reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart S - PROVISIONAL REGISTRATION OF LOAN ORIGINATORS (Repealed) › Section 1050.2250 - Issuance of Provisional Certificate of Registration; Effective Date; Conditions (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart S - PROVISIONAL REGISTRATION OF LOAN ORIGINATORS (Repealed) › Appendix B - Mortgage Ratio Worksheet (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
This is the percentage of your gross monthly income that
					 will be allocated to your mortgage expenses and other debt that you pay on a
					 monthly basis.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart A - GENERAL › Section 1055.10 - Authority, Purposes and Scope

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Illinois Community Reinvestment Act (ILCRA) [205 ILCS 735] authorizes this
				Part.
b) Purposes. This Part is
				intended to carry out the mortgage lender community investment purposes of [205
				ILCS 735] by establishing the framework and criteria by which the Secretary
				assesses a covered mortgage licensee's record of helping to meet the mortgage
				credit needs of the State, including low- and moderate-income neighborhoods and
				individuals, consistent with the safe and sound operation of the covered
				mortgage licensee, and by providing that the Secretary takes that record into
				account in considering certain applications pursuant to Section
				1055.250.
c) Scope. This Part
				applies to all covered mortgage licensees as defined in Section
				1055.20.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 1055.200 - Assessment Factors

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, "assessment factors" means the
				  assessment of the following factors to determine whether a covered mortgage
				  licensee is meeting the financial services needs of local communities:
a) activities to ascertain the financial
				services needs of the community, including communication with community members
				regarding the financial services provided;
b) extent of marketing to make members of the
				community aware of the financial services offered;
c) origination of mortgage loans including,
				but not limited to, home improvement and rehabilitation loans, and other
				efforts to assist existing low-income and moderate-income residents to be able
				to remain in affordable housing in their neighborhoods;
d) for small business lenders, the
				origination of loans to businesses with gross annual revenues of $1,000,000.00
				or less, particularly those in low-income and moderate-income
				neighborhoods;
e) participation,
				including investments, in community development and redevelopment programs,
				small business technical assistance programs, minority-owned depository
				institutions, community development financial institutions, and mutually-owned
				financial institutions;
f) efforts
				working with delinquent customers to facilitate a resolution of the
				delinquency;
g) origination of
				loans that show an under concentration and a systemic pattern of lending
				resulting in the loss of affordable housing units;
h) evidence of discriminatory and prohibited
				practices; and
i) offering mortgage
				lending to unbanked and underbanked persons.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 1055.210 - Performance Tests, Standards, and Ratings, in General

Current through Register Vol. 48, No. 28, July 12, 2024
a) Performance tests and standards. The
				Secretary assesses the performance of a covered mortgage licensee in an
				examination as outlined in this Section. The Secretary applies the assessment
				factors, as provided in Section 1055.200, and lending and service tests, as
				provided in Sections 1055.220 and 1055.230 in evaluating the performance of a
				covered mortgage licensee. However, a covered mortgage licensee that achieves
				at least a "satisfactory" rating under both the lending and service tests may
				warrant consideration for an overall rating of "outstanding" depending on the
				covered mortgage licensee's performance in making qualified investments and
				community development loans to the extent authorized under law, in accordance
				with Section 1055.APPENDIX A(b)(3).
b) Performance context. The Secretary applies
				the tests and standards in subsection (a) in the context of:
1) demographic data on median income levels,
				distribution of household income, nature of housing stock, housing costs, and
				other relevant data pertaining to the State;
2) any information about lending and service
				opportunities in the State maintained by the covered mortgage licensee or
				obtained from community organizations, state, local, and tribal governments,
				economic development agencies, or other sources;
3) the covered mortgage licensee's product
				offerings and business strategy as determined from data provided by the covered
				mortgage licensee in the State;
4)
				the covered mortgage licensee's capacity and constraints, including the size
				and financial condition of the covered mortgage licensee, the economic climate
				(national, regional, and local), safety and soundness limitations, and any
				other factors that significantly affect the covered mortgage licensee's ability
				to provide lending or services in the State;
5) the covered mortgage licensee's past
				performance and the performance of similarly situated lenders in the State;
				and
6) any other information deemed
				relevant by the Secretary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 1055.220 - Lending Test

