TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1000 ILLINOIS SAVINGS AND LOAN ACT OF 1985
SECTION 1000.1160 PROTEST


 

Section 1000.1160  Protest

 

Protests, answers to protests and other related communications shall be in writing and submitted only as provided in this Section.

 

a)         Within 10 calendar days following the date of publication of notice of application (or 20 calendar days after the date of publication if extension is requested in writing within such 10-day period) any person may file a communication in favor or protest of the application with the Director. Any person filing such a communication shall simultaneously furnish a copy to the applicant.

 

b)         Within 15 calendar days after receipt of a protest, the objector and the applicant shall be advised in writing whether the Director considers the protest to be substantial.

 

c)         No protest shall be considered "substantial" unless it is in writing, filed on time, and contains at least the following:

 

1)         A summary of the reasons for the protest;

 

2)         The specific matters in the application to which objection is raised and the reasons for each objection;

 

3)         Facts supporting the protest, including relevant economic or financial data; and

 

4)         Adverse effects on the objector which may result from approval of the application.

 

d)         The Director's  determination as to whether a protest is "substantial" shall be made on the basis of data showing undue injury to properly conducted existing association(s) and/or data disputing the propriety of information set forth in the respective application.

 

e)         Within 20 calendar days following the date of notice that a protest has been deemed substantial, the applicant may file an answer to such protest with the Director.

 

(Source:  Amended at 30 Ill. Reg. 18990, effective December 1, 2006)