Chapter 205 — FINANCIAL REGULATION

(205 ILCS 205/1007.90) (from Ch. 17, par. 7301-7.90) Sec. 1007.90. "Person" means an individual, corporation, limited liability company, partnership, joint venture, trust, estate, or unincorporated association. (Source: P.A. 91-929, eff. 12-15-00.)

(205 ILCS 205/1007.95) (from Ch. 17, par. 7301-7.95) Sec. 1007.95. "Prudent person rule" means that in all activities connected with savings banks operating under this Act, all officers, directors, employees, and agents of any kind of a savings bank must exercise the judgment and…

(205 ILCS 205/10070) Sec. 10070. Receiver's powers; court directions. Upon the order of the court wherein the Secretary's complaint for the dissolution or winding up of the affairs of the savings bank was filed, the receiver for the savings bank shall have the power and authority…

(205 ILCS 205/10075) Sec. 10075. Change of receiver. At any time after a receiver, other than the Federal Deposit Insurance Corporation, is appointed by the Secretary, whenever two-thirds of the creditors of a savings bank petition the Secretary for the appointment of any person …

(205 ILCS 205/1008) (from Ch. 17, par. 7301-8) Sec. 1008. General corporate powers. (a) A savings bank operating under this Act shall be a body corporate and politic and shall have all of the powers conferred by this Act including, but not limited to, the following powers: (1) To…

(205 ILCS 205/1008.05) Sec. 1008.05. Non-English language transactions. A savings bank may conduct transactions in a language other than English through an employee or agent acting as interpreter or through an interpreter provided by the customer. (Source: P.A. 92-578, eff. 6-26-…

(205 ILCS 205/10080) Sec. 10080. Insured deposits; subrogation. The right of an agency of the United States insuring deposits to be subrogated to the rights of depositors upon payment of their claim shall not be less extensive than the law of the United States requires as a condi…

(205 ILCS 205/10085) Sec. 10085. Expenses and fees. (a) In addition to the fees authorized in this Act, the Secretary may assess reasonable receivership fees against any savings bank operating under this Act that does not maintain insurance with the Federal Deposit Insurance Corp…

(205 ILCS 205/1009) (from Ch. 17, par. 7301-9) Sec. 1009. Status as IRS qualified thrift lender. All savings banks operating under this Act must qualify for either the 60% asset test of Section 7701 (a)(19) of the Internal Revenue Code of 1986 and any amendments thereto or an ass…

(205 ILCS 205/10090) Sec. 10090. Dividends; dissolution. From time to time during a receivership other than a receivership conducted by the Federal Deposit Insurance Corporation, the Secretary shall make and pay from moneys of the savings bank a ratable dividend on all claims as …

(205 ILCS 205/10095) Sec. 10095. Validation of dividends; destruction of records. In all cases where the Secretary, prior to this Section taking effect, has made ratable dividends of money on claims that have been proven to the satisfaction of the Secretary or adjudicated in any …

(205 ILCS 205/1010) Sec. 1010. (Repealed). (Source: P.A. 92-577, eff. 6-26-02. Repealed by P.A. 99-331, eff. 1-1-16.)

(205 ILCS 205/10100) Sec. 10100. Judicial review. Whenever the Secretary shall have taken possession and control of a savings bank and its assets for the purpose of examination, reorganization, or liquidation through receivership, or whenever the Secretary shall have appointed a …

(205 ILCS 205/11001) (from Ch. 17, par. 7311-1) Sec. 11001. Affirmative action to correct conditions resulting from violations of law, regulations, or orders or from practices. The Commissioner is hereby granted authority to issue orders under this Act that require a savings bank…

(205 ILCS 205/11002) (from Ch. 17, par. 7311-2) Sec. 11002. Cease and desist orders; books and records. (a) If the notice of charges and orders under Section 11001 specifies that the books and records of a savings bank are so incomplete and inaccurate that the Commissioner is una…

(205 ILCS 205/11003) (from Ch. 17, par. 7311-3) Sec. 11003. Removal and prohibition authority. (a) In addition to other provisions of this Act concerning officers and directors, the Commissioner may remove or suspend from any savings bank operating under this Act any officer, dir…

