reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 385 - RULES GOVERNING THE REQUEST FOR RECONSIDERATION OF EXAMINATION FINDINGS › Section 385.30 - Request for Reconsideration

Current through Register Vol. 48, No. 28, July 12, 2024
A Regulated Financial Institution may submit a request for a
				reconsideration of a Material Supervisory Determination (request for
				reconsideration) with respect to any Material Supervisory Determination but it
				first should make a good faith effort to resolve the dispute with the Examiner
				in Charge either during the course of the examination or as soon as possible
				following completion of the examination. Although an informal resolution of the
				dispute over the Material Supervisory Determination is encouraged, it is not a
				condition of filing a request for reconsideration. A request for
				reconsideration shall be initiated no later than 45 calendar days from the
				receipt of a Final Report of Examination, unless the time is extended at the
				discretion of the Commissioner. The board of directors of a bank, corporate
				fiduciary, or incorporated business entity, the local management of a foreign
				banking organization, or senior management in the case of an unincorporated
				business entity shall approve any request for reconsideration. Any request for
				reconsideration shall be in writing and shall be made to the Office of Banks
				and Real Estate to the attention of the appropriate Division
				Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 385 - RULES GOVERNING THE REQUEST FOR RECONSIDERATION OF EXAMINATION FINDINGS › Section 385.40 - Form of Request for Reconsideration

Current through Register Vol. 48, No. 28, July 12, 2024
A written request for reconsideration shall:
a) clearly state the Material Supervisory
			 Determination submitted for reconsideration;
b) provide all documents or other evidence
			 and information that the Regulated Financial Institution believes will support
			 the request for reconsideration; and
c) clearly state the relief
			 requested.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 385 - RULES GOVERNING THE REQUEST FOR RECONSIDERATION OF EXAMINATION FINDINGS › Section 385.50 - Initial Reconsideration Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) The appropriate Division Director shall
			 consider the written request for reconsideration and all documents, evidence,
			 and information submitted by the Regulated Financial Institution, provided that
			 the documents, evidence, and information are limited to facts and circumstances
			 that existed prior to or at the time of the Material Supervisory Determination.
			 The Division Director may also consider facts or circumstances that existed
			 prior to or at the time of the Material Supervisory Determination but that may
			 have been discovered or come to the attention of the Regulated Financial
			 Institution after the Material Supervisory Determination.
b) The appropriate Division Director shall
			 also consider documents, evidence, and information submitted or prepared by the
			 Division examination staff, including but not limited to the Final Report of
			 Examination and any work papers associated with the Final Report of
			 Examination. The documents, evidence, and information that the Division
			 Director may consider are limited to facts and circumstances that existed prior
			 to or at the time of the Material Supervisory Determination. The Division
			 Director may consider facts or circumstances that existed prior to or at the
			 time of the Material Supervisory Determination but that may have been
			 discovered or come to the attention of the examination staff after the Material
			 Supervisory Determination.
c) The
			 appropriate Division Director shall prepare and deliver to the Regulated
			 Financial Institution a written disposition of initial review within 30
			 calendar days from receipt by the Office of Banks and Real Estate of a request
			 for reconsideration. The written disposition of initial review may sustain,
			 modify, or overturn any Material Supervisory Determination.
d) If the Division Director conducted the
			 examination that resulted in the Material Supervisory Determination that the
			 Regulated Financial Institution is appealing, the initial review provided under
			 this Section shall be waived. The written disposition of initial review shall
			 direct the Regulated Financial Institution to proceed to a final review as
			 provided in Section
			 385.60 of this
			 Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 385 - RULES GOVERNING THE REQUEST FOR RECONSIDERATION OF EXAMINATION FINDINGS › Section 385.70 - Effect of Filing a Request

Current through Register Vol. 48, No. 28, July 12, 2024
A Material Supervisory Determination shall remain in effect
				while under review for reconsideration and until such time as it is either
				sustained, modified, or overturned. Any request for reconsideration shall not
				prevent the Commissioner from taking any supervisory or enforcement action he
				or she deems appropriate or necessary under any statutory
				provision.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 392 - HEARINGS BEFORE THE OFFICE OF BANKS AND REAL ESTATE BUREAU OF BANKS AND TRUST COMPANIES › Section 392.10 - Hearings

