reglab/housing_qa huggingface dataset:
205 ILCS 205/6007
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-7)Sec. 6007. Sale, assignment, and servicing of loans and contracts.(a) Any savings bank may sell any loan or a participating  interest in a loan at any time in the usual and regular course of  business.  Loans sold may be sold with or without recourse except  as may otherwise be provided by regulations of the Secretary.  The Secretary may, by regulation, adopt limitations upon the  sale of loans.  The provisions of this subsection (a) do not apply  to the sale of loans to agencies of the United States, the State  of Illinois, or other government sponsored agencies as may be  approved by the Secretary.(b) A savings bank may contract to service a loan or a  participating interest in a loan, but a contract therefor shall conform  to any  pertinent regulations prescribed by the Secretary and  shall require sufficient compensation to reimburse the savings bank  for all expenses incurred under the contract.(c) A savings bank may sell and assign, with or without  recourse, any master's certificate of sale, defaulted loan, or  defaulted real estate contract to any person eligible to purchase  it for an amount not less than the fair cash market value  thereof.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/6008
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-8)Sec. 6008. Purchase of real estate at forced sale. A savings bank may  purchase at any sheriff's or other judicial sale, either public or private,  any real estate upon which the savings bank has any mortgage, lien or other  encumbrance, or in which the savings bank has any other interest.  The  savings bank thereafter may repair, insure, improve, sell, convey, lease,  preserve, mortgage, exchange, or otherwise dispose of real estate so  acquired in the best interests of the savings bank. For purposes of this  Section, "real estate" includes a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code which is real property as defined in Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.   (Source: P.A. 98-749, eff. 7-16-14.)
205 ILCS 205/6009
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-9)Sec. 6009. Purchase of real estate for office and rental purposes.(a) A savings bank may acquire and hold real estate in fee  simple or leaseholds on which a building or buildings exist or are  to be erected suitable for the transaction of the savings bank's  business, and from portions of which not required for the savings  bank's own use, revenue may be derived; or may own all or part of  the capital stock, shares, or interest in any corporation,  limited liability company, association, or trust engaged solely in holding all or part of that  real estate.  However, the amount so invested under this Section and item (7)  of Section 6003 may not exceed a savings bank's total capital unless the  Secretary, upon a  proper showing, approves a larger amount consistent with the needs  of the savings bank's business and its immediate future expansion.(b) Unless prior written approval of the Secretary is  obtained, no savings bank may purchase, lease, or otherwise acquire  a site for an office building or interest in real estate from any  officer, director, employee, or stockholder holding more than 10%  of the aggregate capital stock of the savings bank, or any firm,  corporation, entity, or family in which any officer, director,  employee, or stockholder holding more than 10% of the aggregate  capital stock of a savings bank has any direct or indirect  interest.(c) An acquisition prohibited by this Section includes the  purchase, lease, or acquisition of property in which any of the  persons described in this Section held any interest for a period  of 10 years preceding the purchase, lease, or acquisition, but does  not include the acquisition of an option for a site or real  estate where the option is assignable and exercised by the savings  bank in its own name and for its own benefit.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/6010
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-10)Sec. 6010.     Prohibited loans.     No savings bank may make a loan to any  person owning 10% or more of its capital stock, any affiliated person,  agent, or attorney of the savings bank, either individually or as an agent  or partner of another, except in accordance with laws and regulations  applicable to similar transactions to which banks are subject.    (Source: P.A. 86-1213.)