Current through Register Vol. 48, No. 28, July 12, 2024
a) Scope of test.
1) The lending test evaluates a covered
				mortgage licensee's record of helping to meet the mortgage credit needs of the
				State through its lending activities by considering a covered mortgage
				licensee's home mortgage and community development lending.
2) The Secretary considers originations and
				initial purchases of loans as reported by the covered mortgage licensee under
				HMDA. The Secretary will also consider any other loan data the covered mortgage
				licensee may choose to provide.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 1055.230 - Service Test

Current through Register Vol. 48, No. 28, July 12, 2024
a) Scope of test.
				The service test evaluates a covered mortgage licensee's record of helping to
				meet the mortgage credit needs in the State by analyzing both the availability
				and effectiveness of a covered mortgage licensee's systems for delivering
				mortgage loan products and the extent and innovativeness of its community
				development services. A covered mortgage licensee that has made fewer than 200
				home mortgage loans in the State in the last calendar year is not subject to
				the service test outlined in this Section.
b) Areas benefited. Community development
				services must benefit the State or a broader regional area that includes the
				State.
c) Performance criteria -
				community development services. The Secretary evaluates community development
				services pursuant to the following criteria:
1) the extent to which the covered mortgage
				licensee provides community development services; and
2) the innovativeness and responsiveness of
				community development services.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 1055.240 - Assigned Ratings

Current through Register Vol. 48, No. 28, July 12, 2024
a) Ratings in
				general. Subject to subsections (a) and (b), the Secretary assigns to a covered
				mortgage licensee a rating of "outstanding", "satisfactory", "needs to
				improve", or "substantial noncompliance" based on the covered mortgage
				licensee's performance under the lending and service tests.
b) Lending test. No covered mortgage licensee
				may receive an assigned overall rating of "satisfactory" or higher unless it
				receives a rating of at least "satisfactory" on the lending test.
c) Effect of evidence of discriminatory or
				other illegal credit practices. Evidence of discriminatory or other illegal
				credit practices adversely affects the Secretary's evaluation of covered
				mortgage licensee's performance. In determining the effect on the covered
				mortgage licensee's assigned rating, the Secretary considers the nature and
				extent of the evidence, the policies and procedures that the covered mortgage
				licensee has in place to prevent discriminatory or other illegal credit
				practices, any corrective action that the covered mortgage licensee has taken
				or has committed to take, particularly voluntary corrective action resulting
				from self-assessment, the covered mortgage licensee's compliance with written
				policies and directives with regard to fair lending, and other relevant
				information. In connection with any type of lending activity described in
				Section 1055.220, evidence of discriminatory or other credit practices that
				violate an applicable law, rule, or regulation includes, but is not limited to:
1) Discrimination against applicants on a
				prohibited basis in violation, for example of the Equal Credit Opportunity Act
				(15 U.S.C.
				1691-1691f) or Fair Housing Act ( 42
				U.S.C. 3601-19 ), including, for example, relying on or giving force or effect
				to discriminatory appraisals to deny loan applications where the covered
				mortgage licensee knew or should have known of the discrimination;
2) Violations of section 5 of the Federal
				Trade Commission Act (15
				U.S.C. 45)
3) Violations of section 8 of the Real Estate
				Settlement Procedures Act (12 U.S.C. 2607);
4) Violations of the Truth in Lending Act
				provisions regarding a consumer's right of rescission (15 U.S.C.
				1635);
5) Violations of the Home Ownership and
				Equity Protection Act (15
				U.S.C. 1639 and
				1648);
6) Violations of the Residential Real
				Property Disclosure Act [765 ILCS 77];
7) Violations of the Illinois High Risk Home
				Loan Act [815 ILCS 137];
8)
				Violations of the Illinois Fairness in Lending Act [815 ILCS 120];
				and
9) Violations of Article 4
				(Financial Credit) of the Illinois Human Rights Act [775 ILCS 5/Art.
				4].
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 1055.250 - Effect of Record of Performance on Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) Performance. Among other factors, the
				Secretary takes into account the record of performance of each covered mortgage
				licensee, under the covered mortgage licensee community investment provisions
				of the Illinois Community Reinvestment Act when submitting applications for the
				following:
1) renewal of a license to conduct
				business in the State by all covered mortgage licensees;
2) establishment or renewal of any additional
				full-service office by all covered mortgage licensees;
3) any merger with or acquisition of a
				covered mortgage licensee or mortgage broker by a covered mortgage licensee or
				any other proposed change in control of a covered mortgage licensee;
				and
4) any other approval of the
				Secretary, provided that there are no other countervailing financial safety and
				soundness or other policy considerations.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.400 - Data Collection and Reporting