Current through Register Vol. 48, No. 28, July 12, 2024
All administrative hearings shall be conducted in accordance
				with 38 Ill. Adm. Code. 100.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart A - GENERAL PROVISIONS › Section 396.5 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Office of Banks and Real Estate is authorized to
				  promulgate rules setting the terms and conditions for approval of corporate
				  fiduciary applications and notices. The purpose of this Part is to set forth
				  those terms and conditions under one heading to facilitate easy reference by
				  the corporate fiduciaries affected.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart A - GENERAL PROVISIONS › Section 396.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Commissioner" means the Secretary of the Department of
				  Financial and Professional Regulation.
"Corporate fiduciary" shall have the meaning ascribed to it
				  in Section 1-5.05 of the Corporate Fiduciary Act [205 ILCS 620].
"Corporate fiduciary subsidiary" means a subsidiary of a
				  corporation organized for the purposes of accepting and executing trusts which
				  has received a Certificate of Authority from the Commissioner to accept and
				  execute trusts, but shall not include a state bank, a state savings and loan
				  association, a state savings bank or any subsidiary thereof.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart B - CORPORATE FIDUCIARY SUBSIDIARIES › Section 396.110 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
A corporate fiduciary which proposes to establish a
				  subsidiary, whether by incorporating the subsidiary or by acquiring the
				  subsidiary, shall apply, on an application specified by the Commissioner, for
				  approval from the Commissioner, not less than 90 days prior to commencing
				  business by the subsidiary if newly incorporated, or prior to its acquisition
				  if it is acquired.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart B - CORPORATE FIDUCIARY SUBSIDIARIES › Section 396.120 - Factors to be Considered by the Commissioner

Current through Register Vol. 48, No. 28, July 12, 2024
When reviewing an application to establish a corporate
				  fiduciary subsidiary, the following factors are relevant:
a) the types of activities to be conducted by
				the corporate fiduciary subsidiary (i.e., title insurance, employee benefit
				services, and bookkeeping services);
b) the earnings potential of the corporate
				fiduciary subsidiary (i.e., the earnings are sufficient to meet the current and
				anticipated needs of the subsidiary as identified in the business
				plan);
c) the general character and
				experience of the management of the corporate fiduciary subsidiary (i.e.,
				background, formal education, and practical experience in the types of services
				to be provided by the subsidiary); and
d) the effect of the corporate fiduciary
				subsidiary upon the financial condition of the corporate fiduciary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart C - CORPORATE FIDUCIARY BRANCH OFFICES - APPROVAL › Section 396.210 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Section 1-7(a) of the Corporate Fiduciary Act requires any
				  corporate fiduciary that is a trust company to apply for and obtain approval
				  from the Commissioner for the establishment of a branch office. This Subpart
				  sets forth the terms and conditions a trust company must satisfy in order for
				  the Commissioner to approve its application for the establishment of a branch
				  office.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart C - CORPORATE FIDUCIARY BRANCH OFFICES - APPROVAL › Section 396.220 - Terms and Conditions for Approval

Current through Register Vol. 48, No. 28, July 12, 2024
A trust company must demonstrate the following in order for
				  the Commissioner to approve its application to establish a branch
				  office:
a) That the trust company's
				aggregate direct and indirect fixed asset investment, including lease
				obligations, will be reasonable in relation to its projected earnings, capital,
				surplus and reserves, and liquidity (i.e., generally not greater than
				50%).
b) That the expense of
				establishing and operating the branch office will not have an undue effect on
				the trust company's earnings (i.e., the establishment will not result in
				negative net earnings and will not bring capital below that required for safe
				and sound operation).
c) That the
				management of the trust company and the branch has demonstrated or will
				demonstrate the ability to operate the trust company branch office in a safe
				and sound manner (i.e., proposed management has the appropriate level of
				experience commensurate with the accounts to be administered, the prior conduct
				of management was conducted in a safe and sound manner and appropriate internal
				controls are in place to adequately supervise management actions).
d) That the trust company has developed
				procedures for operations, controls and audits at the branch office, including
				but not limited to facilities for safekeeping and recordkeeping.
e) That the types of activities proposed to
				be performed at the branch office are consistent with and within the scope of
				the activities performed by the trust company and authorized by the trust
				company's certificate of authority.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 396 - CORPORATE FIDUCIARY APPLICATIONS AND NOTICES › Subpart C - CORPORATE FIDUCIARY BRANCH OFFICES - APPROVAL › Section 396.230 - Application Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) A trust
				company that intends to establish a branch office shall file an application for
				approval with the Commissioner on forms prescribed by the
				Commissioner.
b) The application
				shall be deemed filed when the Commission has received the applicable filing
				fee and a completed application form, including all of the supporting
				documentation necessary to determine that the terms and conditions set forth in
				this rule have been satisfied.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 397 - CORPORATE FIDUCIARY RECEIVERSHIP ACCOUNT › Section 397.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
This Part establishes the manner of assessing fees to fund the
				Corporate Fiduciary Receivership Account to the amount established by Section
				5-10 of the Corporate Fiduciary Act and of replenishing the account following
				any disbursement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 397 - CORPORATE FIDUCIARY RECEIVERSHIP ACCOUNT › Section 397.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"A" means the total number of corporate fiduciaries.
"Account" means the Corporate Fiduciary Receivership
				Account.
"Act" means the Corporate Fiduciary Act [205 ILCS 620 ].
"B" means the number of examiner days expended in the most
				recent examination of the Illinois Trust Company that was completed prior to
				the end of the calendar quarter preceding the quarter for which the fee is
				being assessed.
"Balance" means the amount in the account, adjusted for any
				accounts receivable and any accounts payable, as of the last day of the
				calendar quarter preceding the quarter for which a fee may be assessed.
"C" means the total number of examiner days expended in the
				most recent examinations of all Illinois Trust Companies, calculated as of the
				last day of the calendar quarter preceding the quarter for which the fee is
				being assessed.
"Corporate Fiduciary" means any trust company, trust
				department, or other entity that holds a certificate of authority issued under
				Article II of the Act authorizing the exercise of trust powers in
				Illinois.
"D" means the amount necessary to raise the balance in the
				Account to the maximum amount established by Section 5-10 of the Act.
"Illinois Trust Company" means a non-depository corporation,
				limited liability company, or other entity organized in this State that has
				been given a certificate of authority to accept and execute trusts by the
				Commissioner of Banks and Real Estate pursuant to Article II of the
				Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 397 - CORPORATE FIDUCIARY RECEIVERSHIP ACCOUNT › Section 397.30 - Quarterly Fee to Fund the Account

