Chapter 205 — FINANCIAL REGULATION

(205 ILCS 205/10008) Sec. 10008. (Repealed). (Source: P.A. 86-1213. Repealed by P.A. 96-1365, eff. 7-28-10.)

(205 ILCS 205/1001) (from Ch. 17, par. 7301-1) Sec. 1001. This Act may be cited as the Savings Bank Act. (Source: P.A. 86-1213.)

(205 ILCS 205/1001.5) Sec. 1001.5. References to Office or Commissioner of Banks and Real Estate. On and after the effective date of this amendatory Act of the 94th General Assembly, unless the context requires otherwise: (1) References in this Act to the Office of Banks and Real…

(205 ILCS 205/10011) Sec. 10011. Appointment of a receiver following taking of custody. If, following the taking of custody of a savings bank, the Secretary determines that the appointment of a receiver is appropriate, then the provisions of this Article shall apply. (Source: P.A…

(205 ILCS 205/10015) Sec. 10015. Secretary's proceedings exclusive. Except by the authority of the Secretary, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act, no complaint shall be filed or proceeding…

(205 ILCS 205/1002) (from Ch. 17, par. 7301-2) Sec. 1002. Policy and purpose. The purpose of this Act is to provide for the chartering, regulation, and corporate governance of savings banks. The policy of this Act is to encourage growth of the personal savings base of the citizen…

(205 ILCS 205/10020) Sec. 10020. Capital impairment; correction. (a) If the Secretary, with respect to a savings bank, shall find: (1) its capital is impaired or it is otherwise in an unsound condition; (2) its business is being conducted in an unlawful manner, including, without…

(205 ILCS 205/10025) Sec. 10025. Capital impairment; emergency. If, in addition to a finding as provided in Section 10020 of this Act, the Secretary is of the opinion and finds that an emergency exists that may result in serious losses to the depositors or the inability of the sa…

(205 ILCS 205/1003) (from Ch. 17, par. 7301-3) Sec. 1003. Administration. This Act shall be administered by the Commissioner as provided in the Division of Banking Act. (Source: P.A. 96-1365, eff. 7-28-10.)

(205 ILCS 205/10030) Sec. 10030. Secretary's possession; power. The Secretary may take possession and control of a savings bank and its assets by posting upon the premises a notice reciting that the Secretary is assuming possession pursuant to this Act and the time when his or he…

(205 ILCS 205/10035) Sec. 10035. Secretary's possession; limitation of actions. Except when the Federal Deposit Insurance Corporation has taken possession of the savings bank or is acting as receiver, if the Secretary has taken possession and control of a savings bank and its ass…

(205 ILCS 205/1004) (from Ch. 17, par. 7301-4) Sec. 1004. Applicability. (a) This Act shall apply to all financial institutions no matter how named or chartered, if they comply with the provisions of this Act and with the rules of the Commissioner promulgated pursuant to this Act…

(205 ILCS 205/10040) Sec. 10040. Reorganization. The Secretary, while in possession and control of a savings bank and its assets, after according a hearing to interested parties as he or she may determine and upon the order of the court, may propose a reorganization plan. The reo…

(205 ILCS 205/10045) Sec. 10045. Requirements of reorganization plan. A plan of reorganization for a savings bank shall not be proposed under this Act unless all of the following are met: (1) the plan is feasible and fair to all classes of depositors, creditors and stockholders; …

(205 ILCS 205/1005) (from Ch. 17, par. 7301-5) Sec. 1005. Insurance of accounts. Each savings bank operating under this Act must secure insurance of its deposit accounts backed by the full faith and credit of the United States government prior to commencing business and may, subj…

(205 ILCS 205/10050) Sec. 10050. Reorganization; emergency. Whenever, in the course of reorganization, supervening conditions render the plan of reorganization unfair or its execution impractical, the Secretary may modify the plan, provided the modification is with the written co…

(205 ILCS 205/10055) Sec. 10055. Appointment of receiver; court proceeding. (a) If the Secretary determines, which determination may be made at the time of or any time subsequent to his or her taking possession and control of a savings bank and its assets, that no practical possi…