Current through Register Vol. 48, No. 28, July 12, 2024
a) As
				part of its examination, the Secretary shall require a covered mortgage
				licensee to collect and report for examination purposes the data fields
				required under HMDA. The covered mortgage licensee shall be expected to test
				its data collection and reporting as part of its routine internal controls to
				ensure compliance with all data reporting requirements as well as its own
				policies and procedures.
b)
				Optional data collection and maintenance. At its option, a covered mortgage
				licensee may provide other information concerning its lending performance,
				including additional loan distribution data.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.410 - Content and Availability of Public Information

Current through Register Vol. 48, No. 28, July 12, 2024
a) Information available to the public. A
				covered mortgage licensee shall maintain the following information to be made
				available to the public upon request:
1) all
				written comments received from the public for the current year and each of the
				prior two calendar years that specifically relate to the covered mortgage
				licensee's performance in helping to meet the mortgage credit needs of the
				State, and any response to the comments by the covered mortgage licensee, if
				neither the comments nor the responses contain statements that reflect
				adversely on the good name or reputation of any persons other than the covered
				mortgage licensee or publication of which would violate specific provisions of
				law;
2) a copy of the public
				section of the covered mortgage licensee's most recent performance evaluation
				prepared by the Secretary; and
3) a
				copy of the HMDA Disclosure Statement provided by the Federal Financial
				Institutions Examination Council pertaining to the covered mortgage licensee
				for each of the prior two calendar years.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.420 - Publication of Planned Examination Schedule

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary publishes at least 30 days in advance of the
				  beginning of each calendar quarter a list of covered mortgage licensees
				  scheduled for ILCRA examinations in that quarter.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.430 - Alternative Examination Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary may establish alternative examination
				  procedures for institutions that were rated "outstanding" as of their most
				  recent ILCRA compliance examination. The purpose of such alternative procedures
				  shall be to reduce the cost to institutions. The alternative procedures shall
				  in no way limit public participation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.440 - Examination Authority and Cooperation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Pursuant to the Secretary's authority
				under the ILCRA, including, but not limited to, Sections 35-15 and 35-25 of the
				ILCRA, the Secretary and the Secretary's appointees may examine the entire
				books, records, documents, and operations of each covered mortgage licensee or
				its directors, employees, and agents under oath.
b) A covered mortgage licensee shall be
				required to fully cooperate in any examination conducted pursuant to this Part.
				Cooperation includes, but is not limited to:
1) timely and full production of books,
				records, and documents, in any reasonable format requested by the Department;
				and
2) ensuring all officers,
				directors, employees, and agents of the covered mortgage licensee are available
				for depositions or interviews upon reasonable notice.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.450 - Examination Frequency

Current through Register Vol. 48, No. 28, July 12, 2024
a) Subject
				to the provisions of this Section, the Secretary may conduct examinations under
				the ILCRA or this Part in coordination with authorities from other states with
				the authority to regulate institutions and individuals engaged in the offering
				and provision of home mortgage loans ("other state regulators").
b) For covered mortgage licensees that made
				more than 100 home mortgage loans in the State in the last calendar year; the
				Secretary shall conduct examinations under the ILCRA with the following
				frequency:
1) For a covered mortgage licensee
				that is assigned an "outstanding" or "satisfactory" rating in its most recent
				prior examination under the ILCRA, the next examination shall be initiated
				within three years of the issuance of the report of examination of its most
				recent prior examination under the ILCRA.
2) For a covered mortgage licensee that is
				assigned a "needs to improve" rating in its most recent prior examination under
				the ILCRA, the next examination shall be initiated within two years of the
				issuance of the report of examination of its most recent prior examination
				under the ILCRA.
3) For a covered
				mortgage licensee that is assigned a "substantial noncompliance" rating in its
				most recent prior examination under the ILCRA, the next examination shall be
				initiated within one year of the issuance of the report of examination of its
				most recent prior examination under the ILCRA.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.460 - Examination Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Hourly rate and
				out-of-state travel expenses
1) For fiscal
				years 2025 and 2026, time expended in the conduct of any examination of a
				covered mortgage licensee pursuant to Section 35-15 of the ILCRA shall be
				billed by the Department at a rate of $2,200 per day, up to a maximum of 20
				days per examination. Fees will be billed following completion of the
				examination and shall be paid within 30 days after receipt of the
				billing.
2) When out-of-state
				travel occurs in the conduct of any examination, the covered mortgage licensee
				shall make arrangements to reimburse the Department all charges for services
				such as travel expenses, including airfare, hotel and per diem incurred by the
				employee. These expenses are to be in accord with applicable travel regulations
				published by the Department of Central Management Services and approved by the
				Governor's Travel Control Board (80 Ill. Adm. Code 2800).
3) For purposes of this Section, "fiscal
				year" means a period beginning on July 1 of any calendar year and ending on
				June 30 of the next calendar year.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.470 - Implementation Period