205 ILCS 205/6011
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-11)Sec. 6011.     Effect of unauthorized investments.(a) Every loan or other investment made in violation of this  Act shall be due and payable according to its terms, and the  obligation thereof shall not be impaired.(b) Every director or officer of a savings bank who shall knowingly  participate in or assent to, or who shall knowingly  permit any of the officers or agents of the savings bank to make,  investments not authorized by this Act shall be liable  individually for all damage that the savings bank may sustain in  consequence of the investments, in addition to any criminal  penalties prescribed by this Act.(c) The Commissioner may require every director or officer  of a savings bank who shall knowingly participate in or  assent to, or who shall knowingly permit any of the officers or  agents of the savings bank to make, investments not authorized by  this Act to deposit with the savings bank an indemnity bond,  insurance, or collateral of a kind and amount sufficient to  indemnify the savings bank against damages that the savings bank  may sustain in consequence of the investments.  The amount  considered sufficient to indemnify the savings bank shall, in the  case of an unauthorized investment, be the difference between the  book value and the market value of the investment at the time the  Commissioner makes his determination that the investment is  unauthorized.  The amount considered sufficient to indemnify the  savings bank, in the case of an unauthorized loan, shall be the  difference between the book value of the loan and the amount that  could have been made under the provisions of this Act.  Whenever  an unauthorized investment has been sold or disposed of without  recourse, the Commissioner shall release all or part of the  indemnity after deducting any loss.  Whenever the balance of an  unauthorized loan has been reduced to an amount that would permit  the loan to be made under the provisions of this Act, the  indemnity shall be released, provided that the Commissioner in  making the determination may require an independent appraisal of  the security.    (Source: P.A. 86-1213.)
205 ILCS 205/6012
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-12)Sec. 6012.     Acknowledgments.     No acknowledgment of a deed, mortgage, or  other instrument shall be invalid because the acknowledgment was taken  before an officer authorized by the laws of this State to acknowledge  conveyances who is also a member, director, employee, or officer of a  savings bank that is a party to the deed, mortgage, or other instrument.    (Source: P.A. 86-1213.)
205 ILCS 205/6014
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

(205 ILCS 205/6014) (from Ch. 17, par. 7306-14)Sec. 6014.     Commissioner's regulations.(a) The Commissioner shall promulgate rules and regulations  to determine permissible levels of investment and permissible  concentrations of assets for savings banks applicable to all lending  and investment authority granted by this Article 6.  The rules  and regulations shall give due regard to capital adequacy,  operating income, underwriting standards, risk inherent in the  investment or loan, and competitive parity with other financial  institutions.(b) Violations of any of the provisions of this Article 6  shall constitute an unsafe and unsound practice and may subject the  savings bank, its directors, officers, or agents to enforcement  actions, civil money penalties, or other sanctions as provided in  this Act.    (Source: P.A. 86-1213.)
205 ILCS 205/Art. 7 heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 ARTICLE 7.      Deposit Accounts
205 ILCS 205/7001
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 (from Ch. 17, par. 7307-1)Sec. 7001.     Definitions.     As used in this Article, the following terms  have the following meanings."Deposit accounts" means certificates of deposit, withdrawable deposits,  savings accounts, demand deposit accounts, checking accounts, or any other  term or terms appropriate."Interest" paid on deposit accounts pursuant to this Act means dividends,  earnings, interest, return, or rate of return.The use of any term permitted by this Section shall not affect any right,  duty, privilege, or liability that the savings bank or any depositor would  otherwise have.    (Source: P.A. 86-1213.)
205 ILCS 205/7002
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 (from Ch. 17, par. 7307-2)Sec. 7002.     Deposit accounts.     All savings banks subject to this Act may  receive deposits of funds subject to withdrawals or that are to be paid  upon the checks of the depositor.  All deposits of that type shall be  payable on demand, without notice, except when the contract of deposit  shall otherwise provide.    (Source: P.A. 86-1213.)
205 ILCS 205/7003
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 (from Ch. 17, par. 7307-3)Sec. 7003.     Deposit accounts subject to liens.     Every deposit account  shall be subject to a lien for the payment of charges as lawfully may  accrue thereon under the provisions of this Act, and the bylaws may  prescribe the manner of enforcing the lien; but no deposit account shall be  assessable for any debts or losses of the savings bank.    (Source: P.A. 86-1213.)
