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TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION

TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1075 SAVINGS BANK ACT

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SUBPART A: FILINGS

Section 1075.100 Filings

Section 1075.110 Conditions

Section 1075.120 Examination Fees (Repealed)

Section 1075.130 Regulatory Fees

Section 1075.140 Adjusted Supervisory Fees (Repealed)

Section 1075.141 Special Credit (Repealed)

Section 1075.150 Withdrawal of Applications or Other Filings

SUBPART B: DEFINITIONS

Section 1075.200 Definitions

SUBPART C: REPORTS

Section 1075.300 Contracts

Section 1075.310 Financial Reports

SUBPART D: OPERATIONS

Section 1075.400 Capital Stock (Repealed)

Section 1075.410 Minimum Capital Requirement

Section 1075.415 Conflicting Federal Powers, Law and Regulations

Section 1075.420 Advertising

Section 1075.430 Maintenance of Records

Section 1075.440 Business Plan

Section 1075.450 Excess Insurance

Section 1075.455 Vacancies in the Board of Directors

Section 1075.460 Bond of Officers, Organization Directors, Employees and Agents

Section 1075.465 Indemnification of Officers, Organization Directors, Employees and Agents

Section 1075.470 Deceptively Similar Names

Section 1075.480 Manner of Display of Annual Meeting Notice

Section 1075.490 Procedures for Exercise of Dissenters Rights

SUBPART E: INVESTMENTS

Section 1075.500 Prudent Person Rule

Section 1075.505 Investment Underwriting Practice

Section 1075.510 Discrimination and Redlining

Section 1075.515 Loans Secured by Real Estate

Section 1075.520 Construction Loans

Section 1075.525 Mobile Home Financing (Repealed)

Section 1075.530 Overdraft Loans

Section 1075.535 Education Loans

Section 1075.540 Vehicle/Automobile Loans

Section 1075.545 Home Equity Loans

Section 1075.550 Letter of Credit

Section 1075.555 Other Investments

Section 1075.560 Commercial Paper

Section 1075.565 Financial Futures

Section 1075.570 Financial Options

Section 1075.575 Finance Leasing

Section 1075.580 Suretyship

Section 1075.585 Asset Reserves

Section 1075.590 Asset Composition Test

SUBPART F: SERVICE CORPORATION AND OPERATING SUBSIDIARIES

Section 1075.600 Requirements

Section 1075.610 Approval by the Director

Section 1075.620 Investment Limitations

Section 1075.630 Investments by Service Corporations

Section 1075.640 Ownership of Capital Stock of Service Corporation

Section 1075.650 Prohibited Transactions

Section 1075.660 Disclosure to Service Corporation

Section 1075.670 Reporting Requirements

Section 1075.680 Audit Requirements

SUBPART G: RELOCATIONS AND BRANCHING

Section 1075.700 General

Section 1075.705 Application

Section 1075.710 Request for Preliminary Determination

Section 1075.715 Public Notice and Inspection

Section 1075.720 Protest

Section 1075.725 Oral Argument

Section 1075.730 Application for the Maintenance of Branch Office after Conversion, Consolidation, Purchase of Assets or Merger

Section 1075.735 Redesignation of Offices

Section 1075.740 Termination of Operation and/or Closing of a Branch Office

Section 1075.745 Agency Offices

Section 1075.750 Remote Drive-In and/or Remote Pedestrian Facilities

SUBPART H: CAPITAL NOTES AND DEBENTURES

Section 1075.800 Approval

Section 1075.810 Conversion to Stock

Section 1075.820 Priority of Claim

SUBPART I: ADMINISTRATIVE HEARING PROCEDURES

Section 1075.900 Hearings

Section 1075.905 Definitions (Repealed)

Section 1075.910 Early Neutral Evaluation (Repealed)

Section 1075.915 Conference Adjudicative Hearing (Repealed)

Section 1075.920 Filing (Repealed)

