 |
Illinois Administrative Code (Last Updated: March 27, 2024) |
 |
TITLE38. FINANCIAL INSTITUTIONS |
|
|
PART1075. SAVINGS BANK ACT |
| SUBPART A. FILINGS |
| § 1075.100. Filings |
| § 1075.110. Conditions |
| § 1075.120. Examination Fees [Repealed] |
| § 1075.130. Regulatory Fees |
| § 1075.140. Adjusted Supervisory Fees [Repealed] |
| § 1075.141. Special Credit [Repealed] |
| § 1075.150. Withdrawal of Applications or Other Filings |
| SUBPART B. DEFINITIONS |
| § 1075.200. Definitions |
| SUBPART C. REPORTS |
| § 1075.300. Contracts |
| § 1075.310. Financial Reports |
| SUBPART D. OPERATIONS |
| § 1075.400. Capital Stock [Repealed] |
| § 1075.410. Minimum Capital Requirement |
| § 1075.415. Conflicting Federal Powers, Law and Regulations |
| § 1075.420. Advertising |
| § 1075.430. Maintenance of Records |
| § 1075.440. Business Plan |
| § 1075.450. Excess Insurance |
| § 1075.455. Vacancies in the Board of Directors |
| § 1075.460. Bond of Officers, Organization Directors, Employees and Agents |
| § 1075.465. Indemnification of Officers, Organization Directors, Employees and Agents |
| § 1075.470. Deceptively Similar Names |
| § 1075.480. Manner of Display of Annual Meeting Notice |
| § 1075.490. Procedures for Exercise of Dissenters Rights |
| SUBPART E. INVESTMENTS |
| § 1075.500. Prudent Person Rule |
| § 1075.505. Investment Underwriting Practice |
| § 1075.510. Discrimination and Redlining |
| § 1075.515. Loans Secured by Real Estate |
| § 1075.520. Construction Loans |
| § 1075.525. Mobile Home Financing [Repealed] |
| § 1075.530. Overdraft Loans |
| § 1075.535. Education Loans |
| § 1075.540. Vehicle/Automobile Loans |
| § 1075.545. Home Equity Loans |
| § 1075.550. Letter of Credit |
| § 1075.555. Other Investments |
| § 1075.560. Commercial Paper |
| § 1075.565. Financial Futures |
| § 1075.570. Financial Options |
| § 1075.575. Finance Leasing |
| § 1075.580. Suretyship |
| § 1075.585. Asset Reserves |
| § 1075.590. Asset Composition Test |
| SUBPART F. SERVICE CORPORATION AND OPERATING SUBSIDIARIES |
| § 1075.600. Requirements |
| § 1075.610. Approval by the Director |
| § 1075.620. Investment Limitations |
| § 1075.630. Investments by Service Corporations |
| § 1075.640. Ownership of Capital Stock of Service Corporation |
| § 1075.650. Prohibited Transactions |
| § 1075.660. Disclosure to Service Corporation |
| § 1075.670. Reporting Requirements |
| § 1075.680. Audit Requirements |
| SUBPART G. RELOCATIONS AND BRANCHING |
| § 1075.700. General |
| § 1075.705. Application |
| § 1075.710. Request for Preliminary Determination |
| § 1075.715. Public Notice and Inspection |
| § 1075.720. Protest |
| § 1075.725. Oral Argument |
| § 1075.730. Application for the Maintenance of Branch Office after Conversion, Consolidation, Purchase of Assets or Merger |
| § 1075.735. Redesignation of Offices |
| § 1075.740. Termination of Operation and/or Closing of a Branch Office |
| § 1075.745. Agency Offices |
| § 1075.750. Remote Drive-In and/or Remote Pedestrian Facilities |
| SUBPART H. CAPITAL NOTES AND DEBENTURES |
| § 1075.800. Approval |
| § 1075.810. Conversion to Stock |
| § 1075.820. Priority of Claim |
| SUBPART I. ADMINISTRATIVE HEARING PROCEDURES |
| § 1075.900. Hearings |
| § 1075.905. Definitions [Repealed] |
| § 1075.910. Early Neutral Evaluation [Repealed] |
| § 1075.915. Conference Adjudicative Hearing [Repealed] |
| § 1075.920. Filing [Repealed] |
| § 1075.925. Form of Documents [Repealed] |
