reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.515 - Loans Secured by Real Estate

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				savings bank may originate, invest in, sell, purchase, service, participate, or
				otherwise deal in (including brokerage or warehousing) real estate loans or
				interest in those loans.
b) In
				determining compliance with the maximum loan-to-value limitations specified in
				this Subpart, a savings bank shall add to the loan amount the total of all
				other existing liens or other encumbrances on the security property having
				priority over the savings bank lien (including the lien to be established by
				the savings bank but excluding liens that will be released as the result of
				payments made from the proceeds of the new loan).
c) At the time of origination, a real estate
				secured loan granted under the provisions shall not exceed the maximum
				loan-to-value ratio as follows.
1) With
				respect to home loans originated or refinanced in excess of 90% of the
				appraised value of the security property, that part of the unpaid balance that
				exceeds 80% of the property's value shall be insured or guaranteed by mortgage
				insurance.
2) With respect to all
				other loans on the security of real estate originated in excess of 90% of the
				appraised value of the security property, a savings bank's board of directors,
				or loan comittee, shall approve each loan before its origination and such
				approval, or ratification of the loan committee approval, shall be recorded in
				the minutes of its meeting.
3) In
				determining compliance with the maximum loan-to-value ratio limitations for
				real estate loans, at the time of making a loan a savings bank shall add
				together the unpaid amount, or in the case of a line-of-credit loan the
				approved credit limit, of all recorded loans secured by prior mortgages, liens
				or other encumbrances on the security property that would have priority over
				the savings bank's lien, and shall not make such a loan unless the total amount
				of the loans (including the one to be made but excluding loans that will be
				paid off out of the proceeds of the new loan) does not exceed the applicable
				maximum loan-to-value ratio limitations prescribed in subsection (c). In
				valuing the real estate security, a savings bank may use the current appraised
				value of the security property, which may include any expected value of
				improvements to be financed. "Value" for a real estate loan means the market
				value of the real estate. For loans granted pursuant to Section 6002(3) of the
				Act, alternative methods of valuation or other procedures that result in an
				estimate of value may be used.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.520 - Construction Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Construction lending policies and procedures shall provide
				  that
a) No disbursements shall be made
				unless in conformity with a contractor's statement or amended statement, which
				statement or amended statement shall comply with the mechanics' lien laws of
				the State in which the collateral property is located and shall be kept on file
				at the savings bank throughout the duration of the savings bank's investment in
				the respective loan.
b) No
				construction funds shall be disbursed before receipt of a written statement
				indicating that the work for which payment is being requested has been
				completed. Such written statement shall be furnished by a person authorized by
				the board of directors.
c) No
				construction funds shall be disbursed unless approved by the borrower or the
				borrower's authorized agent. A blanket authorization may be accepted.
d) The savings bank shall at all times retain
				construction funds sufficient to complete the improvements in accordance with
				the contractor's statement or amended statement. A savings bank may take into
				consideration equity provided by the borrower in the form of labor.
e) Waivers of mechanics' liens shall be
				required and shall be delivered to the savings bank or its agent before each
				disbursement of construction funds unless a lien free form of title insurance
				policy is obtained before such disbursement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.530 - Overdraft Loans

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank may extend secured or unsecured credit to
				  cover the payment of checks, drafts, or other funds transfer orders in excess
				  of the available balance of an account on which they are
				  drawn.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.535 - Education Loans

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank may invest in loans, debts, and advances of
				  credit made for the financing of primary, secondary, undergraduate or
				  post-graduate education.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.540 - Vehicle/Automobile Loans

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank may invest in loans, debts and advances of
				  credit made for the purpose of financing vehicle/automobile purchases.
For the purposes of this Section, vehicles/automobiles shall
				  include all motorized forms of transportation which the board of directors of a
				  savings bank shall by written policy consider to be adequate
				  collateral.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.545 - Home Equity Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Savings banks are permitted, without limitation on the
				  percentage of total assets, to establish revolving lines of credit on the
				  security of a first or junior lien on the borrower's personal residence, based
				  primarily on the borrower's equity. The proceeds of such loan may be used for
				  any purpose.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.550 - Letter of Credit

