reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 345.280 - Assigned Ratings

Current through Register Vol. 48, No. 28, July 12, 2024
a) Ratings in
				general. Subject to subsections (b) and (c), the Secretary assigns to a bank a
				rating of "outstanding", "satisfactory", "needs to improve", or "substantial
				noncompliance" based on the bank's performance under the lending, investment
				and service tests, the community development test, the small bank performance
				standards, or an approved strategic plan, as applicable.
b) Lending, investment, and service tests.
				The Secretary assigns a rating for a bank assessed under the lending,
				investment, and service tests in accordance with the following principles:
1) A bank that receives an "outstanding"
				rating on the lending test receives an assigned rating of at least
				"satisfactory";
2) A bank that
				receives an "outstanding" rating on both the service test and the investment
				test and a rating of at least "high satisfactory" on the lending test receives
				an assigned rating of "outstanding"; and
3) No bank may receive an assigned rating of
				"satisfactory" or higher unless it receives a rating of at least "low
				satisfactory" on the lending test.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 345.290 - Effect of ILCRA Performance on Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) ILCRA performance. Among other factors,
				the Secretary takes into account the record of performance under the ILCRA of
				each applicant bank in considering an application for approval of:
1) The relocation of the bank's main office
				or a branch, but only when express prior approval is otherwise required under
				applicable State law or administrative rule; and
2) The merger, consolidation, acquisition of
				assets, or assumption of liabilities.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.400 - Assessment Area Delineation

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
				general. A bank shall delineate one or more assessment areas within which the
				Secretary evaluates the bank's record of helping to meet the credit needs of
				its community. The Secretary does not evaluate the bank's delineation of its
				assessment area as a separate performance criterion, but the Secretary reviews
				the delineation for compliance with the requirements of this Section.
b) Geographic areas for wholesale or limited
				purpose banks. The assessment area for a wholesale or limited purpose bank must
				consist generally of one or more MSAs or metropolitan divisions (using the MSA
				or metropolitan division boundaries that were in effect as of January 1 of the
				calendar year in which the delineation is made) or one or more contiguous
				political subdivisions, such as counties, cities, or towns, in which the bank
				has its main office, branches, and deposit-taking Automated Teller Machines
				(ATMs).
c) Geographic areas for
				other banks. The assessment area for a bank other than a wholesale or limited
				purpose bank must:
1) Consist generally of one
				or more MSAs or metropolitan divisions (using the MSA or metropolitan division
				boundaries that were in effect as of January 1 of the calendar year in which
				the delineation is made) or one or more contiguous political subdivisions, such
				as counties, cities, or towns; and
2) Include the geographies in which the bank
				has its main office, its branches, and its deposit-taking RSFs, as well as the
				surrounding geographies in which the bank has originated or purchased a
				substantial portion of its loans (including home mortgage loans, small business
				and small farm loans, and any other loans the bank chooses, such as those
				consumer loans on which the bank elects to have its performance
				assessed).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.410 - Data Collection, Reporting, and Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
a) Loan information required to be collected
				and maintained. A bank, except a small bank, shall collect, and maintain in
				machine readable form (as prescribed by the Secretary) until the completion of
				its next ILCRA examination, the following data for each small business or small
				farm loan originated or purchased by the bank:
1) A unique number or alpha-numeric symbol
				that can be used to identify the relevant loan file;
2) The loan amount at origination;
3) The loan location; and
4) An indicator whether the loan was to a
				business or farm with gross annual revenues of $1 million or
				less.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.420 - Content and Availability of Public File

Current through Register Vol. 48, No. 28, July 12, 2024
a) Information available to the public. A
				bank shall maintain a public file that includes the following information:
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 bank's performance in helping to meet community
				credit needs, and any response to the comments by the bank, if neither the
				comments nor the responses contain statements that reflect adversely on the
				good name or reputation of any persons other than the bank or publication of
				which would violate specific provisions of law;
2) A copy of the public section of the bank's
				most recent ILCRA Performance Evaluation prepared by the Secretary. The bank
				shall place this copy in the public file within 30 business days after its
				receipt from the Secretary;
3) A
				list of the bank's branches, their street addresses, and geographies;
4) A list of branches opened or closed by the
				bank during the current year and each of the prior two calendar years, their
				street addresses and geographies;
5) A list of services (including hours of
				operation, available loan and deposit products, and transaction fees) generally
				offered at the bank's branches and descriptions of material differences in the
				availability or cost of services at particular branches, if any. At its option,
				a bank may include information regarding the availability of alternative
				systems for delivering retail banking services (e.g.
,
RSFs,
				RSFs not owned or operated by or exclusively for the bank, banking by telephone
				or computer, loan production offices, bank-at-work or bank-by-mail
				programs);
6) A map of each
				assessment area showing the boundaries of the area and identifying the
				geographies contained within the area, either on the map or in a separate list;
				and
7) Any other information the
				bank chooses.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.430 - Public Notice by Banks

