Illinois Compiled Statutes 20 ILCS 3205/6 – Duties
Current as of: 2024 | Check for updates
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The Commissioner shall direct and supervise all the administrative and technical activities of the Office and shall:
(a) Apply and carry out this Act and the law and all
(a) Apply and carry out this Act and the law and all
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rules adopted in pursuance thereof.
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(b) Appoint, subject to the provisions of the
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Personnel Code, such employees, experts, and special assistants as may be necessary to carry out effectively the provisions of this Act and, if the rate of compensation is not otherwise fixed by law, fix their compensation; but neither the Commissioner nor any deputy commissioner shall be subject to the Personnel Code.
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(c) Serve as Chairman of the State Banking Board of
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Illinois.
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(d) Serve as Chairman of the Board of Trustees of the
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Illinois Bank Examiners’ Education Foundation.
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(e) Issue guidelines in the form of rules or
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regulations which will prohibit discrimination by any State chartered bank against any individual, corporation, partnership, association or other entity because it appears in a so-called blacklist issued by any domestic or foreign corporate or governmental entity.
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(f) Make an annual report to the Governor regarding
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the work of the Office as the Commissioner may consider desirable or as the Governor may request.
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(g) Perform such other acts as may be requested by
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the State Banking Board of Illinois pursuant to its lawful powers and perform any other lawful act that the Commissioner considers to be necessary or desirable to carry out the purposes and provisions of this Act.
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(h) Adopt, in accordance with the Illinois
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Administrative Procedure Act, reasonable rules that the Commissioner deems necessary for the proper administration and enforcement of any Act the administration of which is vested in the Commissioner or the Office of Banks and Real Estate.
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(i) Work in cooperation with the Director of Aging to
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encourage all financial institutions regulated by the Office to participate fully in the Department on Aging’s financial exploitation of the elderly intervention program.
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(j) Deposit all funds received, including civil
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penalties, pursuant to the Illinois Banking Act, the Corporate Fiduciary Act, and the Illinois Bank Holding Company Act of 1957 in the Bank and Trust Company Fund.
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Terms Used In Illinois Compiled Statutes 20 ILCS 3205/6
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14