205 ILCS 205/7004
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 (from Ch. 17, par. 7307-4)Sec. 7004.     Payment of interest.(a) The board of directors shall determine the rate and amount of  interest to be paid on deposit accounts and, for that purpose, may establish  reasonable classifications of accounts based on:  types of classes of  accounts; the length of time accounts are continued in effect; size of  initial payments on accounts; minimum balances of accounts required for  payment of interest; frequency and extent of the activity of accounts; or  other classifications as the Commissioner may approve.(b) The board of directors shall determine by resolution the method of  calculating the amount of any interest on deposit accounts and the date on  which it is to be paid or credited.    (Source: P.A. 86-1213.)
205 ILCS 205/7005
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 (from Ch. 17, par. 7307-5)Sec. 7005.     Holders of deposit accounts.Deposit accounts of a savings bank may be held as follows:(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 a government or governmental instrumentality     when authorized by law; and(4) by any corporation or other person when not     prohibited by law.   (Source: P.A. 86-1213.)
205 ILCS 205/7006
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

 (from Ch. 17, par. 7307-6)Sec. 7006.     Prohibited activities.(a) No savings bank shall participate, directly or indirectly, in the sale  or transfer of any equity or debt security or instrument of any affiliate  of the savings bank or the parent holding company of the savings bank or  its affiliates.(b) No shareholder, director, officer, employee, or agent of the savings  bank may participate, directly or indirectly, in any sale or transfer  described in subsection (a), nor shall they allow any other person to do  so on the premises of the savings bank, any of its branch or facility  offices, agency offices, or any office of the savings bank's subsidiaries  or service corporations.(c) Violation of this Section shall subject the person or persons  committing the violation to assessment of civil money penalties as  provided for in this Act.    (Source: P.A. 86-1213.)
205 ILCS 205/7007
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

Sec. 7007. Enforcement of child support.(a) Any savings  bank governed by this Act shall encumber or surrender accounts or assets  held by the savings bank on behalf of any responsible relative who is subject  to  a child support lien, upon notice of the lien or levy of the Department of Healthcare and Family Services (formerly Illinois  Department of Public Aid) or its successor agency pursuant to Section 10-25.5  of the Illinois Public Aid Code, or upon notice of interstate lien or levy  from any  other state's agency responsible for implementing the child support enforcement  program set forth in Title IV, Part D of the Social Security Act.(b) Within 90 days after receiving notice from the Department of Healthcare and Family Services (formerly        Department of Public Aid) that the Department has adopted a child support enforcement debit authorization form as required under the Illinois Public Aid Code, each savings bank governed by this Act shall take all appropriate steps to implement the use of the form in relation to accounts held by the savings bank.  Upon receiving from the Department of Healthcare and Family Services (formerly Department of Public Aid) a copy of a child support enforcement debit authorization form signed by an obligor, a savings bank holding an account on behalf of the obligor shall debit the account and transfer the debited amounts to the State Disbursement Unit according to the instructions in the child support enforcement debit authorization form.  (Source: P.A. 95-331, eff. 8-21-07.)
205 ILCS 205/7008
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 7 - Deposit Accounts

(205 ILCS 205/7008)Sec. 7008. Savings promotion raffle.(a)   As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 4 of the Home Owners' Loan Act (12 U.S.C. 1463).(b)    If authorized by its board of directors, a savings bank may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A savings bank shall not conduct a savings promotion raffle in a manner that jeopardizes the savings bank's safety and soundness or misleads its customers.(c)   The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section.(d)   A savings bank shall maintain records sufficient to facilitate an audit of the savings promotion raffle.  (Source: P.A. 99-149, eff. 1-1-16.)
205 ILCS 205/Art. 8 heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 ARTICLE 8.      Voluntary Corporate Changes
205 ILCS 205/8001
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-1)Sec. 8001.     Amendment of articles and bylaws.     A savings bank may amend its articles of incorporation  or bylaws in accordance with the procedure set forth in this  Article, but those articles and bylaws shall conform to all legal  requirements pertaining to savings banks.  No amended article or  bylaw shall affect any existing cause of action or pending action  to which the savings bank may be a party or existing rights of  persons other than the members or stockholders of the savings bank.  Any number of amendments may be submitted and voted upon at any one  meeting of the members, stockholders, or board of directors.    (Source: P.A. 86-1213.)