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank is permitted to issue letters of credit
				  provided that the total funds advanced plus secured and unsecured loans for
				  business, corporate, commercial, agricultural, or overdraft purposes does not
				  exceed 15 percent of total assets.
a)
				The letter of credit must clearly indicate it as a letter of credit, that the
				issuer's debt to pay is solely dependent upon conforming documents, that the
				account party must have an unqualified obligation to reimburse the issuer for
				payments made, and include a specified expiration date or definite
				term.
b) The underwriting and
				documentation for a letter of credit must be in conformance with Section
				1075.505
				of this Part.
c) All documentation
				used in evidencing compliance with this Section is retained as part of the
				records of the savings bank for the term of the letter of credit.
d) Nothwithstanding any provision of this
				Section, a savings bank may issue letters of credit to the same extent and
				manner as permitted to any other type of depository institution.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.555 - Other Investments

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 6003 of the Act, a savings bank is
				  permitted to invest in loans secured by stock or equity securities, other than
				  stock or equity securities of a depository institution, if the stock or equity
				  security has a readily available market. Such investment shall not exceed 1
				  percent of the total assets of the savings bank. Notwithstanding any provision
				  of this Section, a savings bank may invest in loans secured by stock or equity
				  securities to the same extent and manner as permitted to any other type of
				  depository institution.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.560 - Commercial Paper

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings
				bank is permitted to invest in commercial paper to the extent that the total of
				loans for business, corporate, commercial, overdrafts and agriculture, plus
				corporate debt securities and commercial paper does not exceed 30 percent of
				the total assets of the savings bank.
b) Investments in commercial paper are
				limited as follows:
1) up to 1 percent of
				assets, or $1,000,000, whichever is more, in commercial paper of any one issuer
				rated, as of the date of purchase, in the highest category by a national rating
				service;
2) up to ½ of 1
				percent of assets, or $500,000, whichever is more
,
in
				commercial paper of any one issuer rated, as of the date of purchase, in one of
				the two highest categories by a national rating service; or
3) up to ¼ of 1 percent of assets, or
				$250,000, whichever is more, in commercial paper of any one issuer rated, as of
				the date of purchase, in one of the four highest categories by a national
				rating service.
Notwithstanding any provision of this Section, a savings bank
				  may invest in commercial paper to the same extent and manner as permitted any
				  other type of depository institution.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.575 - Finance Leasing

Current through Register Vol. 48, No. 28, July 12, 2024
Savings banks may engage in leasing activities that are the
				  functional equivalent of lending, subject to the limitations of this
				  Section.
a) A savings bank may become
				the legal or beneficial owner of tangible personal property or real property to
				lease such property, may obtain an assignment of a lessor's interest in a lease
				of such property, and may incur obligations incidental to its position as the
				legal or beneficial owner and lessor of the leased property, if:
1) the lease is a net, full-payout lease
				representing a non-cancelable obligation of the lessee, not-withstanding the
				possible early termination of the lease; and
2) at the expiration of the lease, the
				savings bank's interest in the property shall be liquidated or released on a
				net basis as soon as practicable.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.580 - Suretyship

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank may enter into an agreement to act as a surety
				  subject to the following provisions.
a) A savings bank operating under the Act may
				exercise surety powers only to the extent authorized by the Federal Deposit
				Insurance Corporation.
b) A savings
				bank may enter into a suretyship agreement only if the agreement would create
				an obligation authorized for investment by a savings bank. A savings bank's
				obligation under the suretyship agreement shall be treated as a loan to its
				principal for purposes of Sections 6010 and 6013 of the Act and Section
				1075.500
				of this Part.
c) A savings bank
				must take and maintain a security interest in real estate or marketable
				investment securities, as defined at Section 1007.85 of the Act, of its
				principal having a market value, determined in accordance with the provisions
				of the Act and this Part, of at least 110 percent of the savings bank's total
				suretyship obligations. In determining compliance with the 110 percent
				collateralization requirement, the savings bank shall consider the value
				available above prior mortgages or liens, except those held by the party for
				whose protection the suretyship agreement is made. If marketable investment
				securities, the savings bank shall provide for the maintenance of the
				collateral value at the required level throughout the term of the suretyship
				agreement.
d) To the extent that a
				savings bank is required to meet its obligations under a suretyship agreement,
				the amount expended shall be treated as an extension of credit subject to the
				limitations imposed on similar loans under the various provisions of the Act
				and this Part.
e) Notwithstanding
				any provision of this Section, a savings bank may act as a surety to the same
				extent and manner as permitted to any other type of depository
				institution.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.585 - Asset Reserves

