Chapter 205 — FINANCIAL REGULATION

(205 ILCS 5/35.2) (from Ch. 17, par. 345) Sec. 35.2. Limitations on investments in and loans to affiliates. (a) Restrictions on transactions with affiliates. (1) A state bank and its subsidiaries may engage in a covered transaction with an affiliate, as expressly provided in this…

(205 ILCS 5/36) (from Ch. 17, par. 346) Sec. 36. Classification of loans and investments. For the determination of the character and classification of loans and investments made by state banks the substantive character of the underlying security for a loan or of the marketable in…

(205 ILCS 5/37) (from Ch. 17, par. 347) Sec. 37. Loans to officers and loans on and purchases of bank's own stock. (1) No state bank shall make any loan or extension of credit in excess of the limits, as determined by the Commissioner, at any one time outstanding each to its pres…

(205 ILCS 5/38) (from Ch. 17, par. 348) Sec. 38. Validation of loans and investments. Every loan made or obligation or security purchased or discounted in violation of the provisions of this Act shall be due and payable according to its terms and the remedy for the recovery of an…

(205 ILCS 5/39) (from Ch. 17, par. 349) Sec. 39. Directors' and officers' liability. (a) Every director or officer of a State bank, who shall violate, or participate in, or assent to a violation of Section 32, 33, 34, 35.1, or 35.2 of this Act, or who shall permit any of the offi…

(205 ILCS 5/4) (from Ch. 17, par. 310) Sec. 4. Effect on existing banks. The certificates, permits and charters of state banks existing at the time of the adoption of this Act shall continue in full force and effect, and the provisions of this Act shall apply thereto. Any corpora…

(205 ILCS 5/40) (from Ch. 17, par. 350) Sec. 40. 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, without limi…

(205 ILCS 5/43) (from Ch. 17, par. 353) Sec. 43. Waivers; corporate action by unanimously signed writing. When a notice is required to be given to stockholders or directors under this Act, or by the charter or by-laws of any state bank, a waiver thereof in writing, signed by the …

(205 ILCS 5/44) (from Ch. 17, par. 354) Sec. 44. School or institutional deposits. Subject to such regulations as the Commissioner may prescribe for the protection of depositors, a bank may contract with the proper authorities of any elementary or secondary school, or of any inst…

(205 ILCS 5/44.1) (from Ch. 17, par. 354.1) Sec. 44.1. Services at care facilities. Subject to reasonable regulations the Commissioner may prescribe for the protection of depositors, a bank may take any action necessary for the provision of banking services to persons residing in…

(205 ILCS 5/45.1) (from Ch. 17, par. 356) Sec. 45.1. Accounts for minors. A state bank may accept deposits made by a minor and may open an account in the name of such minor and the rules and regulations of such bank with respect to each such deposit and account shall be as bindin…

(205 ILCS 5/46) (from Ch. 17, par. 357) Sec. 46. Misleading practices and names prohibited; penalty. (a) No person, firm, partnership, or corporation that is not a bank shall transact business in this State in a manner which has a substantial likelihood of misleading the public b…

(205 ILCS 5/47) (from Ch. 17, par. 358) Sec. 47. Reports to Commissioner. (a) All State banks shall make a full and accurate statement of their affairs at least 1 time during each calendar quarter which shall be certified to, under oath by the president, a vice-president or the c…

(205 ILCS 5/48) Sec. 48. Secretary's powers; duties. The Secretary shall have the powers and authority, and is charged with the duties and responsibilities designated in this Act, and a State bank shall not be subject to any other visitorial power other than as authorized by this…

(205 ILCS 5/48.05) Sec. 48.05. Regulatory fees. For the fiscal year beginning July 1, 2007 and every year thereafter, each state bank regulated by the Department shall pay a regulatory fee to the Department based upon its total assets as reflected in the most recent quarterly rep…

(205 ILCS 5/48.1) (from Ch. 17, par. 360) (Text of Section from P.A. 104-123) Sec. 48.1. Customer financial records; confidentiality. (a) For the purpose of this Section, the term "financial records" means any original, any copy, or any summary of: (1) a document granting signatu…