Current through Register Vol. 48, No. 28, July 12, 2024
a) Covered
				mortgage licensees shall comply with the requirements of this Part by November
				1, 2024.
b) For covered mortgage
				licensees that made fewer than 100 home mortgage loans in the State in the last
				calendar year, the Secretary shall not cause an examination to be initiated
				under the ILCRA or this Part until November 1, 2025; provided that, the
				Secretary may conduct an examination at any time upon finding:
1) the covered mortgage licensee has been
				found to be in "substantial noncompliance" with another state's Community
				Reinvestment Act;
2) substantial
				evidence of discriminatory or other illegal credit practices; or
3) the Secretary otherwise finds sufficient
				cause.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 1055.480 - Enforcement

Current through Register Vol. 48, No. 28, July 12, 2024
Failure to comply with any requirement under the ILCRA, this
				  Part or other law referenced in the ILCRA, shall be grounds for enforcement
				  actions as authorized under the ILCRA and under the Residential Mortgage
				  License Act of 1987 [205 ILCS 635]. Any failure to comply with a requirement of
				  the ILCRA may also be grounds for referral to law enforcement or an
				  administrative authority with jurisdiction over the subject matter. In addition
				  to any other action authorized by law, the Secretary may enter agreed orders,
				  stipulations or settlement agreements for the purpose of resolving any such
				  failure to comply.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart A - FILINGS › Section 1075.110 - Conditions

Current through Register Vol. 48, No. 28, July 12, 2024
a) No submission
				subject to a fee shall be considered complete without the stipulated
				fee.
b) The fee shall be
				non-refundable regardless of the subsequent action with respect to the
				submission.
c) The Director may
				waive the payment of the applicable fee otherwise required by this Section and
				Section
				1075.100 of this Part
				when:
1) the Director determines that the
				respective merger or bulk sale of assets avoids the need for the Director to
				take custody of the respective savings bank pursuant to Section 10001 of the
				Act; or
2) the establishment of a
				branch office is at the location of the home office of the savings bank which
				ceases to exist as the result of a merger or bulk sale of assets which avoids
				the need for the Director to take custody of the respective savings bank
				pursuant to Section 10001 of the Act; or
3) the termination of operation and closing
				of a branch office pertains to a branch office of a savings bank which ceases
				to exist as the result of a merger or bulk sale of assets which avoids the need
				for the Director to take custody of the respective savings bank pursuant to
				Section 10001 of the Act and the closing of the respective branch office is a
				condition stipulated in the plan of the respective merger or bulk sale of
				assets.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart A - FILINGS › Section 1075.130 - Regulatory Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each savings
				bank shall pay fees as set forth in Section 9002.5(a) of the Act.
b) When service corporations and/or finance
				subsidiaries are owned by the savings bank, the owned assets may be
				consolidated with the assets of the savings bank for calculation of the fee
				under Section 9002.5(a) of the Act.
c) Each savings bank shall pay to the
				Secretary an electronic data processing fee equal to 16% of the savings bank's
				fee set forth in Section 9002.5(a) of the Act. The electronic data processing
				fee shall be calculated by the Secretary and billed to the savings bank for
				remittance with the fee set forth in Section 9002.5(a) of the Act. Each savings
				bank shall pay fees as set forth in Section 9002.5(c) of the Act.
d) If a savings bank has received a Uniform
				Financial Institution Rating System (UFIRS) composite rating of 3, 4 or 5 on
				its last State or federal examination, the savings bank's quarterly fee shall
				be increased by 25% for a 3 rated savings bank and 50% for a 4 or 5 rated
				savings bank on the savings bank's subsequent quarter billing. This assessment
				shall stay in effect until the quarter following the savings bank's receipt of
				a UFIRS composite rating of 1 or 2 at the next State or federal
				examination.
e) When a conversion
				or merger results in a savings bank, and no statement of condition for the
				resulting savings bank for the preceding quarter was submitted to the
				Secretary, fees shall be calculated in the same manner set forth in subsections
				(a), (b) and (c) based on the most recent period report of the condition
				submitted by the former depository institution to its primary
				regulator.
f) When a savings bank
				ceases to be a savings bank, the former savings bank shall remain liable to the
				Secretary for accumulated fees under the Act or this Section up to and
				including the date, as determined by the Secretary, that savings bank ceases to
				be a savings bank. The former savings bank shall not be eligible for any credit
				or be liable for any assessment described in Section 9002.1(b) of the
				Act.
g) Nothing in this Section is
				to be construed as limiting or being applicable to other fees that the
				Department may assess pursuant to the Act or other State laws or rules. The
				dates of billings shall not prejudice the validity of an invoice for any fees
				billed at a later date.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart A - FILINGS › Section 1075.150 - Withdrawal of Applications or Other Filings