Current through Register Vol. 48, No. 28, July 12, 2024
a) Scope
The classification system described in this Section applies
				  to all assets or portions of assets held by a savings bank.
b) Classifications
1) Substandard - assets classified
				substandard are inadequately protected by the current paying capacity of the
				obligor or of the collateral pledged, if any. Assets so classified must have a
				well-defined weakness or weaknesses. They are characterized by the distinct
				possibility that the savings bank will sustain some loss if the deficiencies
				are not corrected.
2) Doubtful -
				assets classified doubtful have all the weaknesses inherent in those classified
				Substandard with the added characteristic that collection of the asset in full,
				on the basis of currently existing facts, conditions, and values, is highly
				questionable and improbable.
3)
				Loss - assets classified loss are considered uncollectible and of such little
				value that their continuance as assets without establishment of a reserve is
				not warranted. This classification does not mean that an asset has absolutely
				no recovery or salvage value, but, rather, that it is not practical or
				desirable to defer writing off a basically worthless asset even though partial
				recovery may be effected in the future.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart E - INVESTMENTS › Section 1075.590 - Asset Composition Test

Current through Register Vol. 48, No. 28, July 12, 2024
As an alternative asset test prescribed pursuant to Section
				  1009 of the Act, the composition of the assets, including loans and
				  investments, of a savings bank is permitted to consist of any type, and in any
				  amount, authorized by the Act and this Part, provided that the savings
				  bank:
a) is a member of a Federal Home
				Loan Bank as a Federal Home Loan Bank qualified thrift lender or community
				financial institution under the Federal Home Loan Bank Act (
				12
				USC 1421 et seq.);
b) has at least 10 percent of its total
				assets in residential mortgage loans as of the most recent fiscal year-end;
				or
c) has total average assets for
				the three preceding fiscal years of less than $500,000,000.
This Section does not require membership in a Federal Home
				  Loan Bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.600 - Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) No savings bank
				shall invest in or lend to a service corporation, as defined in Section
				1007.105 of the Act, unless the service corporation has been approved by the
				Director.
b) Subpart F of this Part
				shall not apply to investments in single purpose corporations authorized under
				Sections 1008(9) and 6009 of the Act.
c) Savings banks may designate a service
				corporation or other subsidiary as an operating subsidiary as follows:
1) Upon approval of the Director, a
				subsidiary of a savings bank that is majority owned and controlled by the
				savings bank may be designated as an operating subsidiary provided that the
				subsidiary engages solely in activities that are permitted for a depository
				institution or an operating subsidiary of a depository association.
2) An operating subsidiary shall be subject
				to the provisions of this Subpart except that a savings bank's total
				investment, including equity and debt securities and loans, in its first-tier
				operating subsidiary is not limited by this Subpart. Loans made by the savings
				bank to its operating subsidiary shall not be subject to Section 6013 of the
				Act.
3) Upon approval of the
				Director, a subsidiary of a first-tier operating subsidiary may be designated
				as an operating subsidiary; provided that the lower tier subsidiary is
				wholly-owned and controlled by the first-tier operating subsidiary and engages
				solely in activities that are permitted for a depository institution or an
				operating subsidiary of a depository association. The total investment,
				including equity and debt securities and loans, by the savings bank or its
				first-tier operating subsidiary in the wholly-owned and controlled lower-tier
				operating subsidiary is not limited by this Subpart or Section 6013 of the
				Act.
4) The total investment,
				including equity and debt securities and loans, by the savings bank and its
				first-tier operating subsidiary in a service corporation or an operating
				subsidiary that is not wholly-owned and controlled by the savings bank's
				first-tier operating subsidiary is subject to the same limitations under this
				Subpart that apply to the savings bank's investment in a service corporation
				that is not an operating subsidiary.
5) As used in this subsection (c):
"Subsidiary" means a corporation, limited liability company,
				  partnership, business trust, joint venture, pool, syndicate or other similar
				  business organization.
"Majority-owned" means the savings bank owns more than 50% of
				  the voting interest or equivalent ownership interest of the subsidiary.
"Control" means effective operating control.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.610 - Approval by the Director

