| Letter Number |
Date Issued |
Sections of Acts Construed |
Description |
| 13-01 |
2/13/2013 |
IBA
Section 32 |
State chartered banks are authorized to participate in derivative transactions |
| 11-01 |
03/14/2011 |
Title V of
the Housing and Economic Recovery Act of 2008, 12 USCA 5101, et
seq |
Employees
of Illinois chartered banks and thrifts are not subject to licensure
under the S.A.F.E. Act, but they must register with the NMLS |
10-04
(rescinded and superceded
by 11-01) |
7/2/2010 |
Title V of
the Housing and Economic Recovery Act of 2008, 12 USCA 5101, et
seq |
Employees
of Illinois chartered banks and thrifts are not subject to licensure
under the S.A.F.E. Act, but they must register with the NMLS |
| 10-03 |
7/1/2010 |
IBA
Section 5(17) and EFT Act Section 616/1 |
Branding
agreements are permissible for state-chartered banks for the purpose
of advertising on non-bank owned ATMs |
| 10-02 |
6/15/2010 |
IBA
Sections 5/1, 5/(11), 5/5(12(c) |
A bank may exchange property obtained
in satisfaction of debt previously contracted for an equity interest
in an entity which would manage, market, and dispose of the property
pursuant to 205 ILCS 5/5(11) because it encompasses a permissible
activity for national banks |
| 10-01 |
4/5/2010 |
IBA
Section 5/48.1(a)(4) |
Banks may
invite employees of affiliated banks to attend their quarterly
trust committee meetings |
| 09-01 |
10/20/2009 |
Division
Policy Statement 2010 |
Illinois
chartered banks may name its branches, even when an adopted name
is similar to a defunct bank or bank branch names in the area, so
long as reasonable steps are taken to avoid confusion |
| 08-03 |
06/09/2008 |
IBA
Sections 32 and 34 |
Lending
limit for loan to grain elevator when the loan is collateralized
by a warehouse receipt is computed in accordance with Section
34(6). In addition the letter provides best practices for banks
doing business with licensees under the Grain Code. |
| 08-02 |
06/05/2008 |
IBA
Sections 5(25), 33, and 35(2) |
Missouri
Higher Education Loan Authority bonds are subject to lending and
investment limitations to the extent that the bonds are not secured
by guarantee of the United State Department of Education. |
| 08-01 |
01/31/2008 |
IBA
Sections 32, 34, and 35 |
Loan
collateralized by obligations of State of Illinois from Illinois
Underground Storage Tank Fund are exempt from lending limit. |
| 06-03 |
9/5/2006 |
|
Pawnbroker
may conduct limited courier services incidental to licensed activity. |
| 06-02 |
5/9/2006 |
Section 2
IBA |
Remote deposit
capture terminals do not constitute a branch office of a state bank
under Section 2 of the Illinois Banking Act. |
| 06-01 |
4/19/2006 |
Sections
50(e) and 55 EFT |
State-chartered
banks may comply with the Illinois Electronic Fund Transfer (EFT)
Act surcharge notice requirements by fulfilling the notice requirements
imposed under the Federal Electronic Fund Transfer Act. |
| 04-02 |
10/12/2004 |
Sections
48.1, 48.1(c)(1), 48.1(b)(15) |
Illinois
financial privacy laws are not inconsistent with the privacy provisions
of Gramm-Leach-Bliley and are not pre-empted. |
| 04-01 |
8/20/2004 |
Sections
21.2 and 21.4 |
Out of State
Banks may de novo branch into Illinois, provided the home state
statute grants reciprocity to Illinois Banks seeking to establish
a de novo out of state bank. |
| 02-08 |
6/12/2002 |
Section 43
IBA |
Board of
Directors may use Electronic mail to conduct business of the Bank. |
| 02-07 |
6/11/2002
Rescinded and Superseded
by:
P.A.
93-620 |
Sections
3 and 5(11) IBA |
A state bank
may purchase and hold the minimum amount of Federal Home Loan Bank
stock in order to become a member. A state bank may also purchase
and hold Federal Home Loan Bank stock in excess of the minimum required
for membership, but only in limited circumstances and subject to
the same conditions and limitations imposed on a national bank. |
| 02-06 |
5/01/2002 |
Sections
3, 5(11), 32, and 33 IBA |
National
wildcard authority contained in Section 5(11) of the IBA provides
authority for State banks to purchase and hold Trust Preferred Securities
as loans. |
| 02-05 |
4/11/2002 |
Section 48.3(b)(5) |
Bank may
provide confidential supervisory information to insurance carrier
for purposes of obtaining or renewing bond coverage, subject to
conditions. |
| 02-04 |
3/18/2002 |
Section 32
(3) IBA |
For purposes
of the lending limit exemption under Section 32 (3) of the Illinois
Banking Act, both appraisers must meet the minimum federal standards
of state licensure or certification in order to be "qualified". |
| 02-03 |
3/11/2002 |
Section 33
IBA |
Bank may
invest in a mutual fund containing securities it already owns, directly
or indirectly, but the Bank generally must ensure that its total
holdings of any particular security do not exceed the applicable
investment limits. |
| 02-02 |
3/11/2002 |
Section 5
(25) IBA |
Bank may
engage in a contractual deposit-taking relationship with a nonaffiliated
bank, subject to certain conditions. |
| 02-01 |
1/16/2002 |
Section 3 IBA
Section 32 IBA
Section 5 TTA
Section 21-2.06 Probate Act |
State Bank may sell certificates
of deposit with returns based on the performance of established
equity market indexes. Bank also may engage in related interest
rate risk hedging through swap contracts with the Federal Home
Loan Bank. State bank may purchase certificates of deposit
with returns based on the performance of an established equity
market. However, such purchases may not exceed the basic
loaning limits of Section 32.
Pursuant to an Illinois Attorney
General's Opinion, a state bank's purchases of certificates of
deposit may not exceed the basic loaning limits of Section 32.
Illinois corporate fiduciary may
invest trust assets in certificates of deposit with returns based
on the performance of an established equity market index.