Current through Register Vol. 48, No. 28, July 12, 2024
a) Unless otherwise specified in the Savings
				Bank Act [205 ILCS 205 ] or this Part, an application or other filing submitted
				under the Savings Bank Act or this Part shall be deemed withdrawn if the person
				making the filing fails to respond within 120 days after a request by the
				Director for additional documents or information related to the filing. All
				withdrawn applications or other filings shall be terminated and shall be
				ineffective. The Director may agree to extend the time in which the application
				or other filing shall be deemed withdrawn unless the Savings Bank Act or this
				Part requires otherwise.
b)
				Notwithstanding subsection (a) of this Section, applications or other filings
				submitted on or before September 15, 2002 shall not be deemed withdrawn unless
				the person making the filings fails to respond within 120 days after that date
				to a request by the Director for additional documents or information related to
				the filing.
c) Nothing in this
				Section requires the Director to reissue requests for additional documents or
				information made prior to September 15, 2002.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart B - DEFINITIONS › Section 1075.200 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Words or terms that are defined in the Act shall retain the
				  same meaning when used in this Part.
"Act" means the Savings Bank Act [205 ILCS 205 ].
"Company" means any corporation, partnership, business trust,
				  association, or similar organization, or any other trust unless by its terms it
				  must terminate within 25 years or not later than 21 years and 10 months after
				  the death of individuals living on the effective date of the trust, but shall
				  not include any corporation the majority of the shares of which are owned by
				  the United States or by any state.
"Controlling Interest" means a person, or company has a
				  controlling interest in a proposed savings bank, a lender, or a company, if the
				  person, or company:
directly or indirectly or acting through one or more other
				  persons or companies owns, controls, or has power to vote 25% or more of any
				  class of voting securities at the proposed savings bank, lender, or company;
				  or
controls in any manner the election of the majority of the
				  directors or trustees of the proposed savings bank, lender, or company;
				  or
the Director determines, after a hearing, that the company
				  directly or indirectly exercises a controlling influence over the management
				  policies of the proposed savings bank, lender, or company; or
directly or indirectly, or acting through one or more other
				  persons or companies, owns, controls, or has power to vote 25% or more of any
				  class of securities that invests the owner, controller, or voter with the right
				  to vote to approve or disapprove of voluntary corporate changes and amendment
				  of the Articles of Incorporation and bylaws.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director of the Department of Financial
				  and Professional Regulation-Division of Banking.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Banking.
"Lender" means a secured or unsecured creditor or creditors
				  named as such in the debt obligation and documents creating any security
				  interest.
"Organization Director" means any person defined as a
				  Director by Section 1007.55 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart C - REPORTS › Section 1075.300 - Contracts

