Illinois Compiled Statutes 205 ILCS 205 Savings Bank Act. Section 9002
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(205 ILCS 205/9002) (from Ch. 17, par. 7309-2)
Sec. 9002. Powers of Secretary. The Secretary shall have the following powers and duties:
(1) To exercise the rights, powers, and duties set
forth in this Act or in any related Act.
(2) To establish regulations as may be reasonable or
necessary to accomplish the purposes of this Act.
(3) To make an annual report regarding the work of
his office under this Act as he may consider desirable to the Governor, or as the Governor may request.
(4) To cause a suit to be filed in his name to
enforce any law of this State that applies to savings banks, their service corporations, subsidiaries, affiliates, or holding companies operating under this Act, including the enforcement of any obligation of the officers, directors, agents, or employees of any savings bank.
(5) To prescribe a uniform manner in which the books
and records of every savings bank are to be maintained.
(6) To establish a reasonable fee structure for
savings banks and holding companies operating under this Act and for their service corporations and subsidiaries. The fees shall include, but not be limited to, annual fees, application fees, regular and special examination fees, and other fees as the Secretary establishes and demonstrates to be directly resultant from the Secretary's responsibilities under this Act and as are directly attributable to individual entities operating under this Act. The aggregate of all moneys collected by the Secretary on and after the effective date of this Act shall be paid promptly after receipt of the same, accompanied by a detailed statement thereof, into the Savings and Residential Finance Regulatory Fund subject to the provisions of Section 7-19.1 of the Illinois Savings and Loan Act of 1985 including without limitation the provision for credits against regulatory fees. The amounts deposited into the Fund shall be used for the ordinary and contingent expenses of the Office of Banks and Real Estate. Notwithstanding any other provision of this paragraph (6), the aggregate of all moneys collected by the Secretary under this Act shall be paid promptly after receipt of same, accompanied by a detailed statement thereof, into the Savings Institutions Regulatory Fund upon the creation of that fund under Section 7-19.2 of the Illinois Savings and Loan Act of 1985, subject to the provisions of Section 7-19.2 of the Illinois Savings and Loan Act of 1985, including without limitation the provision for credits against regulatory fees. The amounts deposited into the Savings Institutions Regulatory Fund under this paragraph (6) shall be used for the ordinary and contingent expenses of administering and enforcing this Act. Nothing in this Act shall prevent continuing the practice of paying expenses involving salaries, retirement, social security, and State-paid insurance of State officers by appropriation from the General Revenue Fund. The Secretary may require payment of the fees under this Act by an electronic transfer of funds or an automatic debit of an account of each of the savings banks.
(Source: P.A. 96-1365, eff. 7-28-10; 97-492, eff. 1-1-12.)
Last modified: February 20, 2012