Current through Register Vol. 48, No. 28, July 12, 2024
A bank shall provide in the public lobby of its main office
				  and each of its branches, if any, and on its website the appropriate public
				  notice set forth in Section 345.APPENDIX B. Only a branch of a bank having more
				  than one assessment area shall include the bracketed material in the notice for
				  branch offices. Only a bank that is an affiliate of a holding company shall
				  include the next to the last sentence of the notices. A bank shall include the
				  last sentence of the notices only if it is an affiliate of a holding company
				  that is not prevented by statute from acquiring additional
				  banks.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.440 - Publication of Planned Examination Schedule

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary will publish, at least 30 days in advance of
				  the beginning of each calendar quarter, a list of banks scheduled for ILCRA
				  examinations in that quarter.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.450 - Alternative Examination Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Secretary may establish alternative
				examination procedures for banks which were rated "outstanding" as of their
				most recent ILCRA or federal Community Reinvestment Act examination. The
				purpose of the alternative procedures shall be to reduce the cost to these
				banks. The alternative procedures shall in no way limit public
				participation.
b) At the time of
				examination any bank that satisfies either of the following eligibility
				standards as shown in its Year-end Call report and other related documentation
				may elect to use the Very Small Bank Examination Procedures set forth in
				subsection (j):
1) Total assets less than
				$25,000,000; or
2) Total assets
				less than $100,000,000 that lent or originated less than 50 residential
				mortgage loans reportable under the Home Mortgage Disclosure Act (HMDA)
				(12 U.S.C.
				461) in the previous calendar year. The
				$100,000,000 threshold shall be adjusted so that it is equivalent to the
				corresponding threshold for state-chartered credit unions based on amendments
				made by the National Credit Union Administration from time to time in its
				definition of "small entity" for purposes of the federal Regulatory Flexibility
				Act (5 U.S.C.
				601(6)). For purposes of
				this subsection (b), "lent" or "originated" means the bank was responsible for
				underwriting, making credit decisions for, issuing commitments for, or funding
				for the residential mortgage loan; "residential mortgage loan" means any loan
				primarily for personal, family or household use that is secured by a mortgage,
				deed of trust or other equivalent consensual security interest on a dwelling or
				residential real estate upon which is constructed or intended to be constructed
				a dwelling; and "dwelling" means a residential structure or mobile home which
				contains one to four family housing units or individual units of condominiums
				or cooperatives. For purposes of this subsection (b), "lent" or "originated"
				does not include the performance of brokerage or referral
				activities.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.460 - 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
				ILCRA, the Secretary or the Secretary's appointees may examine the entire
				books, records, documents, and operations of each bank or its affiliates or
				agents, and may examine any banks' or affiliates' or agents' officers,
				directors, employees, and agents under oath.
b) A bank 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 bank are
				available for depositions or interviews upon reasonable
				notice.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.470 - Examination Frequency and Coordination