(205 ILCS 205/11004) (from Ch. 17, par. 7311-4) Sec. 11004. Industrywide prohibition. (a) Except as provided in regulations of the Commissioner, any person who has been removed or suspended from office in a savings bank operating under this Act or prohibited from participating in…

(205 ILCS 205/11005) (from Ch. 17, par. 7311-5) Sec. 11005. Institution affiliated party. As used in this Act, the term "institution affiliated party" shall mean a director, officer, employee, agent, or controlling stockholder of a savings bank operating under this Act; a person …

(205 ILCS 205/11006) (from Ch. 17, par. 7311-6) Sec. 11006. Civil penalties. The Commissioner, in addition to any other powers granted in this Act, shall have the power and authority to: (1) Impose civil penalties of up to $100,000 against any person for each violation of any pro…

(205 ILCS 205/11007) (from Ch. 17, par. 7311-7) Sec. 11007. Effect of termination or resignation of an institution-affiliated party. The resignation, termination of employment, or separation of an institution-affiliated party from the savings bank affected by the party's activiti…

(205 ILCS 205/11008) (from Ch. 17, par. 7311-8) Sec. 11008. Unauthorized participation by convicted individual. (a) Except with the prior written consent of the Commissioner, no person who has been convicted of any criminal offense involving dishonesty or a breach of trust may ow…

(205 ILCS 205/11009) (from Ch. 17, par. 7311-9) Sec. 11009. Perjury; false statements. (a) Any person who knowingly makes, causes, or allows someone else to make or cause to be made, a false statement, either under oath as required by this Act or on any report or statement requir…

(205 ILCS 205/11010) (from Ch. 17, par. 7311-10) Sec. 11010. Slander. Any person who knowingly makes, utters, circulates, or transmits to another or others any statement untrue in fact, derogatory to the financial condition of any savings bank subject to this Act with intent to i…

(205 ILCS 205/11011) Sec. 11011. (Repealed). (Source: P.A. 86-1213. Repealed by P.A. 104-310, eff. 8-15-25.)

(205 ILCS 205/11012) Sec. 11012. (Repealed). (Source: P.A. 90-161, eff. 7-23-97. Repealed by P.A. 92-483, eff. 8-23-01.)

(205 ILCS 205/12001) Sec. 12001. Compliance review. (a) As used in this Section: "Affiliate" means a corporation whose stock is at least 80% owned by the depository institution or a corporation that directly or indirectly owns at least 80% of the depository institution. "Deposito…

(205 ILCS 205/12101) Sec. 12101. Effect of repeal. This Article sets forth the effect of and means of transition necessitated by the repeal of the Illinois Savings and Loan Act of 1985. (Source: P.A. 98-1081, eff. 1-1-15.)

(205 ILCS 205/12102) Sec. 12102. Effect on special funds. (a) The Savings and Residential Finance Regulatory Fund established under Section 7-19.1 of the Illinois Savings and Loan Act of 1985 is hereby redesignated the Residential Finance Regulatory Fund. The fund shall continue …

(205 ILCS 205/12103) Sec. 12103. Effect on foreign associations. (a) Any existing foreign association shall be deemed to be an out-of-state savings bank under this Act. (b) Notwithstanding any other provision of this Act, an existing foreign association may retain any branch or o…

(205 ILCS 205/12104) Sec. 12104. (Repealed). (Source: P.A. 98-1081, eff. 1-1-15. Repealed by P.A. 100-783, eff. 8-10-18.)

(205 ILCS 205/12105) Sec. 12105. Applicability of other Acts. Whenever in any Act 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 …

(205 ILCS 205/13001) (from Ch. 17, par. 7313-1) Sec. 13001. Effective Date. This Act takes effect July 1, 1990. (Source: P.A. 86-1213.)

(205 ILCS 205/2001) (from Ch. 17, par. 7302-1) Sec. 2001. Unless the context otherwise requires, as used in this Article, the terms defined in the Sections following this Section and preceding Section 2002 shall have the meanings therein given. (Source: P.A. 86-1213.)

