Section 370.10  Purpose and Scope

 

This Part prescribes certain fee schedules and guidelines for the processing of corporate applications required by the Illinois Banking Act [205 ILCS 5], the Corporate Fiduciary Act [205 ILCS 620], the Foreign Banking Office Act [205 ILCS 645], the Foreign Bank Representative Office Act [205 ILCS 650], and the rules prescribed in accordance with those Acts. 

 

Section 370.20  Definitions

 

"Act" means the Illinois Banking Act [205 ILCS 5].

 

"Department" means the Department of Financial and Professional Regulation.

 

"Division" means the Department of Financial and Professional Regulation- Division of Banking with the authority delegated by the Secretary.

 

"Director" means the Director of the Division of Banking with the authority delegated by the Secretary.

 

(Source:  Amended at 42 Ill. Reg. 4558, effective March 9, 2018)

 

Section 370.30  Fee Schedule; Administration of Corporate Application Fees

 

a)         Fees shall be submitted to the Division at the time of submission of any application or notice.  All fees filed in connection with an application or notice are nonrefundable, regardless of whether the application or notice is ultimately approved, denied, withdrawn, or abandoned.

 

b)         While certain fees are set by statute and paid on a regular, cyclical basis, others are "fees for service" and are billed as the services are provided.  Pursuant to Section 48(3)(f) of the Illinois Banking Act, Section 5-10 of the Corporate Fiduciary Act [205 ILCS 620], Section 17 of the Foreign Banking Office Act [205 ILCS 645], and Section 4 of the Foreign Bank Representative Office Act, the Director has set the following as fees for corporate activities and applications:

 

DOMESTIC COMMERCIAL BANKS

 

Application for a Permit to Organize a State Bank (pursuant to 20 ILCS 3205/5, 205 ILCS 5/9 and 10, and 12 USC 1815(a) and 1816)	$10,000
Application for Approval of an Interim Bank Merger (pursuant to 20 ILCS 3205/5 and 205 ILCS 5/10, 13.5 and 22)	$ 2,000
Application for a Permit to Organize a State Bank and a Purchase and Assumption or Merger – Section 31 (pursuant to 20 ILCS 3205/5, 205 ILCS 5/9, 10, and 31)	$    500
Application for Purchase and Assumption – Section 31 (pursuant to 205 ILCS 5/31 and 12 CFR 325.103)	No Fee
Application for Merger – Section 31 (pursuant to 205 ILCS 5/31 and 12 CFR 325.103)	No Fee
Application for Approval of a Merger − Affiliated Entities (per merging institution) (pursuant to 20 ILCS 3205/5 and 205 ILCS 5/10, 22, 27, and 29)	$ 2,000
Application for Approval of a Merger − Non-Affiliated Entities (per merging institution) (pursuant to 20 ILCS 3205/5 and 205 ILCS 5/10, 22, 27, and 29)	$ 4,000
Application for Approval to Convert to a State Bank	$ 1,000
(pursuant to 20 ILCS 3205/5 and 205 ILCS 5/10, 25, 26, and 27)
Notice of Change in Control (pursuant to 20 ILCS 3205/5, 205 ILCS 5/18, 205 ILCS 10/3.02, and 12 USC 1817(j))	$ 1,500
Change in Director or Senior Executive Officer (pursuant to 20 ILCS 3205/5 and 205 ILCS 5/10 and 13)	$    100
Application to Reduce Number of Bank Directors (pursuant to 205 ILCS 5/16 and 38 Ill. Adm. Code 357.10)	$    200
Application to Purchase Treasury Stock (pursuant to 205 ILCS 5/14)	$    200
Notice of Intent to Establish a Bank Branch (pursuant to 38 Ill. Adm. Code 305.10 and 305.20 and 12 USC 1828(d))	$    250
Notice of Intent to Establish a Bank Subsidiary or Acquire Stock in a Corporation (pursuant to 205 ILCS 5/48(2)(a))	$    250
Application for Relocation of Main Banking Premises (pursuant to 205 ILCS 5/13)	$    250
Conversion of an Illinois Trust Company into a State Bank (pursuant to 20 ILCS 3205/5, 205 ILCS 5/10, 29, and 30)	$ 5,000
Certification of Charter (pursuant to 205 ILCS 5/48(3)(e))	$    100
Application to Reduce the Number of Authorized Board Meetings (pursuant to 205 ILCS 5/16)	$    100
Reverse Stock Split (pursuant to 205 ILCS 5/17(8))	$ 1,000
Charter Amendments Other Than Reverse Stock Splits (pursuant to 205 ILCS 5/17)	$    500
Certificate of Corporate Existence (pursuant to 205 ILCS 5/48(3)(e))	$    100
Application for a Certificate of Authority Pursuant to Section 21.4 of the Illinois Banking Act (pursuant to 205 ILCS 5/21.4)	$    250