Current through Register Vol. 48, No. 28, July 12, 2024
a) Subject to the provisions of this Section,
				the Secretary shall conduct examinations under the ILCRA or this Part in
				coordination with a bank's primary federal financial supervisory
				agency.
b) Initial ILCRA
				examinations of banks shall be conducted according to the following schedule.
1) Initial ILCRA examinations of banks with
				total assets of $1 billion or more, as shown by its Year-end Call Report, shall
				not be conducted until at least February 1, 2025 and shall be conducted within
				three years.
2) Initial ILCRA
				examinations of banks with total assets of $391,000,000 to less than $1
				billion, as shown by its Year-end Call Report, shall not be conducted until at
				least February 1, 2025 and shall be conducted within four years.
3) Initial ILCRA examinations of banks with
				total assets of $10,000,000 but less than $391,000,000, as shown by its
				Year-end Call Report, shall not be conducted until at least August 1, 2025 and
				shall be conducted within five years.
4) Initial ILCRA examinations of banks with
				total assets of less than $10,000,000, as shown by its Year-end Call Report,
				shall not be conducted until at least August 1, 2025 and shall be conducted
				within six years.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.480 - Examination Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Annual fees.
				Each fiscal year, banks shall pay an annual ILCRA fee to the Department based
				upon its total assets as shown by its Consolidated Report of Condition and
				Income for the quarter ending March 31, at the following rates:
TOTAL ASSETS
ILCRA ANNUAL FISCAL YEAR 2025
							 FEE
ILCRA ANNUAL FISCAL YEAR 2026
							 FEE
$1,000,000 or less
No charge
No charge
Over $1,000,000 and not over $10,000,000
No charge
No charge
Over $10,000,000 and not over $30,000,0000
$1,000
$1,050
Over $30,000,000 and not over $50,000,000
$2,000
$2,100
Over $50,000,000 and not over $100,000,000
$3,000
$3,150
Over $100,000,000 and not over $350,000,000
$4,500
$4,725
Over $350,000,000 and over $500,000,000
$9,000
$9,450
Over $500,000,000 and not over $1,000,000,000
$13,000
$13,650
Over $1,000,000,000 and not over
							 $10,000,000,000
$18,000
$18,900
Over $10,000,000,000
$24,000
$25,000
b)
				Out-of-state travel expenses. When out-of-state travel occurs in the conduct of
				any examination, the bank 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).
c) All fees received
				pursuant to this Part shall be deposited in the Bank and Trust Company Fund and
				subject to Section 48(3) of the Illinois Banking Act.
d) Notwithstanding Section 345.490, the fee
				for fiscal year 2025 shall be due on September 1, 2024. The fee for each fiscal
				year thereafter shall be due within 30 days after the start of each fiscal
				year. 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 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.490 - Implementation Period

Current through Register Vol. 48, No. 28, July 12, 2024
a) Banks with
				total assets of $391,000,000 or more shall comply with this Part by February 1,
				2025.
b) Banks with total assets of
				less than $391,000,000 shall comply with this Part by August 1, 2025.
c) The Secretary may conduct an examination
				at any time upon finding:
1) a bank's primary
				federal financial supervisory agency has rated the bank, as of its most recent
				examination, in "substantial noncompliance" with the federal 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 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Section 345.500 - 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 Illinois Banking Act,
				  Savings Bank Act, or Foreign Banking Office Act, as applicable to the
				  particular bank. 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 failure to
				  comply.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 345 - BANK COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS › Appendix C - Examples of Community Development

Current through Register Vol. 48, No. 28, July 12, 2024
Examples of services, programs, sponsorships, donations,
				  lawful investments, deposits, membership shares, grants, and other activities
				  which may be deemed to have the primary purpose of community development
				  include, but are not limited to the following:
a) Establishment of or material support of
				  charitable donation accounts and donor advised funds that benefit charitable
				  organizations which help meet the financial services needs of low-income and
				  moderate-income neighborhoods or individuals within the bank's assessment
				  area;
b) Establishment of or material support of
				  foundations and other affiliated companies that provide programs and services
				  to meet the credit needs of low-income to moderate- income
				  neighborhoods;
c) Material support of small banks as defined in
				  Section 345.20 that provide programs,
				  products and services to meet the credit needs of low-income to moderate-income
				  individuals or families;
d) Offering products and services targeted to
				  expand access to safe and affordable banking services;
e) Provision or support of community development
				  services that directly and tangibly benefit the assessment area;
f) Offering products and services and/or provision
				  of investments targeted to directly and tangibly increase climate resilience in
				  low-income to moderate- income neighborhoods;
g) Offering products and services and or provision
				  of investments targeted to directly and tangibly mitigate environmental harm in
				  low-income to moderate- income neighborhoods;
h) Offering products and services and/or the
				  provision of investments targeted to directly and tangibly mitigate the digital
				  divide in low-income and moderate-income neighborhoods;
i) Participating in Invest in Illinois or other
				  similar state or federal programs which have the primary purpose of community
				  development;
j) Participating in an activity listed on the
				  Office of the Comptroller of the Currency's CRA Illustrative List of Qualifying
				  Activities found on the Office's website. The Secretary shall post a link to
				  the Office of the Comptroller of the Currency's CRA Illustrative List of
				  Qualifying Activities on the Department's website.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 350 - LOAN AGREEMENTS PROVIDING FOR A BANK TO SHARE IN PROFITS, INCOME OR EARNINGS › Section 350.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
A method of financing real estate acquisition, development or
				construction projects is through lending transactions in which the state bank
				shares in profits, income or earnings generated by the ultimate sale or use of
				the real estate. These lending transactions are often structured in such a
				manner that they are in essence an investment in real estate or a joint venture
				in which the state bank has virtually the same risks and potential rewards as
				those of an investor or a joint venturer. Investments in real estate or a joint
				venture are not authorized under Sections 3 or 5 of the Illinois Banking Act
				("the Act") [205 ILCS 5/3 and 5 ]. This Part sets forth the general criteria
				for determining whether acquisition, development or construction lending
				transactions are an investment in real estate, a joint venture or a
				loan.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 350 - LOAN AGREEMENTS PROVIDING FOR A BANK TO SHARE IN PROFITS, INCOME OR EARNINGS › Section 350.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"ADC" means acquisition, development or construction.
"ADC lending transaction" means a loan or extension of credit
				for the purpose of real estate acquisition, development or construction.
"Commissioner" means the Commissioner of Banks and Real
				Estate.
"creditworthy" means having the financial capacity to issue an
				irrevocable letter of credit, take-out commitment, non-cancellable sales
				contract or lease commitment.
"substantial assets" means tangible, saleable assets other than
				the acquisition, development and construction project which have a determinable
				sales value and are not pledged as collateral for other loans.
"substantial equity investment" means any of the
				following:
cash payments;
contribution of land or other assets; or
value added by future development or construction as a result
				of the borrower's efforts.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 350 - LOAN AGREEMENTS PROVIDING FOR A BANK TO SHARE IN PROFITS, INCOME OR EARNINGS › Section 350.30 - Permissible ADC Lending Transactions by State Banks