| § 1075.930. Computation of Time [Repealed] |
| § 1075.935. Appearances [Repealed] |
| § 1075.940. Notice of Hearing [Repealed] |
| § 1075.945. Service of the Notice of Hearing [Repealed] |
| § 1075.950. Motion and Answer [Repealed] |
| § 1075.955. Consolidation and Severance of Matters – Additional Parties [Repealed] |
| § 1075.960. Intervention [Repealed] |
| § 1075.965. Postponement or Continuance of Hearing [Repealed] |
| § 1075.970. Authority of Hearing Officer [Repealed] |
| § 1075.975. Bias or Disqualification of Hearing Officer [Repealed] |
| § 1075.980. Prehearing Conferences [Repealed] |
| § 1075.985. Discovery [Repealed] |
| § 1075.990. Subpoenas [Repealed] |
| § 1075.995. Conduct of the Hearing [Repealed] |
| § 1075.1000. Default [Repealed] |
| § 1075.1005. Evidence [Repealed] |
| § 1075.1010. Official Notice [Repealed] |
| § 1075.1015. Hostile Witnesses [Repealed] |
| § 1075.1020. Transcription of Proceedings [Repealed] |
| § 1075.1025. Briefs [Repealed] |
| § 1075.1030. Hearing Officer's Findings, Opinions and Recommendations [Repealed] |
| § 1075.1035. Order of the Director [Repealed] |
| § 1075.1040. Rehearings [Repealed] |
| § 1075.1045. Existing Statutory or Division Procedures and Practices [Repealed] |
| § 1075.1050. Costs of Hearing [Repealed] |
| § 1075.1055. Emergency Adjudication [Repealed] |
| SUBPART J. SAVINGS BANK HOLDING COMPANIES |
| § 1075.1100. Applicability |
| § 1075.1105. Definitions |
| § 1075.1110. Mutual Holding Company Reorganizations |
| § 1075.1111. Subsidiary Holding Company |
| § 1075.1115. Prohibition Against Approval of Certain Applications for Reorganization |
| § 1075.1120. Contents of Reorganization Plans |
| § 1075.1125. Capital Stock [Repealed] |
| § 1075.1130. Charter [Repealed] |
| § 1075.1135. Control [Repealed] |
| § 1075.1140. Eligible Account Holder [Repealed] |
| § 1075.1145. Eligibility Record Date [Repealed] |
| § 1075.1150. Employee [Repealed] |
| § 1075.1155. Equity Security [Repealed] |
| § 1075.1160. Insured Institution [Repealed] |
| § 1075.1165. Member [Repealed] |
| § 1075.1170. Net Worth [Repealed] |
| § 1075.1175. Officer [Repealed] |
| § 1075.1180. Person [Repealed] |
| § 1075.1185. Qualifying Deposit [Repealed] |
| § 1075.1190. Sale [Repealed] |
| § 1075.1195. Security [Repealed] |
| § 1075.1200. Source Documents [Repealed] |
| § 1075.1205. Subsidiary [Repealed] |
| § 1075.1210. Liquidation Account and Proxies |
| § 1075.1215. Mutual Holding Company Ceasing to be a Depository Institution |
| § 1075.1220. Directors of a Mutual Holding Company |
| § 1075.1225. Stock Issuance Plan |
| § 1075.1230. Stock of a Subsidiary of a Mutual Holding Company |
| § 1075.1235. Stock Subsidiary Formation |
| § 1075.1240. Net Worth Maintenance Agreement [Repealed] |
| § 1075.1245. Members' Rights |
| § 1075.1250. Investment |
| § 1075.1255. Notice Requirement/Corrective Action |
| § 1075.1260. Insider Abuses |
| § 1075.1265. Determination of the Qualification and Condition of an Out-of-State Acquisition |
| § 1075.1270. Acquisition and Disposal of Subsidiaries |
| § 1075.1275. Dividend Limitations and Waivers |
| § 1075.1280. Officers and Organization Directors List |
| § 1075.1285. Access to Books and Records |
| § 1075.1290. Annual Audit Requirements |
| § 1075.1295. Maintenance of Records |
| § 1075.1300. Notice of Appointment of Independent Accountants |
| § 1075.1305. Holding Company Filing Fees [Repealed] |
| § 1075.1310. Holding Company Supervisory Fees [Repealed] |
