Sec. 9002. Powers of Secretary.

600 words·~3 min read·/il/chapter-205/act-205/9002

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The Secretary shall have the following powers and duties:

(1)To exercise the rights, powers, and duties set forth in this Act or in any related

Act.

(2)To establish regulations as may be reasonable or necessary to accomplish the

purposes of this Act.

(3)To make an annual report regarding the work of his or her office under this Act as

he may consider desirable to the Governor, or as the Governor may request.

(4)To cause a suit to be filed in his or her name to enforce any law of this State that

applies to savings banks, their service corporations, subsidiaries, affiliates, or holding companies operating under this Act, including the enforcement of any obligation of the officers, directors, agents, or employees of any savings bank.

(5)To prescribe a uniform manner in which the books and records of every savings bank

are to be maintained.

(6)To establish a reasonable fee structure for savings banks and holding companies

operating under this Act and for their service corporations and subsidiaries. The fees shall include, but not be limited to, annual fees, application fees, regular and special examination fees, and other fees as the Secretary establishes and demonstrates to be directly resultant from the Secretary's responsibilities under this Act and as are directly attributable to individual entities operating under this Act. The aggregate of all moneys collected by the Secretary on and after the effective date of this Act shall be paid promptly after receipt of the same, accompanied by a detailed statement thereof, into the Savings Bank Regulatory Fund established under Section 9002.1 of this Act.

Nothing in this Act shall prevent continuing the practice of paying expenses involving salaries, retirement, social security, and State-paid insurance of State officers by appropriation from the General Revenue Fund. The Secretary may require payment of the fees under this Act by an electronic transfer of funds or an automatic debit of an account of each of the savings banks.

(b)Notwithstanding the provisions of subsection (a), the Secretary shall not:

(1)issue an order against a savings bank or holding company organized under this Act

for unsafe or unsound banking practices solely because the entity provides or has provided financial services to a cannabis-related legitimate business;

(2)prohibit, penalize, or otherwise discourage a savings bank or holding company

organized under this Act from providing financial services to a cannabis-related legitimate business solely because the entity provides or has provided financial services to a cannabis-related legitimate business;

(3)recommend, incentivize, or encourage a savings bank or holding company organized

under this Act not to offer financial services to an account holder or to downgrade or cancel the financial services offered to an account holder solely because:

(A)the account holder is a manufacturer or producer, or is the owner, operator, or

employee of, a cannabis-related legitimate business;

(B)the account holder later becomes an owner or operator of a cannabis-related

legitimate business; or

(C)the savings bank or holding company organized under this Act was not aware that

the account holder is the owner or operator of a cannabis-related legitimate business; or

(4)take any adverse or corrective supervisory action on a loan made to an owner or

operator of:

(A)a cannabis-related legitimate business solely because the owner or operator owns

or operates a cannabis-related legitimate business; or

(B)real estate or equipment that is leased to a cannabis-related legitimate

business solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate business.