Current through Register Vol. 48, No. 28, July 12, 2024
State banks may engage in or purchase participations in ADC
				lending transactions unless such transactions are structured in such a manner
				that the state bank has the same risks and potential rewards as those of an
				investor or a joint venturer in real estate.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 350 - LOAN AGREEMENTS PROVIDING FOR A BANK TO SHARE IN PROFITS, INCOME OR EARNINGS › Section 350.40 - Characteristics of ADC Lending Transactions Implying Unauthorized Investments in Real Estate or a Joint Venture

Current through Register Vol. 48, No. 28, July 12, 2024
Factors which are relevant, if applicable, in determining
				whether the risks and rewards to the state bank as a result of an ADC lending
				transaction are similar to those associated with an unauthorized investment in
				real estate or a joint venture include the following:
a) The state bank agrees to provide more than
			 90% of the necessary funds to acquire and develop the property. Although the
			 borrower has title to the property, its equity interest is less than 10% of the
			 funds needed to acquire and develop the property;
b) The state bank funds the interest and fees
			 during the term of the loan by adding interest and fees to the loan
			 balance;
c) The state bank funds
			 the loan commitment or origination fees or both by including them in the amount
			 of the loan;
d) The loan is secured
			 only by the acquisition, development or construction project. The state bank
			 has no legal right to liquidate other assets of the borrower and the borrower
			 does not guarantee the loan;
e) The
			 ADC lending transaction will not generate income for the state bank unless the
			 property is sold to independent third parties, the borrower obtains refinancing
			 from another source or the property is put to productive use and generates
			 sufficient net cash flow to service debt principal and interest; and
f) The ADC lending transaction is structured
			 so that foreclosure during the project's development is not possible because
			 the borrower is not required to make any loan payments until the project is
			 complete and therefore the loan cannot become delinquent.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 350 - LOAN AGREEMENTS PROVIDING FOR A BANK TO SHARE IN PROFITS, INCOME OR EARNINGS › Section 350.50 - Characteristics of ADC Lending Transactions Implying Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Factors which are relevant, if applicable, in determining
				whether the risks and rewards to the state bank as a result of an ADC lending
				transaction are similar to those associated with a loan include the
				following:
a) The borrower has a
			 substantial equity investment in the acquisition, development or construction
			 project that is not funded by the state bank;
b) The borrower has provided an irrevocable
			 letter of credit to the state bank from a creditworthy third party for the full
			 amount of the loan and the entire term of the loan;
c) A take-out commitment for the full amount
			 of the loan has been obtained from a creditworthy third party;
d) Non-cancellable sales contracts or lease
			 commitments from creditworthy third parties are currently in effect and will
			 provide sufficient net cash flow upon completion of the project to service
			 principal and interest; and
e) Upon
			 default, the state bank has a legal right to liquidate substantial assets of
			 the borrower in satisfaction of the debt.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 350 - LOAN AGREEMENTS PROVIDING FOR A BANK TO SHARE IN PROFITS, INCOME OR EARNINGS › Section 350.60 - Procedure

