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Can you summarize 205 ILCS 10?
FINANCIAL REGULATION > Illinois Bank Holding Company Act of 1957.
Short Summary
The Illinois Bank Holding Company Act of 1957 governs various actions related to bank holding companies and Illinois banks. It allows bank holding companies to operate within the state while protecting the independence of unit banks. The Act prohibits actions that would cause a company to become a bank holding company with respect to any Illinois bank or cause an Illinois bank to become a subsidiary of a bank holding company. It also restricts bank holding companies from acquiring ownership or control of voting shares of an Illinois bank without complying with the change in control requirements set forth in Section 18 of the Illinois Banking Act. Additionally, the Act prohibits bank holding companies from acquiring all or substantially all of the assets of an Illinois bank, merging or consolidating with another bank holding company, or acquiring direct or indirect ownership or control of any Illinois bank if their total capital to total assets ratio is less than 7%. The Act provides exceptions and conditions for certain transactions that do not violate Section 3.07 of the Act and meet the approval and compliance requirements of the Board of Governors of the Federal Reserve System. The Act also grants the Commissioner the authority to examine out-of-state bank holding companies with pending applications and those that control an Illinois bank or Illinois bank holding company. The Commissioner may enter into cooperative and reciprocal agreements with bank regulatory authorities of other states for the examination of such bank holding companies. The Act also grants the Secretary the power and authority to administer the provisions of the Act, including issuing orders, conducting examinations, and taking actions against violators. The Act does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
The Act applies to bank holding companies, Illinois banks, out of state bank holding companies, and out of state banks.
What does it govern?
The Illinois Bank Holding Company Act of 1957 governs various entities in the financial sector, including national banking associations, banks, banking associations, savings banks, bank holding companies, and foreign banks operating within the United States.
What are exemptions?
The Act provides exceptions and conditions for certain transactions, occurrences, or events that do not violate Section 3.07 of the Act and meet the approval and compliance requirements of the Board of Governors of the Federal Reserve System under the federal Bank Holding Company Act.
What are the Penalties?
The Act does not specify any penalties for non-compliance or violation of its provisions.
Jurisdiction
Illinois