Chapter 205, FINANCIAL REGULATION

(205 ILCS 205/6006) (from Ch. 17, par. 7306-6) Sec. 6006. Modification agreements. A savings bank, at any time, may enter into a written agreement with a borrower to modify, in any manner not inconsistent with the provisions of this Act, the terms of a loan as to the amount, time…

(205 ILCS 205/6007) (from Ch. 17, par. 7306-7) Sec. 6007. Sale, assignment, and servicing of loans and contracts. (a) Any savings bank may sell any loan or a participating interest in a loan at any time in the usual and regular course of business. Loans sold may be sold with or w…

(205 ILCS 205/6008) (from Ch. 17, par. 7306-8) Sec. 6008. Purchase of real estate at forced sale. A savings bank may purchase at any sheriff's or other judicial sale, either public or private, any real estate upon which the savings bank has any mortgage, lien or other encumbrance…

(205 ILCS 205/6009) (from Ch. 17, par. 7306-9) Sec. 6009. Purchase of real estate for office and rental purposes. (a) A savings bank may acquire and hold real estate in fee simple or leaseholds on which a building or buildings exist or are to be erected suitable for the transacti…

(205 ILCS 205/6010) (from Ch. 17, par. 7306-10) Sec. 6010. Prohibited loans. No savings bank may make a loan to any person owning 10% or more of its capital stock, any affiliated person, agent, or attorney of the savings bank, either individually or as an agent or partner of anot…

(205 ILCS 205/6011) (from Ch. 17, par. 7306-11) Sec. 6011. Effect of unauthorized investments. (a) Every loan or other investment made in violation of this Act shall be due and payable according to its terms, and the obligation thereof shall not be impaired. (b) Every director or…

(205 ILCS 205/6012) (from Ch. 17, par. 7306-12) Sec. 6012. Acknowledgments. No acknowledgment of a deed, mortgage, or other instrument shall be invalid because the acknowledgment was taken before an officer authorized by the laws of this State to acknowledge conveyances who is al…

(205 ILCS 205/6013) (from Ch. 17, par. 7306-13) Sec. 6013. Loans to one borrower. (a) Except as provided in subsection (c), the total loans and extensions of credit, both direct and indirect, by a savings bank to any person, other than a municipal corporation for money borrowed, …

(205 ILCS 205/6014) (from Ch. 17, par. 7306-14) Sec. 6014. Commissioner's regulations. (a) The Commissioner shall promulgate rules and regulations to determine permissible levels of investment and permissible concentrations of assets for savings banks applicable to all lending an…

(205 ILCS 205/7001) (from Ch. 17, par. 7307-1) Sec. 7001. Definitions. As used in this Article, the following terms have the following meanings. "Deposit accounts" means certificates of deposit, withdrawable deposits, savings accounts, demand deposit accounts, checking accounts, …

(205 ILCS 205/7002) (from Ch. 17, par. 7307-2) Sec. 7002. Deposit accounts. All savings banks subject to this Act may receive deposits of funds subject to withdrawals or that are to be paid upon the checks of the depositor. All deposits of that type shall be payable on demand, wi…

(205 ILCS 205/7003) (from Ch. 17, par. 7307-3) Sec. 7003. Deposit accounts subject to liens. Every deposit account shall be subject to a lien for the payment of charges as lawfully may accrue thereon under the provisions of this Act, and the bylaws may prescribe the manner of enf…

(205 ILCS 205/7004) (from Ch. 17, par. 7307-4) Sec. 7004. Payment of interest. (a) The board of directors shall determine the rate and amount of interest to be paid on deposit accounts and, for that purpose, may establish reasonable classifications of accounts based on: types of …

(205 ILCS 205/7005) (from Ch. 17, par. 7307-5) Sec. 7005. Holders of deposit accounts. (a) Deposit accounts of a savings bank may be held as follows: (1) by any individual in his own right, regardless of age or marital status, or by 2 or more individuals; (2) by a fiduciary when …

(205 ILCS 205/7006) (from Ch. 17, par. 7307-6) Sec. 7006. Prohibited activities. (a) No savings bank shall participate, directly or indirectly, in the sale or transfer of any equity or debt security or instrument of any affiliate of the savings bank or the parent holding company …

(205 ILCS 205/7007) Sec. 7007. Enforcement of child support. (a) Any savings bank governed by this Act shall encumber or surrender accounts or assets held by the savings bank on behalf of any responsible relative who is subject to a child support lien, upon notice of the lien or …