Section 1075.925 Form of Documents (Repealed)

Section 1075.930 Computation of Time (Repealed)

Section 1075.935 Appearances (Repealed)

Section 1075.940 Notice of Hearing (Repealed)

Section 1075.945 Service of the Notice of Hearing (Repealed)

Section 1075.950 Motion and Answer (Repealed)

Section 1075.955 Consolidation and Severance of Matters – Additional Parties (Repealed)

Section 1075.960 Intervention (Repealed)

Section 1075.965 Postponement or Continuance of Hearing (Repealed)

Section 1075.970 Authority of Hearing Officer (Repealed)

Section 1075.975 Bias or Disqualification of Hearing Officer (Repealed)

Section 1075.980 Prehearing Conferences (Repealed)

Section 1075.985 Discovery (Repealed)

Section 1075.990 Subpoenas (Repealed)

Section 1075.995 Conduct of the Hearing (Repealed)

Section 1075.1000 Default (Repealed)

Section 1075.1005 Evidence (Repealed)

Section 1075.1010 Official Notice (Repealed)

Section 1075.1015 Hostile Witnesses (Repealed)

Section 1075.1020 Transcription of Proceedings (Repealed)

Section 1075.1025 Briefs (Repealed)

Section 1075.1030 Hearing Officer's Findings, Opinions and Recommendations (Repealed)

Section 1075.1035 Order of the Director (Repealed)

Section 1075.1040 Rehearings (Repealed)

Section 1075.1045 Existing Statutory or Division Procedures and Practices (Repealed)

Section 1075.1050 Costs of Hearing (Repealed)

Section 1075.1055 Emergency Adjudication (Repealed)

SUBPART J: SAVINGS BANK HOLDING COMPANIES

Section 1075.1100 Applicability

Section 1075.1105 Definitions

Section 1075.1110 Mutual Holding Company Reorganizations

Section 1075.1111 Subsidiary Holding Company

Section 1075.1115 Prohibition Against Approval of Certain Applications for Reorganization

Section 1075.1120 Contents of Reorganization Plans

Section 1075.1125 Capital Stock (Repealed)

Section 1075.1130 Charter (Repealed)

Section 1075.1135 Control (Repealed)

Section 1075.1140 Eligible Account Holder (Repealed)

Section 1075.1145 Eligibility Record Date (Repealed)

Section 1075.1150 Employee (Repealed)

Section 1075.1155 Equity Security (Repealed)

Section 1075.1160 Insured Institution (Repealed)

Section 1075.1165 Member (Repealed)

Section 1075.1170 Net Worth (Repealed)

Section 1075.1175 Officer (Repealed)

Section 1075.1180 Person (Repealed)

Section 1075.1185 Qualifying Deposit (Repealed)

Section 1075.1190 Sale (Repealed)

Section 1075.1195 Security (Repealed)

Section 1075.1200 Source Documents (Repealed)

Section 1075.1205 Subsidiary (Repealed)

Section 1075.1210 Liquidation Account and Proxies

Section 1075.1215 Mutual Holding Company Ceasing to be a Depository Institution

Section 1075.1220 Directors of a Mutual Holding Company

Section 1075.1225 Stock Issuance Plan

Section 1075.1230 Stock of a Subsidiary of a Mutual Holding Company

Section 1075.1235 Stock Subsidiary Formation

Section 1075.1240 Net Worth Maintenance Agreement (Repealed)

Section 1075.1245 Members' Rights

Section 1075.1250 Investment

Section 1075.1255 Notice Requirement/Corrective Action

Section 1075.1260 Insider Abuses

Section 1075.1265 Determination of the Qualification and Condition of an Out-of-State Acquisition

