Chapter 205 — FINANCIAL REGULATION

(205 ILCS 620/6-13) (from Ch. 17, par. 1556-13) Sec. 6-13. All expenses of a receivership, including reasonable receiver's and attorney's fees, approved by the Commissioner, shall be paid out of the assets of the corporate fiduciary. All expenses of any preliminary or other exami…

(205 ILCS 620/6-13.5) Sec. 6-13.5. Pledging requirements. (a) The Commissioner may require a trust company holding a certificate of authority under this Act to pledge to the Commissioner securities or a surety bond which shall run to the Commissioner in an amount, not to exceed $…

(205 ILCS 620/6-14) (from Ch. 17, par. 1556-14) Sec. 6-14. From time to time during receivership the Commissioner shall make and pay from monies of the corporate fiduciary a ratable dividend on all claims as may be proved to his or her satisfaction or adjudicated by the court. Af…

(205 ILCS 620/6-15) (from Ch. 17, par. 1556-15) Sec. 6-15. Whenever the Commissioner shall have taken possession and control of a corporate fiduciary and its assets for the purpose of examination, reorganization or liquidation through receivership, or whenever the Commissioner sh…

(205 ILCS 620/6-2) (from Ch. 17, par. 1556-2) Sec. 6-2. Control by Commissioner. (a) If the Commissioner with respect to a corporate fiduciary shall find: (1) Its capital is impaired or it is otherwise in an unsound condition; or (2) Its business is being conducted in an unlawful…

(205 ILCS 620/6-3) (from Ch. 17, par. 1556-3) Sec. 6-3. The Commissioner may take possession and control of a corporate fiduciary, its assets, and assets held for the beneficiaries of its fiduciary obligations by posting upon the premises of each office at which it transacts its …

(205 ILCS 620/6-4) (from Ch. 17, par. 1556-4) Sec. 6-4. Judicial proceedings; examination. (a) Promptly after taking possession and control of a corporate fiduciary, the Commissioner shall file a copy of the notice posted upon the premises in the circuit court in the county in wh…

(205 ILCS 620/6-5) (from Ch. 17, par. 1556-5) Sec. 6-5. When the Commissioner has taken possession and control of a corporate fiduciary and its assets, he shall be vested with the full powers of management and control, including but not limited to, the following: (1) The power to…

(205 ILCS 620/6-6) (from Ch. 17, par. 1556-6) Sec. 6-6. Upon taking possession, the Commissioner shall make an examination of the condition of the corporate fiduciary, an inventory of the assets and unless the time shall be extended by order of the court or, unless the Commission…

(205 ILCS 620/6-7) (from Ch. 17, par. 1556-7) Sec. 6-7. If the Commissioner takes possession and control of a corporate fiduciary and its assets, or appoints a receiver which may be the Office of the Commissioner, a corporate fiduciary or another suitable person for the purpose o…

(205 ILCS 620/6-7.1) (from Ch. 17, par. 1556-7.1) Sec. 6-7.1. If the Commissioner appoints a receiver to take possession and control of the assets of the beneficiaries of such fiduciary relations, for the purpose of holding such assets as fiduciary for the benefit of such benefic…

(205 ILCS 620/6-8) (from Ch. 17, par. 1556-8) Sec. 6-8. The Commissioner, while in possession and control of a corporate fiduciary may propose a reorganization plan, which plan may be amended from time to time because of changes in circumstances, if he finds: (1) The plan is feas…

(205 ILCS 620/6-9) (from Ch. 17, par. 1556-9) Sec. 6-9. If the Commissioner determines at any time that no reasonable possibility exists for the corporate fiduciary to be reorganized after reasonable efforts have been made, and that it should be liquidated through receivership, h…

(205 ILCS 620/7-1) (from Ch. 17, par. 1557-1) Sec. 7-1. Voluntary liquidation; procedure. Any corporate fiduciary which desires to retire from business under this Act, shall furnish to the Commissioner satisfactory evidence of its release and discharge from all the obligations an…

