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2005 Illinois Code - 205 ILCS 205/      Savings Bank Act. Article 9 - Supervision


      (205 ILCS 205/Art. 9 heading)
ARTICLE 9. Supervision

    (205 ILCS 205/9001) (from Ch. 17, par. 7309‑1)
    Sec. 9001. Personnel, records, files, actions, and duties.
    The Commissioner shall appoint, subject to applicable provisions of the Personnel Code, a supervisor, examiners, employees, experts, and special assistants as may be necessary to effectively carry out this Act. The Commissioner shall require each supervisor, examiner, expert, and special assistant employed or appointed by him to give bond, with security to be approved by the Commissioner, not in any case less than $15,000, conditioned upon the faithful discharge of their duties. The premium on the bond shall be paid by the Commissioner from funds appropriated for that purpose. The bond, along with verification of payment of the premium on the bond, shall be filed in the office of the Secretary of State.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9002) (from Ch. 17, par. 7309‑2)
    Sec. 9002. Powers of Commissioner. The Commissioner shall have the following powers and duties:
    (1) To exercise the rights, powers, and duties set forth in this Act or in any related Act.
    (2) To establish regulations as may be reasonable or necessary to accomplish the purposes of this Act.
    (3) To make an annual report regarding the work of his office under this Act as he may consider desirable to the Governor, or as the Governor may request.
    (4) To cause a suit to be filed in his name to enforce any law of this State that applies to savings banks, their service corporations, subsidiaries, affiliates, or holding companies operating under this Act, including the enforcement of any obligation of the officers, directors, agents, or employees of any savings bank.
    (5) To prescribe a uniform manner in which the books and records of every savings bank are to be maintained.
    (6) To establish a reasonable fee structure for savings banks and holding companies operating under this Act and for their service corporations and subsidiaries. The fees shall include, but not be limited to, annual fees, application fees, regular and special examination fees, and other fees as the Commissioner establishes and demonstrates to be directly resultant from the Commissioner's responsibilities under this Act and as are directly attributable to individual entities operating under this Act. The aggregate of all fees collected by the Commissioner on and after the effective date of this Act shall be paid promptly after receipt of the same, accompanied by a detailed statement thereof, into the Savings and Residential Finance Regulatory Fund. The amounts deposited into the Fund shall be used for the ordinary and contingent expenses of the Office of Banks and Real Estate. Nothing in this Act shall prevent continuing the practice of paying expenses involving salaries, retirement, social security, and State‑paid insurance of State officers by appropriation from the General Revenue Fund.
(Source: P.A. 89‑508, eff. 7‑3‑96.)

    (205 ILCS 205/9003) (from Ch. 17, par. 7309‑3)
    Sec. 9003. Prohibited activities. The Commissioner, deputy commissioners, and employees of the Office of Banks and Real Estate shall be subject to the restrictions provided in Section 2.5 of the Office of Banks and Real Estate Act including, without limitation, the restrictions on (i) owning shares of stock or holding any other equity interest in an entity regulated under this Act or in any corporation or company that owns or controls an entity regulated under this Act; (ii) being an officer, director, employee, or agent of an entity regulated under this Act; and (iii) obtaining a loan or accepting a gratuity from an entity regulated under this Act.
(Source: P.A. 89‑508, eff. 7‑3‑96.)

    (205 ILCS 205/9004) (from Ch. 17, par. 7309‑4)
    Sec. 9004. Examination.
    (a) At least once every 18 months or more often if it is deemed necessary or expedient, the Commissioner shall examine the books, records, operations, and affairs of each savings bank operating under this Act. In the course of the examination, the Commissioner shall also examine in the same manner all entities, companies, and individuals which or whom the Commissioner determines may have a relationship with the savings bank or any subsidiary or entity affiliated with it, if the relationship may adversely affect the affairs, activities, and safety and soundness of the savings bank, including: (i) companies controlled by the savings bank; (ii) entities, including companies controlled by the company, individual, or individuals that control the savings bank; and (iii) the company or other entity which controls or owns the savings bank. For purposes of this subsection, the Commissioner shall deem it necessary or expedient to conduct an examination more often than every 18 months if a required report from a savings bank indicates a material change in financial condition or a material violation of a law or regulation. In that event, the Commissioner shall initiate an examination within 30 days of receipt of that information. In the event that the condition is grounds for taking custody of the savings bank under Section 10001 of this Act, the examination shall be initiated immediately.
    (b) The Commissioner shall examine to determine:
        (1) Quality of financial condition, including safety
    
