Illinois Compiled Statutes 205 Financial Regulation: Article -

• Illinois Banking Act. - 205 ILCS 5, Section 1
  Title. This Act may be cited as the Illinois Banking Act. (Source: Laws 1955, p. 83.)
• Illinois Banking Act. - 205 ILCS 5, Section 2
  General definitions. In this Act, unless the context otherwise requires, the following words and phrases shall have the following meanings: "Accommodation party" shall have the...
• Illinois Banking Act. - 205 ILCS 5, Section 2.1
  (Repealed). (Source: Laws 1965, p. 2020. Repealed by P.A. 89-508, eff. 7-3-96.)
• Illinois Banking Act. - 205 ILCS 5, Section 2.2
  (Repealed). (Source: P.A. 83-1177. Repealed by P.A. 89-508, eff. 7-3-96.)
• Illinois Banking Act. - 205 ILCS 5, Section 2.3
  (Repealed). (Source: P.A. 86-1157. Repealed by P.A. 89-508, eff. 7-3-96.)
• Illinois Banking Act. - 205 ILCS 5, Section 2.4
  (Repealed). (Source: Laws 1965, p. 2020. Repealed by P.A. 89-508, eff. 7-3-96.)
• Illinois Banking Act. - 205 ILCS 5, Section 2.5
  (Repealed). (Source: P.A. 83-1177. Repealed by P.A. 89-508, eff. 7-3-96.)
• Illinois Banking Act. - 205 ILCS 5, Section 2.6
  Transfer of powers. There is transferred to the Commissioner all the powers and authorities and all duties and responsibilities heretofore vested in the Director...
• Illinois Banking Act. - 205 ILCS 5, Section 3
  Formation and primary powers. It shall be lawful to form banks, as herein provided, for the purpose of discount and deposit, buying and selling exchange...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 5a
  Reverse mortgage loans. Notwithstanding any other provision of this Act, a bank may engage in making "reverse mortgage" loans. For purposes of this Section, a...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 6.1
  Non-recourse reverse mortgage loans. (a) It is the intent of this amendatory Act of 1991 that homeowners at least 62 years of age be permitted...
• Illinois Banking Act. - 205 ILCS 5, Section 6.2
  Reverse mortgage; disclosure. At the time a reverse mortgage loan is made, the lender must provide to the mortgagor a separate document that informs...
• Illinois Banking Act. - 205 ILCS 5, Section 7
  Organization capital requirements. A bank may be organized to exercise the powers conferred by this Act with minimum capital and surplus as determined by...
• Illinois Banking Act. - 205 ILCS 5, Section 8
  Incorporators. A State bank may be organized on application by 5 or more incorporators who shall be individuals except that a bank holding company...
• Illinois Banking Act. - 205 ILCS 5, Section 9
  Contents of application. The application for a permit to organize shall be in a form specified by the Commissioner and shall be filed with...
• Illinois Banking Act. - 205 ILCS 5, Section 9.5
  Reservation of corporate name. Upon the filing of an application for a permit to organize, an applicant may request that the Commissioner reserve the...
• Illinois Banking Act. - 205 ILCS 5, Section 10
  Permit to organize. (a) Upon the filing of an application for a permit to organize, the Commissioner shall investigate the truth of the statements...
• Illinois Banking Act. - 205 ILCS 5, Section 11
  Stock subscription. As soon as may be after receipt of a permit to organize, books of subscription to the capital stock and to the...
• Illinois Banking Act. - 205 ILCS 5, Section 12
  Organization. (a) The directors so elected shall proceed to organize in conformity with this Act and as follows: (1) To qualify themselves as directors....
• Illinois Banking Act. - 205 ILCS 5, Section 13
  Issuance of charter. (a) When the directors have organized as provided in Section 12 of this Act, and the capital stock and the preferred stock,...
• Illinois Banking Act. - 205 ILCS 5, Section 13.5
  Formation and merger of interim banks. (a) An interim bank may be chartered as a State bank for the exclusive purpose of accomplishing a...
• Illinois Banking Act. - 205 ILCS 5, Section 13.6
  Banks as limited liability companies. (a) A bank may be organized as a limited liability company, may convert to a limited liability company, or...
• Illinois Banking Act. - 205 ILCS 5, Section 14
  Stock. Unless otherwise provided for in this Act provisions of general application to stock of a state bank shall be as follows: (1) All...
• Illinois Banking Act. - 205 ILCS 5, Section 14.1
  Quasi-Reorganization of Capital Upon a Change in Control. For the purposes of declaring dividends pursuant to Section 14(8)(b) of this Act, if a bank:...
• Illinois Banking Act. - 205 ILCS 5, Section 15
  Stock and stockholders. Unless otherwise provided for in this Act, provisions of general application to capital stock, preferred stock, and stockholders of a State bank...