 

FIDUCIARY ACTIVITIES

 

Application to Form an Illinois Trust Company (pursuant to 20 ILCS 3205/5, 205 ILCS 620/2-5 and 2-6)	$ 8,000
Application to Exercise Fiduciary Powers for State Banks, Savings and Loan Associations, State Savings Banks, and Foreign Banking Offices (pursuant to 20 ILCS 3205/5, 205 ILCS 620/2-5 and 2-6)	$ 1,500
Application to Amend a Certificate of Authority to Accept and Execute Trusts for State Banks, State Savings and Loan Associations, State Savings Banks, and Foreign Banking Offices (pursuant to 20 ILCS 3205/5, 205 ILCS 620/2-5 and 2-6)	$    250
Application for Approval of a Change in the Control of a Corporate Fiduciary (pursuant to 20 ILCS 3205/5 and 205 ILCS 620/3-2)	$ 1,500
Application for Approval of the Purchase of Substantially All the Trust Assets or the Assumption of Substantially All the Trust Liabilities of an Illinois Trust Company (pursuant to 20 ILCS 3205/5 and 205 ILCS 620/3-2 and 7-1)	$ 1,500
Application to Establish a Corporate Fiduciary Branch Office by an Illinois Trust Company (pursuant to 205 ILCS 620/1-7 and 38 Ill. Adm. Code 396)	$    250
Application for Approval of a Corporate Fiduciary Merger (pursuant to 20 ILCS 3205/5 and 205 ILCS 620/2-6 and 3-1)	$ 1,500
Application to Establish a Subsidiary of a Corporate Fiduciary (pursuant to 205 ILCS 620/1-7 and 5-1(h))	$    500
Application for a Certificate of the Authority to be Authorized as a Foreign Corporate Fiduciary in the State of Illinois (pursuant to 205 ILCS 620/4-2 and 4-5)	$    750
Application to Amend a Certificate of Authority of a Foreign Corporate Fiduciary to Authorize Additional Powers (pursuant to 205 ILCS 620/4-2 and 4-5)	$    250
Notice of Intent to Establish a Foreign Trust Office in Illinois (pursuant to 205 ILCS 620/4A-5)	$    750
Certified Copy of a Certificate of Authority or a Certificate of Corporate Existence (pursuant to 205 ILCS 5/48(3)(e))	$    100
CSBS Interstate Trust Activities Application:
Representative Office in Host State	$    250
Full Service Branch in Host State	$    250
Trust Office in Host State	$    250

 

INTERNATIONAL BANKING

 

Application for License to Establish a Foreign Bank Representative Office (pursuant to 205 ILCS 650/4)	$    700
Foreign Bank Representative Office Annual License Fee (pursuant to 205 ILCS 650/4 and 38 Ill. Adm. Code 375.36)	$    300
Application for Certificate of Authority to Establish a Foreign Banking Office (pursuant to 205 ILCS 645/4 and 5)	$ 8,000
Amendment of Certificate of Authority to Establish a Foreign Banking Office (pursuant to 205 ILCS 645/7 and 8)	$    500
Notice of Intent to Establish a Bank Branch – Foreign Banking Office (pursuant to 38 Ill. Adm. Code 305.10 and 305.20 and 12 USC 1828(d))	$    250
Certification of Certificate of Authority and License (pursuant to 205 ILCS 5/48(3)(e))	$    100
Certificate of Corporate Existence (pursuant to 205 ILCS 5/48(3)(e))	$    100

(Source:  Amended at 42 Ill. Reg. 4558, effective March 9, 2018)

Section 370.40  Special Examinations or Investigations

 

a)         Applications and notices submitted to the Director are subject to a special investigation or examination as considered necessary, in the Director's discretion, in order to make an informed decision regarding the application or notice.

 

b)         The cost for a special examination or investigation performed in connection with the review of an application or notice is $900 per day, per examiner.

 

c)         The Director may consider the following factors in determining whether to require an investigation or examination of one or more of the entities to the transaction:

 

1)         A question exists regarding the solvency or potential solvency of the applicant or one or more of the financial institutions or other entities involved in the transaction;

 

2)         A financial institution involved in the transaction has not been examined by a state, federal or foreign regulatory agency within the 18-month period immediately preceding the date of submission of the application or notice;

 

3)         A financial institution involved in the proposed transaction had substantive violations cited in its most recent examination report, or has a less than satisfactory regulatory rating;

 

4)         A question exists regarding the experience, ability, standing, trustworthiness, or integrity of the existing or proposed officers, directors, managers or managing participants of a party involved in the proposed transaction;

 

5)         A question exists as to whether the resulting institution will operate in compliance with the law;

 

6)         A question exists as to whether the resulting institution will be free from improper or unlawful influence or interference from its principal shareholders with respect to operation in compliance with the law;

 

7)          A question exists as to whether the resulting institution will have adequate capitalization;

 

8)          One or more of the entities to the transaction is under a regulatory restriction or subject to an enforcement action or supervisory agreement;

 

9)          Such other factors as determined in the discretion of the Director.

