205 ILCS 205/ Savings Bank Act.

(205 ILCS 205/11008) (from Ch. 17, par. 7311-8)

Sec. 11008. Unauthorized participation by convicted individual.

(a) Except with the prior written consent of the Commissioner, no person who has been convicted of any criminal offense involving dishonesty or a breach of trust may own or control directly or indirectly more than 0.001% of the capital stock of, receive benefit directly or indirectly from, or participate directly or indirectly in any manner in the affairs of a savings bank.

(b) A savings bank may not permit participation by a person described in subsection (a).

(c) Whoever knowingly violates subsection (a) or (b) is guilty of a Class 3 felony and may be fined not more than $10,000 for each day of violation.

(Source: P.A. 91-97, eff. 7-9-99; 92-483, eff. 8-23-01.)

(205 ILCS 205/11009) (from Ch. 17, par. 7311-9)

Sec. 11009. Perjury; false statements.

(a) Any person who knowingly makes, causes, or allows someone else to make or cause to be made, a false statement, either under oath as required by this Act or on any report or statement required to be made to or by the Commissioner, shall be subject to the provisions of Section 11006.

(b) Where financial loss to a savings bank is caused by those statements, the penalties shall be commensurate with that loss.

(Source: P.A. 86-1213.)

(205 ILCS 205/11010) (from Ch. 17, par. 7311-10)

Sec. 11010. Slander. Any person who knowingly makes, utters, circulates, or transmits to another or others any statement untrue in fact, derogatory to the financial condition of any savings bank subject to this Act with intent to injure any savings bank, or who counsels, aids, procures, or induces another to originate, make, utter, transmit, or circulate any statement or rumor, with like intent, is guilty of slander and shall be punished by a civil money penalty of not more than $10,000. However, if, as the result of the statement or rumor a savings bank suffers loss of deposits or other financial loss, the Commissioner may assess each person who knowingly participated in the slander, a civil money penalty of up to $100,000 per savings bank. The person will be deemed to be significantly involved in the affairs of a savings bank and the Commissioner may also proceed against that person as provided in Section 11006.

(Source: P.A. 86-1213.)

(205 ILCS 205/11011) (from Ch. 17, par. 7311-11)

Sec. 11011. False advertising.

(a) No savings bank shall issue, publish, or cause or permit to be issued or published any advertisement that, in part or taken as a whole, is in any way false or misleading.

(b) The Commissioner may require any savings bank to file a true copy of the text of any advertisement in the office of the Commissioner within 2 days after the issuance, circulation, or publication of the advertisement. All of the powers granted under this Article shall be available to the Commissioner with respect to a savings bank's violation of this Section.

(Source: P.A. 86-1213.)

(205 ILCS 205/11012)

Sec. 11012. (Repealed).

(Source: P.A. 90-161, eff. 7-23-97. Repealed by P.A. 92-483, eff. 8-23-01.)

(205 ILCS 205/Art. 12 heading) ARTICLE 12. Compliance Review

(205 ILCS 205/12001)

Sec. 12001. Compliance review.

(a) As used in this Section:

"Affiliate" means a corporation whose stock is at least 80% owned by the depository institution or a corporation that directly or indirectly owns at least 80% of the depository institution.

"Depository institution" means a State or national bank, a State or federally chartered savings and loan association, or a State or federally chartered savings bank that is engaged in the business of banking in Illinois as appropriate.

"Compliance review committee" means:

(1) one or more persons assigned by management or appointed by the board of directors of a depository institution for the purposes set forth in subsection (b); or

(2) any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee.

"Compliance review documents" means documents prepared in connection with a review or evaluation conducted by or for a compliance review committee.

"Person" means an individual, a group of individuals, a board committee, a partnership, a firm, an association, a corporation, or any other entity.

(b) This Section applies to compliance review committees whose functions are to evaluate and seek to improve any of the following:

(1) loan policies or underwriting standards;

(2) asset quality;

(3) financial reporting to federal or State governmental or regulatory agencies; or

(4) compliance with federal or State statutory or regulatory requirements.

(c) Except as provided in subsection (d) of this Section:

(1) Compliance review documents are confidential and are not subject to discovery or admissible in evidence in any civil action.

(2) Individuals serving on compliance review committees or acting under the direction of a compliance review committee shall not be required to testify in any civil action about the contents of any compliance review document or conclusions of any compliance review committee or about the actions taken by a compliance review committee.

(3) Compliance review documents delivered to an affiliate or a State, federal, or foreign governmental or regulatory agency shall remain confidential and are not discoverable or admissible in evidence in any civil action.

(d) This Section does not apply to: (1) compliance review committees on which individuals serving on or at the direction of the compliance review committee have management responsibility for the operations, records, employees, or activities being examined or evaluated by the compliance review committee and (2) any civil action initiated by any federal or State regulatory agency.

(e) This Section shall not be construed to limit the discovery or admissibility in any civil action of any documents other than compliance review documents.

(Source: P.A. 89-364, eff. 8-18-95.)

(205 ILCS 205/Art. 12.1 heading) ARTICLE 12.1. Effect of Repeal of Illinois Savings and Loan Act of 1985 (Source: P.A. 98-1081, eff. 1-1-15.)