(205 ILCS 5/48.2) (from Ch. 17, par. 360.1) Sec. 48.2. Prohibition against certain activities. (a) Any bank, subsidiary, affiliate, officer or employee of such bank subject to this Act shall not: (1) grant any loan on the prior condition, agreement or understanding that the borro…

(205 ILCS 5/48.3) (from Ch. 17, par. 360.2) Sec. 48.3. 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, the Electronic Fund Transfer A…

(205 ILCS 5/48.4) Sec. 48.4. Enforcement of child support. (a) Any bank governed by this Act shall encumber or surrender accounts or assets held by the bank on behalf of any responsible relative who is subject to a child support lien, upon notice of the lien or levy of the Depart…

(205 ILCS 5/48.5) Sec. 48.5. Reliance on Commissioner. (a) The Commissioner may issue an opinion in response to a specific request from a member of the public or the banking industry or on his own initiative. The opinion may be in the form of an interpretive letter, no-objection …

(205 ILCS 5/48.6) Sec. 48.6. Retention of records. (a) Each bank shall retain its records in a manner consistent with prudent business practices and in accordance with this Act and applicable State or federal laws, rules, and regulations. The record retention system utilized must…

(205 ILCS 5/49) (from Ch. 17, par. 361) Sec. 49. False statements; penalty. It is unlawful for any officer, director, or employee of any State bank or subsidiary or holding company of that bank or, after May 31, 1997, branch out of an out-of-state bank subject to examination by t…

(205 ILCS 5/5) (from Ch. 17, par. 311) Sec. 5. General corporate powers. A bank organized under this Act or subject hereto shall be a body corporate and politic and shall, without specific mention thereof in the charter, have all the powers conferred by this Act and the following…

(205 ILCS 5/50) (from Ch. 17, par. 362) Sec. 50. Commissioner's proceedings exclusive. Except by the authority of the Commissioner, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act, no complaint shall …

(205 ILCS 5/51) (from Ch. 17, par. 363) Sec. 51. Capital impairment, etc.; correction. (a) If the Commissioner with respect to a State bank shall find: (1) its capital is impaired or it is otherwise in an unsound condition; or (2) its business is being conducted in an unlawful, i…

(205 ILCS 5/52) (from Ch. 17, par. 364) Sec. 52. Capital impairment, etc.; emergency. If, in addition to a finding as provided in Section 51, the Commissioner shall be of the opinion and shall find that an emergency exists which may result in the inability of the bank to continue…

(205 ILCS 5/53) (from Ch. 17, par. 365) Sec. 53. Commissioner's possession; power. The Commissioner may take possession and control of a state bank and its assets, by posting upon the premises a notice reciting that he is assuming possession pursuant to this Act, and the time whe…

(205 ILCS 5/54) (from Ch. 17, par. 366) Sec. 54. Commissioner's possession; limitation of actions. Except when the Federal Deposit Insurance Corporation has taken possession of the bank or is acting as receiver, if the Commissioner has taken possession and control of a state bank…

(205 ILCS 5/55) (from Ch. 17, par. 367) Sec. 55. Reorganization. The Commissioner, while in possession and control of a state bank and its assets, after according such hearing to interested parties as he may determine and upon the order of the court, may propose a reorganization …

(205 ILCS 5/56) (from Ch. 17, par. 368) Sec. 56. Requirements of reorganization plan. A plan of reorganization for a state bank shall not be proposed under this Act unless: (1) The plan is feasible and fair to all classes of depositors, creditors and stockholders. (2) The face am…

(205 ILCS 5/57) (from Ch. 17, par. 369) Sec. 57. Reorganization; emergency. Whenever in the course of reorganization supervening conditions render the plan of reorganization unfair or its execution impractical, the Commissioner may modify the plan (provided the modification is wi…

(205 ILCS 5/58) (from Ch. 17, par. 370) Sec. 58. Appointment of receiver; court proceeding. (a) If the Commissioner determines (which determination may be made at the time, or any time subsequent to his taking possession and control of a bank and its assets) that no practical pos…

(205 ILCS 5/59) (from Ch. 17, par. 371) Sec. 59. 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 state bank, the Commissioner shall c…

(205 ILCS 5/5a) (from Ch. 17, par. 312) Sec. 5a. (Repealed). (Source: P.A. 98-749, eff. 7-16-14. Repealed by P.A. 99-331, eff. 1-1-16.)

