State Codes and Statutes
Statutes > Illinois > Chapter205 > 1193 > 020506200HArt_IX (205 ILCS 620/9‑1) (from Ch. 17, par. 1559‑1) Sec. 9‑1. Illinois Fiduciary Advisory Committee. There is created an Illinois Fiduciary Advisory Committee which shall consist of the Commissioner, who shall be its Chairman and 8 additional members divided into 2 groups designated Group one and Group two. These 8 members shall be appointed by the Governor with the advice and consent of the Senate and shall have the following qualification: Group one shall consist of 6 members, each of whom shall be a trust officer of a State chartered bank, savings bank, or savings and loan association located in the State of Illinois, and shall have experience in the field of corporate fiduciary administration. Group two shall consist of 2 members, each of whom shall be an executive officer of an independent trust company located in the State of Illinois and shall have experience in the field of corporate fiduciary administration. (Source: P.A. 89‑364, eff. 8‑18‑95; 90‑301, eff. 8‑1‑97.) |
(205 ILCS 620/9‑2) (from Ch. 17, par. 1559‑2) Sec. 9‑2. The terms of office of the members of the Committee shall be as follows: (a) The terms of office of all members initially appointed shall begin on January 1, 1986. (b) The members first appointed as Group one members shall have the following terms as designated by the Governor: two members for a term of 1 year, one member for a term of 2 years, two members for a term of 3 years and one member for a term of 4 years. Thereafter, the term of office of each Group one member shall be for 4 years, except that an appointment to fill a vacancy shall be for the unexpired term of the member whose vacancy is being filled. (c) The members first appointed as Group two members shall have the following terms designated by the Governor: One member for a term of 2 years and one member for a term of 4 years. Thereafter, the terms of office of each Group two member shall be for 4 years, except that an appointment to fill a vacancy shall be for the unexpired term of the member whose vacancy is being filled. (d) No member may serve more than 2 consecutive 4‑year terms; however, no initial term of office beginning January 1, 1986 which is less than 4 years and no part of a term of office to which a member may have been appointed to fill a vacancy, shall be considered in determining the number of consecutive terms which a member may serve. (e) The term of office of any member of the Illinois Fiduciary Advisory Committee shall terminate automatically when the member no longer meets the qualifications for that member's appointment to the Committee. (Source: P.A. 90‑301, eff. 8‑1‑97.) |
(205 ILCS 620/9‑3) (from Ch. 17, par. 1559‑3) Sec. 9‑3. The Committee shall meet at least once in each calendar year at a time and place designated by the Commissioner. Special meetings may be called by the Commissioner or at the request of any 3 members of the committee. Each member shall serve without compensation, but shall be reimbursed for ordinary and necessary expenses incurred in attending Committee meetings. (Source: P.A. 85‑858.) |
(205 ILCS 620/9‑4) (from Ch. 17, par. 1559‑4) Sec. 9‑4. The Committee shall have the following powers: (a) To make recommendations to the Commissioner concerning matters which he may refer to the Committee for consideration; (b) To make recommendations to the Commissioner concerning the following: (1) the administration of fiduciary accounts by corporations, and (2) the examination and supervisory policies and procedures of the Commissioner; (c) To make recommendations to the Commissioner to aid in preventing and minimizing unsafe and unsound practices in the field of fiduciary administration by corporations; and (d) To foster and encourage the interest and cooperation of persons involved in the delivery of services to the public by corporations acting in a fiduciary capacity and in the improvement of such services. (Source: P.A. 85‑858.) |
(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 to: (a) "An Act to provide for the appointment of successor trustees in land trust agreements", approved August 13, 1965, as amended. (b) "An Act to require disclosure, under certification of perjury, of all beneficial interests in real property held in a land trust, in certain cases", approved September 21, 1973, as amended. (c) "An Act in relation to land trusts and the power and authority of trustees of land trusts to deal with trust property", approved August 6, 1982, as amended. (d) "An Act concerning the powers of corporations authorized to accept and execute trusts, to register and hold securities of fiduciary accounts in bulk and to deposit same with a depository", approved September 1, 1972, as amended. (e) the "Common Trust Fund Act", approved July 29, 1943, as amended. (f) the "Trusts and Trustees Act", approved September 10, 1973, as amended. (g) "An Act concerning liability for participation in breaches of fiduciary obligations", approved July 7, 1931, as amended. (Source: P.A. 85‑858.) |
(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 principles and standards. (b) The independent licensed public accountant shall provide a written audit report to the trust company's board of directors or to a committee appointed by the trust company's board of directors. If the audit report is given to a committee appointed by the trust company's board of directors, the committee shall, within 30 days after the date of receipt of the audit report, provide the board of directors with a written summary of the audit findings as detailed in the audit report. The trust company's board of directors shall file with the Commissioner a copy of any written summary of the audit findings provided to the board pursuant to this subsection within 45 days after receipt by the board of the written summary. (c) The trust company's board of directors or committee appointed by the board of directors shall cause a copy of the audit report to be filed directly by the independent licensed public accountant with the Commissioner within 45 days after the audit report is issued. (d) A trust company that is directly or indirectly owned by a bank holding company, a financial holding company, or a savings and loan holding company shall be deemed to be in compliance with the provisions of subsections (a) through (c) of this Section if the bank holding company, financial holding company, or savings and loan holding company obtains an audit by an independent licensed public accountant that includes the trust company and meets the standards of subsection (a) and, within 45 days after the audit report is issued, the bank holding company, financial holding company, or savings and loan holding company causes the independent licensed public accountant to directly file with the Commissioner the provisions of the audit report relating to the trust company. (Source: P.A. 92‑485, eff. 8‑23‑01; 92‑685, eff. 7‑16‑02.) |