Section 1075.1270 Acquisition and Disposal of Subsidiaries

Section 1075.1275 Dividend Limitations and Waivers

Section 1075.1280 Officers and Organization Directors List

Section 1075.1285 Access to Books and Records

Section 1075.1290 Annual Audit Requirements

Section 1075.1295 Maintenance of Records

Section 1075.1300 Notice of Appointment of Independent Accountants

Section 1075.1305 Holding Company Filing Fees (Repealed)

Section 1075.1310 Holding Company Supervisory Fees (Repealed)

Section 1075.1315 Examination Fees (Repealed)

Section 1075.1320 Conditions (Repealed)

Section 1075.1325 Manner of Payment (Repealed)

Section 1075.1330 Conversion of Mutual Holding Companies

SUBPART K: CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK

Section 1075.1400 Scope of Rules

Section 1075.1405 Definitions

Section 1075.1410 General Rules for Conversion Plan

Section 1075.1415 Adopting and Filing of a Conversion Plan

Section 1075.1420 Conversion Plan Requirements (Repealed)

Section 1075.1425 Vote by Shareholders and Members (Repealed)

Section 1075.1430 Issuance of Certificate of Approval

Section 1075.1435 Final Approval of the Conversion

Section 1075.1440 Powers of Resulting Savings Bank

Section 1075.1445 Obligations of Resulting Savings Bank

Section 1075.1450 Organization Directors of Resulting Savings Bank

SUBPART L: SUPERVISION

Section 1075.1500 Sale of Offices or Facilities

Section 1075.1510 Purchase of Offices (Repealed)

Section 1075.1520 Bridge Charters

Section 1075.1530 Unsafe and Unsound Practices

Section 1075.1540 Failure to Comply with Report of Examination

Section 1075.1550 Publication

SUBPART M: REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION

Section 1075.1600 Scope

Section 1075.1610 Notice of Intention and Answer

Section 1075.1620 Removal and Prohibition by Order

Section 1075.1630 Suspension by Notice

Section 1075.1640 Industrywide Prohibition

Section 1075.1650 Unauthorized Participation of Convicted Individual

SUBPART N: ACQUISITION OF CONTROL OF SAVINGS BANK

Section 1075.1700 Acquisition of Control of Savings Bank

Section 1075.1710 Anti-Takeover Provisions

SUBPART O: CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK

Section 1075.1800 Subpart Exclusive – Prohibition on Conversion Without Approval – Waiver of Requirements

Section 1075.1805 Forms

Section 1075.1810 Request of Noncompliance Requirements (Repealed)

Section 1075.1815 Definitions

Section 1075.1820 Prohibition on Approval of Certain Applications for Conversion

Section 1075.1825 Requirements of Plan of Conversion

Section 1075.1830 Issuance of Capital Stock – Price

Section 1075.1835 Stock Purchase Subscription Rights – Eligible Account Holders

Section 1075.1840 Stock Purchase Subscription Rights – Received by Officers, Organization Directors, and their Associates – Subordination

Section 1075.1845 Supplemental Share Purchase Subscription Rights – Supplemental Eligible Account Holder – Conditions

Section 1075.1850 Voting Members Who Are Not Eligible Account Holders

Section 1075.1855 Sale of Shares Not Sold in Subscription Offering – Methods – Conditions

Section 1075.1860 Uniform Sales Price of Shares Required – Application to Specify Arrangements on Sale of Shares Not Sold in Subscription Offering

Section 1075.1865 Savings Account Holder to Receive Withdrawable Savings Accounts – Amount

Section 1075.1870 Liquidation Account – Establishment and Maintenance Required

Section 1075.1875 Establishment of Eligibility Record Date Required

Section 1075.1880 Voting Rights

Section 1075.1885 Amendment and Termination of Plan of Conversion

Section 1075.1890 Restriction on Sale of Shares of Stock by Organization Directors and Officers

Section 1075.1895 Conditions on Shares of Stock Subject to Restriction on Sale

Section 1075.1900 Registration of Securities – Marketing of Securities – Listing of Shares on Securities Exchange or NASDAQ Quotation System

Section 1075.1905 Reasonable Expenses Required

Section 1075.1910 Employee Stock Benefit Plan – Priority.