Current through Register Vol. 48, No. 28, July 12, 2024
A state bank may request a declaratory ruling pursuant to
				Section 5-150(a) of the Illinois Administrative Procedure Act [5 ILCS
				100/5-150(a) ] from the Commissioner
				that an ADC lending transaction is permissible by submitting a written request
				to the Commissioner which describes the proposed transaction and addresses the
				factors set forth in Section
				350.50.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 354 - ADMINISTRATION OF ASSETS OBTAINED IN COLLECTION OF A DEBT › Section 354.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Section 3 of the Illinois Banking Act (the Act) authorizes a
				state bank to loan money on personal or real estate security [205 ILCS
				5/3 ]. Section 5(12) of the Act further authorizes a
				state bank to establish a subsidiary to hold title to and administer assets
				acquired as a result of the collection of loans. Included in these express
				powers is the incidental right to maintain assets that a state bank acquires in
				collection of a debt in preparation for their disposal.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 354 - ADMINISTRATION OF ASSETS OBTAINED IN COLLECTION OF A DEBT › Section 354.20 - General Rule

Current through Register Vol. 48, No. 28, July 12, 2024
a) A state bank and
			 its subsidiaries may take actions that are necessary to administer assets
			 obtained in the collection of a debt, provided such actions are in conjunction
			 with ongoing efforts to dispose of the assets by sale or liquidation.
b) A state bank and its subsidiaries shall
			 adopt a written policy for the disposition of assets obtained in the collection
			 of a debt.
c) A state bank and its
			 subsidiaries shall document in each loan file any deviation from the written
			 policy for the disposition of assets obtained in the collection of a
			 debt.
d) When making a request for
			 an extension of the period for which assets may be retained, whether pursuant
			 to Section 5(9) of the Act or otherwise, a state bank or its subsidiary shall
			 furnish the following information to the Commissioner:
1) the good faith actions the bank has taken
			 to dispose of the assets;
2) why
			 further retention of the assets is in the best interests of the bank;
3) the bank's estimate of time frame for
			 ultimate disposition of the assets;
4) the cost for administering the assets
			 during the interim; and
5) such
			 other pertinent information as the Commissioner may request.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 355 - STATUTORY BAD DEBTS › Section 355.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Illinois Banking Act [205 ILCS 5 ] as now or
				hereafter amended.
"Bad debt" shall mean all debts due to a state bank on which
				interest is past due and unpaid for a period of six months or more, unless the
				same are well secured and in the process of collection.
"Process of collection" means the collection is proceeding in
				due course, either through legal action (e.g. judgment enforcement proceedings)
				or any other means expected to result in repayment of a debt (e.g., contacting
				a debtor or referral to a collection agency).
"Well secured" means:
secured by collateral in the form of liens on or pledges of
				real or personal property having a value sufficient to discharge the debt in
				full; or
secured by a written guarantee of a financially responsible
				party.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 355 - STATUTORY BAD DEBTS › Section 355.20 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 14(8) of the Act a state bank shall not pay
				dividends in an amount greater than its net profits then on hand without first
				deducting therefrom its losses and bad debts. This Part establishes guidelines
				for determining when an obligation is well secured and in the process of
				collection.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 355 - STATUTORY BAD DEBTS › Section 355.30 - Plan for Collection

Current through Register Vol. 48, No. 28, July 12, 2024
A bank must have a written plan for collection of a debt
				setting forth the following:
a) the
			 reason for the selected method of collection;
b) the procedures the bank must follow to
			 effect the collection; and
c) the
			 expected date of repayment of the debt.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 355 - STATUTORY BAD DEBTS › Section 355.40 - Documentation

Current through Register Vol. 48, No. 28, July 12, 2024
A bank must maintain in its files documentation to support its
				evaluation of the security for a debt (i.e. appraisal). In addition, a bank
				must maintain progress reports on its collection efforts, noting and explaining
				any deviation from the written plan for collection.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 356 - REIMBURSEMENT TO BANKS AND CORPORATE FIDUCIARIES FOR FINANCIAL RECORDS › Section 356.10 - General Rule for Reimbursement of Costs