 

Section 370.50  Forms

 

a)         Forms and instructions for submitting applications and notices may be obtained from the Department's website or by contacting the Division's Corporate Activities Section.  Information that is required by another regulatory authority that is also needed as part of a Division application or notice may be provided to the Division by appending a copy of the information to the Division application or notice.  Use of the Division's form is optional; however, the material submitted to the Division must contain all information requested in the Division's forms.  In addition, if the applicable Division application or notice requires the filing of an Authorization for Release of Personal Information for necessary background checks or a certification page, the applicant must sign and submit the Authorization for Release of Personal Information and the certification page of the application or notice, even if the Division form itself is not being used.

 

b)         If no form is prescribed, the application or notice should be in writing, be signed by the applicant or a duly authorized agent, and contain a concise statement of the action requested. 

 

(Source:  Amended at 42 Ill. Reg. 4558, effective March 9, 2018)

 

Section 370.60  Request for Confidential Treatment

 

a)         Under the provisions of the Illinois Freedom of Information Act [5 ILCS 140], an application or notice filed with the Division is considered a public document and available to the public upon request.

 

b)         If the applicant is of the opinion that disclosure of commercial or financial information would likely result in substantial harm to the competitive position of the applicant or that disclosure of information of a personal nature would result in a clearly unwarranted invasion of personal privacy, a request for confidential treatment must be submitted in writing concurrently with the submission of the application or notice and must discuss in detail the justification for confidential treatment.  The justification must be provided for each response or exhibit for which confidential treatment is requested.

 

c)         The applicant's reasons for requesting confidentiality should demonstrate specifically the harm that would result from public release of the information.   A statement simply indicating that the information would result in competitive harm or that it is personal in nature is not sufficient. A claim that disclosure would violate the law or policy of another state is not, in and of itself, sufficient to exempt information from disclosure.  The applicant's demonstration that disclosure would cause competitive harm or would result in an unwarranted invasion of personal privacy must be sufficient to allow the Division to conclude that a Freedom of Information Act [5 ILCS 140] disclosure exemption (e.g., 5 ILCS 140/7(1)(b) or 5 ILCS 140/7(1)(g)) is applicable to the information for which confidential treatment is sought.

 

d)        Information for which confidential treatment is requested should be:

 

1)         specifically referenced in the public portion of the application or notice by reference to the confidential section;

 

2)         separately bound; and

 

3)         labeled "Confidential".

 

e)         The applicant should follow this same confidentiality procedure when filing any supplemental information to the application.

 

f)         The Division will determine whether information submitted as confidential will be so regarded and, when practicable, will advise the applicant of any decision to make available to the public information labeled "Confidential".  However, the Division, without prior notice to the applicant, may disclose or comment on any of the contents of the application in the approval issued by the Director in connection with the Division's decision on the application or notice.

 

Section 370.70  Processing of Applications or Notices;  Acceptance;  Abandonment

 

a)         On or before the 15^th business day after initial submission of an application, the Director shall issue a written notice informing the applicant either that the application is complete and accepted for processing or that the application is deficient and specific additional information is required.  All required information necessary for the Director to declare that a submission is an accepted filing, including the filing fee, shall be provided to the Director on or before the 31^st calendar day after the date of the Director's written information request.  However, if, within the 30 day timeframe prescribed in the information request letter, the applicant submits a written request for an extension, the Director may grant an additional 30 days within which to submit the information, upon a finding of good and sufficient cause.  If the applicant fails to submit the required information within the specified timeframe, the Director shall determine the application to be abandoned, without prejudice to the right to refile. 

 

b)         After the Director accepts an application, he or she may request additional information in order to make any required statutory findings and to make a fully informed decision.  This request for additional information shall be in writing.  All requested information shall be provided to the Director on or before the 31^st calendar day after the date of the Director's letter.  However, if, within the 30 day timeframe prescribed in the letter, the applicant submits a written request for an extension, the Director may grant an additional 30 days within which to submit the information, upon a finding of good and sufficient cause.  If the applicant fails to submit the requested information within the specified timeframe, the Director shall determine the application to be abandoned, without prejudice to the right to refile. 

 

c)         The Director shall give written notice of any submitted or accepted filing determined to be abandoned.  Notice of abandonment shall be effective upon the Director's mailing.