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Banking Law Keyed to Malloy, 4th Ed.
National Commercial Banking Corp. of Australia, Ltd. v. Harris
Citation:
125 Ill.2d 448, 532 N.E.2d 812 (1988)Facts
Three Australian banks received authorization in late 1981 and 1982 from the Comptroller of the Currency to establish limited Federal branches in Illinois pursuant to the International Banking Act of 1978. Under this federal law, these limited branches were restricted to accepting only deposits linked to international trade. In December 1983, the Illinois Commissioner of Banks and Trust Companies demanded payment of a $63,287.67 nonreciprocal license fee from each bank, covering a prorated portion of 1983 and all of 1984. This fee was imposed under section 3 of the Illinois Foreign Banking Office Act, which required foreign banks from countries that do not provide reciprocal licensing authority to Illinois or national banks to pay an annual $50,000 fee. The Australian banks refused to pay and initiated legal action challenging the Commissioner’s authority to collect the fee. The case followed a previous federal case (Conference of State Bank Supervisors v. Conover) in which Illinois had unsuccessfully attempted to prevent these same Australian banks from operating in Illinois based on a reciprocity requirement.
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