Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 200 - FINANCIAL INSTITUTIONS CODE
Subpart C - NON-BINDING STATEMENTS AND DECLARATORY RULINGS
Section 200.310 - Request for Non-Binding Statements
Universal Citation: 38 IL Admin Code ยง 200.310
Current through Register Vol. 48, No. 12, March 22, 2024
a) Required information and format
1) All requests for non-binding statements
shall be in writing. The request shall be filed with the Department and shall
contain the following:
A) a brief summary of
the Sections of the Act and of the Sections of this Part to which the request
pertains;
B) a detailed factual
representation concerning every relevant aspect of the proposed transaction,
event or circumstance. Requests should be limited to the particular situation
and should not attempt to include every possible type of situation which may
arise in the future;
C) a
discussion of current statutes, rules and legal principles relevant to the
facts set forth;
D) a statement by
the person requesting the non-binding statement which states the person's own
opinion in the matter and the basis for such opinion;
E) a representation that the transaction in
question has not been commenced or, if it has commenced, the present status of
the transaction; and
F) at the
option of the submitting party, a request for confidential treatment, such as
alteration of listed monetary amounts and identity in the public index
maintained by the Department under subsection (c)(1).
2) The Department will not respond to
requests for non-binding statements involving the anti-fraud provisions of the
Act.
3) The Department will not
respond to requests for non-binding statements with respect to transactions
which have already taken place.
4)
The Department will not respond to requests based upon hypothetical facts or
involving unnamed parties.
b) Review procedure under the Act
1) The Department's review of requests for
non-binding statements requires an in-depth examination of the information
presented and the applicable law. Therefore a considerable time period may
elapse before the statement is issued.
2) After a review of the relevant facts
presented, in light of existing judicial, legislative and administrative
history, the Department shall either decline to issue any findings or issue its
finding as to the applicability of the Act to the situation presented in the
form of a non-binding statement, stating that it will or will not recommend
that enforcement action be initiated against the parties involved if all the
facts are true and complete. Facts or conditions different than those presented
will require different conclusions and persons other than those requesting the
statement should not rely on the statement. Non-binding statements do not have
precedent value.
c) Availability of non-binding statements issued by the Department
1) The Department will maintain an index by
statutory Section(s) involved and chronologically of all non-binding statements
issued.
2) Copies of such
statements can be reviewed in the Department's Springfield office and copies
thereof obtained upon payment of the cost of duplication as set forth in 2 Ill.
Adm. Code
901.80.
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