(205 ILCS 205/7008) Sec. 7008. Savings promotion raffle. (a) As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 4 of the Home Owners' Loan Act (12 U.S.C. 1463). (b) If authorized by its board of directors, a savings bank may …

(205 ILCS 205/8001) (from Ch. 17, par. 7308-1) Sec. 8001. Amendment of articles and bylaws. A savings bank may amend its articles of incorporation or bylaws in accordance with the procedure set forth in this Article, but those articles and bylaws shall conform to all legal requir…

(205 ILCS 205/8002) (from Ch. 17, par. 7308-2) Sec. 8002. Procedure to amend articles. (a) The procedure to effect an amendment of articles of incorporation shall be as follows: (1) The board of directors shall adopt a resolution setting forth the proposed amendment and direct th…

(205 ILCS 205/8002.1) Sec. 8002.1. Procedure to amend articles of incorporation for name change. (a) Notwithstanding the requirements of Section 8002 of this Act, a savings bank, after commencing business, may amend its articles of incorporation solely for purposes of changing th…

(205 ILCS 205/8003) (from Ch. 17, par. 7308-3) Sec. 8003. Effect upon existing articles and bylaws. Any adopted or amended articles that contain provisions contrary to the savings bank's bylaws shall serve to repeal the particular bylaws without further action by the board. (Sour…

(205 ILCS 205/8004) (from Ch. 17, par. 7308-4) Sec. 8004. Merger; adoption of plan. (a) Any depository institution may merge into a savings bank operating under this Act, and a savings bank operating under this Act may merge into a depository institution. The board of directors o…

(205 ILCS 205/8005) (from Ch. 17, par. 7308-5) Sec. 8005. Merger; vote of approval. If approved by the Secretary, the plan of merger shall be submitted to the stockholders of the savings bank or depository institution for approval. The Secretary may require that the plan of merge…

(205 ILCS 205/8006) (from Ch. 17, par. 7308-6) Sec. 8006. Merger; Secretary's certificate. The executed merger agreement together with copies of the resolutions of the members or stockholders of each merging depository institution approving it, certified by the president or vice …

(205 ILCS 205/8007) (from Ch. 17, par. 7308-7) Sec. 8007. Effect of merger. The continuing savings bank or resulting depository institution shall be considered the same business and corporate entity as each merging depository institution, with all the property, rights, duties, an…

(205 ILCS 205/8008) (from Ch. 17, par. 7308-8) Sec. 8008. Merger; Secretary's expenses. The expenses of any examination made by or at the direction of the Secretary in connection with a proposed merger shall be paid for by the merging savings banks or depository institutions. (So…

(205 ILCS 205/8009) (from Ch. 17, par. 7308-9) Sec. 8009. Sale of assets. Subject to regulations of the Secretary, a savings bank, in one transaction not in the usual course of business, may sell all or substantially all of its assets, with or without its name and goodwill, to an…

(205 ILCS 205/8010) (from Ch. 17, par. 7308-10) Sec. 8010. Procedure to effect sale of all assets. (a) The procedure to effect a sale authorized by Section 8009 of this Act shall be as follows: (1) The board of directors shall adopt a resolution setting forth the terms of the pro…

(205 ILCS 205/8011) (from Ch. 17, par. 7308-11) Sec. 8011. Authority to form a bridge charter. (a) Any savings bank operating in Illinois under this Act may form a bridge, vehicle, or other interim charter as a means to effect a corporate restructuring, a voluntary corporate chan…

(205 ILCS 205/8012) (from Ch. 17, par. 7308-12) Sec. 8012. Conversion of an existing depository institution to a savings bank. (a) Except as provided in subsection (b), an existing depository institution may become an Illinois savings bank by: (1) Applying to the Commissioner of …

(205 ILCS 205/8013) (from Ch. 17, par. 7308-13) Sec. 8013. Emergency merger. With the prior approval of the Secretary, which approval shall state that the proposed merger is in his opinion necessary for the protection of the depositors and other creditors, any savings bank that i…

(205 ILCS 205/8014) (from Ch. 17, par. 7308-14) Sec. 8014. Emergency sale of assets. (a) With the approval in writing of the Secretary, which approval shall state that the proposed sale is, in his opinion, necessary for the protection of the depositors and other creditors, any sa…

(205 ILCS 205/8015) (from Ch. 17, par. 7308-15) Sec. 8015. Change in control. (a) No person, whether acting directly or indirectly or through or in concert with one or more persons, may acquire control of a savings bank operating under this Act without prior approval of the Secre…

