(20 ILCS 3210/1) (from Ch. 17, par. 401) Sec. 1. The Illinois Bank Examiners' Education Foundation is hereby created for the purpose of providing a means through which funds may be raised, invested and disbursed for continuing education and professional training activity for the examination employees of the Division of Banking whose responsibilities include the supervision and regulation of commercial banks, foreign banking offices, trust companies, and their information technology service providers. (Source: P.A. 96-1163, eff. 1-1-11.)

(20 ILCS 3210/2) (from Ch. 17, par. 402) Sec. 2. This Act shall be known and may be cited as the "Illinois Bank Examiners' Education Foundation Act". (Source: P.A. 84-1127.)

(20 ILCS 3210/3) (from Ch. 17, par. 403) Sec. 3. As used in this Act unless the context otherwise requires, the words and phrases defined in Sections 3.01 through 3.06 have the meanings ascribed to them in those Sections. (Source: P.A. 84-1127.)

(20 ILCS 3210/3.01) Sec. 3.01. "Board" means the State Banking Board of Illinois as established under the provisions of the Illinois Banking Act. (Source: P.A. 96-1163, eff. 1-1-11; 96-1365, eff. 7-28-10; 97-333, eff. 8-12-11.)

(20 ILCS 3210/3.02) (from Ch. 17, par. 403.2) Sec. 3.02. "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. (Source: P.A. 96-1365, eff. 7-28-10.)

(20 ILCS 3210/3.03) (from Ch. 17, par. 403.3) Sec. 3.03. "Foundation" means the Illinois Bank Examiners' Education Foundation created by this Act. (Source: P.A. 84-1127.)

(20 ILCS 3210/3.04) (from Ch. 17, par. 403.4) Sec. 3.04. "National bank" means a national banking association located in the State of Illinois. (Source: P.A. 84-1127.)

(20 ILCS 3210/3.05) (from Ch. 17, par. 403.5) Sec. 3.05. "Person" means an individual, corporation, partnership, joint venture, charitable foundation, trust, estate or incorporated association. (Source: P.A. 84-1127.)

(20 ILCS 3210/3.06) (from Ch. 17, par. 403.6) Sec. 3.06. "State bank" means any banking corporation organized under or subject to the "Illinois Banking Act". (Source: P.A. 84-1127.)

(20 ILCS 3210/3.07) Sec. 3.07. Division of Banking. "Division of Banking" means the Division of Banking of the Department of Financial and Professional Regulation. (Source: P.A. 96-1163, eff. 1-1-11.)

(20 ILCS 3210/3.025) Sec. 3.025. Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation. (Source: P.A. 96-1365, eff. 7-28-10.)

(20 ILCS 3210/4) (from Ch. 17, par. 404) Sec. 4. The Foundation shall establish an endowment fund with the monies in the Illinois Bank Examiners' Education Fund. The income from such Fund shall be used to pay for continuing education and professional training activity for the examination employees of the Division of Banking whose responsibilities include the supervision and regulation of commercial banks, foreign banking offices, trust companies, and their information technology service providers and to pay for reasonable expenses incurred by the Board in the course of administering its official duties under this Act. The continuing education and professional training activity to be funded by the Foundation shall be a supplement to the education and training expenditures regularly being made from the Bank & Trust Company Fund for such purposes. (Source: P.A. 96-1163, eff. 1-1-11; 96-1365, eff. 7-28-10; 97-333, eff. 8-12-11.)

(20 ILCS 3210/5) Sec. 5. The Foundation shall be governed by the Board. (Source: P.A. 96-1163, eff. 1-1-11; 96-1365, eff. 7-28-10; 97-333, eff. 8-12-11.)

(20 ILCS 3210/6) (from Ch. 17, par. 406) Sec. 6. The Board shall have the power: (1) To promulgate reasonable rules for the purpose of administering the provisions of this Act. (2) To issue orders for the purpose of administering the provisions of this Act and any rule promulgated in accordance with this Act. (3) To require the Commissioner to furnish the Board space for meetings to be held by the Board as well as to require the Commissioner to provide the technical assistance and clerical and professional support as the Board may require. (4) To adopt its own bylaws with respect to board meetings and procedures. The bylaws shall provide that: (A) A majority of the whole Board constitutes a

quorum.

(B) A majority of the quorum shall constitute

effective action except that a vote of a majority of the whole Board shall be necessary for the approval of rules and regulations proposed for adoption by the Commissioner under paragraph (1) of this Section and shall be necessary for recommendations made to the Commissioner with regard to proposed amendments to this Act or to the administrative practices hereunder.

(C) The Board shall meet at least once in each

calendar year and upon the call of the Commissioner or a majority of the Board. The Commissioner or a majority of the Board may call such special or additional meetings as may be deemed necessary or desirable.

(5) To authorize the transfer of funds from the Illinois Bank Examiners' Education Fund to the Bank and Trust Company Fund. Any amount so transferred shall be retransferred to the Illinois Bank Examiners' Education Fund from the Bank and Trust Company Fund within a period not to exceed 3 years. (6) To maintain and direct the investments of the Illinois Bank Examiners' Education Fund as provided in the Illinois Banking Act and to issue an annual report to the Governor, the General Assembly and all State-chartered banks on the activities of the Foundation during the preceding year which shall include, but is not limited to, detailing the monies generated and deposited into the Illinois Bank Examiners' Education Fund by the special education fee, voluntary contributions, and income from investments and the expenditures from the Fund. (Source: P.A. 90-665, eff. 7-30-98.)

(20 ILCS 3210/7) (from Ch. 17, par. 407) Sec. 7. The Board shall review and evaluate various courses, programs, curricula, and schools of continuing education and professional training that are available from within the United States for state banking department examination personnel and develop a program which shall be known as the Illinois Bank Examiners' Education Program. The Board shall determine which courses, programs, curricula, and schools will be included in the Program to be funded by the Foundation. (Source: P.A. 84-1127.)

(20 ILCS 3210/8) (from Ch. 17, par. 408) Sec. 8. No member of the Board shall be subject to any civil liability or penalty, whether for damages or otherwise, on account of or for any action taken or omitted to be taken in their respective official capacities, except when such acts or omissions to act are corrupt or malicious or unless such action is taken or omitted to be taken not in good faith and without reasonable grounds. (Source: P.A. 96-1163, eff. 1-1-11.)