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except
				employment contracts, loans on savings accounts, or contracts with
				consideration of less than $25,000, a savings bank shall file with the
				Director, within 10 days after the contract's execution, a copy of any contract
				with the following:
1) any person owning 10%
				or more of the outstanding shares of stock of the savings bank, if that savings
				bank issues stock;
2) any
				organization director, officer, employee, agent, or attorney of the savings
				bank;
3) any representative,
				partner or immediate relative of an officer, organization director or 10%
				shareholder of the savings bank or savings bank holding company;
4) any corporation in which any of the
				persons listed in this subsection have a 10% interest; or
5) any trust in which any of the persons
				listed in this subsection has an interest.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart C - REPORTS › Section 1075.310 - Financial Reports

Current through Register Vol. 48, No. 28, July 12, 2024
Each savings bank shall file quarterly financial reports on
				  forms prescribed by the Director. Such reports shall be delivered to the
				  Director by the last day of the month following the quarter end for which the
				  report applies. Any savings bank that fails to submit required reports in the
				  time prescribed by this Section shall be subject to fine as provided for in the
				  Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.410 - Minimum Capital Requirement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Director may establish a minimum capital level for a savings bank at such
				amount or at such ratio of capital-to-assets as the Director determines to be
				necessary or appropriate in consideration of the circumstances of the savings
				bank.
b) For a financial
				institution applying to convert to a savings bank charter, the Director may
				accept as being in full compliance with Section 5001 of the Act a financial
				institution with less than the minimum capital required in Section 5001 if the
				financial institution has an approved capital plan under the Financial
				Institutions Reform, Recovery and Enforcement Act of 1989 (
				12
				USC1464(5)(s)(5) ), and the
				Director finds that the financial institution is otherwise being operated in a
				safe and sound manner. The Director's determination shall be made after review
				of financial reports and statements, reports of examination and other
				information as the Director shall consider necessary for making a determination
				that the financial institution is being operated in a safe and sound
				manner.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.415 - Conflicting Federal Powers, Law and Regulations

Current through Register Vol. 48, No. 28, July 12, 2024
With regard to the exercise of any power derived from Section
				  1006(a) of The Act, and in case of conflict between The Act and any other
				  statute or regulation from which a power is derived under Section 1006(a) of
				  The Act, or in cases where clarification is sought regarding the manner of
				  exercising a derived power, its context or the limits to be observed in its
				  exercise, The Act, the Federal Deposit Insurance Act ( 12 C.F.R. 300 et seq.)
				  and the Federal Deposit Insurance Corporation Rules (
				  12 U.S.C.
				  1811 et seq.) shall
				  prevail.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.420 - Advertising

Current through Register Vol. 48, No. 28, July 12, 2024
If a savings bank advertises a rate of return on any class of
				  deposit account and there are restrictions or conditions which must be complied
				  with in order for the investor to be entitled to receive such rate, such
				  advertising shall clearly set forth such restrictions or conditions. The
				  terminology shall be consistent with Section 7001 of The Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.430 - Maintenance of Records

Current through Register Vol. 48, No. 28, July 12, 2024
To enable the Director to examine a savings bank, holding
				  company, service corporation or affiliate of a savings bank pursuant to Section
				  9004 of the Act, each savings bank shall establish and maintain accounting and
				  other records of all business transacted, and the documents, files and other
				  material comprising such records shall at all times be available for
				  examination wherever any of such files, documents or materials may be. At a
				  minimum, a savings bank and service corporations shall establish and maintain
				  the following records.
a) Disbursement
				Records
A savings bank's funds shall be disbursed in accordance with
				  a resolution adopted by the board of directors and reviewed at least annually.
				  Each disbursement shall be documented to show the date, the amount and the
				  purpose of the disbursement and the names of the person or persons or other
				  entities receiving such disbursements whether paid directly, indirectly or
				  through an escrow.
b)
				Record Retention
1) Before approving any loan
				or issuing any commitment, a savings bank shall determine that every person
				that proposes to become liable to the savings bank has the financial ability to
				service the proposed debt. The procedure for determining the financial capacity
				of every person that proposes to become liable to the savings bank shall be in
				accordance with procedures adopted by the board of directors and reviewed at
				least annually. Thereafter, a savings bank shall retain the application and
				other documentation supporting each loan, as well as the complete servicing
				record, as part of the records of the savings bank throughout the duration of
				the savings bank's investment in the respective loan.
2) A savings bank shall retain each rejected
				loan application and the information in support thereof for a period of
				thirty-six (36) months following such rejection.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.440 - Business Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) All savings
				banks whose operations are considered unsafe or unsound by the Director
				pursuant to the Act or who have total capital less than the amount required
				under Section 5007 of the Act, or any condition that would endanger the ongoing
				viability of the savings bank, shall develop a business plan and have the same
				available for review by the examiners. The period covered by the business plan
				shall not be less than one year, but may be for any greater number of periods
				that the Director may require. Each plan shall contain the following:
1) introduction;
2) mission statement;
3) corporate objectives;
4) corporate strategies; and
5) financial projections for the period
				covered by the business plan.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.450 - Excess Insurance