(205 ILCS 5/5b) (from Ch. 17, par. 312.1) Sec. 5b. Deposits in outside depository. (a) Except as provided in subsection (b), every bank is liable for deposits made in an outside depository from the time the deposit is made. (b) A bank may adopt a policy that its liability for dep…

(205 ILCS 5/5c) (from Ch. 17, par. 312.2) Sec. 5c. Ownership of a bankers' bank. A bank may acquire shares of stock of a bank or holding company which owns or controls such bank if the stock of such bank or company is owned exclusively (except to the extent directors' qualifying …

(205 ILCS 5/5d) (from Ch. 17, par. 312.3) Sec. 5d. Notwithstanding any other provision of this Act, a bank may engage in making revolving credit loans secured by mortgages or deeds of trust on real property or by security assignments of beneficial interests in land trusts. For pu…

(205 ILCS 5/5e) Sec. 5e. Lending and account authority. (a) Notwithstanding the provisions of any other law in connection with extensions of credit, a State bank may elect to contract for and receive interest, fees, and other charges for extensions of credit subject only to the p…

(205 ILCS 5/5f) Sec. 5f. Non-English language transactions. A 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. 6-26-02.)

(205 ILCS 5/5g) Sec. 5g. Savings promotion raffle. (a) As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 20 of the Federal Deposit Insurance Act (12 U.S.C. 1829a). (b) If authorized by its board of directors, a State bank ma…

(205 ILCS 5/6.1) (from Ch. 17, par. 313.1) Sec. 6.1. (Repealed). (Source: P.A. 98-749, eff. 7-16-14. Repealed by P.A. 99-331, eff. 1-1-16.)

(205 ILCS 5/6.2) Sec. 6.2. (Repealed). (Source: P.A. 92-577, eff. 6-26-02. Repealed by P.A. 99-331, eff. 1-1-16.)

(205 ILCS 5/60) (from Ch. 17, par. 372) Sec. 60. 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 receive…

(205 ILCS 5/61) (from Ch. 17, par. 373) Sec. 61. Receiver's powers; court directions. Upon the order of the court wherein the Commissioner's complaint for the dissolution or winding up of the affairs of the state bank was filed, the receiver for the bank shall have the power and …

(205 ILCS 5/62) (from Ch. 17, par. 374) Sec. 62. Change of receiver. At any time, whenever two-thirds in amount of the creditors of a state bank, after a receiver, other than the Federal Deposit Insurance Corporation, shall have been appointed by the Commissioner, shall petition …

(205 ILCS 5/63) (from Ch. 17, par. 375) Sec. 63. 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 req…

(205 ILCS 5/64) (from Ch. 17, par. 376) Sec. 64. Expenses and fees. All expenses of a receivership, including reasonable receiver's and attorney's fees, approved by the Commissioner, shall be paid out of the assets of the state bank. All expenses of any preliminary or other exami…

(205 ILCS 5/65) (from Ch. 17, par. 377) Sec. 65. Dividends; dissolution. From time to time during a receivership other than a receivership conducted by the Federal Deposit Insurance Corporation, the Commissioner shall make and pay from monies of the bank a ratable dividend on all…

(205 ILCS 5/66) (from Ch. 17, par. 378) Sec. 66. Validation of dividends; destruction of records. In all cases where the Commissioner prior to the taking effect of this Act has made ratable dividends of money on claims which have been proven to the satisfaction of the Commissione…

(205 ILCS 5/67) (from Ch. 17, par. 379) Sec. 67. Judicial review. Whenever the Commissioner shall have taken possession and control of a state bank and its assets for the purpose of examination, reorganization or liquidation through receivership, or whenever the Commissioner shal…