Section 1075.1915 Employee Stock Benefit Plan – Contributions

Section 1075.1920 Plan of Conversion – Prohibited Provisions

Section 1075.1925 Optional Provisions in Plan of Conversion

Section 1075.1930 Approval of Other Provisions

Section 1075.1935 Amount of Qualifying Deposit of Eligible Account Holder or Supplemental Eligible Account Holder

Section 1075.1940 Liquidation Account – Establishment Required – Amount – Function

Section 1075.1945 Liquidation Account – Maintenance Required – Subaccounts

Section 1075.1950 Liquidation Account – Distribution Upon Complete Liquidation

Section 1075.1955 Liquidation Account – Determination of Subaccount Balances

Section 1075.1960 Reduction of Subaccount Balance

Section 1075.1965 Converted Savings Bank Prohibited from Repurchasing its Stock Without Approval

Section 1075.1970 Limitation on Cash Dividends

Section 1075.1975 Dividends on Preferred Stock

Section 1075.1980 Prohibitions on Offer, Sale, or Purchase of Securities

Section 1075.1985 Acquisitions of Control of a Converted Savings Bank

Section 1075.1990 Articles of Incorporation – Restrictions Permitted

Section 1075.1995 Confidentiality of Consideration to Convert – Remedial Measures for Breach

Section 1075.2000 Public Statement Authorized

Section 1075.2005 Adoption of Plan of Conversion – Notice to and Inspection by Account Holders – Statement and Letter – Press Release Authorized

Section 1075.2010 Statement, Letter and Press Release – Content Permitted

Section 1075.2015 Statement, Letter and Press Release – Contents Prohibited – Inquiries

Section 1075.2020 Notices of Filing of Application – Requests for Subscription Offering Circular

Section 1075.2025 Filing of Notice and Affidavit of Publication Required

Section 1075.2030 Application Available for Public Inspection – Confidential Information

Section 1075.2035 Solicitation of Proxies; Proxy Statements

Section 1075.2040 Vote by Members

Section 1075.2045 Offers and Sales of Securities – Prohibitions

Section 1075.2050 Distribution of Offering Circulars Authorized

Section 1075.2055 Preliminary Offering Circular for Subscription Offering – Estimated Subscription Price Range Required

Section 1075.2060 Review of Price Information by the Director

Section 1075.2065 Underwriting Commission

Section 1075.2070 Consideration of Pricing Information by the Director – Guidelines

Section 1075.2075 Submission of Information by Applicant

Section 1075.2080 Subscription Offering – Distribution of Order Forms for the Purchase of Shares

Section 1075.2085 Order Forms – Final Offering Circular and Detailed Instructions

Section 1075.2090 Subscription Price

Section 1075.2095 Order Form – Contents

Section 1075.2100 Order Form – Additional Provision Authorized – Payment by Withdrawal

Section 1075.2105 Time Period for Completion of Sale of all Shares of Capital Stock

Section 1075.2110 Continuity of Corporate Existence

Section 1075.2115 Application to Furnish Information

Section 1075.2120 Additional Filing Requirements

Section 1075.2125 Availability for Conferences in Advance of Filing of Application – Refusal of Prefiling Review

Section 1075.2130 Appeal from Refusal to Approve Application

Section 1075.2135 Postconversion Reports

Section 1075.2140 Certain Agreement to Transfer and Transfers of Ownership in Rights or Securities Prohibited

Section 1075.2145 Certain Offers and Announcements on Securities Prohibited

Section 1075.2150 Certain Offers and Acquisitions Prohibited

Section 1075.2155 Definitions – Certain Transfers, Offers and Acquisitions Prohibited

Section 1075.2160 Amendments to Charter Required in Application – Articles of Incorporation – Filing of Certificate Required – Contents – Issuance and Filing of Authorization Certificate

