Sec. 20-10. Examination.

266 words·~1 min read·/il/chapter-205/act-731/20-10

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

(a)(1)(A) The Department may, at any time and from time to time, examine the business and any office, within or outside this State, of any covered person, or any agent of a covered person, in order to ascertain

(i)the financial condition of the covered person,

(ii)the safety and soundness of the conduct of its business,

(iii)the policies of its management,

(iv)whether the business is being conducted in a lawful manner,

(v)whether all digital asset business activity is properly accounted for, and

(vi)such other matters as the Department may determine, including, but not limited to, any activities of the covered person outside the State if in the Department's judgment such activities may affect the covered person's digital asset business activity.

(B)The directors, officers, and employees of a covered person, or agent of a covered person, being examined by the Department shall exhibit to the Department, on request, any or all of the covered person's accounts, books, correspondence, memoranda, papers, and other records and shall otherwise facilitate the examination so far as it may be in their power to do so.

(C)The covered person shall permit and assist the Department to examine an affiliate or service provider of the covered person when, in the Department's judgment, it is necessary or advisable to do so.

(2)The Department may examine a covered person, its affiliate, or service provider pursuant to this paragraph without prior notice to the covered person, affiliate, or service provider.

(b)A covered person shall pay the necessary costs of an examination under this Section.