and soundness and investment and loan quality.
        (2) Compliance with this Act and other applicable
    
statutes and regulations.
        (3) Quality of management policies.
        (4) Overall safety and soundness of the savings
    
bank, its parent, subsidiaries, and affiliates.
        (5) Remedial actions required to correct and to
    
restore compliance with applicable statutes, regulations, and proper business policies.
    (c) The Commissioner shall promulgate regulations to implement and administer this Section.
    (d) If a savings bank, its holding company, or any of its corporate subsidiaries has not been audited at least once in the 12 months prior to the Commissioner's examination, the Commissioner shall cause an audit of the savings bank's books and records to be made by an independent licensed public accountant selected by the Commissioner from a list composed of certified public accountants who have experience in savings bank audits. The cost of the audit shall be paid for by the entity being audited.
    (e) The Commissioner or the Commissioner's examiners or other formally designated agents are authorized to administer oaths and to examine and to take and preserve testimony under oath as to anything in the affairs or ownership of any savings bank or institution or affiliate thereof.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9005) (from Ch. 17, par. 7309‑5)
    Sec. 9005. Failure to comply with Commissioner's report of examination; publication of reports. Whenever any savings bank, after written notice of the recommendations of the Commissioner based on a report of examination, fails to comply with the recommendations within 45 days after the notice, the Commissioner is authorized to publish, as a legal notice in a newspaper of general circulation, the part of the report of examination that relates to any recommendation not complied with; provided, that notice of intention to publish is given to the savings bank at least 5 days before publication is made. The Commissioner may, in his discretion, extend the period for compliance for good cause upon written application.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9006) (from Ch. 17, par. 7309‑6)
    Sec. 9006. Examiners. The Commissioner shall appoint competent examiners who are not officers or agents of, or in any manner interested in, any savings bank, savings bank holding company, or subsidiaries or affiliates of either, except that they may be depositors therein.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9007) (from Ch. 17, par. 7309‑7)
    Sec. 9007. Savings Bank Examiner Training Foundation.
    (a) There shall be established a Savings Bank Examiner Training Foundation for the purpose of funding and overseeing the training of savings bank examiners. The Foundation shall be governed by a 15 member board of trustees. The Foundation's trustees shall promulgate regulations to govern the formation, administration, and activities of the Foundation.
    (b) The Commissioner shall appoint the initial board of trustees for the Foundation, but thereafter all savings banks governed by this Act shall elect the trustees. The terms of the initial board of trustees shall be staggered so that one‑third of the board shall serve 2 years, one‑third of the board shall serve 3 years and one‑third of the board shall serve 4 years. Successive board members shall serve 5 year terms.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9008) (from Ch. 17, par. 7309‑8)
    Sec. 9008. Report of examination. Upon completion of each examination, the Commissioner shall make a report of examination to the board of directors of the savings bank or other entity examined. The report shall be read by each director who shall then execute a signed affidavit affirming that he has read the report. The affidavits shall be filed and retained by the savings bank or appropriate entity examined and shall be examined by the Commissioner during regular examinations.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9009) (from Ch. 17, par. 7309‑9)
    Sec. 9009. Orders of the Commissioner.
    (a) If the affairs of the savings bank, savings bank subsidiary or affiliate, or savings bank holding company are not being conducted in accordance with this Act, the Commissioner shall require the directors, officers, and employees to take any necessary corrective action. If the necessary corrective action is not taken, the Commissioner may issue a formal order to the directors of the savings bank, subsidiary, affiliate, or holding company, to be delivered either personally or by registered or certified mail, specifying a date, which may be immediate or may be a later date, for the performance of the corrective action by the savings bank, subsidiary, affiliate, or holding company. The order or any part thereof shall be subject to Section 11006 of this Act.
    (b) If the formal order of the Commissioner, in whole or in part, contains a finding that the business of the savings bank or holding company is being conducted in a fraudulent, illegal, unsafe, or unsound manner or that the violation thereof or the continuance by the savings bank or holding company of the practice to be corrected could cause insolvency, substantial dissipation of assets or earnings, or the impairment of its capital, the order or part thereof shall be complied with immediately on or before the effective date thereof until modified or withdrawn by the Commissioner or modified or terminated by a circuit court. The Commissioner may apply to the circuit court of the county in which the savings bank or holding company is located for enforcement of an order requiring prompt compliance.
    (c) If the order, or part thereof, is not subject to subsection (b) and if no hearing pursuant to Section 9018 of this Act has been requested, the Commissioner may, at any time within 90 days after the effective date of the order, institute suit in the circuit court of Sangamon County or the circuit court of the county in which the savings bank or holding company is located to compel the directors, officers, or employees to take the required corrective action. The court, after due process of law, shall adjudicate the question, enter the proper order or orders, and enforce them.
    (d) No provision of this Section shall interfere with the exercise by the Commissioner of any provision of Article 11.
(Source: P.A. 91‑97, eff. 7‑9‑99.)