(205 ILCS 620/8-1) (from Ch. 17, par. 1558-1) Sec. 8-1. False statements. It is unlawful for any officer, director, employee, or agent of any corporate fiduciary subject to examination by the Commissioner or any person filing an application or submitting information in connection…

(205 ILCS 620/8-2) Sec. 8-2. Reliance on Commissioner. No corporate fiduciary 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, notw…

(205 ILCS 620/9-1) Sec. 9-1. (Repealed). (Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 620/9-2) Sec. 9-2. (Repealed). (Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 620/9-3) Sec. 9-3. (Repealed). (Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 620/9-4) Sec. 9-4. (Repealed). (Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 620/9-5) (from Ch. 17, par. 1559-5) Sec. 9-5. Applicability of other Acts by reference. Corporate fiduciaries subject to the provisions of this Act shall continue to be subject to the provisions of other Acts which govern actions of trustees including, but not limited t…

(205 ILCS 620/9-6) Sec. 9-6. Audits. (a) At least once in each calendar year a trust company must cause its books and records to be audited by an independent licensed public accountant. The Commissioner may prescribe the scope of the audit within generally accepted audit principl…

(205 ILCS 625/1) (from Ch. 17, par. 2131) Sec. 1. This Act may be cited as the "Illinois Trust and Payable on Death Accounts Act". (Source: P.A. 84-461.)

(205 ILCS 625/10) Sec. 10. Distribution by institution. Upon the death of the last surviving trustee or holder of the account, the institution that maintains the account shall distribute the proceeds to the beneficiary or beneficiaries designated in the agreement controlling the …

(205 ILCS 625/15) Sec. 15. Application of amendments. Section 10 and the other changes to this Act made by this amendatory Act of the 96th General Assembly apply to all accounts subject to this Act regardless of the date of execution of the agreement controlling the account. (Sou…

(205 ILCS 625/2) (from Ch. 17, par. 2132) Sec. 2. Definitions. As used in this Act, the following words have the meanings ascribed to them as set forth herein: (a) "Institution" includes any bank as defined in Section 2 of the Illinois Banking Act, any association as defined in S…

(205 ILCS 625/3) (from Ch. 17, par. 2133) Sec. 3. Trust Account Incidents. If one or more persons opening or holding an account sign an agreement with the institution providing that the account shall be held in the name of a person or persons designated as trustee or trustees for…

(205 ILCS 625/4) (from Ch. 17, par. 2134) (Text of Section before amendment by P.A. 104-123) Sec. 4. Payable on Death Account Incidents. If one or more persons opening or holding an account sign an agreement with the institution providing that on the death of the last surviving p…

(205 ILCS 625/5) (from Ch. 17, par. 2135) Sec. 5. Release. Any payments made by an institution in compliance with this Act prior to the receipt of notice of an adverse claim or a restraining order shall be a complete discharge of the institution's obligations as to the amount so …

(205 ILCS 630/17) (from Ch. 17, par. 2201) Sec. 17. Holidays. (a) The following days shall be legal holidays in the State of Illinois upon which day a bank may, but is not required to, remain closed: the first day of January (New Year's Day); the third Monday in January (observan…

(205 ILCS 635/1-1) (from Ch. 17, par. 2321-1) Sec. 1-1. This Act shall be known and may be cited as the "Residential Mortgage License Act of 1987". (Source: P.A. 85-735.)

(205 ILCS 635/1-2) (from Ch. 17, par. 2321-2) Sec. 1-2. Purpose of Act and Policy Statement. (a) The origination, funding, purchasing and brokering of residential mortgage loans and the type of entities involved in residential mortgage lending have undergone significant changes i…

(205 ILCS 635/1-3) (from Ch. 17, par. 2321-3) Sec. 1-3. Necessity for license; scope of Act. (a) No person, partnership, association, corporation or other entity shall engage in the business of brokering, funding, originating, servicing or purchasing of residential mortgage loans…

(205 ILCS 635/1-4) Sec. 1-4. Definitions. The following words and phrases have the meanings given to them in this Section: (a) "Residential real property" or "residential real estate" shall mean any real property located in Illinois, upon which is constructed or intended to be co…

(205 ILCS 635/1-5) Sec. 1-5. (Repealed). (Source: P.A. 93-1018, eff. 1-1-05. Repealed by P.A. 100-783, eff. 8-10-18.)