(205 ILCS 205/8016) (from Ch. 17, par. 7308-16) Sec. 8016. Procedure for conversion from a savings bank charter. (a) Any savings bank operating under this Act may convert to any other depository institution chartered under the laws and regulations of this State or under the laws …

(205 ILCS 205/8017) Sec. 8017. Guidelines for the processing of completed applications. (a) All procedures, notice, or transactions under Article VIII requiring approval of the Commissioner shall be governed by this Section and designated as an "application". (b) An application s…

(205 ILCS 205/8018) Sec. 8018. Waiver of requirements. Notwithstanding any provision of this Article, the requirements imposed by this Article on a savings bank that seeks to convert to, merge into, or sell substantially all of its assets to a depository institution that is not a…

(205 ILCS 205/9001) (from Ch. 17, par. 7309-1) Sec. 9001. Personnel, records, files, actions, and duties. The Commissioner shall appoint, subject to applicable provisions of the Personnel Code, a supervisor, examiners, employees, experts, and special assistants as may be necessar…

(205 ILCS 205/9002) (from Ch. 17, par. 7309-2) Sec. 9002. Powers of Secretary. (a) The Secretary shall have the following powers and duties: (1) To exercise the rights, powers, and duties set forth in this Act or in any related Act. (2) To establish regulations as may be reasonab…

(205 ILCS 205/9002.1) Sec. 9002.1. Savings Bank Regulatory Fund. (a) The aggregate of all moneys collected by the Secretary under this Act shall be paid promptly after receipt of the same, accompanied by a detailed statement thereof, into the State treasury and shall be set apart…

(205 ILCS 205/9002.5) Sec. 9002.5. Regulatory fees. (a) Each fiscal year, each savings bank and each service corporation operating under this Act shall pay in quarterly installments equal to one-fourth of a regulatory fee based on the total assets of the savings bank or service c…

(205 ILCS 205/9003) (from Ch. 17, par. 7309-3) Sec. 9003. Prohibited activities. The Commissioner, deputy commissioners, and employees of the Office of Banks and Real Estate shall be subject to the restrictions provided in Section 2.5 of the Division of Banking Act including, wit…

(205 ILCS 205/9004) (from Ch. 17, par. 7309-4) Sec. 9004. Examination. (a) At least once every 18 months or more often if it is deemed necessary or expedient, the Secretary shall examine the books, records, operations, and affairs of each savings bank operating under this Act. In…

(205 ILCS 205/9006) (from Ch. 17, par. 7309-6) Sec. 9006. Examiners. The Commissioner shall appoint competent examiners who are not officers or agents of, or in any manner interested in, any savings bank, savings bank holding company, or subsidiaries or affiliates of either, exce…

(205 ILCS 205/9008) (from Ch. 17, par. 7309-8) Sec. 9008. Report of examination. Upon completion of each examination, the Secretary may make a report of examination to the board of directors of the savings bank or other entity examined. The report shall be read by each director w…

(205 ILCS 205/9009) (from Ch. 17, par. 7309-9) Sec. 9009. Orders of the Commissioner. (a) If the affairs of the savings bank, savings bank subsidiary or affiliate, or savings bank holding company are not being conducted in accordance with this Act, the Commissioner shall require …

(205 ILCS 205/9011) (from Ch. 17, par. 7309-11) Sec. 9011. Record keeping and retention of records by a savings bank. (a) Each savings bank shall retain its records in a manner consistent with prudent business practices and in accordance with this Act and applicable State or fede…

(205 ILCS 205/9012) (from Ch. 17, par. 7309-12) Sec. 9012. Disclosure of reports of examinations and confidential supervisory information; limitations. (a) Any report of examination, visitation, or investigation prepared by the Secretary under this Act, any report of examination,…

(205 ILCS 205/9013) (from Ch. 17, par. 7309-13) Sec. 9013. Examination of data processing centers. The Commissioner may examine any data processing center that provides data processing or related services to a savings bank with the same frequency as the savings bank served. (Sour…

(205 ILCS 205/9015) (from Ch. 17, par. 7309-15) Sec. 9015. Unsafe and unsound practices; orders of prohibition and removal. (a) The violation of any of the following provisions of this Act: Article 5, subsection (b) of Section 4009, Section 7006, Section 9005, and Section 9014 is…

(205 ILCS 205/9016) (from Ch. 17, par. 7309-16) Sec. 9016. Cease and desist proceedings. (a) If, in the opinion of the Commissioner or in the opinion of any federal banking agency that provides complete and documented evidence to the Commissioner, an officer, director, or control…