    (205 ILCS 205/9010) (from Ch. 17, par. 7309‑10)
    Sec. 9010. Commissioner's notice to members or stockholders. In the interests of the members or stockholders of the savings bank, subsidiary, or holding company, the Commissioner may prepare a statement of the condition of the savings bank, subsidiary, or holding company and may mail the statement to the members or stockholders or may require a single publication thereof.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9011) (from Ch. 17, par. 7309‑11)
    Sec. 9011. Record keeping and retention of records by a savings bank.
    (a) Each savings bank is required to maintain appropriate books and records, as required by the Commissioner, that are in accordance with generally accepted accounting principles and the requirements of its insurer of accounts. All books and records shall be current, complete, organized, and accessible to the Commissioner, the Commissioner's agents and examiners, and to the savings bank's auditors and accountants.
    (b) Each savings bank shall implement internal control and security measures for its data processing activities. A contract with a data processing service or for data processing services must provide that records maintained shall at all times be available for examination and audit by the Commissioner.
    (c) The Commissioner may further regulate these matters by the promulgation of rules concerning data processing. As used herein, "data processing" means all electronic or automated systems of communication and data processing by computer.
    (d) Unless a federal law requires otherwise, the Commissioner shall by regulation prescribe periods of time for which savings banks operating under this Act must retain records and after the expiration of which, the savings bank may destroy those records. No liability shall accrue against the savings bank, the Commissioner, or this State for destruction of records according to regulations of the Commissioner promulgated under the authority of this Section. In any cause or proceeding in which any records may be called in question or be demanded by any savings bank, a showing of the expiration of the period so prescribed shall be sufficient excuse for failure to produce them.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/9012) (from Ch. 17, par. 7309‑12)
    Sec. 9012. Disclosure of reports of examinations and confidential supervisory information; limitations.
    (a) Any report of examination, visitation, or investigation prepared by the Commissioner under this Act, any report of examination, visitation, or investigation prepared by the state regulatory authority of another state that examines a branch of an Illinois State savings bank in that state, any document or record prepared or obtained in connection with or relating to any examination, visitation, or investigation, and any record prepared or obtained by the Commissioner to the extent that the record summarizes or contains information derived from any report, document, or record described in this subsection shall be deemed confidential supervisory information. "Confidential supervisory information" shall not include any information or record routinely prepared by a savings bank and maintained in the ordinary course of business or any information or record that is required to be made publicly available pursuant to State or federal law or rule. Confidential supervisory information shall be the property of the Commissioner and shall only be disclosed under the circumstances and for the purposes set forth in this Section.
    The Commissioner may disclose confidential supervisory information only under the following circumstances:
        (1) The Commissioner may furnish confidential
    
supervisory information to federal and state depository institution regulators, or any official or examiner thereof duly accredited for the purpose. Nothing contained in this Act shall be construed to limit the obligation of any savings bank to comply with the requirements relative to examinations and reports nor to limit in any way the powers of the Commissioner relative to examinations and reports.
        (2) The Commissioner may furnish confidential
    
supervisory information to the United States or any agency thereof that to any extent has insured a savings bank's deposits, or any official or examiner thereof duly accredited for the purpose. Nothing contained in this Act shall be construed to limit the obligation relative to examinations and reports of any savings bank in which deposits are to any extent insured by the United States or any agency thereof nor to limit in any way the powers of the Commissioner with reference to examination and reports of the savings bank.
        (3) The Commissioner may furnish confidential
    
supervisory information to the appropriate law enforcement authorities when the Commissioner reasonably believes a savings bank, which the Commissioner has caused to be examined, has been a victim of a crime.
        (4) The Commissioner may furnish confidential
    