Illinois corporate fiduciary is
not permitted to invest a ward's assets in certificates of deposit
that earn interest contingent on the performance of an established
equity market because such interest in not FDIC-insured until
maturity. |
| 01-06 |
9/17/2001 |
Section 5(11)
IBA |
A state chartered
bank may provide consumer deposit account holders with the required
annual disclosure by electronic means. In addition, a state chartered
bank or trust company may provide customers periodic account statements
by electronic means. |
| 01-05 |
9/17/2001 |
Section 32
IBA |
A loan to
a shell corporation will be aggregated with the borrowings of another
corporation when the ultimate source of repayment is the other corporation. |
| 01-04 |
9/17/2001 |
Section 32
IBA |
A loan to
a land trust is not aggregated with the individual borrowings of
a beneficiary unless the bank is actually looking to the beneficiary
for repayment. |
| 01-03 |
7/9/2001 |
Section 32
IBA |
A loan to
the shareholders of a corporation or to another business entity
owned by those shareholders is not aggregated with the borrowings
of the corporation, unless the Bank is looking to the corporation
for repayment. |
| 01-02 |
4/26/2001 |
Section 32
IBA |
A loan to
an LLC is not aggregated with a loan to another commonly owned LLC,
provided each has sufficient collateral and income to justify the
loans. |
| 01-01 |
3/9/2001 |
Section 48(1) |
Scope and
effect of Section 48.1 of the Illinois Banking Act as compared to
the federal privacy regulations enacted pursuant to the Gramm-Leach-Bliley
Act |
| 00-06 |
07/31/00 |
5(7) IBA |
State banks
may utilize letters of credit issued by a Federal Home Loan Bank
as collateral for the deposit of public funds. |
| 00-05 |
07/31/00 |
5(9) IBA |
A state bank
may dispose of other real estate owned by any transaction that is
a sale under accepted accounting principles, including selling the
real estate pursuant to a land contract or a contract for deed.
Disposal may also be made by a donation of the real estate, but
may not be conditioned by a potential reversion. |
| 00-04 |
06/06/00 |
3 & 5(11)
IBA; 1-8 SLA; 1006(e), 1008(a)(25)(26) & 6002(11) SBA |
An Illinois
state bank, state savings bank or state savings and loan association
may exchange stock that it holds in an EFT network for stock in
the corporation into which the network merged which entity was engaged
in the same activities as the EFT network and which will be engaged
in the same permissible activities after the merger. |
| 00-03 |
05/09/00 |
Sec. 5(25)
IBA |
Bank may
construct a building on property owned by the Bank and lease the
building to the Post Office based on the authority of a federally
insured thrift or certain out-of-state banks to engage in real property
leasing. The Bank will be subject to any restrictions or limitations
applicable to a federal thrift or out-of-state bank engaging in
real property leasing. In addition, the Bank will need to seek approval
from the FDIC. |
| 00-02 |
01/12/00 |
5(25) IBA |
Scope and
effect of "Super Wild Card" enacted by the "Banking on Illinois
Act." |
| 00-01 |
01/03/00 |
5(11) &
34(4) IBA |
When a bank
extends credit to commercial equipment leasing company under a "Without
Recourse" note with the leasing company, the lending limit and obligation
for repayment will attach to the lessee rather than the leasing
company. |
| 99-04 |
12/15/99 |
1-5.13 &
2-4 CFA |
Not-for-profit corporation acting
as trustee of its own deferred compensation plan is not "engaging
in the trust business." |
| 99-03 |
10/06/99 |
3 IBA |
Bank may
provide certain tax and accounting services that are incidental
to the business of banking. Such services include accounting,
gathering books and records for preparing tax returns, offering
routine tax planning and advice, and dealing with the Internal Revenue
Service as an enrolled agent on behalf of a tax customer for the
public. |
| 99-02 |
09/27/99 |
3 & 33
IBA |
Bank may
invest seed money in a mutual fund for which it will also act as
an investment sub-adviser. |
| 99-01 |
03/19/99 |
5(14), 34(3) & 35.1
IBA |
State bank
may own and lease personal property to a municipality. The
amount of the bank's permissible investment in the personal property
subject to the lease is generally 20% of the unimpaired capital
and surplus of the bank unless the lease is a general obligation
of the municipality, in which case bank's investment is limited
to the amount of bank's unimpaired capital and surplus or is limitless. |
| 98-15 |
10/09/98 |
3
& 5(11) IBA |
State banks
may purchase Illinois real estate tax sale certificates. Banks
should have adequate policies, procedures and controls in place
to protect against inherent risk and safety and soundness concerns
relating to the purchase of such certificates. |
| 98-14 |
09/29/98 |
5
& 15 CPCNA |
The verification
requirements in the Check Printer and Check Number Act ("Act") do
not apply to check orders (1) drawn on existing consumer deposit
accounts for which the check printer has previously filled an order
and to which there are no changes, (2) originating from the financial
institution in which the consumer deposit account is held, and (3)
drawn on existing consumer deposit accounts with only minor, technical
changes. In addition, the requirements will only apply to
accounts held in "financial institutions" as defined in the Act. |
| 98-13 |
09/29/98 |
1
PRA |
An establishment
that purchases jewelry from an individual for refurbishing and reselling
is not acting as a pawnbroker for purposes of the Pawnbroker Regulation
Act if there is no condition or agreement that the establishment
resell the property to that same individual at a stipulated price. |
| 98-12 |
09/08/98 |
5(25) IBA, 1008(a)(13)(B)
SBA |
State Banks
may pledge assets to secure private deposits. |
| 98-11 |
09/08/98 |
5(25) IBA, 1008(a)(18)
SBA, 12 USC 1861 et seq. BSCA |
State banks
may offer data processing and data transmission services on a for-profit
basis either directly, through a subsidiary or through a bank service
corporation. |
| 98-10 |
09/08/98 |
5(25) IBA,
6003(7) SBA |
State banks
may engage in real estate development activities or projects, subject
to the same restrictions that apply to insured savings associations.
State banks' real estate development authority may have to be conducted
through a subsidiary with the approval of the FDIC. |
| 98-09 |
09/08/98 |
3,
5(11), 5(24), 5(25) IBA, 1 et seq. TIA, 1402 IIC |
State banks
may sell title insurance, subject to licensure by the Illinois Department
of Financial Institutions. |
| 98-08 |
08/25/98 |
44.1 IBA |
The provision
of basic banking services, including check cashing, deposit transactions,
and statement reconciliation on a limited basis to residents of
a retirement apartment complex is authorized by Section 44.1 of
the Illinois Banking Act and does not constitute the establishment
of a branch by the bank. |
| 98-07 |
07/22/98 |
2 CDAA, 10
CPCNA |
A check printer
may use the next consecutive check number indicated by the account
holder's current check supply when filing an order for a customer.
A check printer who is unable to determine the date on which an
account was opened shall use the date of the earliest transaction
or the earliest order of checks for the account that can be verified.