Section 1075.2165 Conversion Incident to Acquisition by Savings Bank Holding Company or Merger or Consolidation with Savings Bank Holding Company Subsidiary – Restriction on Sale of Shares of Stock by Organization Directors and Officers

Section 1075.2170 Sale of Control in Connection with the Conversion of a Mutual Savings Bank to Capital Stock Savings Bank - Undercapitalized Mutual Savings Bank

Section 1075.2175 Conversion of a Savings Bank in Connection with the Formation of a Holding Company

Section 1075.2200 Application – Application Requirements

Section 1075.2210 Application – Filing the Application and Fees

Section 1075.2220 Application – Preparing the Application

Section 1075.2230 Application – Application Contents

Section 1075.2240 Application – Application Exhibits

Section 1075.2300 Proxy Statement – Information Required in Conversion Proxy Statement

Section 1075.2310 Proxy Statement – Notice of Meeting

Section 1075.2320 Proxy Statement – Revocability of Proxy

Section 1075.2330 Proxy Statement – Persons Making the Solicitations

Section 1075.2340 Proxy Statement - Voting Rights and Vote Required for Approval

Section 1075.2350 Proxy Statement – Organization Directors and Executive Officers

Section 1075.2360 Proxy Statement – Management Remuneration

Section 1075.2370 Proxy Statement – Business of the Applicant

Section 1075.2380 Proxy Statement – Description of the Plan of Conversion

Section 1075.2390 Proxy Statement – Description of Capital Stock

Section 1075.2400 Proxy Statement – Capitalization

Section 1075.2410 Proxy Statement – Use of New Capital

Section 1075.2420 Proxy Statement – New Charter, Bylaws, or Other Documents

Section 1075.2430 Proxy Statement – Other Matters

Section 1075.2440 Proxy Statement – Financial Statements

Section 1075.2450 Proxy Statement – Consents of Experts and Reports

Section 1075.2460 Proxy Statement – Attachments

Section 1075.2500 Offering Circular

Section 1075.2510 Offering Circular – Certain Manner of Presentation of Required Information Prohibited

Section 1075.2520 Offering Circular – Certain Named Persons – Filing of Written Consent Required

Section 1075.2530 Offering Circular – Information Required

Section 1075.2540 Offering Circular – Additional Current Information Required

Section 1075.2550 Offering Circular – Statement Required in Offering Circulars

Section 1075.2560 Offering Circular – Preliminary Offering Circular

Section 1075.2570 Offering Circular – Information with Respect to Exercise of Subscription Rights

Section 1075.2580 Offering Circular – Information with Respect to Public Offering or Direct Community Offering

SUBPART P: HIGH RISK HOME LOANS

Section 1075.3000 Definitions (Repealed)

Section 1075.3100 Ability to Repay (Repealed)

Section 1075.3150 Verification of Ability to Pay Loan (Repealed)

Section 1075.3200 Fraudulent or Deceptive Practices (Repealed)

Section 1075.3225 Prepayment Penalty (Repealed)

Section 1075.3250 Pre-paid Insurance Products and Warranties (Repealed)

Section 1075.3300 Refinancing Prohibited in Certain Cases (Repealed)

Section 1075.3325 Balloon Payments (Repealed)

Section 1075.3350 Financing of Certain Points and Fees (Repealed)

Section 1075.3400 Payments to Contractors (Repealed)

Section 1075.3450 Negative Amortization (Repealed)

Section 1075.3500 Negative Equity (Repealed)

Section 1075.3550 Counseling Prior to Perfecting Foreclosure Proceedings (Repealed)

Section 1075.3600 Mortgage Awareness Program (Repealed)

Section 1075.3650 Report of Default and Foreclosure Rates on Conventional Loans (Repealed)

Section 1075.3700 The Director's Authority – Unusually High Rate on Conventional Loans (Repealed)