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except
				as provided in subsection (b) of this Section, an application for approval of a
				service corporation shall be approved by the Director provided that:
1) its purpose or purposes are reasonably
				incident to the accomplishment of the powers conferred upon savings banks by
				the Act, or are purposes granted or allowed to service corporations organized
				or owned by savings and loan associations; or its sole purpose is to operate as
				a finance subsidiary of a savings bank to the extent authorized for finance
				subsidiaries of savings and loan associations under the Illinois Savings and
				Loan Act of 1985 [205 ILCS 105 ]; and
2) the application for approval of a service
				corporation includes: the appropriate fee; a copy of the service corporation's
				Articles of Incorporation; a list of proposed shareholders; the fiscal year-end
				date; and an undertaking by the service corporation with the continuing
				conditions specified in subsection (c) of this Section and in a form prescribed
				by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.620 - Investment Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				savings bank may make investments in capital stock of service corporations that
				are 90% or more owned by one or more savings banks in an amount that shall not
				exceed 10% of the savings bank's total assets. A savings bank that has met and
				maintained the capital levels required for a savings bank, the deposit accounts
				of which are insured by the Federal Deposit Insurance Corporation, may invest
				an additional 50% of the excess capital provided that in no event shall a
				savings bank's maximum investment in service corporations exceed 20% of its
				total assets.
b) A savings bank may
				make investments in capital stock of service corporations that are at least 51%
				but less than 90% owned by one or more savings banks, in an amount not to
				exceed 1% of the savings bank's total assets.
c) All loans to service corporations shall be
				subject to all lending limitations contained in the Act and this Part, except
				that:
1) a savings bank may make loans to a
				wholly owned service corporation in an amount equal to the savings bank's total
				capital or in an amount that exceeds the savings bank's total capital if the
				excess amount is fully secured by collateral, of a type upon which the savings
				bank itself could lend, of a value determined in accordance with the Act and
				with rules promulgated by the Director; and
2) loans shall not be subject to the
				percentage of asset limitations of Section 6002(8) of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.630 - Investments by Service Corporations

Current through Register Vol. 48, No. 28, July 12, 2024
a) A service corporation may invest its
				assets in any manner not expressly prohibited by law, provided the investments
				are made in the exercise of reasonable judgment and care under the
				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) If a service
				corporation has not been approved, or if approval is withdrawn, all loans to or
				investments in the service corporation shall constitute an unauthorized
				investment. However, the savings bank shall be granted a reasonable time within
				which to dispose of the loans or investments.
c) A basis for withdrawal of approval of a
				service corporation exists if:
1) the service
				corporation is subject to involuntary dissolution for failure to file annual
				reports or pay fees pursuant to the Business Corporation Act [805 ILCS 5 ];
				or
2) the service corporation fails
				to pay, within 60 days after the billing date, supervisory fees or examination
				fees due the Director;
3) the
				service corporation fails to file, when due, those reports required by Sections
				1075.670
				and
				1075.680 of
				this Part;
4) the Director
				determines that the service corporation is engaged in activities that are not
				reasonably incidental to the accomplishment of the powers conferred upon
				savings banks by the Act;
5) the
				investment of any parent savings bank in the respective service corporations is
				in excess of the investment limitations set forth at Section
				1075.620
				of this Part; or
6) the Director
				determines that the service corporation is conducting business in a fraudulent,
				illegal, or unsafe manner.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.640 - Ownership of Capital Stock of Service Corporation

