Illinois Compiled Statutes
Chapter 205 - FINANCIAL REGULATION
205 ILCS 650/ - Foreign Bank Representative Office Act.

(205 ILCS 650/1) (from Ch. 17, par. 2851)
Sec. 1.

This Act shall be known and may be cited as the "Foreign Bank
Representative Office Act".

(Source: P.A. 83-267.)
 
(205 ILCS 650/2) (from Ch. 17, par. 2852)
Sec. 2. Definitions. As used in this Act, unless the context requires
otherwise:
(a) "Commissioner" means the Secretary of Financial and Professional Regulation or a
person authorized by the Secretary, the Division of Banking Act,
or this Act to act in the Secretary's stead.
(b) "Foreign bank" means (1) a bank, savings bank, savings association, or trust company which is organized
under the laws of any state or territory of the United States, including the
District of Columbia, other than the State of Illinois; (2) a national bank
having its principal place of business in any state or territory of the United
States, including the District of Columbia, other than the State of Illinois;
or (3) a bank or trust company organized and operating under the laws of a
country other than the United States of America.
(c) "Representative office" means an office in the State of Illinois at
which a foreign bank engages in representational functions
but does not conduct a commercial banking business.
(d) "Division" means the Division of Banking within the Department of Financial and Professional Regulation.

(Source: P.A. 98-1081, eff. 1-1-15.)
 
(205 ILCS 650/3) (from Ch. 17, par. 2853)
Sec. 3.

No person, copartnership, association, corporation or other entity
shall establish or maintain a representative office in this State on behalf
of one or more foreign banks unless the foreign bank to be represented has
obtained a license from the Commissioner.

(Source: P.A. 83-267.)
 
(205 ILCS 650/4) (from Ch. 17, par. 2854)
Sec. 4.
Application; fees.
(a) The application for a license shall contain information and be
accompanied by a reasonable fee as determined, by rule, by the Commissioner.
(b) The Commissioner shall issue a license to a foreign bank to establish
and maintain a representative office if the Commissioner finds:
(Source: P.A. 92-483, eff. 8-23-01.)
 
(205 ILCS 650/5) (from Ch. 17, par. 2855)
Sec. 5.

(a) Each foreign bank which is licensed to establish and maintain
a representative office shall make, keep, and preserve at such office or
at such other place as determined by the Commissioner, such books, accounts,
and other records relating to the business of such office as the Commissioner
may require.
(b) Each foreign bank which is licensed to establish and maintain a representative
office shall file such reports, accompanied by a reasonable fee, as required
and determined by the Commissioner.

(Source: P.A. 83-267.)
 
(205 ILCS 650/6) (from Ch. 17, par. 2856)
Sec. 6.
Revocation of license.
If the Commissioner finds:
(Source: P.A. 92-483, eff. 8-23-01.)
 
(205 ILCS 650/7)
Sec. 7.
Reliance on Commissioner.
No foreign bank or other person shall
be liable under this Act for any act done or omitted in good faith in
conformity with any rule, interpretation, or opinion issued by the
Commissioner of Banks and Real Estate, notwithstanding that after the act or
omission has occurred, the rule, opinion, or interpretation upon
which reliance is placed is amended, rescinded, or determined by judicial or
other authority to be invalid for any reason.

(Source: P.A. 90-161, eff. 7-23-97; 90-655, eff. 7-30-98.)
 
(205 ILCS 650/7.5)
Sec. 7.5.
Non-English language transactions.
A foreign bank
representative office may conduct
transactions in a language other than English through an employee or agent
acting as interpreter or through an interpreter provided by the customer.

(Source: P.A. 92-578, eff. 6-26-02.)
 
(205 ILCS 650/8)
Sec. 8.
Powers of the Commissioner.
The Commissioner shall have
under this Act all of the powers granted to him under the Illinois Banking
Act, including the authority to impose a reasonable charge to recover the
cost of an examination conducted by the Commissioner,
to the extent necessary to enable the Commissioner to supervise the
representative office of a foreign bank holding a license.

(Source: P.A. 92-483, eff. 8-23-01.)

Structure Illinois Compiled Statutes

Illinois Compiled Statutes

Chapter 205 - FINANCIAL REGULATION

205 ILCS 5/ - Illinois Banking Act.

205 ILCS 10/ - Illinois Bank Holding Company Act of 1957.

205 ILCS 115/ - Savings and Loan Share and Account Act.

205 ILCS 205/ - Savings Bank Act.

205 ILCS 305/ - Illinois Credit Union Act.

205 ILCS 405/ - Currency Exchange Act.

205 ILCS 510/ - Pawnbroker Regulation Act.

205 ILCS 605/ - Consumer Deposit Account Act.

205 ILCS 610/ - Banking Emergencies Act.

205 ILCS 616/ - Electronic Fund Transfer Act.

205 ILCS 620/ - Corporate Fiduciary Act.

205 ILCS 625/ - Illinois Trust and Payable on Death Accounts Act.

205 ILCS 630/ - Promissory Note and Bank Holiday Act. (Part 3)

205 ILCS 635/ - Residential Mortgage License Act of 1987.

205 ILCS 645/ - Foreign Banking Office Act.

205 ILCS 650/ - Foreign Bank Representative Office Act.

205 ILCS 657/ - Transmitters of Money Act.

205 ILCS 660/ - Sales Finance Agency Act.

205 ILCS 665/ - Debt Management Service Act.

205 ILCS 670/ - Consumer Installment Loan Act.

205 ILCS 675/ - Illinois Financial Services Development Act.

205 ILCS 685/ - Currency Reporting Act.

205 ILCS 695/ - Automated Teller Machine Security Act.

205 ILCS 700/ - Adverse Claims to Deposit Accounts Act.

205 ILCS 705/ - Financial Institutions Electronic Documents and Digital Signature Act.

205 ILCS 710/ - Banking on Illinois Act.

205 ILCS 715/ - Data Processing Services for Financial Institutions Act.

205 ILCS 725/ - Blockchain Business Development Act .

205 ILCS 730/ - Blockchain Technology Act.

205 ILCS 735/ - Illinois Community Reinvestment Act.

205 ILCS 740/ - Collection Agency Act.

205 ILCS 745/ - Banking Development District Act.