| § 1075.1315. Examination Fees [Repealed] |
| § 1075.1320. Conditions [Repealed] |
| § 1075.1325. Manner of Payment [Repealed] |
| § 1075.1330. Conversion of Mutual Holding Companies |
| SUBPART K. CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK |
| § 1075.1400. Scope of Rules |
| § 1075.1405. Definitions |
| § 1075.1410. General Rules for Conversion Plan |
| § 1075.1415. Adopting and Filing of a Conversion Plan |
| § 1075.1420. Conversion Plan Requirements [Repealed] |
| § 1075.1425. Vote by Shareholders and Members [Repealed] |
| § 1075.1430. Issuance of Certificate of Approval |
| § 1075.1435. Final Approval of the Conversion |
| § 1075.1440. Powers of Resulting Savings Bank |
| § 1075.1445. Obligations of Resulting Savings Bank |
| § 1075.1450. Organization Directors of Resulting Savings Bank |
| SUBPART L. SUPERVISION |
| § 1075.1500. Sale of Offices or Facilities |
| § 1075.1510. Purchase of Offices [Repealed] |
| § 1075.1520. Bridge Charters |
| § 1075.1530. Unsafe and Unsound Practices |
| § 1075.1540. Failure to Comply with Report of Examination |
| § 1075.1550. Publication |
| SUBPART M. REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION |
| § 1075.1600. Scope |
| § 1075.1610. Notice of Intention and Answer |
| § 1075.1620. Removal and Prohibition by Order |
| § 1075.1630. Suspension by Notice |
| § 1075.1640. Industrywide Prohibition |
| § 1075.1650. Unauthorized Participation of Convicted Individual |
| SUBPART N. ACQUISITION OF CONTROL OF SAVINGS BANK |
| § 1075.1700. Acquisition of Control of Savings Bank |
| § 1075.1710. Anti-Takeover Provisions |
| SUBPART O. CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK |
| § 1075.1800. Subpart Exclusive – Prohibition on Conversion Without Approval – Waiver of Requirements |
| § 1075.1805. Forms |
| § 1075.1810. Request of Noncompliance Requirements [Repealed] |
| § 1075.1815. Definitions |
| § 1075.1820. Prohibition on Approval of Certain Applications for Conversion |
| § 1075.1825. Requirements of Plan of Conversion |
| § 1075.1830. Issuance of Capital Stock – Price |
| § 1075.1835. Stock Purchase Subscription Rights – Eligible Account Holders |
| § 1075.1840. Stock Purchase Subscription Rights – Received by Officers, Organization Directors, and their Associates – Subordination |
| § 1075.1845. Supplemental Share Purchase Subscription Rights – Supplemental Eligible Account Holder – Conditions |
| § 1075.1850. Voting Members Who Are Not Eligible Account Holders |
| § 1075.1855. Sale of Shares Not Sold in Subscription Offering – Methods – Conditions |
| § 1075.1860. Uniform Sales Price of Shares Required – Application to Specify Arrangements on Sale of Shares Not Sold in Subscription Offering |
| § 1075.1865. Savings Account Holder to Receive Withdrawable Savings Accounts – Amount |
| § 1075.1870. Liquidation Account – Establishment and Maintenance Required |
| § 1075.1875. Establishment of Eligibility Record Date Required |
| § 1075.1880. Voting Rights |
| § 1075.1885. Amendment and Termination of Plan of Conversion |
| § 1075.1890. Restriction on Sale of Shares of Stock by Organization Directors and Officers |
| § 1075.1895. Conditions on Shares of Stock Subject to Restriction on Sale |
| § 1075.1900. Registration of Securities – Marketing of Securities – Listing of Shares on Securities Exchange or NASDAQ Quotation System |
| § 1075.1905. Reasonable Expenses Required |
| § 1075.1910. Employee Stock Benefit Plan – Priority. |