Current through Register Vol. 48, No. 28, July 12, 2024
a) A minimum of 51% of all classes of capital
				stock of a first-tier service corporation shall be owned by one or more savings
				banks, bank, or savings and loan associations. First-tier service corporation
				means any corporation which is 51% or more owned by one or more savings banks,
				bank, or savings and loan associations whose purpose or purposes are reasonably
				incident to the accomplishment of the powers conferred upon savings banks by
				the Act.
b) Subject to approval by
				the Director, an amount not to exceed 49% of all classes of capital stock of a
				service corporation may be owned by a person or persons other than a savings
				bank. The ownership shall be approved if the Director finds:
1) the sale or issuance of stock is at no
				less than the book value of the stock;
2) if no sale is involved, that the stock
				issuance to employees or officers is part of the compensation program
				documented by a written employment contract; and
3) the ownership of the stock is subject to a
				repurchase agreement that provides that the service corporation has the right
				of first refusal to reacquire the stock from the person or persons or the
				estate of the person or persons at book value at the time of death or
				termination of employment.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.650 - Prohibited Transactions

Current through Register Vol. 48, No. 28, July 12, 2024
a) Without
				prior approval of the Director, no service corporation shall enter into any
				contract (except an employment contract), grant any loan, directly or
				indirectly, to any officer, organization director, individual stockholder or
				employee of the service corporation or of its parent savings banks except upon
				real estate occupied as a homestead or on the security of a personal
				automobile. A service corporation may, without prior approval, enter into a
				contract for the sale of real estate to be occupied by any of the foregoing
				persons as their bona fide homestead.
b) A service corporation may enter into a
				contract to purchase an insurance agency or brokerage in which any of the
				foregoing persons have an interest.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.660 - Disclosure to Service Corporation

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Service corporations shall require as a condition of any contract, loan, joint
				venture agreement or partnership agreement, that the party entering into such
				relationship with the service corporation disclose the names and true identity:
1) in the case of trusts, owners of
				beneficial interests of said trusts;
2) in the case of corporations, the names and
				addresses of all shareholders owning 10 percent or more of the capital stock;
				and
3) in the case of partnerships,
				a list of names and addresses of all partners.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.670 - Reporting Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Within
				45 days after the close of each calendar year, each service corporation shall
				submit to the Director a report, in such form as the Director shall prescribe,
				setting forth complete and true statements of condition and operations of the
				service corporation and of every partnership, joint venture or corporation in
				which the service corporation has a cash and/or equity interest of 50% or
				more.
b) All corporate
				subsidiaries, partnerships and joint ventures in which the service corporation
				has a cash and/or equity interest of 50% or more shall, within 15 days after a
				request by the Director, submit true and correct copies of all contracts,
				mortgages, partnership agreements, joint ventures and loan
				commitments.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES › Section 1075.680 - Audit Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each
				service corporation shall cause its books and records to be audited at least
				once annually by an independent licensed public accountant. Except as provided
				after this, the report of audit shall be separate from the report of audit of
				any parent savings bank.
b) The
				report of audit of a wholly-owned service corporation may be consolidated with
				the report of audit of the parent savings bank provided that the report sets
				forth:
1) the auditor's opinion that the
				activity of the service corporation does not materially affect the financial
				position of the parent savings bank; and
2) all details of consolidation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.700 - General

Current through Register Vol. 48, No. 28, July 12, 2024
a) A branch office
				of a savings bank is any office other than its home office, drive-in facility,
				pedestrian facility, agency office, or a remote service unit.
b) Any business of a savings bank may be
				transacted at a branch office. When a branch office provides any product, it
				must have all the resources necessary to support that product offering at the
				branch location.
c) A savings bank
				shall not establish a branch office nor change the location of its home office
				unless its respective application has been approved by the Director. An
				application shall be approved only if the Director finds that:
1) the office can be established at the
				proposed location without undue injury to properly conducted existing savings
				banks;
2) the policies and
				financial condition of the applicant are not a basis for supervisory objection;
				and
3) the proposed office will
				open within 12 months of approval unless occupancy is delayed by circumstances
				beyond the control of the applicant and, consequently, additional time is
				allowed by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.705 - Application

