Chapter 205, FINANCIAL REGULATION

(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…

(205 ILCS 205/3004) (from Ch. 17, par. 7303-4) Sec. 3004. Contents of bylaws. (a) The bylaws of the savings bank shall provide for the following matters consistent with any applicable provisions of this Act: (1) The number of directors and the minimum frequency of directors' meet…

(205 ILCS 205/3005) (from Ch. 17, par. 7303-5) Sec. 3005. Permit to organize. (a) The Commissioner may require additional information and conduct whatever investigation necessary to determine whether to issue a permit to organize, including the subpoenaing of books and records, t…

(205 ILCS 205/3006) (from Ch. 17, par. 7303-6) Sec. 3006. Temporary organization and capital subscriptions. (a) Each applicant shall become a member of the organization committee and shall elect officers and directors of the savings bank in organization. (b) The officers and dire…

(205 ILCS 205/3007) (from Ch. 17, par. 7303-7) Sec. 3007. Completion of organization. When all of the requirements of this Act are completed, the Commissioner may require additional assurances, information, capital, or agreements from the officers or directors of the organization…

(205 ILCS 205/4001) (from Ch. 17, par. 7304-1) Sec. 4001. Members. (a) The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank. (b) The members of a stock savings bank shall be only the owners of it…

(205 ILCS 205/4002) (from Ch. 17, par. 7304-2) Sec. 4002. Annual and special meetings. Dates of annual meetings of members or stockholders shall be specified in the bylaws. Failure to hold an annual meeting shall not cause a forfeiture or dissolution of the savings bank. Special …

(205 ILCS 205/4003) (from Ch. 17, par. 7304-3) Sec. 4003. Notice of meetings. (a) Notice of an annual meeting shall be published once not fewer than 10 days nor more than 40 days before the date of the meeting. The notice shall also be displayed at the place of business of the sa…

(205 ILCS 205/4004) (from Ch. 17, par. 7304-4) Sec. 4004. Quorum of annual or special meetings. The articles of incorporation may specify a quorum requirement, but it may not be less than one-third of the total number of votes entitled to be voted at a meeting. Any meeting, inclu…

(205 ILCS 205/4005) (from Ch. 17, par. 7304-5) Sec. 4005. Voting. (a) Voting at a meeting may be either in person or by proxy executed in writing by the member or stockholder or by his duly authorized attorney-in-fact. (b) In the determination of all questions requiring ascertain…

(205 ILCS 205/4006) (from Ch. 17, par. 7304-6) Sec. 4006. Record date for voting, dividend, and other purposes. (a) For the purposes of determining the holders of stock, capital accounts, and membership entitled to notice of or to vote at any meeting of the members or in order to…

(205 ILCS 205/4007) (from Ch. 17, par. 7304-7) Sec. 4007. Proxies. (a) Voting at a meeting may be either in person or by proxy executed in writing by the member or shareholder or by his duly authorized attorney-in-fact. The forms and wording of all proxies must receive prior appr…

(205 ILCS 205/4008) (from Ch. 17, par. 7304-8) Sec. 4008. Directors. The business and affairs of the savings bank shall be exercised by its elected board of directors. The board of directors shall consist of the number of directors fixed by the bylaws, but shall not be fewer than…

(205 ILCS 205/4009) (from Ch. 17, par. 7304-9) Sec. 4009. Bonds of officers and directors. (a) Every person appointed or elected to any position requiring the receipt, payment, management, or use of money belonging to a savings bank or whose duties permit or require access to or …

(205 ILCS 205/4010) (from Ch. 17, par. 7304-10) Sec. 4010. Conduct of directors and officers. (a) Directors and officers occupy a fiduciary relationship to the savings bank of which they are directors or officers, and a director or officer shall not engage or participate, directl…

(205 ILCS 205/4011) (from Ch. 17, par. 7304-11) Sec. 4011. Right to dissent. (a) A shareholder of a savings bank is entitled to dissent from and obtain payment for his shares in the event of any of the following actions: (1) Consummation of a plan of merger or consolidation or a …

(205 ILCS 205/4012) (from Ch. 17, par. 7304-12) Sec. 4012. Procedure to dissent. (a) If the action giving rise to the right to dissent is to be approved at a meeting of shareholders, the notice of meeting shall inform the shareholders of their right to dissent and the procedure t…

(205 ILCS 205/4013) (from Ch. 17, par. 7304-13) (Text of Section before amendment by P.A. 104-662) Sec. 4013. Access to books and records; communication with members and shareholders. (a) Every member or shareholder shall have the right to inspect books and records of the savings…

(205 ILCS 205/4014) Sec. 4014. Waiver of notice. Whenever any notice whatsoever is required to be given under this Act or under the provisions of the articles of incorporation or bylaws of a savings bank, a waiver thereof in writing signed by the person entitled to the notice, wh…