supervisory information related to a savings bank, which the Commissioner has caused to be examined, to the administrator of the Uniform Disposition of Unclaimed Property Act.
        (5) The Commissioner may furnish confidential
    
supervisory information relating to a savings bank, which the Commissioner has caused to be examined, relating to its performance of obligations under the Illinois Income Tax Act and the Illinois Estate and Generation‑Skipping Transfer Tax Act to the Illinois Department of Revenue.
        (6) The Commissioner may furnish confidential
    
supervisory information relating to a savings bank, which the Commissioner has caused to be examined, under the federal Currency and Foreign Transactions Reporting Act, 31 United States Code, Section 1051 et seq.
        (7) The Commissioner may furnish confidential
    
supervisory information to any other agency or entity that the Commissioner determines to have a legitimate regulatory interest.
        (8) The Commissioner may furnish confidential
    
supervisory information as otherwise permitted or required by this Act and may furnish confidential supervisory information under any other statute that by its terms or by regulations promulgated thereunder requires the disclosure of financial records other than by subpoena, summons, warrant, or court order.
        (9) At the request of the affected savings bank, the
    
Commissioner may furnish confidential supervisory information relating to the savings bank, which the Commissioner has caused to be examined, in connection with the obtaining of insurance coverage or the pursuit of an insurance claim for or on behalf of the savings bank; provided that, when possible, the Commissioner shall disclose only relevant information while maintaining the confidentiality of financial records not relevant to such insurance coverage or claim and, when appropriate, may delete identifying data relating to any person.
        (10) The Commissioner may furnish a copy of a report
    
of any examination performed by the Commissioner of the condition and affairs of any electronic data processing entity to the savings banks serviced by the electronic data processing entity.
        (11) In addition to the foregoing circumstances, the
    
Commissioner may, but is not required to, furnish confidential supervisory information under the same circumstances authorized for the savings bank pursuant to subsection (b) of this Section, except that the Commissioner shall provide confidential supervisory information under circumstances described in paragraph (3) of subsection (b) of this Section only upon the request of the savings bank.
    (b) A savings bank or its officers, agents, and employees may disclose confidential supervisory information only under the following circumstances:
        (1) to the board of directors of the savings bank,
    
as well as the president, vice‑president, cashier, and other officers of the savings bank to whom the board of directors may delegate duties with respect to compliance with recommendations for action, and to the board of directors of a savings bank holding company that owns at least 80% of the outstanding stock of the savings bank or other financial institution.
        (2) to attorneys for the savings bank and to a
    
certified public accountant engaged by the savings bank to perform an independent audit; provided that the attorney or certified public accountant shall not permit the confidential supervisory information to be further disseminated.
        (3) to any person who seeks to acquire a controlling
    
interest in, or who seeks to merge with, the savings bank; provided that the person shall agree to be bound to respect the confidentiality of the confidential supervisory information and to not further disseminate the information other than to attorneys, certified public accountants, officers, agents, or employees of that person who likewise shall agree to be bound to respect the confidentiality of the confidential supervisory information and to not further disseminate the information.
        (4) to the savings bank's insurance company, if the
    
supervisory information contains information that is otherwise unavailable and is strictly necessary to obtaining insurance coverage or pursuing an insurance claim for or on behalf of the savings bank; provided that, when possible, the savings bank shall disclose only information that is relevant to obtaining insurance coverage or pursuing an insurance claim, while maintaining the confidentiality of financial information pertaining to customers; and provided further that, when appropriate, the savings bank may delete identifying data relating to any person.
    The disclosure of confidential supervisory information by a savings bank pursuant to this subsection (b) and the disclosure of information to the Commissioner or other regulatory agency in connection with any examination, visitation, or investigation shall not constitute a waiver of any legal privilege otherwise available to the savings bank with respect to the information.
    (c) (1) Notwithstanding any other provision of this Act or any other law, confidential supervisory information shall be the property of the Commissioner and shall be privileged from disclosure to any person except as provided in this Section. No person in possession of confidential supervisory information may disclose that information for any reason or under any circumstances not specified in this Section without the prior authorization of the Commissioner. Any person upon whom a demand for production of confidential supervisory information is made, whether by subpoena, order, or other judicial or administrative process, must withhold production of the confidential supervisory information and must notify the Commissioner of the demand, at which time the Commissioner is authorized to intervene for the purpose of enforcing the limitations of this Section or seeking the withdrawal or termination of the attempt to compel production of the confidential supervisory information.
    (2) Any request for discovery or disclosure of confidential supervisory information, whether by subpoena, order, or other judicial or administrative process, shall be made to the Commissioner, and the Commissioner shall determine within 15 days whether to disclose the information pursuant to procedures and standards that the Commissioner shall establish by rule. If the Commissioner determines that such information will not be disclosed, the Commissioner's decision shall be subject to judicial review under the provisions of the Administrative Review Law, and venue shall be in either Sangamon County or Cook County.
    (3) Any court order that compels disclosure of confidential supervisory information may be immediately appealed by the Commissioner, and the order shall be automatically stayed pending the outcome of the appeal.
    (d) If any officer, agent, attorney, or employee of a savings bank knowingly and willfully furnishes confidential supervisory information in violation of this Section, the Commissioner may impose a civil monetary penalty up to $1,000 for the violation against the officer, agent, attorney, or employee.
    (e)   Subject to the limits of this Section, the Commissioner also may promulgate regulations to set procedures and standards for disclosure of the following items:
        (1) All fixed orders and opinions made in cases of
    
