Chapter 205 — FINANCIAL REGULATION

(205 ILCS 620/1-9) Sec. 1-9. Name indicating fiduciary capacity; limitation. No corporation that is not a corporate fiduciary as defined in Section 1-5.05 of this Act or a foreign corporation having received a certificate of authority under Section 4-5 of this Act shall be allowe…

(205 ILCS 620/2-1) (from Ch. 17, par. 1552-1) Sec. 2-1. (a) Any corporation which has been or shall be incorporated under the general corporation laws of this State and any limited liability company established under the Limited Liability Company Act for the purpose of accepting …

(205 ILCS 620/2-10) (from Ch. 17, par. 1552-10) Sec. 2-10. Every company may receive, by gift, legacy or otherwise, moneys or real or personal property, or the income or avails of such moneys or property, in trust, in perpetuity, for the improvement, maintenance, ornamentation, r…

(205 ILCS 620/2-11) Sec. 2-11. Retention of agents and advisors. A corporate fiduciary may hire and compensate, as an additional expense of the trust or estate, agents, advisors (including financial, investment, and other advisors), and brokers (including brokers for the sale or …

(205 ILCS 620/2-12) Sec. 2-12. Reproductions of documents. Notwithstanding any other provision of law, if a corporate fiduciary possesses, records, or creates any document, memorandum, writing, entry, representation, or combination thereof, of any act, transaction, occurrence, ev…

(205 ILCS 620/2-13) Sec. 2-13. Employment of persons with convictions. Except with the prior written consent of the Commissioner, no person having a certificate of authority under this Act shall knowingly employ or otherwise permit an individual to serve as an officer, director, …

(205 ILCS 620/2-2) (from Ch. 17, par. 1552-2) Sec. 2-2. (a) Whenever application shall be made to any court in this State for the appointment of any receiver, assignee, guardian, executor, administrator or other trustee or fiduciary appointed by the court, it shall be lawful for …

(205 ILCS 620/2-3) (from Ch. 17, par. 1552-3) Sec. 2-3. Corporate fiduciaries shall be entitled to and shall be allowed reasonable compensation for all the services performed by them under the provisions of this Act and the corporate fiduciary shall be reimbursed for all proper e…

(205 ILCS 620/2-4) (from Ch. 17, par. 1552-4) Sec. 2-4. Certificate of authority. (a) It shall not be lawful for any person to engage in the trust business, after the effective date of this amendatory Act of 1995, without first filing an application for and procuring from the Com…

(205 ILCS 620/2-4.5) Sec. 2-4.5. Exemptions. For the purposes of this Act, a person does not engage in the trust business by: (1) the rendering of fiduciary services by an attorney-at-law admitted to the practice of law in this State; (2) rendering services as a certified or regi…

(205 ILCS 620/2-5) (from Ch. 17, par. 1552-5) Sec. 2-5. The application for a certificate of authority shall be filed with the Commissioner, signed by the president or vice president and attested by the corporate secretary or cashier and acknowledged before some officer authorize…

(205 ILCS 620/2-6) (from Ch. 17, par. 1552-6) Sec. 2-6. Upon the filing of an application for a certificate of authority, the Commissioner shall cause to be made an investigation of the truth of the statements therein and the background of the management and controlling sharehold…

(205 ILCS 620/2-6.5) Sec. 2-6.5. Directors. (a) The business and affairs of a corporate fiduciary shall be managed by its board of directors, which shall exercise its powers in accordance with this Section. (b) The directors shall be elected as provided in this Act. Any omission …

(205 ILCS 620/2-7) (from Ch. 17, par. 1552-7) Sec. 2-7. A corporate fiduciary so incorporated or authorized after January 1, 1988, shall have minimum capital as determined by the Commissioner as necessary for safe and sound operation of a corporate fiduciary. The Commissioner sha…

(205 ILCS 620/2-8) (from Ch. 17, par. 1552-8) Sec. 2-8. Collateralizing fiduciary assets. (a) A corporate fiduciary shall not be required and shall not have the power to collateralize or secure fiduciary funds except as provided in this Section. (b) All funds, both principal and …

(205 ILCS 620/2-9) (from Ch. 17, par. 1552-9) Sec. 2-9. (Repealed). (Source: P.A. 85-858. Repealed by P.A. 89-364, eff. 8-18-95.)

