Illinois Compiled Statutes 225 ILCS 454/20-95 – Power of the Department to defend
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Terms Used In Illinois Compiled Statutes 225 ILCS 454/20-95
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
When the Department receives any process, notice, order, or other document provided for or required under Section 20-90 of this Act, it may enter an appearance, file an answer, appear at the court hearing, defend the action, or take whatever other action it deems appropriate on behalf and in the name of the parties defendant licensed under this Act or the Department and take recourse through any appropriate method of review on behalf of and in the name of the parties defendant licensed under this Act or the Department.