§ 1 Title
§ 2 General definitions
§ 2.6 Transfer of powers
§ 3 Formation and primary powers
§ 4 Effect on existing banks
§ 5 General corporate powers
§ 5b Deposits in outside depository
§ 5c Ownership of a bankers’ bank
§ 5d Notwithstanding any other provision of this Act, a bank may engage in …
§ 5e Lending and account authority
§ 5f Non-English language transactions
§ 5g Savings promotion raffle
§ 7 Organization capital requirements
§ 8 Incorporators
§ 9 Contents of application
§ 9.5 Reservation of corporate name
§ 10 Permit to organize
§ 11 Stock subscription
§ 12 Organization
§ 13 Issuance of charter
§ 13.5 Formation and merger of interim banks
§ 13.6 Banks as limited liability companies
§ 14 Stock
§ 14.1 Quasi-Reorganization of Capital
§ 15 Stock and stockholders
§ 16 Directors
§ 16.1 One or more of the directors may be removed, with or without cause, …
§ 16.5 Employment of persons with convictions
§ 17 Changes in charter
§ 18 Change in control
§ 19.1 As used in Sections 20 through 30 both inclusive of this Act and for …
§ 19.2 For purposes of Sections 20 through 30 both inclusive of this Act, a …
§ 20 Resulting national bank or insured savings association
§ 21 Resulting State bank
§ 21.1 Application for certificate of authority
§ 21.2 Interstate mergers; minimum age requirement
§ 21.3 Mergers; deposit concentration limits
§ 21.4 Out-of-state banks establishing branches
§ 21.5 Prohibition against establishment of branches on or near the premises of certain affiliates
§ 22 Merger procedure; resulting State bank
§ 23 Merger; approval by stockholders
§ 24 Effective date of merger; filing
§ 25 Conversion of national bank or insured savings association into State …
§ 26 Converting national banks or insured savings association; issuance of …
§ 27 Commissioner’s expenses
§ 28 Continuation of corporate entity
§ 29 Dissenting stockholders.) If a stockholder of a state bank which is a …
§ 30 Conversion; merger with trust company
§ 30.5 Mid-tier bank holding company merger with State bank
§ 31 Emergency sale of assets, change in control, or merger
§ 31.1 Savings association branch; bank branch
§ 32 Basic loaning limits
§ 32.1 Loans to Single Females
§ 33 Marketable investment securities limit
§ 34 Exceptions to loans and investment limits
§ 35 Exemptions from loan and investment limits
§ 35.1 Lease limitations
§ 35.2 Limitations on investments in and loans to affiliates
§ 36 Classification of loans and investments
§ 37 Loans to officers and loans on and purchases of bank’s own stock
§ 38 Validation of loans and investments
§ 39 Directors’ and officers’ liability
§ 40 Prohibited activities
§ 43 Waivers; corporate action by unanimously signed writing
§ 44 School or institutional deposits. Subject to such regulations as the …
§ 44.1 Services at care facilities
§ 45.1 Accounts for minors
§ 46 Misleading practices and names prohibited; penalty
§ 47 Reports to Commissioner
§ 48 Secretary’s powers; duties
§ 48.05 Regulatory fees
§ 48.1 Customer financial records; confidentiality
§ 48.2 Prohibition against certain activities
§ 48.3 Disclosure of reports of examinations and confidential supervisory information; limitations
§ 48.4 Enforcement of child support
§ 48.5 Reliance on Commissioner
§ 48.6 Retention of records
§ 49 False statements; penalty
§ 50 Commissioner’s proceedings exclusive
§ 51 Capital impairment, etc.; correction
§ 52 Capital impairment, etc.; emergency
§ 53 Commissioner’s possession; power
§ 54 Commissioner’s possession; limitation of actions
§ 55 Reorganization
§ 56 Requirements of reorganization plan
§ 57 Reorganization; emergency
§ 58 Appointment of receiver; court proceeding
§ 59 Notice of receivership
§ 60 Receiver’s powers; duties
§ 61 Receiver’s powers; court directions
§ 62 Change of receiver
§ 63 Insured deposits; subrogation. The right of an agency of the United …
§ 64 Expenses and fees
§ 65 Dividends; dissolution
§ 66 Validation of dividends; destruction of records
§ 67 Judicial review
§ 68 Voluntary dissolution
§ 69 Voluntary dissolution; deposit with Commissioner
§ 70 Voluntary dissolution; Commissioner’s payments
§ 71 Voluntary dissolution; fees and expenses
§ 72 Voluntary dissolution; dissolving bank
§ 73 Voluntary dissolution; limitation on claims
§ 74 Voluntary dissolution; termination of charter
§ 74.5 Voluntary dissolution of less active bank
§ 75 Separability
§ 76 Effective Date
§ 77 Repealer
§ 78 Board of banks and trust companies; creation, members, appointment
§ 79 Board, terms of office
§ 80 Board; powers
§ 81 Board; compensation. No member of the Board, including the chairman, …
§ 82 Commissioner, board; civil liability
§ 83 Compliance review

Terms Used In Illinois Compiled Statutes > 205 ILCS 5 - Illinois Banking Act

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Bequest: Property gifted by will.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Executor: A male person named in a will to carry out the decedent
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • 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
  • oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Oath: A promise to tell the truth.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
  • Personal property: All property that is not real property.
  • Quorum: The number of legislators that must be present to do business.
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Testify: Answer questions in court.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Units of local government: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.28
  • Venue: The geographical location in which a case is tried.