(205 ILCS 620/2A-1) Sec. 2A-1. Purpose. The General Assembly finds that corporate fiduciaries perform a vital service in the custody, safekeeping, and management of physical assets, traditional electronic assets, and emerging digital assets for customers; that it is in the public…

(205 ILCS 620/2A-2) Sec. 2A-2. Special purpose trust company. Any corporation that has been or shall be incorporated under the general corporation laws of this State and any limited liability company established under the Limited Liability Company Act for the special purpose of p…

(205 ILCS 620/2A-3) Sec. 2A-3. Certificate of authority. (a) It shall be lawful for any person to engage in the activity of a special purpose trust company after the effective date of this amendatory Act of the 104th General Assembly upon filing an application for and procuring f…

(205 ILCS 620/2A-4) Sec. 2A-4. Rulemaking and organization. (a) The Department shall adopt rules for the administration of this Article, including, but not limited to: rules for defining statutory terms; applying for a certificate of authority; review, investigation, and approval…

(205 ILCS 620/3-1) (from Ch. 17, par. 1553-1) Sec. 3-1. Merger. The merger procedure required of a trust company where there is to be a resulting trust company by consolidation or merger shall be: (1) The board of directors of each party to the merger shall, by a majority of the …

(205 ILCS 620/3-2) (from Ch. 17, par. 1553-2) Sec. 3-2. Change in control. (a) Before a change may occur in the ownership of outstanding stock or membership interests of any trust company whether by sale and purchase, gift, bequest or inheritance, or any other means, which will r…

(205 ILCS 620/3-3) (from Ch. 17, par. 1553-3) Sec. 3-3. Successor trustee. (a) If any corporate fiduciary merges into, or becomes consolidated with, another corporate fiduciary qualified to administer trusts or is succeeded in its trust business by any corporate fiduciary by purc…

(205 ILCS 620/4-1) (from Ch. 17, par. 1554-1) Sec. 4-1. Foreign corporate fiduciary; certificate of authority. After July 13, 1953, no foreign corporation, including banks, savings banks, and savings and loan associations, now or hereafter organized under the laws of any other st…

(205 ILCS 620/4-2) (from Ch. 17, par. 1554-2) Sec. 4-2. Foreign corporation; eligibility. Any foreign corporation may act in this State as trustee, executor, administrator, administrator to collect, guardian, or in any other like fiduciary capacity, whether the appointment is by …

(205 ILCS 620/4-3) (from Ch. 17, par. 1554-3) Sec. 4-3. Service of process upon Secretary of State. Any foreign corporation acting in this State in a fiduciary capacity pursuant to the provisions of Article IV and Article IVA of this Act shall be deemed to have appointed the Secr…

(205 ILCS 620/4-4) (from Ch. 17, par. 1554-4) Sec. 4-4. Place of business not to be established in State; not deemed transacting business. (a) A foreign corporation, as defined in Section 1-5.08 of this Act, shall not establish in this State a place of business, branch office, or…

(205 ILCS 620/4-5) (from Ch. 17, par. 1554-5) Sec. 4-5. Certificate of authority; fees; certificate of reciprocity. (a) Prior to the time any foreign corporation acts in this State as testamentary trustee, trustee appointed by any court, trustee under any written agreement, decla…

(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…

(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 additiona…

(205 ILCS 620/4A-15) Sec. 4A-15. Representative offices. (a) A foreign corporation conducting fiduciary activities outside this State, but not conducting fiduciary activities in this State may establish a representative office under the Foreign Bank Representative Office Act. At …

(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 th…

(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 emer…

(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 t…

(205 ILCS 620/5-1) (from Ch. 17, par. 1555-1) Sec. 5-1. Commissioner's powers. The Commissioner of Banks and Real Estate shall have the following powers and authority and is charged with the duties and responsibilities designated in this Act: (a) To promulgate, in accordance with…