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings bank
				may apply for a branch office or for a change of location of its home office
				provided that the applicant obtains the prescribed form of application and form
				of notice and related instructions from the Director unless waived pursuant to
				Section
				1075.700(d)
				of this Part.
b) An application is
				considered complete and a priority filing date is established when the Director
				determines that all required information has been submitted.
c) Changes to all but material information of
				the application may be made up to the time the approval/denial is determined.
				For purposes of this Section, material information is defined as but is not
				limited to:
1) savings bank name;
2) savings bank address;
3) nature and purpose of application;
				and
4) any other information which
				if changed, would likely cause the approval or denial decision to be
				reversed.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.710 - Request for Preliminary Determination

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings bank that intends to file an
				application for a branch office or for a change of location of its home office
				may, before the filing of the application, submit to the Director written
				advice of intent to file the application and request a preliminary
				determination as to whether supervisory objection will be raised on the basis
				of the applicant's policies and financial condition. Within 30 days following
				receipt of the advice of intent, the applicant shall be advised of the
				Director's decision, and if applicable, the reason for supervisory
				objection.
b) If at any time
				subsequent to preliminary determination the Director determines that a basis
				for supervisory objection exists, further processing of the respective
				application shall be denied.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.715 - Public Notice and Inspection

Current through Register Vol. 48, No. 28, July 12, 2024
a) At
				the time of the filing of the application, the applicant shall publish notice
				of intent to relocate or establish a branch office. The notice shall be in form
				and content as prescribed by the Director. The applicant shall publish notice
				in a newspaper printed in the English language having a general circulation in
				the applicant's home office community and in the community to be served from
				the proposed location.
b) Within 10
				days following the date of publication, the applicant shall furnish the
				Director with one copy each of the required notices and the publisher's
				affidavits of publication.
c)
				Subject to Section
				1075.110(d)
				of this Part, the application shall be available for public inspection at the
				Division, by appointment.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.720 - Protest

Current through Register Vol. 48, No. 28, July 12, 2024
Protests, answers to protests and other related
				  communications shall be in writing and submitted only as provided in this
				  Section.
a) Within 10 calendar days
				following the date of publication of Notice of Application (or 20 calendar days
				after the date of publication if extension is requested in writing within the
				10 day period) any person may file a communication in favor or protest of the
				application with the Director. Any person filing a communication shall
				simultaneously furnish a copy to the applicant.
b) Within 15 calendar days after receipt of a
				protest, the objector and the applicant shall be advised in writing whether the
				Director considers the protest to be substantial.
c) No protest shall be considered
				"substantial" unless it is in writing, filed on time, and contains at least the
				following:
1) a summary of the reasons for
				the protest;
2) the specific
				matters in the application to which objection is raised and the reasons for
				each objection;
3) facts supporting
				the protest, including relevant economic or financial data; and
4) adverse effects on the objector that may
				result from approval of the application.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.725 - Oral Argument

Current through Register Vol. 48, No. 28, July 12, 2024
a) Oral
				argument on the merits of an application shall be heard if:
1) the applicant, or a person who has filed a
				protest considered to be substantial, so requests and the request is received
				by the Director within 10 calendar days after the time for filing answers to
				all protests has expired; and
2)
				the Director, after reviewing the application and other pertinent information,
				considers oral argument desirable because of protests that dispute the
				propriety of information set forth in the application.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.730 - Application for the Maintenance of Branch Office after Conversion, Consolidation, Purchase of Assets or Merger