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Each corporate fiduciary will be assessed a quarterly fee of $200 until the
			 balance of the account reaches the maximum amount established by Section 5-10
			 of the Act.
b) Each Illinois trust
			 company will be assessed an additional quarterly fee until the balance of the
			 account reaches the maximum amount established by Section 5-10 of the Act. The
			 additional quarterly fee will be based on the following formula:
Additional quarterly fee to be paid by each Illinois
						  trust company
=
(4,000,000 - 8,000A)
x
B
(40)
C
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 397 - CORPORATE FIDUCIARY RECEIVERSHIP ACCOUNT › Section 397.40 - Restoring the Account

Current through Register Vol. 48, No. 28, July 12, 2024
If expenditures are made from the Account, assessments under
				Section
				397.30
				will be continued or reinstituted until the balance in the Account is restored
				to the maximum amount established by Section 5-10 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 397 - CORPORATE FIDUCIARY RECEIVERSHIP ACCOUNT › Section 397.50 - Alternate Fee Assessment to Avoid Excess Accumulation in Account

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding any other Section of this Part, if for any
				quarter, the balance of the Account is at a level that fees to be collected
				under Section
				397.30(a)
				of this Part would cause the balance to exceed the maximum amount established
				by Section 5-10 of the Act, a fee will be assessed on all corporate fiduciaries
				instead of the fees set forth in Section 397.30, based on the following
				formula:
Fee to be paid by each corporate fiduciary
=
D
A
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 398 - PLEDGING REQUIREMENTS FOR ILLINOIS TRUST COMPANIES › Section 398.5 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Corporate Fiduciary Act [205 ILCS 620/5
				].
"Department" means the Department of Financial and Professional
				Regulation.
"Director" means the Director of the Division of Banking with
				the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				Regulation-Division of Banking with the authority delegated by the
				Secretary.
"Secretary" means the Secretary of the Department of Financial
				and Professional Regulation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 399 - STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES › Subpart A - GENERAL PROVISIONS › Section 399.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Commissioner of Banks and Real Estate is authorized to
				  promulgate reasonable rules setting forth standards for the operation and
				  conduct of the affairs of corporate fiduciaries to ensure their safe and sound
				  operation. The purpose of this Part is to set forth those standards under one
				  heading to facilitate easy reference by the corporate fiduciaries
				  affected.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 399 - STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES › Subpart A - GENERAL PROVISIONS › Section 399.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Banking Act" means the Illinois Banking Act [205 ILCS 5
				  ].
"Commissioner" means the Commissioner of Banks and Real
				  Estate.
"Corporate fiduciary" shall have the meaning ascribed to it
				  in Section 1-5.05 of the Corporate Fiduciary Act.
"Corporate Fiduciary Act" means the Corporate Fiduciary Act
				  [205 ILCS 620 ].
"State bank" shall have the meaning ascribed to it in Section
				  2 of the Banking Act.
"Trust company" shall have the meaning ascribed to it in
				  Section 1-5.11 of the Corporate Fiduciary Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 399 - STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES › Subpart B - TRUST COMPANY INVESTMENTS › Section 399.110 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Commissioner is authorized to determine the minimum
				  capital, surplus and reserves required for the safe and sound operation of
				  corporate fiduciaries. Corporate fiduciaries that are state banks are subject
				  to the investment limitations contained in the Banking Act. The purpose of this
				  Subpart is to set forth the limitations on the authority of a trust company to
				  invest for its own account in order to safeguard the condition of such trust
				  company.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 399 - STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES › Subpart B - TRUST COMPANY INVESTMENTS › Section 399.120 - Investments