The status of the financial institution in which the account is
held, rather than the residency of the account holder, shall determine
whether the check printer must comply with the verification requirements
of the Check Printer and Check Number Act. |
| 98-06 |
07/20/98 |
1 PRA |
The phrase,
"other than property the ownership of which is subject to a legal
dispute" in Section 1 of the Pawnbroker Regulation Act [205 ILCS
510/1] means that if a pawnbroker has actual knowledge that there
is a dispute about the ownership of an item, that pawnbroker may
not accept such an item for pawn. Furthermore, those who
deal in the purchase of property on the condition of selling the
property back again at a stipulated price are included in the definition
of "pawnbroker". |
| 98-05 |
06-25-98 |
32 IBA |
If a bank
makes a loan which is guaranteed by various guarantors and a portion
of the loan is subsequently participated to another bank, the guarantees
would follow the loan on a pro rata basis. |
| 98-04 |
05-26-98 |
2 IBA |
For a banking
facility to be considered a branch, it must engage in one of the
core banking functions, must be established by the bank, and must
be accessible to the pubic, giving the bank a competitive advantage
in obtaining customers. |
| 98-03 |
05-06-98 |
5(9) IBA |
If a bank
merges with another bank and thereby acquires title to the other
bank's residual other real estate owned ("OREO"), the 10 year OREO
holding timetable is reset. Furthermore, the Office of Banks
and Real Estate no longer has the authority to grant extensions
for banks to hold OREO. |
| 98-02 |
04-09-98 |
16(2), 16(3),
43 IBA |
Shareholders of bank have sole
authority to change the number of members on the bank's board of
directors. The board may only exercise authority to appoint a new
director prescribed in the by-laws if the vacancy on the board arose
between shareholder meetings. |
| 98-01 |
01-16-98 |
4(1)(1),
4a(a)(i) IA |
Loans secured
by a real estate mortgage are governed by Section 4(1)(1), and not
Section 4a(a)(i), of the Interest Act. |
| 97-06 |
10-16-97 |
1-5.05, 8-2
CFA |
An Illinois
corporate fiduciary may deal with trust owned farm real estate as
trustee or may engage in farm real estate management and brokerage
in an agency capacity. |
| 97-05 |
07-10-97 |
5/2, 5/3
IBA |
Illinois
state-chartered banks may provide temporary banking services at
colleges or universities. These would include opening checking and
savings accounts, soliciting applications for credit cards, ad providing
information on other bank services and locations. So long as the
bank does not receive deposits, pay checks, or make loans, the service
would not be considered a branch and would not need to file an application
or notice with the agency. |
| 97-04 |
07-09-97 |
0.01 et seq.,
4(2)(a), 6IA |
Retroactively charging higher
interest rates to borrowers who prepay their mortgage loans whose
interest rate is over 8% would constitute a prohibited prepayment
penalty under Section 4(2) (a) of the Interest Act. However, banks
may provide incentives, such as cash bonuses and fee waivers, to
induce borrowers not to prepay. |
| 97-03 |
03-24-97 |
1 et seq.
TIA, 1-1 et seq. CFA, 4.01-4.24 TTA, 499.1 IIC |
Acting as
agent for sale of title insurance is permitted for Illinois state
chartered trust company; title insurance agent is not engaged in
the "insurance business;" therefore, trust company is not prohibited
from acting as title insurance agent by Sec. 499.1 of the Illinois
Insurance Code. |
| 97-02 |
03-11-97 |
5, 5(11)
IBA |
State Bank
may accept and hold stock issued by a borrower, not as an investment per se, but rather as an incident to an attempt to work
out a problem loan and maximize the bank's recovery. |
| 97-01 |
01-21-97 |
5(3), 5(5),
5(11) IBA |
State Bank
may provide tax preparation services to its customers or the public,
but the Bank may not act as an expert tax consultant, and should
take appropriate precautions to inform customers for the service
of this fact. |
| 96-07 |
12-04-96 |
5(17) IBA,
30 EFTA |
ATM's which
only dispense cash may be established in Illinois at any location
and by any establisher. |
| 96-06 |
10-03-96 |
3 & 5(12)
IBA, 10-10(a) LLCA |
State bank
may make minority equity investment in limited liability company,
corporation or partnership pursuant to conditions outlined. |
| 96-05 |
08-27-96 |
5.2 TTA,
21-2.14, 21-1.07 PA |
Under Illinois
law, an Illinois corporate fiduciary may invest trust assets in
a mutual fund from which it receives fees for the provision of administrative
services without creating an impermissible conflict of interest. |
| 96-04 |
08-14-96 |
5(6), 5(21)
IBA |
Bank may
conduct activity as an Internet Service Provider if the activity
is undertaken for the enhancement and support of community development
and to enrich the lives and educational opportunities for bank customers
and community residents. |
| 96-03 |
06-24-96 |
35 EFT |
Financial
institution's main office may be directly connected to a different
switch than the switch used by one or more of its branches, although
each banking office may only be directly connected to one switch. |
| 96-02 |
03-18-96 |
5(11) IBA |
Purchases
of stock in the Federal National Mortgage Association ("FNMA") are
not subject to investment limits. However, the Agency may still
have safety and soundness concerns based on concentrations or lack
of diversification of the bank's investments. |
| 96-01 |
01-24-96 |
3,4,6 IFSDA |
State bank's
home equity line of credit is a revolving credit plan pursuant to
the Financial Services Development Act (IFSDA). Early Cancellation
Fee is a "charge which may be provided in the agreement between
the Bank and customer. Interest Act provisions do not limit revolving
credit plans pursuant to IFSDA. |
| 95-15 |
12-20-95 |
3 FBOA |
Foreign banks
that possess certificates under Foreign Banking Office Act have
the same powers as state banks which in turn have the same powers
as national banks to own, hold or trade financial derivatives. Commissioner
may still require prior approval. |
95-14
Rescinded |
12-19-95 |
8
IBA |
Incorporators of an Illinois
state bank in organization may, to satisfy the requirement of
Section 8, subscribe to stock of the bank or stock of the
corporation formed to be the bank holding company of the
bank. |
| 95-13 |
12-19-95 |
16, 48.1
and 48.3 IBA |
When the
boards of a bank holding company, of the lead bank subsidiary of
the bank holding company, and of an affiliated bank holding company