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				With written approval of the Director, a savings bank that acquires an office
				or offices through merger, purchase, purchase of all assets or consolidation
				shall assume the operation of any acquired offices. An existing depository
				institution that converts to a savings bank shall maintain all of its offices
				existing or approved before the conversion.
b) If the Director has approved a Plan of
				Conversion from a savings bank charter for a savings bank or has evidence of a
				savings bank's intent to file a Plan of Conversion, he or she shall deny an
				application for a branch office.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.735 - Redesignation of Offices

Current through Register Vol. 48, No. 28, July 12, 2024
A savings bank may designate an existing branch office as its
				  main business office and designate its existing main business office as a
				  branch office by submitting an appropriate bylaw amendment for approval. No
				  other Sections in Subpart G of this Part shall apply to redesignation of
				  offices.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.740 - Termination of Operation and/or Closing of a Branch Office

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings bank
				may offer to sell branch offices to another savings bank or other depository
				institution.
1) Before any such sale, a copy
				of the proposed agreement shall be submitted to the Director. Within 30
				calendar days the Director shall notify the proposed seller, in writing, as to
				whether there is supervisory objection to the proposed sale, or the Director
				may advise the proposed seller of any additional information or further review
				considered necessary to make such a determination. The Director in considering
				supervisory objection shall review the policies and financial condition of the
				selling savings bank and the acquiring financial institution.
2) The selling savings bank and, if
				applicable, the acquiring financial institution shall submit an appropriate
				bylaw amendment for the Director's approval.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.745 - Agency Offices

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings
				bank may establish or maintain agency offices which only service and originate
				(but do not approve) loans and contracts and/or manage or sell real estate
				owned by the savings bank.
b) An
				agency office shall maintain records of all business it transacts and transmit
				copies to a branch or home office of the savings bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart G - RELOCATIONS AND BRANCHING › Section 1075.750 - Remote Drive-In and/or Remote Pedestrian Facilities

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings bank may, without prior approval
				of the Director, establish a remote drive-in and/or remote pedestrian facility
				in conjunction with each savings bank business office. Each facility may be
				designed to simultaneously accommodate more than one customer.
b) The term "business office" means the
				business office premises, including non-remote drive-in and/or non-remote
				pedestrian facilities that are those facilities within the boundaries of real
				estate on which a home office or any branch office is located and the areas
				contiguous to the facility, that the savings bank has the exclusive right as
				owner or lessee to use or maintain for ingress or egress or for parking in
				connection with that business office.
c) Remote drive-in and remote pedestrian
				facilities are defined as follows:
1) A
				remote drive-in facility is a facility that is not located on the premises of a
				business office as defined in subsection (b) and at which the customer
				transacts business from a vehicle.
2) A remote pedestrian facility is a facility
				that is not located on the premises of a business office as defined in
				subsection (b) and at which the customer need not enter an office but may
				remain outside the structure and transact business with a teller located inside
				the structure.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart H - CAPITAL NOTES AND DEBENTURES › Section 1075.800 - Approval

Current through Register Vol. 48, No. 28, July 12, 2024
No savings bank may issue and sell its capital notes or
				  debentures without the prior written approval of the Director, subject to any
				  conditions the Director may impose with regard to safety and soundness and
				  maintenance of adequate financial condition, especially in areas of
				  preservation of capital, quality of earnings and adequacy of reserves. A stock
				  savings bank shall also have the prior approval of a majority of the
				  shareholders owning a majority of the issued and outstanding shares of the
				  savings bank to issue convertible capital notes or
				  debentures.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart H - CAPITAL NOTES AND DEBENTURES › Section 1075.810 - Conversion to Stock

Current through Register Vol. 48, No. 28, July 12, 2024
Capital notes or debentures issued by a stock savings bank
				  may be converted into shares in accordance with provisions approved by the
				  Director and contained in the capital notes or debentures. Convertible capital
				  notes or debentures may be issued without preemptive rights to existing
				  shareholders if provided by the Articles of Incorporation of the savings bank
				  and authorized by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart H - CAPITAL NOTES AND DEBENTURES › Section 1075.820 - Priority of Claim