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of determining the adequacy of capital, surplus
				  and reserves, a trust company, when purchasing, selling and holding investments
				  for its own accounts, shall be subject to the same limitations and conditions
				  with respect to such investments as are permitted for state banks by the
				  Banking Act. The Commissioner shall disallow any investments that are not so
				  permitted from the calculation of adequate capital, surplus and
				  reserves.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 600 - CEMETERY CARE › Section 600.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, the following terms are used as
				hereinafter defined unless the context requires a different meaning.
The term "Act" means The Cemetery Care Act (Ill. Rev. Stat.
				1983, ch. 21, pars. 64.1 et seq.).
The term "Care Funds" is defined as in Section 2 of said
				Act.
The term "Comptroller" is defined as in Section 2 of said
				Act.
The term "Investment Company" is defined as in Section 2 of
				said Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 600 - CEMETERY CARE › Section 600.20 - Agreement to be Entered into by an Investment Company Under Section 2 of the Act to be in Form Prescribed by the Comptroller

Current through Register Vol. 48, No. 28, July 12, 2024
An investment company desiring to enter into an agreement with
				the Comptroller as in Section 2 of the Act provided shall submit an application
				prepared in accordance with the form prescribed therefor by the Comptroller as
				in effect on the date of filing. The form of application shall require the
				investment company to represent that: it is an open end diversified management
				investment company registered under the Investment Company Act of 1940; its
				securities are purchasable only with care funds or similar trust funds; its
				securities are registered for sale under the Securities Act of 1933 and the
				Illinois Securities Law of 1953; it will furnish the Comptroller certain
				information with respect to the holders of its securities; it will furnish the
				Comptroller copies of all reports sent to holders of its securities; it will
				furnish the Comptroller copies of all statements filed with the Securities and
				Exchange Commission. The form of application shall also contain: a consent to
				service of process; the name and address of its trustee or custodian; the names
				and addresses of all of its directors and executive officers; a schedule of
				exhibits required to be filed with the application which schedule shall relate
				to the registration of the investment company under the Investment Company Act
				of 1940 and its shares under the Federal Securities Act of 1933 as well as to
				the internal management and the operation of the investment company and, such
				other matters as the Comptroller shall reasonably require. Any application
				shall be deemed to be filed on the proper form unless objection to the form is
				made by the Comptroller.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 600 - CEMETERY CARE › Section 600.30 - Number of Copies - Signatures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Four copies of the completed application, including exhibits and all other
			 papers and documents filed as a part of the application, shall be filed with
			 the Comptroller.
b) At least one
			 copy of every application shall be manually signed by the applicant. If the
			 application is typewritten, the original "ribbon" copy shall be signed.
			 Unsigned copies shall be conformed.
c) If any name is signed to the application
			 pursuant to a power of attorney, copies of such power of attorney shall be
			 filed with the application. In addition, if the name of any officer signing on
			 behalf of the applicant or attesting the applicant's seal, is signed pursuant
			 to a power of attorney, certified copies of a resolution of the applicant's
			 board of directors authorizing such signature shall also be filed with the
			 application.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 600 - CEMETERY CARE › Section 600.40 - Requirements as to Paper, Printing, and Language

Current through Register Vol. 48, No. 28, July 12, 2024
a) The application shall be filed on good
			 quality, unglazed, white paper 81/2 by 13 inches in size, insofar as
			 practicable. Exhibits may be on paper of a different size if the applicant so
			 desires.
b) The application and,
			 insofar as practicable, all papers and documents filed as a part thereof, shall
			 be printed, lithographed, mimeographed, or typewritten. However, the
			 application or any portion thereof may be prepared by an similar process which,
			 in the opinion of the Comptroller produces copies suitable for permanent
			 record. Irrespective of the process used, all copies of any such material shall
			 be clear, easily readable and suitable for repeated photocopying.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.10 - Statutory Authority