are all composed of the identical individuals, and the boards conduct
a common meeting for the affiliated entities, then consolidated
minutes of such meeting may be kept. |
| 95-12 |
11-21-95 |
2-4 CFA |
A common
law assignee for the benefit of creditors, whether court supervised
or not, is not required to obtain a certificate of authority from
the Commissioner to act as such in Illinois. |
| 95-11 |
10-27-95 |
1-6 CFA,
4.01 and 4.21 TTA, 2 IBA, 3.10 BCA |
An Illinois
trust company may deal with trust owned farm real estate as trustee
or may engage in farm real estate management and brokerage in an
agency capacity according to Illinois law. |
| 95-10 |
10-02-95 |
10-10 LLCA32
IBA |
A loan to
a limited liability company is not aggregated with individual borrowings
of a company member unless the bank is actually looking to the member
for repayment. |
| 95-09 |
9-27-95 |
2 SFAA |
A corporate
fiduciary may not deposit fiduciary account securities with a broker
pursuant to the Securities in Fiduciary Accounts Act unless that
broker is organized and qualified to accept and execute trusts or
the trust instrument directs such a deposit |
| 95-08 |
09-13-95 |
4a(b) &
4.1a(b) IA |
Service charges
in addition to interest on simple interest loans for more than $800
are not limited by Section 4a(b) of the Interest Act which limits
changes on loans that are less than $800.Section 4.1a(b) permits
banks to collect bad check charges. |
| 95-07 |
08-29-95 |
5 IBA, 3
FBOA |
Risk participations
in a loan between branches of the same foreign bank do not constitute
an unauthorized guarantee of another bank's loan. |
| 95-06 |
08-01-95 |
2 and 32
IBA |
State bank
may repurchase portions of a loan participation that the bank had
sold provided the amount of the loan held on its books complies
with the current statutory limit. |
| 95-05 |
07-28-95 |
3.071 IBHCA |
* |
| 95-04a |
09-8-95 |
3.071 IBHCA |
* |
| 95-04 |
07-12-95 |
3.071 IBHCA |
* |
| 95-03 |
06-06-95 |
48 IBA, 100
IUIA |
Illinois
Department of Employment Security may visit state bank despite exclusive
visitation provision of Section 48 solely for purpose of verifying
unemployment tax records. |
| 95-02 |
04-19-95 |
5(5) and
33 IBA |
State bank
is not authorized to retain life insurance policy on life of retired
director once legitimate insurance need is eliminated. |
| 95-01 |
03-02-95 |
5(11) IBA |
State bank
is authorized to purchase the residence of an employee who has been
transferred to another area, provided that the bank divests ownership
of the property as soon as practicable. |
| 94-25 |
12-01-94 |
2 IBA |
State bank
may establish a deposit courier service provided it complies with
the requirements for a branch, or customers may use an independent
third party to provide the service. |
| 94-24 |
11-01-94 |
5(11) and
33 IBA |
State bank
may purchase and hold non-rated marketable investment securities
under the authority of Section 5(11), subject to the standards and
limitations applicable to a national bank for the type of investment,
notwithstanding the limitations in Section 33. |
| 94-23 |
10-19-94 |
5(4), 5(5)
and 5(8) IBA |
State bank
may not purchase and hold a vacation home for the use of senior
executive officers in a non-qualified employee benefit trust. |
| 94-22 |
10-04-94 |
35.2IBA |
Transactions between affiliates
that are at least 80% commonly owned are not subject to the limitations
set forth in Section 35.2 if conducted in a safe and sound manner
and do not involve purchase of low quality assets |
| 94-21 |
10-04-94 |
4, 4a IA |
State banks
may contract for and receive interest and charges at any agreed
upon rate. |
94-20
Rescinded |
09-22-94 |
2, 47
IBA |
Bank may
publish its quarterly call reports in any newspaper of general
circulation in the community in which the bank is
located. |
| 94-19 |
09-15-94 |
3 and 5(11)
IBA, 3 FBOA |
Bank may
trade energy derivatives for its customers, provided it has the
management and controls necessary to ensure safe and sound banking
practices. |
| 94-18 |
09-02-94 |
32(3) IBA |
Higher lending
limit under Section 32(3) for qualified real estate loans is not
available for the purchase of a participation if both appraisals
are not obtained at the time the loan is made or refinanced. |
| 94-17 |
09-01-94 |
2-4 CFA |
State bank
that acts as a bond registrar is conducting business as a fiduciary
and must have a certificate of authority to accept and execute trusts. |
| 94-16 |
09-01-94 |
4-2, 4-4
and 4-5 CFA |
An Indiana
trust company may perform representative services at a representative
office in Illinois, but may not establish a place of business in
Illinois to conduct business as a fiduciary. |
| 94-15 |
08-26-94 |
2-4 CFA,
3 FBOA, 3, 4 and 5(11) IBA |
A foreign
banking corporation that possesses a certificate of authority under
the Foreign Banking Office Act may apply for a certificate of authority
to accept and execute trusts under the Corporate Fiduciary Act. |
| 94-14 |
08-27-94 |
1b CCIA |
State bank
that complies with the requirements of the Federal Equal Credit
Opportunity Act when issuing credit cards does not have to make
the additional disclosures set forth in Section 1b of the Credit
Card Issuance Act. |
| 94-13 |
07-27-94 |
3 IBA |
State bank
may offer guaranteed asset protection plans to car loan customers
because such plans are similar to debt cancellation agreements that
have been determined as incidental and germane to the business of
banking. |
| 94-12 |
06-30-94 |
3.071 IBHCA |
* |
| 94-11 |
06-15-94 |
3 and 5(11)
IBA |
State bank
may offer debt cancellation agreements to its customers as incidental
to its authority to loan money and carry on a general banking business
and under the authority of Section 5(11). |
| 94-10 |
06-15-94 |
2 and 5(15)
IBA |
State bank
may establish as branches stand-alone night receptacles in malls
and in mall parking lots that are not connected to or otherwise
near an ATM or other facility and are accessible only to bank's
customers. |
| 94-09 |
05-25-94 |
5(2) TTA |
Corporate
fiduciary may invest trust assets in a mutual fund for which it
performs services and from which it receives fees provided that
the trust instruments permit such an investment, the fees are reasonable,
disclosure is made to the trust beneficiaries, and such an investment
complies with ERISA, if applicable. |
| 94-08 |
05-25-94 |
5(9) IBA |
Other real
estate owned ("OREO") that is subject to a lease must still be accounted