(205 ILCS 205/2001.05) (from Ch. 17, par. 7302-1.05) Sec. 2001.05. "Savings bank holding company" means any company that directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, or holds with power to vote, or…

(205 ILCS 205/2001.10) (from Ch. 17, par. 7302-1.10) Sec. 2001.10. An "Illinois savings bank holding company" means a savings bank holding company whose principal place of business is in Illinois and that is not controlled, directly or indirectly, by another savings bank holding …

(205 ILCS 205/2001.15) (from Ch. 17, par. 7302-1.15) Sec. 2001.15. An "out-of-state savings bank holding company" means a savings bank holding company whose principal place of business is in a state other than Illinois and that is not controlled, directly or indirectly, by anothe…

(205 ILCS 205/2001.20) (from Ch. 17, par. 7302-1.20) Sec. 2001.20. "Geographic Area" means those states in which a savings bank holding company is permitted to acquire an Illinois savings bank or an Illinois savings bank holding company. (Source: P.A. 86-1213.)

(205 ILCS 205/2001.25) (from Ch. 17, par. 7302-1.25) Sec. 2001.25. "Principal place of business" of a savings bank holding company means the state in which the total deposits of all offices of all subsidiaries are the largest as shown by the most recent reports of condition filed…

(205 ILCS 205/2001.30) (from Ch. 17, par. 7302-1.30) Sec. 2001.30. "Subsidiary of an individual or company" is any company that is controlled by a person or by a company that is a subsidiary of a person by virtue of this Article. (Source: P.A. 86-1213.)

(205 ILCS 205/2001.35) (from Ch. 17, par. 7302-1.35) Sec. 2001.35. (a) "Control" shall mean either ownership of stock, or the power to vote and dispose of stock in a manner that directly or indirectly causes changes in savings bank management, ownership, structure, or policies. A…

(205 ILCS 205/2001.40) Sec. 2001.40. Company. "Company" means any corporation, limited liability company, partnership, joint venture, trust, estate, association, or unincorporated association. (Source: P.A. 96-585, eff. 8-18-09.)

(205 ILCS 205/2002) (from Ch. 17, par. 7302-2) Sec. 2002. Each savings bank holding company and each subsidiary thereof shall register with the Commissioner within 180 days after the effective date of this Act or within 90 days after becoming a savings bank holding company, which…

(205 ILCS 205/2003) (from Ch. 17, par. 7302-3) Sec. 2003. With respect to each savings bank holding company and each subsidiary thereof the following shall apply: (1) Each savings bank holding company and each subsidiary thereof shall file with the Commissioner reports as require…

(205 ILCS 205/2004) (from Ch. 17, par. 7302-4) Sec. 2004. Subject to the regulation of the Commissioner, a savings bank holding company may acquire control of a subsidiary savings bank or any holding company upon application to and with the prior written approval of the Commissio…

(205 ILCS 205/2005) (from Ch. 17, par. 7302-5) Sec. 2005. No savings bank holding company, other than an Illinois savings bank holding company, may control or own more than 5% of the voting shares or rights of any Illinois savings bank or Illinois savings bank holding company unl…

(205 ILCS 205/2006) (from Ch. 17, par. 7302-6) Sec. 2006. An Illinois savings bank holding company may control or own more than 5% of the voting shares or rights of a savings bank or savings bank holding company only if the principal place of business of the savings bank or savin…

(205 ILCS 205/2007) (from Ch. 17, par. 7302-7) Sec. 2007. (a) A savings bank, including a mutual savings bank operating under this Act, may reorganize so as to become a holding company by: (1) chartering one or more subsidiary savings banks, the ownership of which shall be eviden…

(205 ILCS 205/3001) (from Ch. 17, par. 7303-1) Sec. 3001. Application for permit to organize. (a) Not fewer than 5 nor more than 20 persons may organize a savings bank under this Act. (b) The Secretary shall determine the minimum required capital which shall be at least the minim…

(205 ILCS 205/3002) (from Ch. 17, par. 7303-2) Sec. 3002. Contents of application for permit to organize. The application for a permit to organize shall be on forms required by the Secretary, shall include all information as he deems necessary but must include at least the follow…

(205 ILCS 205/3003) (from Ch. 17, par. 7303-3) Sec. 3003. Contents of articles of incorporation. (a) The articles of incorporation shall set forth: (1) The name of the savings bank. (2) The initial location of the business office. (3) The duration of existence, which shall be per…