Current through Register Vol. 48, No. 28, July 12, 2024
a) Form and
			 Review of Pre-Need Contracts.
1) All pre-need
			 contracts must be in writing. Any use or attempted use of any oral pre-need
			 contract or any written pre-need contract in a formthat does not meet the
			 requirements of the Illinois Funeral or Burial Funds Act [225 ILCS 45 ] shall
			 be deemed a violation of the Act. [225
			 ILCS 45/1a-1(d) ]
2) Nopre-need contract shall be sold in this
			 State unless the seller distributes to the purchaser, prior tothe sale, a
			 booklet promulgated or approved for use by the State Comptroller; the seller
			 explains to the purchaser the terms of the pre-need contract prior to the
			 purchaser signing; and the purchaser initials a statement in the contract
			 confirming that the seller has explained the terms of the contract prior to the
			 purchaser signing. [225 ILCS
			 45/1a-1(e) ]
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.40 - Classification of Pre-Need Contract by Funding Methods

Current through Register Vol. 48, No. 28, July 12, 2024
a) For the purposes of this Part, pre-need
			 contracts shall be classified as follows:
1)
			 Pre-need contracts funded by trust deposits.
2) Pre-need contracts funded by life
			 insurance or a tax-deferred annuity.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.60 - Trust Investment in Life Insurance or Annuities

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Trustee of a trust account shall not
			 invest trust funds in life insurance policies or tax deferred annuities unless
			 the following requirements are met:
1) The
			 company issuing the life insurance policies or tax-deferred annuities is
			 licensed by the Illinois Department of Insurance and the insurance producer or
			 annuity seller is licensed to do business in the State of Illinois;
2) Prior to the investment, the purchaser
			 approves, in writing, the investment in life insurance policies or tax-deferred
			 annuities;
3) Prior to the
			 investment, the purchaser is notified by the seller in writing about the
			 disclosures required for all pre-need contracts under Section 1a-1 of the Act,
			 and the purchase of life insurance or a tax-deferred annuity is subject to the
			 requirements of Section 2a of the Act;
4) Prior to the investment, the trustee
			 informs the comptroller that trust funds shall be removed from the trust
			 account to purchase life insurance or a tax-deferred annuity upon the written
			 consent of the purchaser;
5) The
			 purchaser retains the right to refund provided for in the Act, unless the
			 pre-need contract is sold on an irrevocable basis as provided in Section 4 of
			 the Act; and
6) Notice must be
			 given in writing that the cash surrender value of a life insurance policy may
			 be less than the amount provided for by the refund provisions of the trust
			 account.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.70 - Requirements for Pre-Need Booklet

Current through Register Vol. 48, No. 28, July 12, 2024
After the adoption of a rule prescribing a pre-need booklet, no
				pre-need contract may be sold in this State unless it is accompanied by a
				booklet that contains the following requirements:
a) Requirements for pre-need contracts as set
			 forth in Section 1a-1 of the Act.
b) All disclosures in accordance with
			 Sections 1a-1, 1b, 2a, 4, and 4a of the Act.
c) The funding mechanism as set forth in
			 Section 1a-1(6)(a) of the Act.
d)
			 Any other statutory requirements under the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.80 - Licensing of Sellers of Pre-Need Contracts Funded by Life Insurance or Tax-Deferred Annuity

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any seller
			 of pre-need contract which is funded by life insurance or a tax-deferred
			 annuity shall obtain an individual license unless the seller is an employee of
			 a licensee. An insurance producer, annuity seller, or any individual who serves
			 in that capacity shall not be considered an employee unless the employment
			 relationship indicates otherwise for purposes of this Part.
b) The annual report required to be filed by
			 the licensee with the Office of the Comptroller may be filed by the company
			 with which the insurance producer, annuity seller, or any individual acting in
			 that capacity is affiliated so long as all books, records and other information
			 as required under this Act are provided. The licensee shall remain responsible
			 for the timely filing of the annual report and shall acknowledge in writing
			 that the annual report is true and accurate.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.90 - Schedule of Charges for Examinations for Licensee of Pre-Need Contracts Funded by Life Insurance or Tax-Deferred Annuity

Current through Register Vol. 48, No. 28, July 12, 2024
a) The charge made by the Comptroller for an
			 examination shall be based upon the total amount of premiums received during
			 the previous calendar year from life insurance or tax-deferred annuities for
			 which the report is required under the Act.
b) The following fee schedule establishes the
			 cost to be paid by licensees for the examination of books and records of the
			 licensee:
Less than
				$10,000...............................................................................
				no charge
$10,000 or more but less than
				$50,000........................................................ $10
$50,000 or more but less than
				$100,000...................................................... $40
$100,000 or more but less than
				$250,000.................................................... $80
$250,000 or
				more.......................................................................................
				$100
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.100 - Scope

