TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 330 LENDING LIMITS
SECTION 330.120 GOOD FAITH RELIANCE
Section 330.120 Good Faith Reliance
When determining whether a loan combination question exists, the directors, officers, employees and agents of a state bank shall be entitled to rely and shall be protected in relying in good faith upon the books and records of the bank and upon credit applications, representations, certifications and other disclosures furnished by the borrower, guarantor and other related persons with respect to the purpose, use and source of repayment for a given loan or extension of credit, interrelationships among the various parties at interest and other pertinent factual considerations, provided careful attention and effort are given to reviewing such information.
(Source: Amended at 12 Ill. Reg. 17280, effective October 12, 1988)