A. No bank shall make any loan to any of its own directors, officers or employees that shall cause the outstanding loans of the bank to such person to exceed one percent of the capital account of the bank unless the loan is expressly authorized by the board of directors with any interested director taking no part in such vote. Any loan in violation of this subsection shall be payable on demand to the extent required to bring the loan into compliance with this subsection.

Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary on time or demand account with itself or with any other bank the deposits of which are insured by the federal deposit insurance corporation. Unless otherwise provided by the writing creating the trust, if such funds are deposited with itself the bank shall secure such deposits with securities described in section 6-352, subsection D, paragraph 2, or other security approved by the deputy director for the purpose, in the amount of the deposit, subject to section 6-245, subsection C.

A. No person may own or control a financial institution and at the same time have an interest in an insurer that directly or indirectly insures or purports to insure the deposit accounts of the financial institution. B. No insurer of the deposit accounts of a financial institution other than a federal insurance corporation shall have and maintain assets and reserves equaling less than fifty per cent of the withdrawal accounts or investment certificates of the insured financial institution.

If the court grants the application for receivership of a bank it shall first tender the appointment as receiver to the federal deposit insurance corporation, which is authorized to qualify and act without bond. If the corporation accepts the appointment it shall have all of the powers, privileges and duties as such receiver provided by the laws of this state except insofar as such powers, privileges and duties are in conflict with the provisions of the federal deposit insurance act as amended, which act shall control.

The federal deposit insurance corporation may pay out and acquire the insured deposit liabilities of a bank notwithstanding the possession by the deputy director or the pendency of receivership proceedings and for such purposes shall have the use of the facilities and records of the bank. The federal deposit insurance corporation and its directors, officers, agents and employees, the deputy director and the receiver and the respective agents and employees of each, shall be free from liability to the bank, its directors, stockholders and creditors, for or on account of any action authorized by this section.

The federal deposit insurance corporation shall be subrogated to the rights of depositors upon payment of their claims to the extent required by the law of the United States as a condition of the authority to insure deposits or make such payment.

A licensee may not hold a person responsible for any loan amount that is incurred as a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310. Within thirty days after a licensee is aware that a loan is a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310, the licensee shall immediately correct any derogatory credit information that is reported to a consumer reporting agency as defined in section 44-1691 and that is the result of the violation.

The Illinois Lottery Law governs the implementation and establishment of a lottery conducted by the State of Illinois through the Department. It establishes the purpose of the lottery, which is to generate net proceeds for the State’s Common School Fund. The law outlines the role and responsibilities of key entities such as the Department of the Lottery, Lottery Control Board, and lottery sales agents. It also defines terms and concepts related to the lottery, such as management agreements, prizes, and proceeds.

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.

The Illinois Credit Union Act sets the framework for the establishment and operation of credit unions in Illinois. It applies to credit unions, their members, officials, and employees. The Act defines various terms used in the Act, establishes membership requirements, and outlines the organization procedure for credit unions. It also governs the amendment of articles of incorporation and bylaws, the change of a credit union’s principal place of business, and the fiscal year of credit unions.