for as OREO for regulatory reporting purposes. |
| 94-07 |
05-04-94 |
4-4 CFA |
Out of state
banks are not permitted to establish offices for the conduct of
business as corporate fiduciaries in Illinois. |
| 94-06 |
05-02-94 |
32 IBA |
Loan to limited
partnership is not aggregated with other loans to general partner
of limited partnership if lending bank's recourse is limited to
the assets of the limited partnership by the loan documents. |
| 94-05 |
04-12-94 |
4a, 4(2)(b)
IA |
Finance company
may offer installment loans and retail installment loans with variable
interest rates for resale to Illinois banks, subject to requirement
that payments are made in periodic equal amounts. |
| 94-04 |
03-23-94 |
3, 5(7)(a)
and 44.1 IBA |
State bank
that assists residents of senior citizens centers and nursing homes
on a limited basis is not establishing branches; state bank is authorized
to purchase guaranty bonds to secure excess deposits. |
| 94-03 |
03-14-94 |
13(a) IBA |
* |
| 94-02 |
01-28-94 |
8-103 EFTA |
Placement
of proprietary message on ATM screen that can be accessed only by
customers of the establishing bank does not violate prohibition
against proprietary advertising on the ATM terminal. |
| 94-01 |
01-20-94 |
6 and 7 CCIA |
* |
| 93-32 |
12-22-93 |
2, 5(15)
and 5(16) IBA |
Illinois
Banking Act does not prohibit establishment of mobile branches,
but applicable branch applications and notices may be required for
each change in location; mobile ATMs are permitted. |
| 93-31 |
12-21-93 |
35.2 IBA |
Loans among
affiliates, the stock of which is at least 80% owned by parent company,
are exempt from lending limit and collateral requirements. |
| 93-30 |
12-21-93 |
5(11) IBA |
Bank may
retain corporate stock received as dividends from investment in
"small business investment company." |
| 93-29 |
12-16-93 |
6, 7 CCIA |
* |
| 93-28 |
12-16-93 |
35.2 IBA |
Loans secured
by bank holding company stock are "covered transactions" that are
aggregated for lending limit purposes. |
| 93-27 |
12-15-93 |
5(11), 32,
35 and 35.1 IBA |
State bank
may own and lease real property and personal property to a municipality,
subject to the same restrictions applicable to a national bank. |
| 93-26 |
12-15-93 |
32 and 35
IBA |
Portion of
loan collateralized by deposit account of guarantor is exempt from
lending limits; limit applicable to aggregate guarantees depends
on the form of the guarantees. |
| 93-25 |
12-10-93 |
2, 5(14),
34, 35 and 35.1 IBA |
School district
is a "person" for purposes of the leasing authority granted by Section
35.1 of the Banking Act. |
| 93-24 |
11-29-93 |
3 IBA |
State banks
may offer involuntary unemployment insurance coverage to their borrowers
in the same manner that they may offer credit life insurance and
credit accident/health insurance. |
| 93-23 |
11-05-93 |
3.071 IBHCA |
* |
| 93-22 |
10-28-93 |
33 IBA |
Non-rated
bonds issued by a public agency are a permitted investment; definition
of "public agency." |
| 93-21 |
10-28-93 |
32 IBA, 3-419
UCC |
For determination
of lending limits, language of guarantee must clearly identify guarantee
as one of collection or guarantee will be deemed a guarantee of
payment. |
| 93-20 |
10-27-93 |
3.05 and
3.10 BCA, 2 and 46 IBA |
Corporation
that only provides equipment financing to other corporations is
not doing a general banking business. |
| 93-19 |
10-21-93 |
33, 34 and
35 IBA |
Investments
in general obligations of municipalities located in bank's county
are not subject to investment limits; investments in revenue bonds
secured by obligations of State of Illinois are limited to 50% of
bank's unimpaired capital and surplus. |
| 93-18 |
10-18-93 |
16(4) IBA |
* |
| 93-17 |
10-14-93 |
2 and 8 IBA,
3.05 IBHCA |
Proposed
bank holding company may not be an incorporator of an interim state
bank. |
| 93-16 |
09-24-93 |
|
Bank holding
company that acquires 100% of second bank holding company must use
push down accounting. |
| 93-15 |
08-24-93 |
2, 5(23)
IBA |
A savings
and loan association or savings bank that is at least 80% owned
by a bank holding company is a "bank" for purposes of acting as
an "affiliate facility." |
| 93-14 |
08-04-93 |
32(3) IBA |
Bank officer
who is certified appraiser may not prepare appraisal for qualified
real estate loans. |
| 93-13 |
07-30-93 |
32 IBA, 3-419
UCC |
Lending limits
applicable to aggregate guarantees are determined by the forms of
the guarantees; guarantees of payment are limited to 20% of unimpaired
capital plus 20% of unimpaired surplus, calculated separately from
the lending limit; guarantees of collection are limited to 25% of
deposits, but may not be more than 50% of unimpaired capital and
surplus, calculated by adding such guarantees together with all
other liabilities of the guarantor to the bank. |
| 93-12 |
07-22-93 |
5(14), 32,
33, 35 and 35.1 IBA |
State bank
may acquire and lease personal property to county hospital, subject
to 20% investment limit; exceptions and exemptions to lending limit
in Sections 34 and 35 of Illinois Banking Act do not apply to personal
property leases made under Section 35.1 of Act. |
| 93-11 |
07-15-93 |
33, 34 and
35 IBA |
Tax increment
financing bonds are not general obligations of the issuing municipality
and are subject to Section 33 investment limits. |
93-10
Rescinded |
07-06-93 |
48.1
IBA |
* |
| 93-09 |
07-02-93 |
5(8) IBA |
State bank
may purchase real estate for use as employee parking lot. |
| 93-08 |
07-02-93 |
18 IBA |
Out-of-state bank holding company
does not have to file a change in control or interstate application
when it changes its state of incorporation by merger. |
| 93-07.1 |
07-02-93 |
5(8) IBA |
State bank
is authorized to acquire real estate to swap for property to be
used as bank premises. |
| 93-07 |
04-29-93 |
2 and 5(16)
IBA |
* |
| 93-06 |
04-27-93 |
8-104 EFTA |
* |
| 93-05 |
04-23-93 |
2 IBA, 3.05
and 3.071 IBHCA |
Out-of-state bank holding company
may form a de novo Illinois chartered bank to acquire the assets
and liabilities of a financial institution in default or in danger
of default. |
| 93-04 |
02-24-93 |
5(4), 5(15)
and 48 IBA |
State bank's
appointment of out-of-state banks as agents to issue and pay certificates
of deposit does not constitute the establishment of branches. |
| 93-03 |
02-11-93 |
48.1 IBA |
Federal law
that prohibits bank from disclosing subpoena requesting customer's
financial records preempts state law that requires bank to mail
copy of subpoena to customer. |
| 93-02 |
02-09-93 |
2 and 32
IBA |