(205 ILCS 635/2-1) (from Ch. 17, par. 2322-1) Sec. 2-1. Licensee name. (a) No person, partnership, association, corporation, limited liability company, or other entity engaged in the business regulated by this Act shall operate such business under a name other than the real names…

(205 ILCS 635/2-11) (from Ch. 17, par. 2322-11) Sec. 2-11. Miscellaneous fees. In addition to any license fee collected under this Act, the Commissioner shall by rule and regulation establish a schedule to apply to assessment and collection of necessary contingent and miscellaneo…

(205 ILCS 635/2-2) Sec. 2-2. Application process; investigation; fee. (a) The Secretary shall issue a license upon completion of all of the following: (1) The filing of an application for license with the Director or the Nationwide Multistate Licensing System and Registry as appr…

(205 ILCS 635/2-3) (from Ch. 17, par. 2322-3) Sec. 2-3. Application form. (a) Application for a residential mortgage license must be made in accordance with Section 2-6 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry.…

(205 ILCS 635/2-3A) Sec. 2-3A. Residential mortgage license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Director and may…

(205 ILCS 635/2-4) (from Ch. 17, par. 2322-4) Sec. 2-4. Prohibited acts and practices for licensees. It is a violation of this Act for a licensee subject to this Act to: (a) fail to maintain at least one full service office within the State of Illinois if required to do so pursua…

(205 ILCS 635/2-5) (from Ch. 17, par. 2322-5) Sec. 2-5. Refusal to Issue License. The Commissioner shall refuse to license or renew a license if: (1) it is determined that the applicant is not in compliance with any provisions of the Act; or (2) there is substantial continuity be…

(205 ILCS 635/2-6) Sec. 2-6. License issuance and renewal; fee. (a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry as adopted by the Director. Properly completed renewal application forms and filing fe…

(205 ILCS 635/2-7) (from Ch. 17, par. 2322-7) Sec. 2-7. Waiver of licensing fee. The Commissioner may waive the licensing fee upon receipt of: (a) an application for a residential mortgage license in Illinois, (b) an addendum requesting waiver of the fee stating the grounds in su…

(205 ILCS 635/2-8) (from Ch. 17, par. 2322-8) Sec. 2-8. Additional Full-service Offices. (a) A licensee may apply for authority to open and maintain additional full-service offices by: (1) Giving the Commissioner prior notice of its intention in such form as shall be prescribed b…

(205 ILCS 635/2-9) (from Ch. 17, par. 2322-9) Sec. 2-9. Posting of license. The license of a licensee whose home office is within the State of Illinois or of an out-of-state licensee shall be conspicuously posted in every office of the licensee located in Illinois. Out-of-state l…

(205 ILCS 635/3-1) (from Ch. 17, par. 2323-1) Sec. 3-1. Bonds of licensees. (a) Every licensee, with respect to any person appointed or elected to any position requiring the receipt of payment, management, or use of money belonging to a residential mortgage licensee engaged in th…

(205 ILCS 635/3-10) (from Ch. 17, par. 2323-10) Sec. 3-10. (Repealed). (Source: P.A. 90-772, eff. 1-1-99. Repealed by P.A. 90-772, eff. 1-1-99.)

(205 ILCS 635/3-11) Sec. 3-11. Remote location operations. Licensees may allow mortgage loan originators to work from a remote location if: (1) the licensee has written policies and procedures for the supervision of mortgage loan originators working from a remote location; (2) ac…

(205 ILCS 635/3-2) (from Ch. 17, par. 2323-2) Sec. 3-2. Annual audit. (a) At the licensee's fiscal year-end, but in no case more than 12 months after the last audit conducted pursuant to this Section, except as otherwise provided in this Section, it shall be mandatory for each re…