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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
FINANCIAL REGULATION
(205 ILCS 650/) Foreign Bank Representative Office Act. 205 ILCS 650/1
(205 ILCS 650/1) (from Ch. 17, par. 2851)
Sec. 1.
This Act shall be known and may be cited as the "Foreign Bank
Representative Office Act".
(Source: P.A. 83-267.)
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205 ILCS 650/2
(205 ILCS 650/2) (from Ch. 17, par. 2852)
Sec. 2. Definitions. As used in this Act, unless the context requires
otherwise:
(a) "Commissioner" means the Secretary of Financial and Professional Regulation or a
person authorized by the Secretary, the Division of Banking Act,
or this Act to act in the Secretary's stead.
(b) "Foreign bank" means (1) a bank, savings bank, savings association, or trust company which is organized
under the laws of any state or territory of the United States, including the
District of Columbia, other than the State of Illinois; (2) a national bank
having its principal place of business in any state or territory of the United
States, including the District of Columbia, other than the State of Illinois;
or (3) a bank or trust company organized and operating under the laws of a
country other than the United States of America.
(c) "Representative office" means an office in the State of Illinois at
which a foreign bank engages in representational functions
but does not conduct a commercial banking business. (d) "Division" means the Division of Banking within the Department of Financial and Professional Regulation.
(Source: P.A. 98-1081, eff. 1-1-15.)
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205 ILCS 650/3
(205 ILCS 650/3) (from Ch. 17, par. 2853)
Sec. 3.
No person, copartnership, association, corporation or other entity
shall establish or maintain a representative office in this State on behalf
of one or more foreign banks unless the foreign bank to be represented has
obtained a license from the Commissioner.
(Source: P.A. 83-267.)
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205 ILCS 650/4
(205 ILCS 650/4) (from Ch. 17, par. 2854)
Sec. 4.
Application; fees.
(a) The application for a license shall contain information and be
accompanied by a reasonable fee as determined, by rule, by the Commissioner.
(b) The Commissioner shall issue a license to a foreign bank to establish
and maintain a representative office if the Commissioner finds:
(1) the foreign bank is of good character and sound | |
(2) the management of the foreign bank and the
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(3) the convenience and needs of persons to be served
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(Source: P.A. 92-483, eff. 8-23-01.)
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205 ILCS 650/5
(205 ILCS 650/5) (from Ch. 17, par. 2855)
Sec. 5.
(a) Each foreign bank which is licensed to establish and maintain
a representative office shall make, keep, and preserve at such office or
at such other place as determined by the Commissioner, such books, accounts,
and other records relating to the business of such office as the Commissioner
may require.
(b) Each foreign bank which is licensed to establish and maintain a representative
office shall file such reports, accompanied by a reasonable fee, as required
and determined by the Commissioner.
(Source: P.A. 83-267.)
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205 ILCS 650/6
(205 ILCS 650/6) (from Ch. 17, par. 2856)
Sec. 6.
Revocation of license.
If the Commissioner finds:
(a) the licensee or its representative has violated | | any provision of this Act or other law, rule, or regulation of this State; or
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(b) any fact or condition exists which, if it had
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then the Commissioner, after granting
the licensee or representative a reasonable opportunity to be heard, may revoke
such license.
(Source: P.A. 92-483, eff. 8-23-01.)
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205 ILCS 650/7
(205 ILCS 650/7)
Sec. 7.
Reliance on Commissioner.
No foreign bank or other person shall
be liable under this Act for any act done or omitted in good faith in
conformity with any rule, interpretation, or opinion issued by the
Commissioner of Banks and Real Estate, notwithstanding that after the act or
omission has occurred, the rule, opinion, or interpretation upon
which reliance is placed is amended, rescinded, or determined by judicial or
other authority to be invalid for any reason.
(Source: P.A. 90-161, eff. 7-23-97; 90-655, eff. 7-30-98.)
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205 ILCS 650/7.5
(205 ILCS 650/7.5)
Sec. 7.5.
Non-English language transactions.
A foreign bank
representative office may conduct
transactions in a language other than English through an employee or agent
acting as interpreter or through an interpreter provided by the customer.
(Source: P.A. 92-578, eff. 6-26-02.)
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205 ILCS 650/8
(205 ILCS 650/8)
Sec. 8.
Powers of the Commissioner.
The Commissioner shall have
under this Act all of the powers granted to him under the Illinois Banking
Act, including the authority to impose a reasonable charge to recover the
cost of an examination conducted by the Commissioner,
to the extent necessary to enable the Commissioner to supervise the
representative office of a foreign bank holding a license.
(Source: P.A. 92-483, eff. 8-23-01.)
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