appeals of the Commissioner's actions.
        (2) Statements of policy and interpretations adopted
    
by the Commissioner's office, but not otherwise made public.
        (3) Nonconfidential portions of application files,
    
including applications for new charters. The Commissioner shall specify by rule as to what part of the files are confidential.
        (4) Quarterly reports of income, deposits, and
    
financial condition.
(Source: P.A. 93‑271, eff. 7‑22‑03.)

    (205 ILCS 205/9013) (from Ch. 17, par. 7309‑13)
    Sec. 9013. Examination of data processing centers. The Commissioner may examine any data processing center that provides data processing or related services to a savings bank with the same frequency as the savings bank served.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9014) (from Ch. 17, par. 7309‑14)
    Sec. 9014. Annual audit.
    (a) At least once in each year, but in no case more than 12 months after the last audit conducted pursuant to this Section, it shall be mandatory for each savings bank to cause its books, records, and accounts to be audited by an independent licensed public accountant not connected with the savings bank. This audit must produce a certified financial statement. The Commissioner may prescribe the scope of the audit within generally accepted auditing standards.
    (b) The report of the audit shall be given to a committee composed of not fewer than 3 members of the board of directors, a majority of whom may not be an officer, employee, or agent of the savings bank, and the committee shall, at the meeting of the board of directors following receipt of the report, present in detail the nature, extent, and result of the report. A written summary of the committee's presentation, including a detailed listing of all criticisms made by the accountant conducting the audit and any responses thereto made by any member of the board of directors or any officer of the savings bank, shall be sent by registered mail to all members of the board of directors not present at the meeting at which the committee made its presentation.
    (c) A copy of the audit report, including a balance sheet of the savings bank on the date of the audit and a statement of income and expenses of the savings bank during the year ending with the date of the audit and, if and when such is used, a copy of any written summary prepared for absent members of the board of directors shall be filed with the Commissioner by the committee receiving the report within 90 days of the audit date; except that the Commissioner may, for good cause shown, extend the filing date for up to 60 additional days.
    (d) The report filed with the Commissioner shall be certified by the independent licensed public accountant conducting the audit. If any savings bank required to make an audit shall fail to cause an audit to be made, the Commissioner shall cause the audit to be made by an independent licensed public accountant at the savings bank's expense. In lieu of the audit required by this Section, the Commissioner may accept any audit or financial statement or portion thereof made exclusively for or in accordance and in compliance with regulations adopted by the Federal Deposit Insurance Corporation.
    (e) A savings bank holding company shall cause its books and records to be audited at least once annually by an independent licensed public accountant. A copy of the independent licensed public accountant's report, along with all supporting documentation, shall be filed with the Commissioner. The report of audit shall be on a consolidated basis unless, in the auditor's opinion, certain subsidiaries or parent entities should be reported separately. If separate reports are prepared, they shall be prepared on the same basis as the report on the holding company.
(Source: P.A. 89‑320, eff. 1‑1‑96; 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/9015) (from Ch. 17, par. 7309‑15)
    Sec. 9015. Unsafe and unsound practices; orders of prohibition and removal.
    (a) The violation of any of the following provisions of this Act: Article 5, subsection (b) of Section 4009, Section 7006, Section 9005, and Section 9014 is deemed to be an unsafe and unsound practice and creates an unsafe and unsound condition in the savings bank. The savings bank or the institution affiliated party responsible for the violation may be subject to the assessment of civil money penalties and other enforcement powers of the Commissioner, as specified in this Article, in Article 11, and by regulation of the Commissioner.
    (b) Continued violation of any of those provisions after the Commissioner issues formal notice to correct shall subject the directors of the savings bank at fault to immediate removal from the board and to a permanent order of prohibition from direct or indirect participation in the affairs of any financial institution subject to this Act, the Illinois Savings and Loan Act of 1985, or the Residential Mortgage License Act of 1987.
    (c) The Commissioner shall promulgate rules and regulations to implement this Section.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/9016) (from Ch. 17, par. 7309‑16)
    Sec. 9016. Cease and desist proceedings.
    (a) If, in the opinion of the Commissioner or in the opinion of any federal banking agency that provides complete and documented evidence to the Commissioner, an officer, director, or controlling stockholder of a savings bank operating under this Act or a subsidiary or an affiliate of an institution operating under this Act, is engaging in, has engaged in, is about to engage in, or is conspiring to engage in one or more unsafe or unsound practices in conducting the institution's business; or is, has, or is about to violate an applicable law, regulation, directive of the Commissioner, of the Federal Deposit Insurance Corporation, or has not complied with a condition imposed in writing by the Commissioner, the Federal Deposit Insurance Corporation, or of any court of law, then the Commissioner may, in his discretion, issue to the violator notice of charges resulting from the violation.
    (b) The notice of charges shall factually specify the act or violations committed; the law, rule, order, decree, directive, or condition violated; specify necessary curative measures and a time within which to cure; and impose any penalties or sanctions mandated by law or regulation.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9017) (from Ch. 17, par. 7309‑17)
    Sec. 9017. Procedure upon the impairment of capital.
    (a) If the Commissioner finds from a report of examination or other required report of a savings bank that the capital is impaired, he shall, in his discretion institute whichever of the following procedures is appropriate:
        (1) Direct that the board of directors either (i)
    