Section 1075.3750 Third Party Review of High Risk Home Loans (Repealed)

SUBPART Q: DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION

Section 1075.4010 Definitions

Section 1075.4020 Purpose and Scope

Section 1075.4030 Requests for Confidential Supervisory Information

Section 1075.4040 Where to Submit a Request

Section 1075.4050 Consideration of Requests

Section 1075.4060 Disclosure of Confidential Supervisory Information

Section 1075.4070 Retrieval and Destruction of Previously Disclosed Confidential Supervisory Information Used in Litigation

Section 1075.4080 Fees for Services

SUBPART R: PAYDAY LOANS

Section 1075.5000 Purpose and Scope

Section 1075.5010 Definitions

Section 1075.5020 Applicability of Subpart

Section 1075.5030 Issuance of Payday Loans by Savings Banks

Section 1075.APPENDIX A Estimated Monthly Income and Expenses Worksheet

Section 1075.APPENDIX A Estimated Monthly Income and Expenses Worksheet

Section 1075.APPENDIX B Mortgage Ratio Worksheet

AUTHORITY: Implementing and authorized by the Savings Bank Act [205 ILCS 205].

SOURCE: Emergency Rules adopted at 14 Ill. Reg. 15029, effective September 4, 1990, for a maximum of 150 days; adopted at 15 Ill. Reg. 1916, effective January 25, 1991; amended at 16 Ill. Reg. 4891, effective March 16, 1992; amended at 17 Ill. Reg. 8894, effective June 7, 1993; expedited correction at 17 Ill. Reg. 18223, effective June 7, 1993; emergency amendment adopted at 18 Ill. Reg. 7016, effective April 22, 1994, for a maximum of 150 days; amended at 18 Ill. Reg. 15094, effective September 26, 1994; emergency amendment at 19 Ill. Reg. 10277, effective June 29, 1995, for a maximum of 150 days; amended at 19 Ill. Reg. 15474, effective October 31, 1995; recodified from Chapter VIII, Commissioner of Savings and Residential Finance, to Chapter II, Office of Banks and Real Estate, pursuant to PA 89-508, at 20 Ill. Reg. 12645; amended at 22 Ill. Reg. 6719, effective March 30, 1998; amended at 24 Ill. Reg. 73, effective January 1, 2000; emergency amendment at 24 Ill. Reg. 6986, effective April 24, 2000, for a maximum of 150 days; emergency expired on September 20, 2000; amended at 24 Ill. Reg. 15026, effective September 26, 2000; emergency amendment at 24 Ill. Reg. 19331, effective December 15, 2000, for a maximum of 150 days; emergency amendment repealed at 25 Ill. Reg. 3698, effective January 30, 2001, in response to an objection of the Joint Committee on Administrative Rules at 25 Ill. Reg. 1858; amended at 25 Ill. Reg. 6197, effective May 17, 2001; amended at 26 Ill. Reg. 13483, effective September 13, 2002; emergency amendment at 27 Ill. Reg. 16043, effective September 29, 2003, for a maximum of 150 days; emergency amendments suspended at 27 Ill. Reg. 18485, effective November 18, 2003; emergency suspension withdrawn at 28 Ill. Reg. 409, effective December 16, 2003; emergency repealed at 28 Ill. Reg. 427, effective December 16, 2003, in response to the objection and suspension of the Joint Committee on Administrative Rules; amended at 28 Ill. Reg. 807, effective December 29, 2003; amended at 28 Ill. Reg. 7285, effective May 7, 2004; amended at 30 Ill. Reg. 19068, effective December 1, 2006; amended at 41 Ill. Reg. 11336, effective August 28, 2017; amended at 41 Ill. Reg. 12459, effective October 6, 2017; amended at 42 Ill. Reg. 16507, effective August 23, 2018; amended at 46 Ill. Reg. 18013, effective October 27, 2022.