Current through Register Vol. 48, No. 28, July 12, 2024
A bank or corporate fiduciaryshall be reimbursed for costs
				which are reasonably necessary (including but not limited to personnel costs,
				reproduction costs and transportation costs) and which have been incurred in
				searching for, reproducing and transporting books, papers, records or other
				data of a customer which have been requested to be produced pursuant to a
				lawful subpoena, summons, warrant or court order. (Section 48.1(g) of the
				Illinois Banking Act [205 ILCS
				5/48.1(g) ] and Section 5-11 of the
				Corporate Fiduciary Act [205
				ILCS 620/5-1 ].
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 356 - REIMBURSEMENT TO BANKS AND CORPORATE FIDUCIARIES FOR FINANCIAL RECORDS › Section 356.20 - Rates of Reimbursement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Personnel costs incurred in locating, retrieving, reproducing and preparing
			 financial records shall be reimbursed at the rate of $20 per hour per
			 person.
b) Reproduction costs
			 incurred in making photocopies of documents shall be reimbursed at 30 cents per
			 exposure. Reproductions of microfilm, microfiche, photographs, films and other
			 materials shall be reimbursed at actual cost.
c) Transportation costs incurred in
			 transporting bank personnel to locate and retrieve material, and to convey the
			 material to the place of examination, shall be reimbursed at the rate of 31.5
			 cents per mile or, if a mail or courier service is used, at the actual cost of
			 such service.
d) All other costs,
			 including, but not limited to, telephone calls, telegrams and shipping costs,
			 incurred in searching for, reproducing and transporting data pursuant to a
			 request for financial records, shall be reimbursed at actual cost.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 356 - REIMBURSEMENT TO BANKS AND CORPORATE FIDUCIARIES FOR FINANCIAL RECORDS › Section 356.30 - Documentation of Costs

Current through Register Vol. 48, No. 28, July 12, 2024
The bank or corporate fiduciary shall provide to the person
				requesting such records an itemized invoice indicating in specific detail the
				costs for:
a) personnel;
b) reproduction;
c) transportation; and
d) all other costs incurred in searching for,
			 reproducing and transporting data pursuant to a request for financial
			 records.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 356 - REIMBURSEMENT TO BANKS AND CORPORATE FIDUCIARIES FOR FINANCIAL RECORDS › Section 356.40 - Payment of Costs

Current through Register Vol. 48, No. 28, July 12, 2024
At the bank's or corporate fiduciary's option, it may prepare
				one or more reasonable estimates of the ultimate reimbursement of costs
				associated with a search for financial records in the form prescribed in
				Section
				356.30 of
				this Part and require one or more partial payments before proceeding with the
				work of locating and reproducing the requested documents. Delivery of the
				requested documents may be delayed until final reimbursement of all costs is
				received.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 357 - REDUCTION IN THE NUMBER OF REQUIRED DIRECTORS › Section 357.10 - Factors to be Considered