| § 1075.1915. Employee Stock Benefit Plan – Contributions |
| § 1075.1920. Plan of Conversion – Prohibited Provisions |
| § 1075.1925. Optional Provisions in Plan of Conversion |
| § 1075.1930. Approval of Other Provisions |
| § 1075.1935. Amount of Qualifying Deposit of Eligible Account Holder or Supplemental Eligible Account Holder |
| § 1075.1940. Liquidation Account – Establishment Required – Amount – Function |
| § 1075.1945. Liquidation Account – Maintenance Required – Subaccounts |
| § 1075.1950. Liquidation Account – Distribution Upon Complete Liquidation |
| § 1075.1955. Liquidation Account – Determination of Subaccount Balances |
| § 1075.1960. Reduction of Subaccount Balance |
| § 1075.1965. Converted Savings Bank Prohibited from Repurchasing its Stock Without Approval |
| § 1075.1970. Limitation on Cash Dividends |
| § 1075.1975. Dividends on Preferred Stock |
| § 1075.1980. Prohibitions on Offer, Sale, or Purchase of Securities |
| § 1075.1985. Acquisitions of Control of a Converted Savings Bank |
| § 1075.1990. Articles of Incorporation – Restrictions Permitted |
| § 1075.1995. Confidentiality of Consideration to Convert – Remedial Measures for Breach |
| § 1075.2000. Public Statement Authorized |
| § 1075.2005. Adoption of Plan of Conversion – Notice to and Inspection by Account Holders – Statement and Letter – Press Release Authorized |
| § 1075.2010. Statement, Letter and Press Release – Content Permitted |
| § 1075.2015. Statement, Letter and Press Release – Contents Prohibited – Inquiries |
| § 1075.2020. Notices of Filing of Application – Requests for Subscription Offering Circular |
| § 1075.2025. Filing of Notice and Affidavit of Publication Required |
| § 1075.2030. Application Available for Public Inspection – Confidential Information |
| § 1075.2035. Solicitation of Proxies; Proxy Statements |
| § 1075.2040. Vote by Members |
| § 1075.2045. Offers and Sales of Securities – Prohibitions |
| § 1075.2050. Distribution of Offering Circulars Authorized |
| § 1075.2055. Preliminary Offering Circular for Subscription Offering – Estimated Subscription Price Range Required |
| § 1075.2060. Review of Price Information by the Director |
| § 1075.2065. Underwriting Commission |
| § 1075.2070. Consideration of Pricing Information by the Director – Guidelines |
| § 1075.2075. Submission of Information by Applicant |
| § 1075.2080. Subscription Offering – Distribution of Order Forms for the Purchase of Shares |
| § 1075.2085. Order Forms – Final Offering Circular and Detailed Instructions |
| § 1075.2090. Subscription Price |
| § 1075.2095. Order Form – Contents |
| § 1075.2100. Order Form – Additional Provision Authorized – Payment by Withdrawal |
| § 1075.2105. Time Period for Completion of Sale of all Shares of Capital Stock |
| § 1075.2110. Continuity of Corporate Existence |
| § 1075.2115. Application to Furnish Information |
| § 1075.2120. Additional Filing Requirements |
| § 1075.2125. Availability for Conferences in Advance of Filing of Application – Refusal of Prefiling Review |
| § 1075.2130. Appeal from Refusal to Approve Application |
| § 1075.2135. Postconversion Reports |
| § 1075.2140. Certain Agreement to Transfer and Transfers of Ownership in Rights or Securities Prohibited |
| § 1075.2145. Certain Offers and Announcements on Securities Prohibited |
| § 1075.2150. Certain Offers and Acquisitions Prohibited |
| § 1075.2155. Definitions – Certain Transfers, Offers and Acquisitions Prohibited |