(205 ILCS 205/1006) (from Ch. 17, par. 7301-6) Sec. 1006. Parity. (a) Subject to the regulation of the Commissioner and in addition to the powers granted by this Act, each savings bank operating under this Act shall possess those powers granted by regulation promulgated under the…

(205 ILCS 205/1006.05) Sec. 1006.05. Out-of-state savings banks establishing branches. (a) No out-of-state savings bank whose main banking premises is located in a state other than Illinois shall establish a branch in this State, other than a branch authorized pursuant to any oth…

(205 ILCS 205/1006.10) Sec. 1006.10. Prohibition against establishment of offices or branches on or adjacent to the premises of certain affiliates. (a) For purposes of this Section: "Affiliate" has the meaning ascribed to that term in item (1) of subsection (b) of Section 35.2 of…

(205 ILCS 205/10060) Sec. 10060. Notice of receivership. Upon appointing a receiver, other than the Federal Deposit Insurance Corporation, and upon the filing of a complaint for the dissolution or winding up of the affairs of a savings bank, the Secretary shall cause notice to be…

(205 ILCS 205/10065) Sec. 10065. Receiver's powers; duties. Other than the Federal Deposit Insurance Corporation, which shall derive its powers and perform its duties pursuant to the Federal Deposit Insurance Act and regulations promulgated thereunder, the receiver for a savings …

(205 ILCS 205/1007) (from Ch. 17, par. 7301-7) Sec. 1007. Definitions. Unless the context otherwise requires, as used in this Act, the terms defined in the Sections following this Section and preceding Section 1008 shall have the meanings therein given. (Source: P.A. 86-1213.)

(205 ILCS 205/1007.05) (from Ch. 17, par. 7301-7.05) Sec. 1007.05. "Affiliate" means any company that controls, is controlled by, or is under common control with a savings bank operating under this Act. The term "affiliated person of a savings bank or insured institution" means t…

(205 ILCS 205/1007.10) (from Ch. 17, par. 7301-7.10) Sec. 1007.10. "Appraisal" means a professionally derived written conclusion of the value of the present worth of specified interests or rights in a specific piece of real property, which conclusion is supported by stipulated ma…

(205 ILCS 205/1007.100) Sec. 1007.100. (Repealed). (Source: P.A. 86-1213. Repealed by P.A. 104-310, eff. 8-15-25.)

(205 ILCS 205/1007.105) (from Ch. 17, par. 7301-7.105) Sec. 1007.105. "Service corporation" means any corporation or limited liability company that is 51% or more owned by one or more savings banks, or by savings banks and other depository institutions, whose purposes are reasona…

(205 ILCS 205/1007.110) (from Ch. 17, par. 7301-7.110) Sec. 1007.110. "Value" means the present worth of all rights to future benefits arising from ownership. (Source: P.A. 86-1213.)

(205 ILCS 205/1007.115) Sec. 1007.115. Federal association. "Federal association" means a savings and loan association or savings bank incorporated under the federal Home Owners Loan Act of 1993, as now or hereafter amended, whose principal business office is located within this …

(205 ILCS 205/1007.120) Sec. 1007.120. Affiliate facility. "Affiliate facility" of a savings bank means a depository institution main office or branch office of an affiliate depository institution. The depository institution main office or branch office may be an affiliate facili…

(205 ILCS 205/1007.125) Sec. 1007.125. "Bylaws" means the bylaws of a savings bank that are adopted by the savings bank's board of directors or shareholders for the regulation and management of the savings bank's affairs. If the savings bank operates as a limited liability compan…

(205 ILCS 205/1007.130) Sec. 1007.130. Out-of-state savings bank. "Out-of-state savings bank" means a savings bank or an association chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia. (Source: P.A. 98-1081, eff.…

(205 ILCS 205/1007.135) Sec. 1007.135. Secretary of the Department of Financial and Professional Regulation. "Secretary" means the Secretary of the Department of Financial and Professional Regulation, or a person authorized by the Secretary or by this Act to act in the Secretary'…

(205 ILCS 205/1007.15) (from Ch. 17, par. 7301-7.15) Sec. 1007.15. "Bank" means a commercial bank chartered by the Comptroller of the Currency or by the Illinois Commissioner of Banks and Real Estate under the Illinois Banking Act. (Source: P.A. 89-508, eff. 7-3-96.)

