Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT
Section 195.180 - Reports and Examinations
Current through Register Vol. 48, No. 12, March 22, 2024
a) A Development Credit Corporation shall submit to the Director annually, on or before May 1, a complete statement of its financial condition in accordance with generally accepted accounting principles under the accounting standards of the Financial Accounting Standard Board of the American Institute of Certified Public Accountants, Stamford, Connecticut (1989, no later amendments or editions included), as of the preceding December 31, as audited by a certified public accountant, and attach to the statement a brief summary of the status of each active project with outstanding loans, including but not limited to the following:
b) The records of the corporation's regional offices shall be examined annually to determine:
c) The fee for the annual examination shall be $400 per examiner, per day or part thereof.
d) The Director shall, for good cause, initiate additional investigation of the corporation at any time.
e) The Department may conduct an examination for the purpose of verifying that the licensee has taken necessary actions to correct violations to the Act and/or related rules and shall charge the licensee $550 for each examiner day or portion thereof, when the Director determines the verification examination must be performed on site at any facility of the licensee.