Sec. 4-4. Networked supervision.

236 words·~1 min read·/il/chapter-205/act-658/4-4

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(a)To efficiently and effectively administer and enforce this Act and to minimize regulatory burden, the Secretary is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this State and other states. As a participant in multistate supervision, the Secretary may:

(1)cooperate, coordinate, and share information with other state and federal regulators

in accordance with Section 4-2;

(2)enter into written cooperation, coordination, or information-sharing contracts or

agreements with organizations the membership of which is made up of state or federal governmental agencies; and

(3)cooperate, coordinate, and share information with organizations the membership of

which is made up of state or federal governmental agencies, if the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with Section 4-2.

(b)The Secretary may not waive, and nothing in this Section constitutes a waiver of, the Secretary's authority to conduct an examination or investigation or otherwise take independent action authorized by this Act or a rule adopted or order issued under this Act to enforce compliance with applicable state or federal law.

(c)A joint examination or investigation, or acceptance of an examination or investigation report, does not waive an examination assessment provided for in this Act.