(205 ILCS 731/5-10) Sec. 5-10. Custody and protection of customer assets. (a) A covered person that stores, holds, or maintains custody or control of a digital asset for one or more persons shall: (1) at all times maintain an amount of each type of digital asset sufficient to sat…

(205 ILCS 731/5-15) Sec. 5-15. Covered exchanges. (a)(1) Except as provided for under paragraph (2) of this subsection, a covered exchange, before listing or offering a digital asset that the covered exchange can exchange on behalf of a resident, shall certify on a form provided …

(205 ILCS 731/5-20) Sec. 5-20. Customer service; requests for assistance. (a) A covered person shall prominently display on its internet website a toll-free telephone number through which a resident can contact the covered person for requests for assistance and receive live custo…

(205 ILCS 731/5-25) Sec. 5-25. Collection of compensation. Unless exempt from registration under this Act, no person engaged in or offering to engage in any act or service for which a registration under this Act is required may bring or maintain any action in any court to collect…

(205 ILCS 731/5-5) Sec. 5-5. Customer disclosures. (a) When engaging in digital asset business activity with a resident, a covered person shall provide to a resident the customer disclosures required by subsection (b) and any additional disclosures the Department by rule determin…

(205 ILCS 205/5001) (from Ch. 17, par. 7305-1) Sec. 5001. Minimum capital. (a) A savings bank may be organized to exercise the powers conferred by this Act with minimum capital, surplus, and reserves for operating expenses as determined by the Commissioner. In no case may the Com…

(205 ILCS 205/5002) (from Ch. 17, par. 7305-2) Sec. 5002. Types of capital; personal property. (a) The capital of a stock savings bank shall be represented by capital stock and noncumulative perpetual preferred stock as authorized by the articles of incorporation, related paid-in…

(205 ILCS 205/5003) (from Ch. 17, par. 7305-3) Sec. 5003. Capital stock; nature. Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted and shall have a par value of $1 each or a greater amount a…

(205 ILCS 205/5004) (from Ch. 17, par. 7305-4) Sec. 5004. Capital stock; authorization of issuance. A savings bank may provide for the issuance of capital stock, either by its original articles of incorporation or by an amendment thereto in accordance with rules and regulations p…

(205 ILCS 205/5005) (from Ch. 17, par. 7305-5) Sec. 5005. Retirement or reduction of capital stock. (a) The board of directors of a savings bank operating with capital stock may propose an amendment to the articles of incorporation providing for the retirement of all of the capit…

(205 ILCS 205/5006) (from Ch. 17, par. 7305-6) Sec. 5006. Who may hold capital. Capital stock of a savings bank may be held: (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 authorized by law. (3) By…

(205 ILCS 205/5007) (from Ch. 17, par. 7305-7) Sec. 5007. Capital Maintenance. (a) Each savings bank shall maintain total capital of not less than 3% of total assets. This standard is the minimum acceptable for a savings bank whose overall financial condition is fundamentally sou…

(205 ILCS 205/5008) (from Ch. 17, par. 7305-8) Sec. 5008. Dividends. (a) Subject to the restrictions set forth in this Section and the savings bank's bylaws, the board of directors from time to time may declare dividends on capital stock subject to the following restrictions: (1)…

(205 ILCS 205/5009) (from Ch. 17, par. 7305-9) Sec. 5009. Loans or discounts on capital stock. A savings bank may not make a loan or discount on the security of or be the purchaser or holder of the shares of its own capital stock or preferred stock or on the security of its own d…

(205 ILCS 205/6001) (from Ch. 17, par. 7306-1) Sec. 6001. General provisions. (a) No savings bank shall make any loan or investment authorized by this Article unless the savings bank first has determined that the type, amount, purpose, and repayment provisions of the loan or inve…

(205 ILCS 205/6002) (from Ch. 17, par. 7306-2) Sec. 6002. Investment in loans. (a) Subject to the regulations of the Commissioner, a savings bank may loan funds as follows: (1) On the security of deposit accounts, but no such loan shall exceed the withdrawal value of the pledged …

(205 ILCS 205/6003) (from Ch. 17, par. 7306-3) Sec. 6003. Other investments. A savings bank may invest funds as provided in this Section: (1) In demand, time, or savings deposits or accounts, withdrawable accounts, or other insured obligations of any financial institution the acc…

(205 ILCS 205/6004) (from Ch. 17, par. 7306-4) Sec. 6004. Calculation of interest; postpayments and prepayments. (a) In any contract or loan that is secured by a mortgage, deed of trust, or conveyance in the nature of a mortgage for the purpose of purchase or refinance of residen…

(205 ILCS 205/6005) (from Ch. 17, par. 7306-5) Sec. 6005. General loan contract provisions. Each loan and any agreement for securing the loan shall be evidenced by one or more written instruments, consistent with sound lending practices in the locality. Whenever recordation of an…