Illinois Compiled Statutes 205 ILCS 645 — Foreign Banking Office Act.

This Act may be cited as the "Foreign Banking Office Act"

This Act may be cited as the "Foreign Banking Office Act". (Source: P.A. 78-346.)

As used in this Act unless the context otherwise requires, the words and phrases defined in Sections 2

As used in this Act unless the context otherwise requires, the words and phrases defined in Sections 2.01 through 2.07 have the meanings ascribed to them in those Sections. (Source: P.A. 85-858.)

"Commissioner" means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary, the Division of Banking Act, or this Act to act in the Secretary's stead

"Commissioner" means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary, the Division of Banking Act, or this Act to act in the Secretary's stead. (Source: P.A. 96-1365, eff. 7-28-10.)

"State bank" means a banking corporation organized under the Illinois Banking Act

"State bank" means a banking corporation organized under the Illinois Banking Act. (Source: P.A. 78-346.)

"National Bank" means a national banking association located in the State of Illinois

"National Bank" means a national banking association located in the State of Illinois. (Source: P.A. 78-346.)

"Foreign banking corporation" means a bank organized and operating under the laws of a country other than the United States of America and not directly or indirectly owned or controlled by United States citizens or by a corporation organized under the laws of the United States of America. (Source: P.A. 78-346.)

"Banking office" has the same meaning as "banking house" as defined in Section 2 of the Illinois Banking Act

"Banking office" has the same meaning as "banking house" as defined in Section 2 of the Illinois Banking Act. (Source: P.A. 78-346.)

"Person" means an individual, corporation, partnership, joint venture, trust, estate or incorporated association

"Person" means an individual, corporation, partnership, joint venture, trust, estate or incorporated association. (Source: P.A. 78-346.)

Division

Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation. (Source: P.A. 96-1365, eff. 7-28-10.)

Certificates of authority; qualifications; rights; supervision

Certificates of authority; qualifications; rights; supervision. A foreign banking corporation, upon receipt of a certificate of authority from the Commissioner, may establish and maintain an Illinois banking office to conduct thereat a general banking business and may apply for, and procure from the Commissioner, a cer…

Non-English language transactions

Non-English language transactions. A foreign banking corporation may conduct transactions in a language other than English through an employee or agent acting as interpreter or through an interpreter provided by the customer. (Source: P.A. 92-578, eff. 6-26-02.)

Application for certificate of authority; contents

Application for certificate of authority; contents. A foreign banking corporation, in order to procure a certificate of authority to establish and maintain a banking office and to conduct thereat a general banking business shall make application therefor to the Commissioner, which application shall set forth: (a) the n…

Documents required by the Commissioner

Documents required by the Commissioner. There shall be delivered to the Commissioner (1) duplicate originals of the application of the foreign banking corporation for a certificate of authority and (2) a copy of its charter or articles of incorporation and all amendments thereto, duly authenticated by the proper office…

Establishment and maintenance of banking office

Establishment and maintenance of banking office. Upon the issuance of a certificate of authority by the Commissioner, the foreign banking corporation may, subject to this Act, establish and maintain a banking office and may conduct thereat a general banking business. A certificate of authority issued under this Act aut…

A foreign banking corporation holding a certificate of authority issued pursuant to this Act, whenever its articles of incorporation are amended, shall forthwith file in the office of the Commissioner a copy of such amendment duly authenticated by the proper officer of the country under which such foreign banking corpo…

A foreign banking corporation holding a certificate of authority issued pursuant to this Act, must secure an amended certificate of authority if it changes its corporate name, changes the duration of its corporate existence or desires to pursue in this State other or additional purposes than those set forth in its prio…

Registered office and agent

Registered office and agent. Each foreign banking corporation authorized to establish and maintain a banking office shall have and continuously maintain: (a) a registered office in Illinois which may be, but need not be, the same as its place of business; and (b) a registered agent, which agent may be either an individ…

Service of process in any suit, action or proceeding or service of any notice or demand required or permitted by law to be served on a foreign corporation may be made on a foreign banking corporation holding a certificate of authority by service thereof on the registered agent of such foreign banking corporation. Whene…

Pledging requirements; discretion of Commissioner

Pledging requirements; discretion of Commissioner. A foreign banking corporation holding a certificate of authority issued pursuant to this Act may be required, when deemed necessary and appropriate in the opinion of the Commissioner, to keep on deposit with the Federal Reserve Bank of Chicago or such State bank or nat…

Control by Commissioner

Control by Commissioner. (a) Upon the Commissioner's taking possession, pursuant to Section 53 of the Illinois Banking Act, of the business and property in this State of the banking office of a foreign banking corporation whose deposit liabilities in this State are not insured by the Federal Deposit Insurance Corporati…

Each such foreign banking corporation shall hold, in this State, currency, bonds, notes, debentures, drafts, bills of exchange or other evidences of indebtedness or other obligations payable in the United States or in United States funds or, with the prior approval of the Commissioner, in funds freely convertible into…

The assets held to satisfy the assets to liabilities relationship, prescribed by the Commissioner, pursuant to Section 13 of this Act shall include obligations of any person for money borrowed from a foreign banking corporation holding a certificate of authority issued pursuant to this Act only to the extent that the t…

A foreign banking corporation holding a certificate of authority issued pursuant to this Act shall be subject to the same limitations with respect to the payment of interest on deposits as a State bank which is a member of the Federal Reserve System. (Source: P.A. 78-346.)

Fees; examination; receivership

Fees; examination; receivership. Upon applying for a certificate of authority to open and maintain a banking office, a foreign banking corporation shall pay to the Commissioner an application fee equivalent to the reasonable expenses of examination for a charter payable by a State bank under Section 13 of the Illinois…

Powers of the Commissioner

Powers of the Commissioner. The Commissioner shall have all of the powers granted to him under the Illinois Banking Act, to the extent appropriate to enable him to supervise a banking office of a foreign banking corporation holding a certificate of authority to maintain such office. (Source: P.A. 89-208, eff. 6-1-97.)