State bank
using push down accounting should not subtract value of unamortized
fixed assets and investments from surplus in calculating lending
limits. |
| 93-01 |
02-03-93 |
4-2, 4-4
and 4-5 CFA, 2 and 3 FBROA |
National
bank with principal office outside of Illinois may establish trust
representative office in Illinois to perform limited representative
functions. |
| |
12-22-92 |
5, 16, 33,
34 and 35 IBA |
State bank
may delegate its discretionary investment authority to unaffiliated
third party, provided bank adopts certain oversight procedures and
values securities at lesser of cost or market value. |
| 92-17 |
12-08-92 |
5(11) and
32 IBA |
Earn-out
portion of sale of state bank subsidiary financed by selling bank
is not subject to Section 32 lending limits, provided sale is performed
in commercially reasonable manner that minimizes risk to bank in
event purchaser defaults. |
| 92-16 |
10-26-92 |
6-106 EFTA,
5(12), 5(16) and 5(17) IBA |
State bank
may invest in stock in Delaware corporation that operates an electronic
funds transfer network. |
| 92-15 |
09-17-92 |
33 and 34
IBA |
Marketable
investment securities must be rated on a per issue basis; rating
requirements do not apply to general obligations issued by municipalities
and other public agencies. |
| 92-14 |
09-15-92 |
21 CILA,
4a IA |
State bank
that chooses to operate under the Consumer Installment Loan Act
(CILA) in order to collect the charges permitted under CILA must
comply with the disclosure provisions for Rule of 78ths. |
| 92-13 |
09-03-92 |
32 IBA |
Loans to
individuals guaranteed by their corporation are each subject to
the lending limit applicable to individuals, while the corporation's
guarantees are aggregated for purposes of the limit on a state bank's
total liabilities. |
| 92-12 |
08-28-92 |
1-6 CFA,
5 TTA |
Corporate
fiduciary may engage in securities lending for personal trust accounts
if appropriate policies and safeguards are implemented, unless prohibited
by the trust instrument. |
| |
08-20-92 |
17 IBA |
Infusion
of funds directly into surplus without issuance of stock or change
in par value does not require a charter amendment. |
| 92-10 |
08-19-92 |
8-101 and
8-104(1) EFTA |
ATM that
accepts commercial deposits may be |
| 92-09 |
06-24-92 |
6 and 7 CCIA |
* |
| 92-08 |
06-24-92 |
6 and 7 CCIA |
* |
| 92-07 |
06-22-92 |
48.1 and
48.3 IBA |
Examination
report that includes bank customers' names or loan accounts is not
a financial record of such customers, and bank is not authorized
to notify specific customers of subpoena for examination report. |
| 92-06 |
05-19-92 |
18 IBA |
Solicitation and receipt of revocable
written proxies do not constitute a change of control. |
| 92-05 |
05-14-92 |
5(11) and
5(12) IBA |
State banks
are authorized to purchase stock issued by the Federal Home Loan
Mortgage Corporation and the Student Loan Marketing Corporation. |
| 92-04 |
05-14-92 |
2 and 5(15)
IBA |
State bank
may operate a depository receptacle that is accessible through an
ATM, but may not operate a stand-alone, off-premises depository
receptacle. |
| 92-03 |
04-24-92 |
5(15) and
44.1 IBA |
State bank
that establishes a banking facility at senior citizen's or long
term care facility is not required to file Notice of Intent to Branch
with Commissioner. |
| 92-02 |
04-17-92 |
21 CILA,
4 and 4(a) IA |
State bank
may charge late charges pursuant to Section 4a of Interest Act or
may elect to make a loan of less than $10,000 under the Consumer
Installment Loan Act and comply with the provisions of that Act. |
| 92-01 |
02-21-92 |
5(16) IBA |
National
bank may establish ATM on riverboat so long as ATM remains within
confines of bank's home or contiguous counties. |
| 91-35 |
12-23-91 |
2-1 and 2-4
CFA, 13 CILA, 3 and 16(7) IBA |
Trust department
of state bank and its officers may act under a power of attorney
that encompasses property and financial matters. |
| 91-34 |
12-12-91 |
32 IBA |
State bank
that has made a commercial real estate loan in the amount of its
lending limit may redeem the property for delinquent taxes and such
expenditures will be deemed a liability "otherwise" extended for
purposes of Section 32. |
| 91-33 |
12-11-91 |
3 and 5(8)
IBA |
State bank
that is owned by foreign corporation may purchase a residence for
use by bank personnel temporarily assigned to Illinois. |
| 91-32 |
12-05-91 |
2, 5(12)
and 5(21) IBA |
National
bank may invest in a development credit corporation that makes loans
for its own account without violating branching laws. |
| 91-31 |
11-25-91 |
2 and 35(4)
IBA |
Loan to fire
protection district backed by full faith and credit of district
is a general obligation of a municipality that is exempt from lending
limits. |
| 91-30 |
11-04-91 |
16 IBA |
When state
bank has less than five directors, at least one director may not
be an officer or employee of bank. |
| 91-29 |
10-30-91 |
6 and 7 CCIA |
* |
| 91-28 |
10-28-91 |
3.071 IBHCA |
* |
| 91-27 |
10-28-91 |
5(9) and
14(8) IBA |
State bank
may transfer ORE to its bank holding company as a dividend in order
to comply with divestiture rules. |
| 91-26 |
09-30-91 |
19.1 IBA |
Date of bank
charter resulting from conversion of trust company is date of certificate
of authority issued to predecessor trust company. |
| 91-25 |
09-19-91 |
3 IBA |
State bank's
incidental powers include the authority to contribute to bank trade
association's building fund. |
| 91-24 |
09-16-91 |
5(15)(g)
IBA |
* |
| 91-23 |
09-13-91 |
2 and 5(15)
IBA |
National
bank contract with armored car service to count cash, currency and
food stamps at armored car company's processing center for bank
customers is not a violation of state branching restrictions if
deposits are credited when received by bank. |
| 91-22 |
09-12-91 |
3 and 13
FBOA, 5(9) and 5(12) IBA |
Foreign bank
may establish a non-bank subsidiary to hold title to and administer
property obtained in collection of a debt. |
| 91-21 |
09-04-91 |
FBROA, 2
IBA |
Illinois
state bank may establish an in-state loan production office without
prior approval from Commissioner. |
| 91-20 |
08-28-91 |
32, 33, 34
and 35 IBA |
Loans collateralized
by hospital or nursing home's assignment of rights to Medicaid payments
qualify for exceptions and exemptions from lending limits under
Section 34 and may also qualify under Section 35. |
91-19
Rescinded |
08-06-91 |
2, 5(15),
5(16) and 5(17) IBA |
Automatic
teller machines are not branches for purposes of home office
protection. |
| 91-18 |
07-31-91 |
34(3) and
