Illinois Compiled Statutes 205 ILCS 650 Foreign Bank Representative Office Act. Section 4

    (205 ILCS 650/4) (from Ch. 17, par. 2854)

    Sec. 4. Application; fees.

    (a) The application for a license shall contain information and be accompanied by a reasonable fee as determined, by rule, by the Commissioner.

    (b) The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds:

        (1) the foreign bank is of good character and sound

    financial standing;

        (2) the management of the foreign bank and the

    proposed management of the representative office are adequate; and

        (3) the convenience and needs of persons to be served

    by the proposed representative office will be promoted.

(Source: P.A. 92-483, eff. 8-23-01.)

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Last modified: February 18, 2015