Illinois Compiled Statutes 215 ILCS 5/1402 – Definitions
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For the purposes of this Article:
“Financial institution” means:
(1) a State bank, a national bank, or an out-of-state
“Financial institution” means:
Terms Used In Illinois Compiled Statutes 215 ILCS 5/1402
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) a State bank, a national bank, or an out-of-state
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bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out-of-state bank;
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(2) a foreign banking corporation, as that term is
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defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation;
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(3) a corporate fiduciary, as that term is defined in
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the Corporate Fiduciary Act;
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(4) a savings bank organized under the Savings Bank
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Act, an out-of-state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out-of-state savings bank or a federal savings bank;
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(5) an association or federal association, as those
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terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;
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(6) an out-of-state savings and loan association
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chartered under the laws of a state other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out-of-state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois; or
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(7) a credit union as defined in the Illinois Credit
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Union Act, or any subsidiary of a credit union.
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To the extent that any entity other than a financial institution conducts insurance activities in this State on behalf of or on the premises of the financial institution, such entity shall be subject to this Article for the purposes of those activities.
“Insurance” means all lines of insurance defined and regulated as insurance under this Code, but for the purposes of this Article, “insurance” shall not include the following lines of insurance, provided that this paragraph shall not be deemed to preclude or otherwise limit regulation of the following lines of insurance pursuant to and to the extent otherwise provided by any other insurance law of this State:
(1) credit life, credit accident and health, credit
“Insurance” means all lines of insurance defined and regulated as insurance under this Code, but for the purposes of this Article, “insurance” shall not include the following lines of insurance, provided that this paragraph shall not be deemed to preclude or otherwise limit regulation of the following lines of insurance pursuant to and to the extent otherwise provided by any other insurance law of this State:
(1) credit life, credit accident and health, credit
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involuntary unemployment, credit casualty and credit property insurance;
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(2) extended service contracts and warranty
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agreements;
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(3) insurance obtained by the debtor to provide
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payment for the difference between the remaining balance on a loan or other extension of credit and the amount of insurance coverage on the collateral securing the loan or other extension of credit;
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(4) insurance placed by a financial institution on
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collateral used in connection with a loan or other extension of credit when a debtor breaches the contractual obligation to provide that insurance;
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(5) title insurance regulated by the Title Insurance
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Act; and
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(6) private mortgage insurance and financial
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guarantee insurance.
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