• Illinois Banking Act. - 205 ILCS 5, Section 16
  Directors. The business and affairs of a State bank shall be managed by its board of directors that shall exercise its powers as follows:...
• Illinois Banking Act. - 205 ILCS 5, Section 16.1
  One or more of the directors may be removed, with or without cause, at a meeting of shareholders by the affirmative vote of the...
• Illinois Banking Act. - 205 ILCS 5, Section 16.5
  Employment of persons with convictions. Except with the prior written consent of the Commissioner, no State bank shall knowingly employ or otherwise permit an...
• Illinois Banking Act. - 205 ILCS 5, Section 17
  Changes in charter. (a) By compliance with the provisions of this Act a State bank may: (1) (blank); (2) increase, decrease or change its...
• Illinois Banking Act. - 205 ILCS 5, Section 18
  Change in control. (a) Before a change may occur in the ownership of outstanding stock of any State bank, whether by sale and purchase,...
• Illinois Banking Act. - 205 ILCS 5, Section 19.1
  As used in Sections 20 through 30 both inclusive of this Act and for purposes of any Section of the Illinois Bank Holding Company...
• Illinois Banking Act. - 205 ILCS 5, Section 19.2
  For purposes of Sections 20 through 30 both inclusive of this Act, a "stockholder" shall include, without limitation, a "member" or other designation of...
• Illinois Banking Act. - 205 ILCS 5, Section 20
  Resulting national bank or insured savings association. Nothing in this Act shall be construed to require the approval of any Illinois State authority as...
• Illinois Banking Act. - 205 ILCS 5, Section 21
  Resulting State bank. (a) Upon approval by the Commissioner, banks may be merged to result in a State bank, and a national bank or...
• Illinois Banking Act. - 205 ILCS 5, Section 21.1
  Application for certificate of authority. (a) On or after June 1, 1997, an out-of-state bank may merge with a State bank after executing and...
• Illinois Banking Act. - 205 ILCS 5, Section 21.2
  Interstate mergers; minimum age requirement. (a) No out of state bank and no national bank whose main banking premises is located in a state other...
• Illinois Banking Act. - 205 ILCS 5, Section 21.3
  Mergers; deposit concentration limits. (a) Except as otherwise expressly provided in this Section, no bank shall merge with or into or acquire control of,...
• Illinois Banking Act. - 205 ILCS 5, Section 21.4
  Out-of-state banks establishing branches. (a) No out-of-state bank and no national bank whose main banking premises is located in a state other than Illinois shall...
• Illinois Banking Act. - 205 ILCS 5, Section 21.5
  Prohibition against establishment of branches on or near the premises of certain affiliates. (a) For purposes of this Section: "Affiliate" has the meaning ascribed to...
• Illinois Banking Act. - 205 ILCS 5, Section 22
  Merger procedure; resulting State bank. The merger procedure required of a State bank where there is to be a resulting State bank by consolidation...
• Illinois Banking Act. - 205 ILCS 5, Section 23
  Merger; approval by stockholders. To be effective, even though approved by the Commissioner, a merger that is to result in a State bank must...
• Illinois Banking Act. - 205 ILCS 5, Section 24
  Effective date of merger; filing. The executed merger agreement together with copies of the resolutions of the stockholders of each merging bank or insured...
• Illinois Banking Act. - 205 ILCS 5, Section 25
  Conversion of national bank or insured savings association into State bank. A national bank or insured savings association located in this State which follows...
• Illinois Banking Act. - 205 ILCS 5, Section 26
  Converting national banks or insured savings association; issuance of charter to resulting State bank. After receipt by the Commissioner of the papers specified in...
• Illinois Banking Act. - 205 ILCS 5, Section 27
  Commissioner's expenses. The expenses of any examination made by the Commissioner or at his direction in connection with a proposed merger or a proposed...
• Illinois Banking Act. - 205 ILCS 5, Section 28
  Continuation of corporate entity. A resulting State bank, national bank or, after May 31, 1997, out-of-state bank shall be considered the same business and...
• Illinois Banking Act. - 205 ILCS 5, Section 29
  Dissenting stockholders.) If a stockholder of a state bank which is a party to a merger other than a merger which is to result...
• Illinois Banking Act. - 205 ILCS 5, Section 30
  Conversion; merger with trust company. Upon approval by the Commissioner a trust company having power so to do under the law under which it...
• Illinois Banking Act. - 205 ILCS 5, Section 30.5
  Mid-tier bank holding company merger with State bank. Upon approval by the Commissioner, a mid-tier bank holding company having power so to do under...
• Illinois Banking Act. - 205 ILCS 5, Section 31
  Emergency sale of assets, change in control, or merger. (a) With the prior written approval of the Commissioner, any State bank in danger of...
• Illinois Banking Act. - 205 ILCS 5, Section 31.1
  Savings association branch; bank branch. (a) A State bank that purchases an Illinois branch of an insured savings association that is not an eligible...