Current through Register Vol. 48, No. 28, July 12, 2024
a) Section
				1005 of the Act allows savings banks to secure deposit insurance in excess of
				the amounts available under federally sponsored programs. The excess insurance
				may be obtained only through an entity authorized to do business in this State
				and which is under the regulation of the Division. Providers of excess
				insurance must be preapproved by the Director. Each approved insurer shall be
				found to be financially sound and to employ approved actuarial
				practices.
b) Before entering into
				an agreement to obtain excess insurance a savings bank must notify the Director
				of its intent. The notice shall include a copy of the proposed contract and
				sufficient information regarding the proposed insurer to allow the Director to
				determine as to the financial stability of the proposed insurer. The Director
				shall have 30 days in which to notify the savings bank of any objections that
				the Director may have. Any request for additional information that the Director
				may make shall be made within 20 days after receipt of the notice. Failure of
				the Director to notify the savings bank within the 30 days as prescribed in
				this subsection shall constitute a finding of no objection.
c) To obtain approval from the Director, any
				prospective provider of excess insurance shall agree to provide the Director
				with any information he or she considers necessary to determine as to the
				current and continuing financial condition of the proposed insurer. This
				information shall include but not be limited to the following:
1) quarterly financial reports;
2) report of audit conducted by an
				independent certified public accountant;
3) copies of minutes of board of directors'
				meetings; and
4) copies of
				examination reports made by examiners for any regulatory agency.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.455 - Vacancies in the Board of Directors

Current through Register Vol. 48, No. 28, July 12, 2024
If one or more vacancies occur on a board of directors of a
				  savings bank, the remaining organization directors may continue management of
				  the savings bank, including consenting to any enforcement actions or any other
				  regulatory or supervisory requirements. If the number of organization directors
				  falls below 5, the remaining organization directors or the officers of the
				  savings bank shall so inform the Director within 5 business days after the loss
				  of the fifth organization director. The remaining organization directors shall
				  elect temporary organization directors at the next regular or special meeting
				  of the board of directors. Temporary organization directors' terms shall expire
				  at the next regular or special meeting of voting members of the savings
				  bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.460 - Bond of Officers, Organization Directors, Employees and Agents

Current through Register Vol. 48, No. 28, July 12, 2024
Every savings bank shall maintain bond coverage with a
				  bonding company acceptable to the Director for every officer, organization
				  director, employee and agent of the savings bank or such other persons in
				  positions requiring the receipt, payment, management or use of money belonging
				  to the savings bank or whose duties permit or require access to or custody of a
				  savings bank's assets or require the making of entries on the books and records
				  of the savings bank.
a) Bond Schedule.
				The minimum amount of bond shall be based on total consolidated assets of the
				savings bank and its subsidiaries in accordance with the following schedule:
Total Assets
Minimum Coverage
Less than $1,000,000
$135,000.
$1,000,001 to $10,000,000
$135,000 plus $25,000 for each $1,000,000 or fraction
							 thereof over $1,000,000.
$10,000,001 to $50,000,000
$360,000 plus $50,000 for each $5,000,000 or fraction
							 thereof over $10,000,000.
$50,000,001 to $500,000,000
$760,000 plus $75,000 for each $25,000,000 or
							 fraction thereof over $50,000,000.
Over $500,000,000
$2,110,000 plus $100,000 for each $50,000,000 over
							 $500,000,000.
b)
				No savings bank shall be required to maintain bond coverage in an amount
				greater than $3,000,000.
c)
				Coverage in excess of the above minimum requirements is optional at the
				discretion of the board of directors of the savings bank.
d) The bond shall not provide for more than
				one deductible from all losses caused by the same person or caused by the same
				persons acting in collusion or combination in cases in which the losses result
				from dishonesty. A deductible shall not exceed an amount determined in
				accordance with the following schedule:
Total Capital
Permissible
							 Deductible
Less than 4% of total assets
10% of total capital.
Greater than 4% but less than 6% of total
							 assets
15% of total capital.
Greater than 6% of total assets
20% of total capital.
e)
				The bond shall be in the form known as Standard Form No. 22, Standard Form No.
				24 or an equivalent as determined by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.465 - Indemnification of Officers, Organization Directors, Employees and Agents