35(4) IBA |
Investments
in "alternate bonds" that are supported by the full faith and credit
of a municipality located in the county in which the state bank
is located are exempt from investment limits. |
| 91-17 |
07-25-91 |
3 FBROA,
2 IBA |
Out-of-state bank may establish
a loan production office in Illinois to perform representational
functions, including the solicitation of deposits, if it obtains
a license under the Foreign Bank Representative Office Act. |
| 91-16 |
07-12-91 |
8.75 BCA,
5(19) and 39 IBA |
State banks
may indemnify officers, directors, employees and agents to same
extent that corporations are so authorized; provided, however, state
banks may not indemnify directors and officers for those acts for
which the Illinois Banking Act imposes personal liability. |
| 91-15 |
07-08-91 |
17 IBA |
* |
| 91-14 |
07-08-91 |
5(15) and
31 IBA |
* |
| 91-13 |
06-24-91 |
5(12) IBA,
2 and 3.05 IBHCA |
State bank
may establish limited purpose national bank which will not accept
deposits or pay checks as an operating subsidiary to conduct credit
card operations. |
| 91-12 |
06-10-91 |
4-4 CFA,
FBROA, 2 IBA |
Foreign bank
representative office that solicits customers for loan, deposit
and investment products, but does not accept deposits or make loans,
is not engaged in the business of banking. |
| 91-11 |
05-23-91 |
35(7) IBA |
Certificate
of deposit in lending bank that is pledged as collateral for a loan
may be used as a segregated deposit account for purposes of the
lending limit exemptions. |
| 91-10 |
05-02-91 |
32(3) IBA |
State bank
may correct technical deficiency by obtaining appraiser's oath for
one of two required appraisals in order for loan to be qualified
real estate loan. |
91-09
Rescinded |
04-19-9 |
2 and 47
IBA |
Quarterly
call report must be published in newspaper of general circulation
that is published at least weekly and has been in business for at
least one year prior to first call report publication. |
| 91-08 |
04-11-91 |
33 IBA |
Universal
life insurance policy that lists chairman of board as owner and
chairman's sons as beneficiaries is not a permissible investment. |
| 91-07 |
03-21-91 |
48.3 IBA |
Commissioner may share examination
report of an Illinois bank with out-of-state bank regulator who
has a legitimate regulatory interest. |
| 91-06 |
03-14-91 |
5(7) IBA |
Illinois
Banking Act does not impose restrictions on state banks as to the
type, identification or segregation of assets pledged to secure
public funds. |
| 91-05 |
03-02-91 |
2, 5(21),
33, 34 and 35 IBA |
State banks
are authorized to invest in marketable investment securities, projects
designed to promote the development of a community and its welfare,
and collateralized mortgage obligations, subject to the criteria
and limitations set forth in the Illinois Banking Act. |
| 91-04 |
02-26-91 |
5(7) IBA |
State banks
may collateralize deposits of grantees of public agencies if the
deposited grants are public funds that remain under some control
of the public agency. |
| 91-03 |
02-11-91 |
15(8) IBA |
Person who
is not a bank shareholder is not entitled access to the bank's shareholder
list. |
| 91-02 |
01-23-91 |
3 IBA |
University's use of debit card
system for its students is not "general banking business." |
| 91-01 |
01-10-91 |
5(7) IBA |
State bank
may not pledge its assets to secure the deposits of its customers,
unless the deposits are public funds. |
| 90-25 |
12-14-90 |
5(21) IBA |
State bank
may invest in joint venture to expand industrial park as a project
that promotes development of the community and its welfare. |
| 90-24 |
12-10-90 |
5(15) and
13(d) IBA |
* |
| 90-23 |
11-14-90 |
FBROA |
National
bank located outside of Illinois may offer unsecured lines of credit
at its licensed representative office. |
| 90-22 |
10-25-90 |
5(12) IBA |
State bank
may form subsidiary to hold title to assets acquired in foreclosure;
Commissioner will waive 60 day notice period in extenuating circumstances. |
90-21
Rescinded |
10-19-90 |
5(16)
IBA |
State bank
may deploy a mobile ATM that will operate within the bank's home
county and contiguous counties. |
| 90-20 |
10-12-90 |
32 IBA |
State bank
that has second mortgage may purchase title to real estate at foreclosure
sale, but may not purchase first mortgage prior to foreclosure if
aggregate of loans would exceed lending limits. |
| 90-19 |
09-14-90 |
5(5) and
33 IBA |
State bank
may purchase insurance contracts for legitimate insurance purposes
but not for investment purposes. |
| 90-18 |
09-13-90 |
16 IBA |
State bank
may appoint director emeritus or advisory director who does not
vote and performs only advisory functions. |
| 90-17 |
09-04-90 |
5(15) and
31 IBA |
* |
| 90-16 |
08-22-90 |
34(5) IBA |
State bank
may accept assignment of letters of credit issued by affiliated
bank as security for loans without regard to lending limits. |
| 90-15 |
08-22-90 |
16 IBA |
Board of
state bank may operate with five directors notwithstanding that
stockholders fixed number of directors at six. |
| 90-14 |
08-08-90 |
IBA |
* |
| 90-13 |
08-08-90 |
5(5) and
33 IBA |
State bank
may establish a deferred compensation plan for the benefit of senior
bank officers and fund the plan with life insurance contracts without
regard to investment limitations. |
| 90-12 |
08-03-90 |
5(13) IBA |
State bank
may automatically renew letters of credit, even though it may only
accept drafts for payment up to one year from date of acceptance. |
| 90-11 |
07-30-90 |
18 IBA |
Employee
Stock Ownership Plan that acquires more than 20% outstanding stock
of a bank holding company that controls a state bank must file a
change of control application. |
90-10
(90-10 rescinded and superceded by 2002-07) |
06-29-90 |
5(11) and
35(3) IBA |
State bank
is authorized to purchase stock in and become a member of a Federal
Home Loan Bank to the same extent as a national bank. |
| 90-09 |
05-30-90 |
16(2) IBA |
Shareholders of state bank may
fix number of directors by two-thirds affirmative vote at any meeting
called for that purpose. |
| 90-08 |
05-22-90 |
32 IBA, 303(a)
ULPA |
Loan to individual
is not aggregated with loan to limited partnership of which individual
is a limited partner. |
| 90-07 |
04-11-90 |
35(1) and
35(3) IBA |
State bank
may factor account receivables due from the U.S. Government with
respect to any one contractor without limitation. |
| 90-06 |
02-26-90 |
46 IBA |
Business
may not use the term "merchant bank" in its corporate name if such