205 ILCS 205/8002
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-2)Sec. 8002. Procedure to amend articles.(a) The procedure to effect an amendment of articles of  incorporation shall be as follows:(1) The board of directors shall adopt a resolution     setting forth the proposed amendment and direct that it be submitted to a vote at an annual or special meeting of the members or stockholders.(2) The proposed amendment shall be set forth in the     notice of meeting mailed as prescribed in Section 4003 of this Act.(3) The proposed amendment shall be adopted upon     receiving the affirmative vote of a majority of the votes entitled to be cast, unless the articles of incorporation set forth a requirement that amendments of the articles of incorporation shall be adopted by an affirmative vote of two-thirds of the total number of votes entitled to be cast.(b) A report of proceedings, including the notice given, the  time of mailing, the amendment adopted, the vote thereon, and the  total number of votes entitled to be cast, verified by the  president, vice president, or managing officer and attested to by  the secretary of the savings bank, shall be filed with the Secretary within 5  business days after the vote.(c) Each adopted amendment shall be subject to the same  inquiry as the corresponding provision in the original articles.  If the Secretary approves an amendment he shall issue to  the savings bank a certificate setting forth the amendment and his  approval thereof.  The amendment shall become effective upon issuance of the certificate.(d) An amendment of the articles of incorporation approved by the board of directors, the Secretary, and members as part of merger, sale of substantially all assets, change in control, holding company reorganization, or mutual to stock form conversion need not be approved under this Section.(e) No amendment of articles of incorporation shall affect any existing cause of action either in favor of or against the savings bank or any pending action in which the savings bank shall be a party or the existing rights of persons other than members of the savings bank.   (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8002.1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

Sec. 8002.1. Procedure to amend articles of incorporation for name change.(a) Notwithstanding the requirements of Section 8002 of this Act, a savings bank, after commencing business, may amend its articles of incorporation solely for purposes of changing the name of the savings bank, upon satisfactory completion of the following requirements:(1) Submission by the board of directors of a     certified resolution approving the proposed name change and approving a plan for notifying all parties who may be affected by the change, including, but not limited to members, account holders, borrowers, creditors, and parties to whom or with whom commitments of any type are pending.(2) The new name, as determined by the Secretary,     meets the requirements for names under this Act or rules established by the Secretary.On satisfactory completion of these requirements, the Secretary shall issue an approved amendment to the articles of incorporation as provided for in subsection (c) of  Section 8002 of this Act.(b) No amendment of the articles of incorporation to change the name of a savings bank shall affect any existing cause of action either in favor of or against the savings bank or any pending action in which the savings bank shall be a party, nor shall it affect the existing rights of persons other than members of the savings bank. No action brought by or against the savings bank under its former name shall be abated by reason of the change.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8003
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-3)Sec. 8003. Effect upon existing articles and bylaws. Any adopted or amended articles that contain provisions  contrary to the savings bank's bylaws shall serve to repeal the  particular bylaws without further action by the board.    (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8005
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-5)Sec. 8005. Merger; vote of approval. If approved by the Secretary, the plan of merger shall be submitted to the  stockholders of the savings bank or depository institution for approval. The  Secretary may require that the plan of merger be submitted  to members of a mutual savings bank.  Each meeting of the  members or stockholders of a savings bank operating under  this Act shall be called and held in accordance with Section  4002. The plan is approved if it receives the affirmative vote  of two-thirds or more of the total votes entitled to be cast.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8006
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-6)Sec. 8006. Merger; Secretary's certificate. The executed merger agreement  together with copies of the resolutions of the members or stockholders of each  merging depository institution approving it, certified by the president or vice president,  and attested to by the secretary of the savings bank, shall be filed with the Secretary.  The Secretary   shall then issue to the continuing savings bank a certificate of  merger, setting forth the name of each merging depository institution, the name  of the continuing savings bank, and the articles of incorporation of the  continuing savings bank.  The merger takes effect upon the issuance of the certificate of merger.  (Source: P.A. 97-492, eff. 1-1-12; 98-44, eff. 6-28-13.)