioner shall each designate in writing an individual to act as
			 their primary point of contact for the purpose of conducting unclaimed property
			 examinations. The primary point of contact shall receive all correspondence
			 regarding unclaimed property examinations. If circumstances require a change of
			 the designated primary point of contact, written notice shall be provided to
			 all parties as soon as reasonably practical, but no later than 14 calendar days
			 after the change.
b) Examination
			 Direction. If the Treasurer has reason to believe, based upon the criteria
			 contained in 38 Ill. Adm. Code
			 180.90(c),
			 that a holder subject to examination by OBRE has failed to report property that
			 should have been reported, the Treasurer shall direct OBRE in writing to
			 conduct an examination. The direction shall contain sufficient detail to enable
			 OBRE to conduct a thorough examination and shall include, but not be limited
			 to, the Treasurer's reasons for concluding that the property holder has failed
			 to comply with reporting requirements and all information in the Treasurer's
			 possession that could assist OBRE in conducting the examination. Unclaimed
			 property examinations other than those described in subsection (d) shall be
			 conducted during the next regularly scheduled examination of the holder by
			 OBRE. The Treasurer shall make every effort to direct OBRE to make examinations
			 on a periodic basis.
c) OBRE shall
			 provide the Treasurer with the date for the next regularly scheduled
			 examination of the property holder identified in an examination direction
			 within 10 calendar days after the receipt of the direction. The Treasurer will
			 not disclose the scheduled examination date provided by OBRE.
d) Accelerated Examination Direction. If the
			 Treasurer has concluded, based upon the criteria contained in Section 23 of the
			 Act, that an accelerated examination of a property holder regulated by OBRE is
			 necessary to protect the State's interest, the Treasurer shall prepare and
			 deliver a written accelerated examination direction to OBRE. The accelerated
			 examination direction shall contain sufficient detail to enable OBRE to conduct
			 a thorough examination and shall include, but not be limited to, the
			 Treasurer's reasons for concluding the necessity of an accelerated examination,
			 an explanation of why the Treasurer concluded that the examination cannot wait
			 until the next regularly scheduled examination, and all other information in
			 the Treasurer's possession that could assist OBRE in conducting the
			 examination.
e) As soon as
			 reasonably practical after receiving the accelerated examination direction,
			 OBRE shall provide the Treasurer with the accelerated examination date that has
			 been scheduled in accordance with Section 23(b) of the Act. The Treasurer will
			 not disclose the scheduled accelerated examination date provided by
			 OBRE.
f) Examination Report. Upon
			 the completion of an examination by OBRE, OBRE will prepare and deliver an
			 examination report to the Treasurer.
g) Fines and Penalties. The Treasurer shall
			 provide OBRE a copy of any enforcement action authorized pursuant to Sections
			 25 and 25.5 of the Act that has been entered against any holder regulated or
			 subject to examination pursuant to the Act by OBRE.
h) Compensation. At least once each month,
			 OBRE shall document and certify to the Treasurer the actual expenditures that
			 have been incurred in performing the examinations pursuant to the Act. The
			 Treasurer shall forward a request for reimbursement to the Illinois State
			 Comptroller for the actual cost of any examination performed by OBRE within 45
			 days after receiving any statement or report certifying the actual costs. Where
			 applicable, the Governor's guidelines on State travel shall govern recoverable
			 sums.
i) Training. When requested
			 by OBRE, the Treasurer shall provide appropriate training to employees or
			 representatives of the Commissioner regarding the examination of property
			 holders. OBRE shall be responsible for all expenses incurred for the training
			 of OBRE employees or representatives.