Current through Register Vol. 48, No. 28, July 12, 2024
Capital notes and debentures shall be an unsecured
				  indebtedness of the savings bank and shall be subordinate to the claims of
				  account holders and all other creditors of the savings bank, regardless of
				  whether the claims of account holders or other creditors arose before or after
				  the issuance of such debentures or capital notes. In the event of liquidation,
				  all account holders and other creditors of the savings bank shall be entitled
				  to be paid in full before any payment shall be made on account of principal or
				  interest on capital notes or debentures. Capital notes and debentures shall
				  contain a statement of the rights and priorities of the
				  lenders.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1100 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
a) Subpart J of
				this Part shall apply to stock holding companies or savings banks that directly
				or indirectly own or control or seek to own or control 25% or more of the
				voting shares or rights of any insured institution in any manner and to mutual
				holding companies and mutual savings banks reorganizing as mutual holding
				companies. This Subpart does not apply when the ownership arises in the regular
				course of business as set forth in Section 2001.05 of the Act.
b) Except with the permission of the
				Director, no company shall become a savings bank holding company.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1110 - Mutual Holding Company Reorganizations

Current through Register Vol. 48, No. 28, July 12, 2024
A mutual savings bank may reorganize to become a mutual
				  holding company, or join in a mutual holding company reorganization or
				  thereafter as an acquiree savings bank or a pre-existing depository
				  institution, only upon satisfaction of the following conditions:
a) A Reorganization Plan is approved by a
				majority of the board of directors of the reorganizing savings bank and any
				acquiree savings bank or pre-existing depository institution.
b) A Reorganization Notice is filed with the
				Director and the Director has given written notice of its approval of the
				proposed reorganization as being in accordance with applicable law.
c) The Reorganization Plan is submitted to
				the members of the reorganizing savings bank and any acquiree pursuant to a
				proxy statement cleared in advance by the Director and the Reorganization Plan
				is approved by a majority of the total votes of the members of each savings
				bank eligible to be cast at a meeting held at the call of each savings bank's
				directors in accordance with the procedures prescribed by each savings bank's
				charter and bylaws. When the Reorganization Plan involves acquiring a
				pre-existing depository institution, the Plan is submitted to the stockholders
				of the pre-existing depository institution and is approved by the majority of
				the total votes of the shareholders eligible to be cast at a meeting held at
				the call of the institution's directors in accordance with the institution's
				charter and bylaws.
d) All
				necessary regulatory approvals have been obtained and all requirements of this
				Subpart are met.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1111 - Subsidiary Holding Company

Current through Register Vol. 48, No. 28, July 12, 2024
As part of a mutual holding company reorganization or
				  thereafter, a mutual holding company may establish a subsidiary stock holding
				  company which shall wholly own and control the resulting savings bank and any
				  acquiree savings banks. A subsidiary holding company shall be subject to
				  Sections
				  1075.1225 and
				  1075.1330
				  as if it were a resulting savings bank. The subsidiary holding company shall be
				  subject to Section
				  1075.1275(c)
				  as if it were the mutual holding company and the mutual holding company shall
				  remain subject to Section
				  1075.1275(c).
				  The Director may impose other requirements to ensure that the members of the
				  resulting savings bank and any acquiree savings bank have the same rights,
				  opportunities, and protection as if no subsidiary stock holding company been
				  established.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1115 - Prohibition Against Approval of Certain Applications for Reorganization

Current through Register Vol. 48, No. 28, July 12, 2024
No application for reorganization may be approved by the
				  Director if:
a) The plan of
				reorganization adopted by the applicant's board of directors is not in
				accordance with this Subpart;
b)
				The reorganization reasonably could be expected to result in a resulting or
				acquiree savings bank or pre-existing depository institution with capital below
				requirements established by the Director and by Federal law;
c) The reorganization results in a taxable
				reorganization under the United States Internal Revenue Code of 1986 (
				26
				USC 1 et seq.) and the Director upon a
				written finding determines that the reorganization will endanger the safety and
				soundness of a resulting or acquiree or pre-existing savings bank; or
d) A resulting savings bank does not secure
				insurance of its deposit accounts backed by the full faith and credit of the
				United States government before reorganization.