Illinois Compiled Statutes 205 Financial Regulation: Article 1 - General Provisions

• Illinois Savings Bank Act. - 205 ILCS 205, Section 1001
  This Act may be cited as the Savings Bank Act. (Source: P.A. 86-1213.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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,...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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 Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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....
• Illinois Savings Bank Act. - 205 ILCS 205, Section 1007.70
  (Repealed). (Source: P.A. 86-1213. Repealed by P.A. 98-1081, eff. 1-1-15.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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.
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 1007.100
  "Published" means the publishing of the notice referred to, in a newspaper of general circulation in the community in which the subject savings bank...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 1007.110
  "Value" means the present worth of all rights to future benefits arising from ownership. (Source: P.A. 86-1213.)
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 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...
• Illinois Savings Bank Act. - 205 ILCS 205, Section 1010
  Reverse mortgage; disclosure. At the time a reverse mortgage loan is made, the lender must provide to the mortgagor a separate document that informs...

Last modified: February 18, 2015