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
			 determining whether to allow a Bank to reduce the minimum number of its
			 directors, the Commissioner of Banks and Real Estate ("Commissioner") shall
			 consider the following factors in addition to those set forth in Section
			 16(2)(b) of the Illinois Banking Act [205 ILCS
			 5/16(2)(b) ].
1) the reason for the reduction in the number
			 of directors;
2) the current number
			 of directors for the Bank as fixed by its stockholders in relation to the size
			 of the Bank;
3) the number of
			 vacancies, if any, on the Board of Directors ("Board");
4) the reason for the vacancies (i.e. death,
			 resignation or removal);
5) the
			 length of time the vacancies have existed;
6) the number of individuals who have been
			 asked by the Bank to serve on the Board and have refused; and
7) the education and experience of the
			 individuals who are candidates for directors.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 357 - REDUCTION IN THE NUMBER OF REQUIRED DIRECTORS › Section 357.20 - Annual Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) When
			 annually reviewing a grant of authority to reduce the number of required
			 directors, the Commissioner shall consider the following factors:
1) the performance of the Bank since the
			 reduction in the number of required directors as determined by the
			 Commissioner's annual report of examination pursuant to Section 48(2) of the
			 Illinois Banking Act, [205 ILCS
			 5/48(2) ]; and
2) the feasibility of the Bank obtaining
			 additional directors to serve on the Board.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart A - DEFINITIONS AND FEES › Section 360.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Part:
"Act" means the Pawnbroker Regulation Act [205 ILCS
				  510].
"Applicant" means the individual or business entity applying
				  to the Secretary for a license.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director of the Division of Banking with
				  the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Banking.
"License" means the authority to operate a pawnshop as issued
				  by the Secretary.
"Licensee" means the individual or business entity who has
				  been issued a license by the Secretary.
"NMLS" means the Nationwide Multistate Licensing System and
				  Registry.
"Pawnbroker" shall have the same meaning ascribed to that
				  term in Section 1 of the Act.
"Pledger" means any person who has pledged tangible personal
				  property as collateral for a pawn loan.
"Principal party" means any officer or director of a pawnshop
				  or a corporation that owns or seeks to own a pawnshop; any manager of a limited
				  liability company that is a pawnshop or that owns or seeks to own a pawnshop;
				  any shareholder or member owning 10% or more of the outstanding stock or
				  membership interests of a pawnshop or a business entity that owns or seeks to
				  own a pawnshop; or any partner, whether general or limited, of a partnership
				  that is a pawnshop or that owns or seeks to own a pawnshop.
"Respondent" means the person named in an administrative
				  decision.
"Secretary" means the Secretary of the Department of
				  Financial and Professional Regulation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart A - DEFINITIONS AND FEES › Section 360.20 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) The following
				fees listed in this subsection (a) shall be payable to the Department or to the
				Nationwide Mortgage Licensing System and Registry for transfer to the
				Department as approved by the Director. The Director may specify the form of
				payment to the Department or to the NMLS, which may include certified check,
				money order, credit card, or other forms authorized by the Director. The
				Director may specify that fees be paid separately or combined, and may pro-rate
				fees for implementation of the NMLS. The NMLS shall be authorized to collect
				and process transaction fees or other fees related to licensees or other
				persons subject to the Act.
1) Pawnshop
				License Application and Renewal. For each application of an initial license and
				each application for an annual renewal of a license, the applicant shall pay a
				nonrefundable application fee of $1,000 and associated fees, as described in
				Sections
				360.110,
				360.120,
				360.130,
				and
				360.160.
2) Change in Control or Form of Ownership.
				The licensee shall pay a nonrefundable fee of $300 for each application for
				change of control or form of ownership filed pursuant to Section
				360.150.
3) Change of Name. The licensee shall pay a
				nonrefundable fee of $50 for each application for change of name filed pursuant
				to Section 360.150.
4) Change of
				Location. The licensee shall pay a nonrefundable fee of $50 for each
				application for change of location filed pursuant to Section 360.150.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart B - PAWNSHOP LICENSE › Section 360.100 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
This Part sets forth:
a) where required applications and notices
				must be filed;
b) the contents of
				the application package;
c) the
				locations where the application package may be obtained;
d) the procedures to be followed by both the
				Secretary and the applicant during the processing of an application or
				notice;
e) the fee which will be
				levied for each type of application or notice;
f) the standards for licensure;
g) the procedures to be followed by both the
				Secretary and a licensee relating to a change in location or name of a
				pawnshop;
h) the procedures to be
				followed by the Secretary, a licensee and an acquiring party relating to a
				change in control or form of ownership of a pawnshop;
i) the procedures to be followed by both the
				Secretary and a licensee relating to the renewal of a license; and
j) requirements relating to the display of a
				license.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart B - PAWNSHOP LICENSE › Section 360.110 - Application for License

