Illinois § 15-1002.1
Full text of Illinois Illinois Compiled Statutes § 15-1002.1, with citation guidance and answers to common questions.
§ 15-1002.1.
Examination of State-regulated financial organizations. (a) Notwithstanding Section 15-1002 of this Act, for any financial organization for which the Department of Financial and Professional Regulation is the primary prudential regulator, the administrator shall not examine such financial institution unless the administrator has consulted with the Secretary of Financial and Professional Regulation and the Department of Financial and Professional Regulation has not examined such financial organization for compliance with this Act within the past 5 years. The Secretary of Financial and Professional Regulation may waive in writing the provisions of this subsection (a) in order to permit the administrator to examine a financial organization or group of financial organizations for compliance with this Act. (b) Nothing in this Section shall be construed to prohibit the administrator from examining a financial organization for which the Department of Financial and Professional Regulation is not the primary prudential regulator. Further, nothing in this Act shall be construed to limit the authority of the Department of Financial and Professional Regulation to examine financial organizations. (c) Notwithstanding Section 15-1002, the administrator may, at reasonable times and upon reasonable notice: (1) examine the records of a financial organization that is a federally chartered bank, savings bank, or credit union if the administrator has reason to believe that the financial organization has failed to comply with this Act; (2) issue an administrative subpoena requiring the financial organization or an agent of the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. The administrator may adopt administrative rules that specify conditions under which the administrator has a reason to believe that a financial organization is not in compliance with this Act. (Source: P.A. 101-81, eff. 7-12-19; 102-288, eff. 8-6-21.)
Frequently Asked Questions About Illinois § 15-1002.1
What does Illinois Compiled Statutes § 15-1002.1 cover?
Section 15-1002.1 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15-1002.1?
A common citation format is "Illinois Compiled Statutes § 15-1002.1" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15-1002.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.