(205 ILCS 635/Art. VI heading)
(205 ILCS 635/6-1) (from Ch. 17, par. 2326-1)
Sec. 6-1.
Powers not exclusive.
The powers granted by this Article
shall be in addition to all others granted to the Commissioner by this
Act. The powers granted by this Article shall not preclude the Commissioner
from exercising such other powers granted under this Act as are necessary
and proper to carrying out the purposes and provisions of this Act.
(Source: P.A. 87-1098.)
(205 ILCS 635/6-2) (from Ch. 17, par. 2326-2)
Sec. 6-2. Removal and prohibition.
(a) Upon making any one or more of the
following findings, the Commissioner may issue a notice of intent to issue an
order of removal or prohibition, or an order of removal and prohibition, which
order may remove a named person, persons, or entity or entities from
participating in the affairs of one or more licensees and may be permanent or
for a specific shorter period of time. The findings required under this Section
may be any one or more of the following:
(b) Whenever, in the opinion of the Commissioner, any director, officer, or employee of a licensee shall have violated any law, rule, or order relating to that licensee or shall have obstructed or impeded any examination or investigation by the Commissioner, shall have engaged in an unsafe, unsound, or unlawful practice in conducting the business of the licensee, or shall have violated any law or engaged or participated in any unsafe, unsound or unlawful practice in connection with any licensee or other business entity such that the character and fitness of the director, officer, or employee does not assure reasonable promise of safe, sound, and lawful operation of the licensee, the Commissioner may issue an order of removal. If, in the opinion of the Commissioner, any former director, officer, or employee of a licensee, prior to the termination of his or her service with that licensee, violated any law, rule, or order relating to that licensee, obstructed or impeded any examination or investigation by the Commissioner, engaged in an unsafe or unsound practice in conducting the business of that licensee or any subsidiary or holding company of the licensee, or violated any law or engaged or participated in any unsafe, unsound, or unlawful practice in connection with any financial institution or other business entity such that the character and fitness of the director, officer, or employee would not have assured reasonable promise of safe, sound, and lawful operation of the licensee, the Commissioner may issue an order prohibiting that person from further service with a licensee as a director, officer, or employee. An order issued pursuant to this subsection shall be served upon the director, officer, or employee. A copy of the order shall be sent to each owner or director of the licensee affected by registered mail. The person affected by the action may make a request to the Commissioner for a hearing pursuant to Section 4-1(n) within 10 days after receipt of the order. The hearing shall be held before a hearing officer within 30 days after the request has been received by the Commissioner. The hearing officer shall prepare a finding and report the same to the Commissioner who shall consider the finding in making his determination approving, modifying, or disapproving his order as a final administrative decision. If a hearing is held before a hearing officer, the Commissioner shall make his determination within 60 days from the conclusion of the hearing. Any person affected by a decision of the Commissioner under this subsection (b) may have the decision reviewed only under and in accordance with the Administrative Review Law and the rules adopted pursuant thereto. A copy of the order shall also be served upon the licensee of which he is a director, officer, or employee, whereupon he shall cease to be a director, officer, or employee of that licensee. The Commissioner may institute a civil action against the director, officer, or employee of the licensee to enforce compliance with or to enjoin any violation of the terms of the order. Any person who has been the subject of an order of removal or an order of prohibition issued by the Commissioner under this subsection may not thereafter serve as director, officer, or employee of any licensee, or of any other entity that is subject to licensure or regulation by the Commissioner unless the Commissioner has granted prior approval in writing.
(Source: P.A. 93-1018, eff. 1-1-05.)
(205 ILCS 635/6-3) (from Ch. 17, par. 2326-3)
Sec. 6-3.
Appointment of receiver or conservator.
When the Commissioner makes
a finding that a receivership or conservatorship is necessary to protect
consumers of a licensee from the consequences of the licensee's failures to
comply with this Act or other unsafe and unsound practices, the Commissioner
shall request the Attorney General of this State to petition the Circuit Court
of Cook County, or of the county in which the licensee is located, to appoint a
receiver or conservator for purposes of protecting consumers and resolving the
affairs of the licensee.
(Source: P.A. 87-1098.)
Structure Illinois Compiled Statutes