Current through Register Vol. 48, No. 28, July 12, 2024
a) No officer,
				organization director, employee, or agent of a savings bank may be indemnified
				by a savings bank against any expense incurred, if the officer, organization
				director, employee or agent:
1) is subject to
				an Order of Removal, Suspension or Industrywide Prohibition under the Act or
				this Part; or
2) is subject to a
				final order assessing civil money penalties or requiring affirmative action by
				an individual or individuals in the form of payments to the savings
				bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.470 - Deceptively Similar Names

Current through Register Vol. 48, No. 28, July 12, 2024
a) No
				savings bank may adopt or use any name deceptively similar to that of another
				current existing savings bank or financial institution that is located within
				the area as defined as follows:
1) within the
				counties of Cook, Lake, DuPage, McHenry, Kane and Will, a radius of one mile of
				the main office of another savings bank or other financial institution;
				and
2) within all other counties of
				the State, excluding those specifically identified in subsection (a), a radius
				of 50 miles of a savings bank or other financial institution.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart D - OPERATIONS › Section 1075.480 - Manner of Display of Annual Meeting Notice

Current through Register Vol. 48, No. 28, July 12, 2024
Notice as required pursuant to Section 4003(a) of the Act
				  shall be prominently displayed and located in plain view of customers at each
				  business location with at least one copy on or near each door or entrance
				  accessible to the general public.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.500 - Prudent Person Rule

Current through Register Vol. 48, No. 28, July 12, 2024
a) When
				making an authorized investment of savings bank funds, the board of directors,
				all officers, employees, and agents of any kind must exercise the judgment and
				care under circumstances then prevailing that persons of prudence, discretion,
				and intelligence exercise in the management of their own affairs, not in regard
				to speculation, but in regard to the permanent disposition of their funds,
				considering the probable income as well as the probable safety of their
				capital.
b) A violation of The Act
				shall constitute an unsafe and unsound practice. Any person who knowingly
				violates any provision of The Act shall be subject to enforcement action or
				civil money penalties as provided for in The Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.505 - Investment Underwriting Practice

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank may grant a loan or invest in other authorized
				  assets under the Act.
a) For all types
				of secured and unsecured loans granted, and other investments entered into, a
				savings bank's board of directors shall establish and approve, at least
				annually, written loan underwriting and other investment policies and
				procedures. These policies and procedures shall set forth criteria sufficient
				to allow a decision to be made in accordance with Section
				1075.500
				of this Part.
b) A loan or other
				investment may be apportioned among appropriate categories, and may be moved,
				in whole or part, from one category to another as follows.
1) To classify a loan as a real estate loan,
				a savings bank must rely substantially upon the real estate as the primary
				security for the loan.
2) For
				purposes of determining whether aggregate investments under this Part exceed an
				applicable percentage-of-assets limitation, a loan commitment shall be counted
				as an investment and shall be included in total assets of a savings bank only
				to the extent that funds have been advanced (and not repaid) pursuant to the
				commitment. The term "loan commitment" used in the preceding sentence includes
				a loan in process, a letter of credit, or any other commitment to extend
				credit.
3) Loans sold to a third
				party shall be included in calculation of a percentage-of-assets investment
				limitation only to the extent they are sold with recourse.
4) A savings bank may make a loan secured by
				assignment of loans to the extent that it could, under applicable law and
				regulations, make or purchase the underlying assigned loans.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.510 - Discrimination and Redlining

Current through Register Vol. 48, No. 28, July 12, 2024
a) It
				shall be considered discriminatory to refuse to grant loans or to vary the
				terms of loans or the application procedures for loans because of:
1) the proposed borrower's race, color,
				religion, national origin, age, sex, physical disability or marital status;
				or
2) the geographic location of
				the proposed mortgage loan security.