use may mislead the public. |
| 90-05 |
02-20-90 |
23 IBA |
Written notice
must be given to shareholders of state bank at least 30 days prior
to any meeting at which a vote on a merger will take place. |
| 90-04 |
02-07-90 |
33 IBA, 5(1)
TTA |
State bank
may not invest in certificates in closed-end investment company
that are not "readily marketable." |
| 90-03 |
01-30-90 |
5(15) IBA |
Transfer
of funds using personal computer home banking service is not branch
banking. |
| 90-02 |
01-29-90 |
32 IBA |
Loans to
corporation guaranteed by individual will not be aggregated with
loans to individual and to partnership in which individual is general
partner. |
| 90-01 |
01-03-90 |
15(3) and
17 IBA |
State bank
must amend its charter in order to eliminate cumulative voting rights. |
| 89-16 |
12-28-89 |
5(21) IBA |
State bank
investment in limited partnership that invests in condominiums rented
to disabled and low income residents is authorized by Section 5(21)
of the Illinois Banking Act. |
| 89-15 |
11-16-89 |
18 IBA |
Corporate
reorganization does not result in change of control requiring the
filing of an application for a change of control. |
| 89-14 |
11-3-89 |
40 IBA |
* |
| 89-13 |
10-25-89 |
16(4) IBA |
* |
| 89-12 |
10-19-89 |
37(2) IBA |
State bank
may not extend line of credit secured by a reverse repurchase agreement
collateralized by the bank's own pledge of its government securities. |
| 89-11 |
08-31-89 |
37 IBA |
State bank
may extend loan secured by stock of its bank holding company without
violating prohibition against making a loan secured by bank's own
stock. |
| 89-10 |
08-31-89 |
3 IBA |
State bank
may offer discount brokerage services through affiliation with a
registered broker. |
| 89-09 |
08-29-89 |
33, 34 and
35 IBA |
State bank
may engage in fixed coupon dollar repo and dollar roll transactions
subject to satisfying the criteria established for national banks
by the Office of the Comptroller of the Currency. |
| 89-08 |
06-28-89 |
48.1 and
48.3 IBA |
State bank
is not authorized to produce examination report pursuant to a "Request
to Produce" issued to it in litigation. |
| 89-07 |
06-18-89 |
3 IBA |
State bank
may provide limited financial advisory services to unaffiliated
parties in connection with mergers and acquisitions as part of its
general banking business. |
| 89-06 |
04-04-89 |
48.2 IBA |
State bank
may sell credit life, accident and health insurance, but may not
receive commissions for this service. |
| 89-05 |
03-29-89 |
3 and 5 IBA |
State bank
may purchase certificates of deposit and government securities as
agent for its customers and charge a fee for this service as part
of its general banking business. |
| 89-04 |
03-01-89 |
5(7) IBA |
State bank
that pledges securities to secure deposits of public funds may hold
such securities for safekeeping in an out-of-state bank or in an
affiliated trust company. |
| 89-03 |
02-22-89 |
5(15)(g)
IBA |
* |
| 89-02 |
01-30-89 |
5(12) and
5(15) IBA |
* |
| 89-01 |
01-19-89 |
2(g) and
3.02 IBHCA |
Voting trust
created by family members that control a state bank is a bank holding
"company." |
| 88-08 |
12-28-88 |
4.05(a)(2)
BCA, 46 IBA |
Use of the
terms "bancorp, bancorporation or bancshares" does not violate prohibition
against use of the terms "bank, banker or banking." |
88-07
Rescinded |
12-13-88 |
2
IBA |
National
bank located in Illinois may establish loan production
office. |
| 88-06 |
10-11-88 |
5(10) |
State bank
may make a capital contribution to the Federal Agricultural Mortgage
Corporation ("Farmer Mac") in exchange for stock in order to participate
in Farmer Mac's secondary market program. |
| 88-05 |
09-30-88 |
5(15) IBA |
State bank
may not operate messenger service for bank's customers that utilizes
bank's employees. |
| 88-04 |
09-27-88 |
3 IBA |
State bank's
proposed collection services do not constitute activities of a bill
collection agency. |
| 88-03 |
06-29-88 |
33 IBA |
Mutual income
fund that invests in limited partnerships engaged in general business
is not a permitted investment. |
| 88-02 |
02-05-88 |
5(15) IBA |
* |
| 88-01 |
02-01-88 |
4-2 CFA |
* |
| 87-04 |
04-09-87 |
35.2 IBA |
State bank
may not sell participation in credit card receivables to its affiliated
state bank because past due accounts included in portfolio are low
quality assets and proposed transaction is not a true participation. |
| 87-03 |
03-19-87 |
32 IBA, 3-105(1)(h)
UCC |
* |
87-02
Rescinded |
01-27-87 |
5(11) IBA |
State bank
may invest in securities issued by Student Loan Marketing Association
(Sallie Mae) and Federal National Mortgage Association (FNMA) to
the same extent as national banks. |
| 87-01 |
01-16-87 |
35.2 IBA |
Loan from
unaffiliated party to purchase stock of the bank holding company
which owns the bank is a "covered transaction" subject to the restrictions
on loans to affiliates. |
| 86-03 |
12-24-86 |
5(15) and
17(2) IBA |
* |
| 86-02 |
10-24-86 |
3 and 5(11)
IBA |
State bank
may be limited partner in Small Business Investment Corporation
and invest up to 5% of its capital and surplus in it. |
| 86-01 |
04-10-86 |
33 IBA |
State bank
may not invest in tax certificates on property in which bank has
no security interest. |
| 85-06 |
12-06-85 |
35.2 IBA |
Purchase
by a state bank of certificate of deposit from another bank is limited
to 10% of capital, surplus and undivided profits when the second
bank is owned by a bank holding company owned by two persons, one
of whom controls 30% of the first bank. |
| 85-05 |
10-30-85 |
32 IBA |
Customer
may borrow up to a state bank's lending limit and separately guarantee
a loan up to the bank's limit for total "money borrowed or otherwise"
to one person. |
| 85-04 |
04-26-85 |
5(16) IBA |
Bank that
only services ATMs is not establisher of the ATMs. |
85-03
Rescinded |
04-19-85 |
48.1
IBA |
State bank
may reveal customer information to its bonding company in order to
process a claim. |
| 85-02 |
03-04-85 |
5(15)(g)
IBA |
* |
| 85-01 |
01-16-85 |
5(15), 6
(repealed) IBA |
State bank
may arrange independent messenger service for customers, but may
not set routes or process billings which include charges imposed
by the bank for arranging the service. |
| 83-01 |
11-30-83 |
3, 5(12)
and 35.2 IBA |
State bank
may act as futures commission merchant and establish subsidiary
to act as futures commission merchant. |
| 80-01 |
01-29-80 |
5(7) IBA |
Policemen
and Firemen's Pension Funds are "public funds" for which a state
bank may pledge assets to secure deposits. |
