Illinois § 15-1002.1 Examination of State-regulated financial organizations

Illinois Statutes

§ 15-1002.1 — Examination of State-regulated financial organizations

Illinois § 15-1002.1

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 765PROPERTY

Act 765 ILCS 1026/Revised Uniform Unclaimed Property Act.

Art.Title 15 - Revised Uniform Unclaimed Property Act

This text of Illinois § 15-1002.1 (Examination of State-regulated financial organizations) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

765 Ill. Comp. Stat. 15-1002.1 (2026).

Text

(a)Notwithstanding Section 15-1002 of this Act, for any financial organization for which the Department of Financial and Professional Regulation is the primary prudential regulator, the administrator shall not examine such financial institution unless the administrator has consulted with the Secretary of Financial and Professional Regulation and the Department of Financial and Professional Regulation has not examined such financial organization for compliance with this Act within the past 5 years. The Secretary of Financial and Professional Regulation may waive in writing the provisions of this subsection (a) in order to permit the administrator to examine a financial organization or group of financial organizations for compliance with this Act.

(b)Nothing in this Section shall be constr

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(a) Notwithstanding Section 15-1002 of this Act, for any financial organization for which the Department of Financial and Professional Regulation is the primary prudential regulator, the administrator shall not examine such financial institution unless the administrator has consulted with the Secretary of Financial and Professional Regulation and the Department of Financial and Professional Regulation has not examined such financial organization for compliance with this Act within the past 5 years. The Secretary of Financial and Professional Regulation may waive in writing the provisions of this subsection (a) in order to permit the administrator to examine a financial organization or group of financial organizations for compliance with this Act. (b) Nothing in this Section shall be construed to prohibit the administrator from examining a financial organization for which the Department of Financial and Professional Regulation is not the primary prudential regulator. Further, nothing in this Act shall be construed to limit the authority of the Department of Financial and Professional Regulation to examine financial organizations. (c) Notwithstanding Section 15-1002, the administrator may, at reasonable times and upon reasonable notice: (1) examine the records of a financial organization that is a federally chartered bank, savings bank, or credit union if the administrator has reason to believe that the financial organization has failed to comply with this Act; (2) issue an administrative subpoena requiring the financial organization or an agent of the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. The administrator may adopt administrative rules that specify conditions under which the administrator has a reason to believe that a financial organization is not in compliance with this Act.