| § 1075.2160. Amendments to Charter Required in Application – Articles of Incorporation – Filing of Certificate Required – Contents – Issuance and Filing of Authorization Certificate |
| § 1075.2170. Sale of Control in Connection with the Conversion of a Mutual Savings Bank to Capital Stock Savings Bank - Undercapitalized Mutual Savings Bank |
| § 1075.2175. Conversion of a Savings Bank in Connection with the Formation of a Holding Company |
| § 1075.2200. Application – Application Requirements |
| § 1075.2210. Application – Filing the Application and Fees |
| § 1075.2220. Application – Preparing the Application |
| § 1075.2230. Application – Application Contents |
| § 1075.2240. Application – Application Exhibits |
| § 1075.2300. Proxy Statement – Information Required in Conversion Proxy Statement |
| § 1075.2310. Proxy Statement – Notice of Meeting |
| § 1075.2320. Proxy Statement – Revocability of Proxy |
| § 1075.2330. Proxy Statement – Persons Making the Solicitations |
| § 1075.2340. Proxy Statement - Voting Rights and Vote Required for Approval |
| § 1075.2350. Proxy Statement – Organization Directors and Executive Officers |
| § 1075.2360. Proxy Statement – Management Remuneration |
| § 1075.2370. Proxy Statement – Business of the Applicant |
| § 1075.2380. Proxy Statement – Description of the Plan of Conversion |
| § 1075.2390. Proxy Statement – Description of Capital Stock |
| § 1075.2400. Proxy Statement – Capitalization |
| § 1075.2410. Proxy Statement – Use of New Capital |
| § 1075.2420. Proxy Statement – New Charter, Bylaws, or Other Documents |
| § 1075.2430. Proxy Statement – Other Matters |
| § 1075.2440. Proxy Statement – Financial Statements |
| § 1075.2450. Proxy Statement – Consents of Experts and Reports |
| § 1075.2460. Proxy Statement – Attachments |
| § 1075.2500. Offering Circular |
| § 1075.2510. Offering Circular – Certain Manner of Presentation of Required Information Prohibited |
| § 1075.2520. Offering Circular – Certain Named Persons – Filing of Written Consent Required |
| § 1075.2530. Offering Circular – Information Required |
| § 1075.2540. Offering Circular – Additional Current Information Required |
| § 1075.2550. Offering Circular – Statement Required in Offering Circulars |
| § 1075.2560. Offering Circular – Preliminary Offering Circular |
| § 1075.2570. Offering Circular – Information with Respect to Exercise of Subscription Rights |
| § 1075.2580. Offering Circular – Information with Respect to Public Offering or Direct Community Offering |
| SUBPART P. HIGH RISK HOME LOANS |
| § 1075.3000. Definitions [Repealed] |
| § 1075.3100. Ability to Repay [Repealed] |
| § 1075.3150. Verification of Ability to Pay Loan [Repealed] |
| § 1075.3200. Fraudulent or Deceptive Practices [Repealed] |
| § 1075.3225. Prepayment Penalty [Repealed] |
| § 1075.3250. Pre-paid Insurance Products and Warranties [Repealed] |
| § 1075.3300. Refinancing Prohibited in Certain Cases [Repealed] |
| § 1075.3325. Balloon Payments [Repealed] |
| § 1075.3350. Financing of Certain Points and Fees [Repealed] |
| § 1075.3400. Payments to Contractors [Repealed] |
| § 1075.3450. Negative Amortization [Repealed] |
| § 1075.3500. Negative Equity [Repealed] |
| § 1075.3550. Counseling Prior to Perfecting Foreclosure Proceedings [Repealed] |
| § 1075.3600. Mortgage Awareness Program [Repealed] |
| § 1075.3650. Report of Default and Foreclosure Rates on Conventional Loans [Repealed] |