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Licensure Requirement, Where to File. Section 0.05(c) of the Act provides that
				it is unlawful to operate a pawnshop without a license issued by the Secretary.
				Requests for an application shall be directed to the Department of Financial
				and Professional Regulation-Division of Banking, Pawnbroker Regulation Section,
				320 W. Washington Street, Springfield IL 62786; Telephone (217) 785-2900. A
				separate license is required for each pawnshop location.
b) Instructions, Contents. An application for
				a license shall state the full name and address of the applicant, together with
				any other relevant information the Secretary shall require, including, but not
				limited to, the following requirements:
1)
				Disclosure of Principal Parties. The full name and place of residence of all
				principal parties, including all managers of the pawnshop, must be provided. A
				principal party is any person or entity owning or controlling 10% or more of
				the equity or voting stock of the pawnshop.
2) In connection with an application for
				licensing, each principal party shall be required, at a minimum, to furnish
				information concerning the applicant's identity, including:
A) fingerprints of the applicant to a vendor
				approved by the NMLS, for submission to the Federal Bureau of Investigation or
				any governmental agency or entity authorized to receive that information for a
				State, national and international criminal history background check;
				and
B) personal history and
				experience in a form prescribed by the Secretary, including the submission of
				authorization to obtain:
i) an independent
				credit report obtained from a consumer reporting agency described in Section
				603(p) of the Fair Credit Reporting Act (15
				U.S.C. 1681a(p));
				and
ii) information related to any
				administrative, civil or criminal findings by any governmental
				jurisdiction.
3) Insurance Requirement. The applicant,
				whether seeking a new license or renewing an existing license, shall provide
				the Secretary with proof of hazard insurance that evidences the name and
				address of the insuring company, the insurance policy number, the extent of
				coverage relating to the value of loans outstanding on pawned items, the amount
				of coverage, and the policy's expiration date. Thereafter, this information
				shall be held in file by the applicant for inspection at all times on demand by
				the Secretary.
4) Fees and
				Duration. The payment of a nonrefundable application fee in the amount of $1000
				shall accompany an application for an annual license. Unless otherwise
				permitted by the Secretary, the payment of all fees shall be made by an
				electronic transfer of funds, or an automatic debit of an account.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart B - PAWNSHOP LICENSE › Section 360.120 - Processing of Application

Current through Register Vol. 48, No. 28, July 12, 2024
a) Initial
				Review. The Secretary shall evaluate all applications within 30 business days
				after receipt and acknowledge completeness, identify deficiencies, and request
				additional information, if necessary. A completed application is one that
				conforms to the instructions provided in the application package and for which
				all fees have been paid. The Secretary may reject an incomplete
				application.
b) Failure to Complete
				Application. If a complete application has not been filed with the Secretary
				within 30 business days after the Secretary's request for additional
				information, the application shall be denied and the applicable fee shall be
				forfeited, unless a further extension of time has been granted by the
				Secretary.
c) Consideration of
				Completed Application. Upon receipt of a completed application and all required
				fees, a determination will be made by the Secretary within 30 business days to
				approve or deny the application request, unless the Secretary determines
				additional time is necessary (e.g., pending background investigations). A
				written notice of the Secretary's decision will be mailed to the applicant. The
				written notice for all denied applications will also include the reasons for
				denial. The applicable fee for all denied applications will not be refunded to
				the applicant.
d) Petition for
				Reconsideration. An applicant has the right to petition the Secretary for
				reconsideration within 30 business days after receipt of the written notice of
				license denial. The petition must be in writing and should: address the reasons
				for denial as cited by the Secretary, specify reasons why the Secretary should
				reconsider the decision, and provide relevant information that supports the
				reasons for reconsideration. The Secretary shall respond to all petitions
				within 30 business days after receipt, unless the Secretary determines
				additional time is necessary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart B - PAWNSHOP LICENSE › Section 360.130 - Standards for Licensure

Current through Register Vol. 48, No. 28, July 12, 2024
a) Unless
				otherwise authorized by the Secretary, in order to be eligible for a license to
				operate a pawnshop, each applicant and principal party must:
1) if an individual, be 18 years of age or
				older;
2) not have been convicted
				of a felony or of any criminal offense relating to dishonesty or breach of
				trust in connection with the operations of a pawnshop;
3) possess the character and general fitness
				necessary to warrant belief that the business will be operated in a lawful and
				fair manner.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 360 - LICENSING AND REGULATION OF PAWNBROKERS › Subpart B - PAWNSHOP LICENSE › Section 360.140 - Initial Applications for License from Persons Operating or Who Have Operated a Pawnshop for the Two Years Preceding July 1, 1998

Current through Register Vol. 48, No. 28, July 12, 2024
a) Unless otherwise authorized by the
				Secretary, for persons who have operated a pawnshop at any time between July 1,
				1996 through June 30, 1998, in order to be eligible for a license to operate a
				pawnshop, each applicant and principal party must:
1) not have been convicted of a felony or of
				any criminal offense relating to dishonesty or breach of trust in connection
				with the operations of a pawnshop;
2) provide the Secretary with satisfactory
				evidence (e.g., a copy of a license issued from a municipality or copy of pages
				from a standard record book) that business activities were being conducted
				within the time period stated above.