Current through Register Vol. 48, No. 28, July 12, 2024
This Part governs the making of direct deposit of recurring
				payments to:
a) persons receiving
			 benefit payments from the Comptroller under the state pension systems as
			 provided in the Illinois Pension Code (Ill. Rev. Stat. 1981, ch. 1081/2, pars.
			 1-101 et seq.); and
b) individuals
			 receiving assistance under Article III of "The Illinois Public Aid Code", (Ill.
			 Rev. Stat. 1981, ch. 23, pars. 3-1 et seq.) as provided in Section 9.02 of the
			 State Comptroller Act, Ill. Rev. Stat. 1981, ch. 15, par. 209.03.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.110 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part:
"Credit payment" means an order for the payment of money issued
				by the Comptroller under this Part to pay a recurring payment. A credit payment
				may be contained in any form of communication, other than voice, which is
				registered upon magnetic tape, disc and or any other medium designed to capture
				and contain in durable form conventional signals used for the electronic
				communication of messages.
"Financial Institution" means any bank, savings bank, savings
				and loan association or similar institution, or Federal or State chartered
				credit union which is capable of receiving credit entries pursuant to this
				Part.
"Originating Depository Financial Institution" means the
				financial institution selected by the Comptroller to transmit recurring
				payments though the automated clearing house system to the recipients'
				financial institutions. The Originating Depository Financial Institution will
				be selected in accordance with the Comptroller's Purchasing Rules.
"Paying State Agency" means any entity of State government with
				authority to direct the Comptroller to make payments under this Part.
"Payment Date" means the date specified for a credit payment.
				Such date is the date on which the funds specified in the credit payment are to
				be available for withdrawal from the recipient's account with the financial
				institution specified by such recipient. If the payment date is not a business
				day for the financial institution receiving a credit payment, or for the
				Federal Reserve Bank from which it received such payment, then the next
				succeeding business day for both shall be deemed to be the payment date.
"Recipient" means a person entitled to receive credit payments
				under this Part.
"Recurring Payment" means any benefit, annuity or other payment
				made by the Comptroller at regular intervals.
"Standard Authorization Form" means the form prescribed by the
				Comptroller, which must be utilized by recipients to authorize credit payments
				under this Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.120 - Recipients

Current through Register Vol. 48, No. 28, July 12, 2024
a) In order for a
			 recipient to receive a recurring payment by means of direct deposit of the
			 amounts of credit payments under this Part, at a financial institution of the
			 recipient's choosing and to an account the title of which includes the
			 recipient's name, the recipient shall execute the applicable portion of the
			 Standard Authorization Form, present it to the financial institution which will
			 receive the credit payments, for execution of the applicable portion, and
			 deliver it to the paying State Agency. The recipient and the financial
			 institution shall be responsible for any inaccuracy in the data entered by each
			 of them, respectively, on such Standard Authorization Form.
b) In executing a Standard Authorization
			 Form, a recipient:
1) designates the
			 financial institution and the account on the books of such financial
			 institution to which the amounts of the credit payments shall be
			 credited;
2) is deemed to agree to
			 the provisions of this Part;
3)
			 authorizes the paying State Agency or the Comptroller to terminate any
			 previously executed Standard Authorization Form or any other inconsistent
			 payment instructions applicable to the relevant recurring payment;
			 and
4) authorizes the paying State
			 Agency and the Comptroller to deduct from a designated account or from
			 subsequent recurring payments all credit payments deposited in error.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.130 - Paying State Agencies

Current through Register Vol. 48, No. 28, July 12, 2024
a) The paying
			 State Agency shall use its best efforts to inform eligible recipients of the
			 procedures for enrolling in the State of Illinois Direct Deposit Program. Upon
			 request, the Comptroller will supply paying State Agencies with blank Standard
			 Authorization Forms to be provided to eligible recipients. Other Standard
			 Authorization Forms may be utilized upon the prior written consent of the
			 Comptroller.
b) The paying State
			 Agency must maintain a copy of each currently effective Standard Authorization
			 Form.
c) During the period in which
			 the Standard Authorization Form is in effect, upon the request of the
			 recipient's financial institution, the paying State Agency must provide a copy
			 (readable without optical aid) of the Standard Authorization Form.
d) Upon termination of the Standard
			 Authorization Form, the paying State Agency must provide the Comptroller with
			 the Authorization Form with the date of termination clearly noted thereon. The
			 Comptroller will maintain such terminated Authorization Forms for the required
			 period (currently six (6) years).
e) During the term of the Standard
			 Authorization Form, the paying State Agency must maintain the data necessary
			 for the direct deposit of credit payments to the account of the recipient and
			 shall make such data available for the issuance of such credit payments in
			 sufficient time for the Comptroller, in performing his disbursing function, to
			 carry out his responsibilities under these rules so that the funds will be made
			 available to the recipient on the payment date. Such data shall be certified as
			 provided in Sections 9.02 and 10 of "An Act in relation to State finance" (Ill.
			 Rev. Stat. 1981, ch. 127, pars. 145c, 146).
f) Nothing in this Part shall be construed to
			 alter the relationship between paying State Agencies and the recipients
			 receiving credit payments pursuant to these Rules. In this regard, the paying
			 State Agencies shall be primarily responsible for handling inquiries and
			 resolving problems for their recipients concerning matters traditionally under
			 the purview of State Agencies initiating vouchers for payment by State
			 Warrant.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.140 - Direct Deposit - System Test