• Illinois Banking Act. - 205 ILCS 5, Section 32
  Basic loaning limits. The liabilities outstanding at one time to a state bank of a person for money borrowed, including the liabilities of a partnership...
• Illinois Banking Act. - 205 ILCS 5, Section 32.1
  Loans to Single Females. No State bank shall require that single females to whom loans are made have cosigners on promissory notes negotiated to...
• Illinois Banking Act. - 205 ILCS 5, Section 33
  Marketable investment securities limit. Any State bank may purchase for its own account marketable investment securities without regard to any other liability to the...
• Illinois Banking Act. - 205 ILCS 5, Section 34
  Exceptions to loans and investment limits. The limitations in Sections 32, 33, and 35.1 of this Act upon the liabilities of any one person and...
• Illinois Banking Act. - 205 ILCS 5, Section 35
  Exemptions from loan and investment limits. The limitations in Sections 32, 33, 34, and 35.1 upon the liabilities of any one person and upon...
• Illinois Banking Act. - 205 ILCS 5, Section 35.1
  Lease limitations. In exercise of the power conferred by paragraph (14) of Section 5 of this Act to own and lease personal property, a...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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)...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 48.3
  Disclosure of reports of examinations and confidential supervisory information; limitations. (a) Any report of examination, visitation, or investigation prepared by the Commissioner under this...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 48.6
  Retention of records. Unless a federal law requires otherwise, the Commissioner may by rule prescribe periods of time for which banks operating under this...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 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...
• Illinois Banking Act. - 205 ILCS 5, Section 68
  Voluntary dissolution. A state bank may elect to dissolve voluntarily and wind up its affairs by the act of the bank in the following...
• Illinois Banking Act. - 205 ILCS 5, Section 69
  Voluntary dissolution; deposit with Commissioner. If any of the liabilities of the dissolving state bank as shown by its records which have been assumed...
• Illinois Banking Act. - 205 ILCS 5, Section 70
  Voluntary dissolution; Commissioner's payments. The Commissioner shall hold and pay out sums deposited with him either by the dissolving state bank or by the...
• Illinois Banking Act. - 205 ILCS 5, Section 71
  Voluntary dissolution; fees and expenses. (a) Any bank that elects to dissolve voluntarily under this Act shall pay to the Secretary a fee, which shall...
• Illinois Banking Act. - 205 ILCS 5, Section 72
  Voluntary dissolution; dissolving bank. Upon and after the day on which the publication provided for in Section 68(8) was first made: (1) The dissolving...
• Illinois Banking Act. - 205 ILCS 5, Section 73
  Voluntary dissolution; limitation on claims. The publication by the Commissioner of a resolution for dissolution shall not impair any right of a depositor or...
• Illinois Banking Act. - 205 ILCS 5, Section 74
  Voluntary dissolution; termination of charter. Upon being satisfied that the affairs of a state bank have been wound up pursuant to a resolution of...
• Illinois Banking Act. - 205 ILCS 5, Section 74.5
  Voluntary dissolution of less active bank. Upon being satisfied that the affairs of a State bank that had originally transferred substantially all its assets...
• Illinois Banking Act. - 205 ILCS 5, Section 75
  Separability. If any provision, clause or phrase of this Act or the application thereof to any person or circumstances is held invalid, such invalidity...
• Illinois Banking Act. - 205 ILCS 5, Section 76
  Effective Date. The Secretary of State for this State shall submit this Act to a vote of the people for their approval in accordance...
• Illinois Banking Act. - 205 ILCS 5, Section 77
  Repealer. (1) "An Act to revise the law with relation to banks and banking" approved June 23, 1919, and all Acts amendatory thereof are...
• Illinois Banking Act. - 205 ILCS 5, Section 78
  Board of banks and trust companies; creation, members, appointment. There is created a Board which shall be known as the State Banking Board of Illinois...
• Illinois Banking Act. - 205 ILCS 5, Section 79
  Board, terms of office. The terms of office of the State Banking Board of Illinois shall be 4 years, except that the initial Board appointments...
• Illinois Banking Act. - 205 ILCS 5, Section 80
  Board; powers. The Board shall have the following powers in addition to any others that may be granted to it by law: (a) (Blank). (b)...
• Illinois Banking Act. - 205 ILCS 5, Section 81
  Board; compensation. No member of the Board, including the chairman, shall receive any compensation for services on the Board but shall be reimbursed for...
• Illinois Banking Act. - 205 ILCS 5, Section 82
  Commissioner, board; civil liability. Neither the Secretary, Director of Banking, any member of the State Banking Board of Illinois, nor any examiner, assistant examiner or...
• Illinois Banking Act. - 205 ILCS 5, Section 83
  Compliance review. (a) As used in this Section: "Affiliate" means a corporation whose stock is at least 80% owned by the depository institution or...

Last modified: February 18, 2015