Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(205 ILCS 205/11001) (from Ch. 17, par. 7311-1)
Sec. 11001.
Affirmative action to correct conditions resulting
from violations of law, regulations, or orders or from practices.
The Commissioner is hereby granted authority to issue orders
under this Act that require a savings bank or an
institution-affiliated party to take affirmative action to correct
any conditions resulting from any violations or practices cited
with respect to the order. The order may require the savings bank
or the institution-affiliated party to:
(1) Make restitution or provide reimbursement, |
| indemnification, or guarantees for or against losses if:
|
|
(A) the savings bank or the institution
|
| affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with the violation or practice; or
|
|
(B) the violation or practice involved a reckless
|
| disregard for applicable laws, regulations, or written agreements or written orders of the Commissioner or other appropriate regulator.
|
|
(2) Restrict the savings bank's growth or institute
|
| appropriate operating restrictions.
|
|
(3) Dispose of any loan or asset involved.
(4) Rescind agreements or contracts.
(5) Submit candidates for future directors,
|
| employees, or officers to the Commissioner for approval.
|
|
(6) Take any other actions the Commissioner deems
|
|
(Source: P.A. 86-1213.)
|