| § 1075.3700. The Director's Authority – Unusually High Rate on Conventional Loans [Repealed] |
| § 1075.3750. Third Party Review of High Risk Home Loans [Repealed] |
| SUBPART Q. DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION |
| § 1075.4010. Definitions |
| § 1075.4020. Purpose and Scope |
| § 1075.4030. Requests for Confidential Supervisory Information |
| § 1075.4040. Where to Submit a Request |
| § 1075.4050. Consideration of Requests |
| § 1075.4060. Disclosure of Confidential Supervisory Information |
| § 1075.4070. Retrieval and Destruction of Previously Disclosed Confidential Supervisory Information Used in Litigation |
| § 1075.4080. Fees for Services |
| SUBPART R. PAYDAY LOANS |
| § 1075.5000. Purpose and Scope |
| § 1075.5010. Definitions |
| § 1075.5020. Applicability of Subpart |
| § 1075.5030. Issuance of Payday Loans by Savings Banks |
| § 1075.APPENDIX A. Estimated Monthly Income and Expenses Worksheet |
| § 1075.APPENDIX B. Mortgage Ratio Worksheet |
|
SOURCE: Emergency Rules adopted at 14 Ill. Reg. 15029, effective September 4, 1990, for a maximum of 150 days; adopted at 15 Ill. Reg. 1916, effective January 25, 1991; amended at 16 Ill. Reg. 4891, effective March 16, 1992; amended at 17 Ill. Reg. 8894, effective June 7, 1993; expedited correction at 17 Ill. Reg. 18223, effective June 7, 1993; emergency amendment adopted at 18 Ill. Reg. 7016, effective April 22, 1994, for a maximum of 150 days; amended at 18 Ill. Reg. 15094, effective September 26, 1994; emergency amendment at 19 Ill. Reg. 10277, effective June 29, 1995, for a maximum of 150 days; amended at 19 Ill. Reg. 15474, effective October 31, 1995; recodified from Chapter VIII, Commissioner of Savings and Residential Finance, to Chapter II, Office of Banks and Real Estate, pursuant to PA 89-508, at 20 Ill. Reg. 12645; amended at 22 Ill. Reg. 6719, effective March 30, 1998; amended at 24 Ill. Reg. 73, effective January 1, 2000; emergency amendment at 24 Ill. Reg. 6986, effective April 24, 2000, for a maximum of 150 days; emergency expired on September 20, 2000; amended at 24 Ill. Reg. 15026, effective September 26, 2000; emergency amendment at 24 Ill. Reg. 19331, effective December 15, 2000, for a maximum of 150 days; emergency amendment repealed at 25 Ill. Reg. 3698, effective January 30, 2001, in response to an objection of the Joint Committee on Administrative Rules at 25 Ill. Reg. 1858; amended at 25 Ill. Reg. 6197, effective May 17, 2001; amended at 26 Ill. Reg. 13483, effective September 13, 2002; emergency amendment at 27 Ill. Reg. 16043, effective September 29, 2003, for a maximum of 150 days; emergency amendments suspended at 27 Ill. Reg. 18485, effective November 18, 2003; emergency suspension withdrawn at 28 Ill. Reg. 409, effective December 16, 2003; emergency repealed at 28 Ill. Reg. 427, effective December 16, 2003, in response to the objection and suspension of the Joint Committee on Administrative Rules; amended at 28 Ill. Reg. 807, effective December 29, 2003; amended at 28 Ill. Reg. 7285, effective May 7, 2004; amended at 30 Ill. Reg. 19068, effective December 1, 2006; amended at 41 Ill. Reg. 11336, effective August 28, 2017; amended at 41 Ill. Reg. 12459, effective October 6, 2017; amended at 42 Ill. Reg. 16507, effective August 23, 2018; amended at 46 Ill. Reg. 18013, effective October 27, 2022.
|
Notation
AUTHORITY: Implementing and authorized by the Savings Bank Act [205 ILCS 205].