(205 ILCS 620/5-10) (from Ch. 17, par. 1555-10) Sec. 5-10. Fees; receivership account. (a) There shall be paid to the Commissioner by every corporate fiduciary including each trust company, bank, savings and loan association, and savings bank to which this Act shall apply, reason…

(205 ILCS 620/5-10.5) Sec. 5-10.5. Disclosure of records. A corporate fiduciary may not disclose to any person, except to the customer or the customer's duly authorized agent, any records pertaining to the fiduciary relationship between the corporate fiduciary and the customer un…

(205 ILCS 620/5-11) (from Ch. 17, par. 1555-11) Sec. 5-11. A corporate fiduciary shall be reimbursed for costs which are reasonably necessary and which have been directly incurred in searching for, reproducing or transporting books, papers, records or other data of a customer req…

(205 ILCS 620/5-2) (from Ch. 17, par. 1555-2) Sec. 5-2. Examinations of corporate fiduciaries. (a) The Commissioner, no less frequently than 18 months following the preceding examination, and whenever in his judgment it is necessary or expedient, either personally or by one or mo…

(205 ILCS 620/5-3) (from Ch. 17, par. 1555-3) Sec. 5-3. Violations; orders. (a) Whenever it appears to the Commissioner from any examination, statement of condition or report, that any corporate fiduciary has committed any violation of law, has made or published a false statement…

(205 ILCS 620/5-4) (from Ch. 17, par. 1555-4) Sec. 5-4. If the Commissioner has satisfactory evidence that any statement of condition or other report required or authorized by this Act, made by any officer or officers of a corporate fiduciary is false, the Commissioner may revoke…

(205 ILCS 620/5-5) (from Ch. 17, par. 1555-5) Sec. 5-5. A special meeting of the board of directors may be held upon call by the Commissioner or an examiner appointed under the provisions of this Act, upon not less than 12 hours notice of such meeting by personal service of such …

(205 ILCS 620/5-6) (from Ch. 17, par. 1555-6) Sec. 5-6. Removal orders. Whenever, in the opinion of the Secretary, any director, officer, employee, or agent of a corporate fiduciary or subsidiary or corporate parent of the corporate fiduciary shall have violated any law, rule, or…

(205 ILCS 620/5-7) (from Ch. 17, par. 1555-7) Sec. 5-7. Any person or corporate fiduciary affected by any action under this Act, other than under Section 5-6, may request a hearing before the Commissioner within 10 days after receipt of notice of such action. The hearing shall be…

(205 ILCS 620/5-8) (from Ch. 17, par. 1555-8) Sec. 5-8. All final administrative decisions of the Secretary shall be subject to review pursuant to the provisions of the Administrative Review Law, as now or hereafter amended, and the rules adopted pursuant thereto. For matters inv…

(205 ILCS 620/5-9) (from Ch. 17, par. 1555-9) Sec. 5-9. Statement of condition. (a) Each corporate fiduciary shall file with the Commissioner, when requested, a statement under oath, of the condition of such corporate fiduciary as of the date requested. The statement of condition…

(205 ILCS 620/6-1) (from Ch. 17, par. 1556-1) Sec. 6-1. Exclusive remedy. The proceedings pursuant to this Article 6 shall be the exclusive remedy and the only proceedings commenced in any court for the dissolution or for the winding up of the affairs or for the appointment of a …

(205 ILCS 620/6-10) (from Ch. 17, par. 1556-10) Sec. 6-10. The receiver for a corporate fiduciary, under the direction of the Commissioner, shall have the power and authority and is charged with the duties and responsibilities as follows: (1) To take possession of, and for the pu…

(205 ILCS 620/6-11) (from Ch. 17, par. 1556-11) Sec. 6-11. Upon the order of the court wherein the Commissioner's complaint for the dissolution or winding up of the affairs of the corporate fiduciary was filed, the receiver for the corporate fiduciary shall have the power and aut…

(205 ILCS 620/6-12) (from Ch. 17, par. 1556-12) Sec. 6-12. The receiver shall serve at the pleasure of the Commissioner and upon the death, inability to act, resignation or removal by the Commissioner of a receiver, the Commissioner may appoint a successor and upon such appointme…