require the shareholders to contribute an amount at least sufficient to eliminate the impairment, or (ii) reduce the par value of the capital stock in at least the amount of the impairment and allocate the reduction to undivided profits or reserves to absorb the loss that created the impairment.
        (2) Take custody of the savings bank under Article
    
10 of this Act, establish a conservatorship, and proceed to merge, sell, or otherwise dispose of the savings bank in a manner that will remove the capital impairment, remove operating losses, and restore compliance with all capital requirements.
        (3) Declare the stock worthless and order the
    
directors to cancel the stock or order the directors to sell, merge, or otherwise restructure the savings bank in a manner that will remove the capital impairment, eliminate operating losses, and restore compliance with all capital requirements.
    (b) The Commissioner shall promulgate rules to implement this procedure.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/9018) (from Ch. 17, par. 7309‑18)
    Sec. 9018. Administrative review. Except as otherwise specifically provided by this Act, any person aggrieved by a decision of the Commissioner under this Act may receive a hearing before the Board of Savings Institutions or otherwise seek administrative review of the decision pursuant to the procedures set forth in Sections 7‑20 through 7‑27 of the Illinois Savings and Loan Act of 1985.
(Source: P.A. 89‑508, eff. 7‑3‑96.)

    (205 ILCS 205/9019)
    Sec. 9019. Reliance on the Commissioner.
    (a) The Commissioner may issue an opinion in response to a specific request from a member of the public or the banking or thrift industry or on his own initiative. The opinion may be in the form of an interpretive letter, no‑objection letter, or other issuance the Commissioner deems appropriate.
    (b) If the Commissioner determines that the opinion is useful for the general guidance of the public or savings banks, the Commissioner may disseminate the opinion by newsletter, via an electronic medium such as the internet, in a volume of statutes or related materials published by the Commissioner or others, or by other means reasonably calculated to notify persons affected by the opinion. A published opinion must be redacted to preserve the confidentiality of the requesting party unless the requesting party consents to be identified in the published opinion.
    (c) No savings bank or other person shall be liable under this Act for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Commissioner, notwithstanding that after the act or omission has occurred, the rule, interpretation, or opinion upon which reliance is placed is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
(Source: P.A. 92‑483, eff. 8‑23‑01.)

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