(205 ILCS 205/1007.150) Sec. 1007.150. Applicability of other Acts. Whenever the term "savings and loan", "building and loan", "mutual building loan and homestead", or "building loan and homestead" or other similar name is used with reference to an association organized for the p…

(205 ILCS 205/1007.20) (from Ch. 17, par. 7301-7.20) Sec. 1007.20. "Branch" or "branch office" includes any location established by a savings bank where deposits are received, loans are made, or checks are paid, but shall not include any place where only records thereof are made,…

(205 ILCS 205/1007.25) (from Ch. 17, par. 7301-7.25) Sec. 1007.25. "Capital" includes net worth, paid-in-surplus, capital stock equity, undivided profits, and earnings, as further defined in Section 5002. (Source: P.A. 86-1213.)

(205 ILCS 205/1007.30) (from Ch. 17, par. 7301-7.30) Sec. 1007.30. "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,…

(205 ILCS 205/1007.35) (from Ch. 17, par. 7301-7.35) Sec. 1007.35. "Control", unless specified otherwise in this Act, shall mean: (1) the ability of any person, entity, persons, or entities acting alone or in concert with one or more persons or entities, to own, hold, or direct w…

(205 ILCS 205/1007.40) (from Ch. 17, par. 7301-7.40) Sec. 1007.40. "Default" and "in danger of default" shall have the respective meanings ascribed to these terms in the Illinois Banking Act. (Source: P.A. 86-1213.)

(205 ILCS 205/1007.45) (from Ch. 17, par. 7301-7.45) Sec. 1007.45. "Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of or corporation chartered by the United States that is supported by the "Full faith and credit of the Unit…

(205 ILCS 205/1007.50) (from Ch. 17, par. 7301-7.50) Sec. 1007.50. "Depository institution", as used in this Act, shall mean an insured depository institution as defined by Section 3(c)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1813), as amended, or an insured credit uni…

(205 ILCS 205/1007.55) (from Ch. 17, par. 7301-7.55) Sec. 1007.55. "Director" means any director, trustee, or other person performing similar functions with respect to any organization whether incorporated or unincorporated. In the case of a manager-managed limited liability comp…

(205 ILCS 205/1007.57) Sec. 1007.57. Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation. (Source: P.A. 96-1365, eff. 7-28-10.)

(205 ILCS 205/1007.60) (from Ch. 17, par. 7301-7.60) Sec. 1007.60. "Eligible insured bank" means an insured bank, having its main banking premises in Illinois, that is in default or in danger of default as those terms are defined in this Act. (Source: P.A. 86-1213.)

(205 ILCS 205/1007.65) (from Ch. 17, par. 7301-7.65) Sec. 1007.65. "Fiduciary" means a trustee, executor, administrator, guardian, agent, receiver, trustee in bankruptcy, assignee for creditors, or any holder of a similar position of trust. It also describes the relationship of a…

(205 ILCS 205/1007.70) (from Ch. 17, par. 7301-7.70) Sec. 1007.70. (Repealed). (Source: P.A. 86-1213. Repealed by P.A. 98-1081, eff. 1-1-15.)

(205 ILCS 205/1007.75) (from Ch. 17, par. 7301-7.75) Sec. 1007.75. "Insured savings bank" means a savings bank the accounts of which are insured wholly or in part by a deposit insurance corporation. (Source: P.A. 86-1213.)

(205 ILCS 205/1007.80) (from Ch. 17, par. 7301-7.80) Sec. 1007.80. "Investment" means loans, both residential and commercial, as well as purchases of corporate debentures, securities, bonds, joint venture shares, and purchases of mutual fund shares subject to regulation of the Co…

(205 ILCS 205/1007.85) (from Ch. 17, par. 7301-7.85) Sec. 1007.85. "Marketable investment securities" means investment grade marketable obligations evidencing indebtedness of any person in the form of bonds, notes, or debentures, commonly known as investment securities, of a type…