(205 ILCS 5/5e)
Lending and account authority.
(a) Notwithstanding the provisions of any other
law in connection with extensions of credit, a State bank may elect to contract
for and receive interest, fees, and other charges for extensions of credit
subject only to the provisions of subsection (1) of Section 4 of the Interest
Act, except for extensions of credit secured by residential real estate, which
shall be subject to the laws applicable thereto.
(b) The establishment of account service charges and the amounts of the
charges not otherwise limited or prescribed by law is a business decision to be
made by a bank according to prudent business judgment and safe and sound
operating standards. In establishing account service charges, the bank may
consider, but is not limited to considering,
the costs incurred by the bank, plus a profit margin, for providing the
the deterrence of misuse of the bank's services,
the establishment of the competitive position of the bank in
accordance with the bank's marketing strategy, and
the maintenance of the safety and soundness of the bank.
(Source: P.A. 91-330, eff. 7-29-99.)