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon
			 receipt of a properly executed Standard Authorization Form, the paying State
			 Agency must conduct a test transaction (initiating a zero dollar deposit) to
			 verify the accuracy of the information contained in the Standard Authorization
			 Form.
b) No transactions utilizing
			 "live" data may be processed until 15 days after the test transaction has been
			 delivered to the Comptroller.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.150 - Recurring Direct Deposits

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Where a direct deposit may not be processed by the recipient's financial
			 institution, such institution shall promptly return such funds to the State.
			 The Comptroller shall draw a warrant for payment to the recipient upon the
			 presentation of a voucher of the paying State Agency for such
			 payment.
b) If a direct deposit is
			 made in error or on behalf of a recipient who is not entitled to receive such
			 direct deposit, by reason of death or otherwise, the paying State Agency shall
			 initiate a correcting entry (either debit or credit) in accordance with the
			 Operating Rules of the National Automated Clearing House Associations. For the
			 purposes of this Part, the Operating Rules of the National Automated Clearing
			 House Associations are incorporated by reference as of November 1, 1983. The
			 paying State Agency, upon detecting an error requiring a correcting entry, must
			 notify both the recipient and the recipient's financial institution of its
			 intended action. Upon the receipt of funds representing a return of a credit
			 entry, the Comptroller will provide the paying State Agency with the
			 information necessary to correct or complete the transaction.
c) If, upon processing the correcting entry,
			 the recipient's account is closed or is insufficient to cover the entire amount
			 to be returned, the paying State Agency and the recipient's financial
			 institution shall be responsible for initiating the appropriate action to
			 obtain recoupment. The Comptroller will notify the paying State Agency upon
			 being made aware of any problems or deficiencies in returning funds
			 representing the correcting entry.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 650 - DIRECT DEPOSIT › Section 650.160 - Treasurer

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to
			 delivery of a group direct deposits to the Originating Depository Financial
			 Institution, the Comptroller shall present to the Treasurer for approval and
			 countersignature a warrant drawn in an amount certified by the paying State
			 Agency and sufficient to cover each direct deposit in the group.
b) The Comptroller shall retain documentation
			 of the Treasurer's approval of each group of payment made by direct deposit for
			 the period and in the manner prescribed for the retention of warrants in
			 Section 1 of "An Act in relation to the reproduction and destruction of records
			 kept by the Comptroller," (Ill. Rev. Stat. 1981, ch. 15, par. 225).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 800 - DISCRIMINATION INVOLVING CREDIT › Section 800.30 - Other Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in the Act and these regulations, the following terms
				have the meanings indicated:
Age - the chronological age of a person.
Disability - a determinable physical or mental characteristic
				of a person (including a characteristic requiring the person's use of a guide
				or hearing dog), or the history of the characteristic, or the perception of the
				characteristic by the person complained against, which characteristic results
				from disease, injury, congenital condition of birth or functional disorder but
				is unrelated to the person's ability to repay the indebtedness in
				question.
Marital Status - the legal status of being married, single,
				separated, divorced or widowed.
Prohibited Characteristic - any characteristic, or combination
				of characteristics, the consideration of which constitutes "unlawful
				discrimination" under Section 1-103(Q) of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 800 - DISCRIMINATION INVOLVING CREDIT › Section 800.50 - Empirically Derived Credit Systems

