Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 205 - TRANSMITTERS OF MONEY ACT
Section 205.30 - Examinations
Universal Citation: 38 IL Admin Code ยง 205.30
Current through Register Vol. 48, No. 12, March 22, 2024
a) Examination Reports
1) The following definitions apply to
this Section.
A) "Safety and soundness
examination" means an examination that includes, but is not limited to, a
determination of the financial condition of the licensee based on generally
accepted accounting principles.
B)
"Banking authority of the United States, of this State or of any other state"
means the Federal Reserve Board, Federal Deposit Insurance Corporation, Office
of Thrift Supervision, Office of the Comptroller of the Currency, National
Credit Union Administration or any other supervisory agency of the United
States, of this State or of any other state responsible for regulating
financial institutions, including, but not limited to, banks, savings
associations, saving banks, and credit unions.
2) For any licensee subject to a safety and
soundness examination performed by a banking authority of the United States, of
this State or of any other state, the Director may, at his or her discretion,
accept the safety and soundness examination report of a banking authority of
the United States, of this State or of any other state in lieu of a safety and
soundness examination performed by the Department.
b) Examination Fee
The Department shall charge $400 for each examiner day or part thereof and actual travel costs for any examination of records conducted pursuant to the Act.
c) Verification Examination
The Department may conduct an examination for the purpose of verifying that the licensee has taken necessary actions to correct violations of 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.
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