Current through Register Vol. 48, No. 28, July 12, 2024
a) The exemption in Section 4-104(B)(2) of
			 the Act [775 ILCS
			 5/4-104(B)(2) ] does not authorize
			 the consideration of any prohibited characteristic, other than age under an
			 empirically derived credit system, and allows for the consideration of age only
			 if the system is "demonstrably and statistically sound". A system shall be
			 deemed "demonstrably and statistically sound" if each of the following
			 standards is satisfied:
1) Data Base. The
			 data used in developing the system, if not consisting of the complete
			 population of all credit applicants, must be drawn from the file of credit
			 applicants using accepted statistical sampling principles.
2) Purpose. The system must be developed with
			 the purpose of predicting positively the actual creditworthiness of
			 applicants.
3) Validation. The
			 system must be validated, according to accepted statistical principles, as
			 distinguishing between creditworthy and non-creditworthy applicants at a
			 statistically significant rate.
4)
			 Revalidation. The system must be periodically revalidated as to its predictive
			 ability using appropriate statistical principles, and be adjusted as necessary
			 to maintain its predictive ability.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 800 - DISCRIMINATION INVOLVING CREDIT › Section 800.60 - Special Credit Programs

Current through Register Vol. 48, No. 28, July 12, 2024
a) Requisite
			 Standards. A special credit program is exempt from coverage of the Act under
			 Section 4-104(C)(3) of the Act [775 ILCS
			 5/4-104(C)(3) ] only if it satisfies
			 each of the following requirements:
1)
			 Written Plan. The program is established and administered pursuant to a written
			 plan which identifies the classes of persons it is designed to benefit and sets
			 forth the procedures and standards for extending credit.
2) Class Benefiting. The program is
			 established and administered to extend credit to a class of persons who, under
			 the standards of creditworthiness customarily used by the lender, either would
			 not receive such credit or would receive it on less favorable terms than those
			 available to other applicants for similar types and amounts of
			 credit.
3) Nondiscrimination. The
			 program is established and administered so as not to discriminate against
			 applicants on the basis of any characteristic prohibited under the Act, except
			 to the extent that the class of persons benefiting from the program may share
			 one or more such characteristic(s) and that requirement is not a subterfuge for
			 evading the purposes of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 900 - HEARINGS FOR REMOVAL OR PROHIBITION OF DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS OF A STATE BANK OR A BRANCH OF AN OUT-OF-STATE BANK, SUBSIDIARY OR HOLDING COMPANY OF A STATE BANK OR A BRANCH OF AN OUT-OF-STATE BANK, OR CORPORATE FIDUCIARY, SUBSIDIARY OR PARENT COMPANY OF A CORPORATE FIDUCIARY (REPEALED)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1000 - ILLINOIS SAVINGS AND LOAN ACT OF 1985 (REPEALED) › Subpart R - PAYDAY LOANS › Appendix B - Repealed

Current through Register Vol. 48, No. 28, July 12, 2024
This is the percentage of your gross monthly income that
					 will be allocated to your mortgage expenses and other debt that you pay on a
					 monthly basis.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.100 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Student Loan Servicing Rights Act [110 ILCS
				992].
"Department" means the Department of Financial and Professional
				Regulation.
"Director" means the Director of the Division of Banking, with
				the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				Regulation-Division of Banking, with the authority delegated by the
				Secretary.
"Licensee" means a person licensed pursuant to the Act.
"NMLS" means the Nationwide Multistate Licensing System and
				Registry.
"Secretary" means the Secretary of the Department of Financial
				and Professional Regulation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.120 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) The fees listed
			 in this Section shall be payable to the Department, or to NMLS for transfer to
			 the Division, as approved by the Director. The Director will specify the form
			 of payment to the Division or to NMLS, which may include certified check, money
			 order, credit card, or other forms authorized by the Director. NMLS shall be
			 authorized to collect and process transaction fees or other fees related to
			 licensees or other persons subject to the Act.
b) License Fees
1) Application and Investigation. For each
			 application for an initial license, the applicant shall pay a nonrefundable
			 initial application fee of $1000 (see Sections 15-15 and 20-80 of the Act) and
			 a nonrefundable background investigation fee of $800, or the amount authorized
			 by Sections 15-15 and 20-80 of the Act.
2) License Renewal. For each application for
			 an annual renewal of a license, the applicant shall pay a nonrefundable renewal
			 fee of $1,000 (see Section 20-80 of the Act). In the case of an inactive
			 license, the applicant shall pay the nonrefundable renewal fee and an
			 additional nonrefundable reactivation fee equal to the renewal fee, pursuant to
			 Section 15-40(c) of the Act.
3)
			 Notice of Change of Ownership or Control. The licensee shall pay a
			 nonrefundable fee of $500 for each notice of change of ownership or control
			 filed pursuant to Section
			 1010.130.
4) Notice of Change of Officers or Directors
			 or Change of Name or Address. The licensee shall pay a nonrefundable fee of $50
			 for each notice of change of officers or directors or change of name or address
			 filed pursuant to Section 1010.130.