Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart E - INVESTMENTS
Section 1075.505 - Investment Underwriting Practice
Current through Register Vol. 47, No. 38, September 22, 2023
A savings bank may grant a loan or invest in other authorized assets under the Act.
a) For all types of secured and unsecured loans granted, and other investments entered into, a savings bank's board of directors shall establish and approve, at least annually, written loan underwriting and other investment policies and procedures. These policies and procedures shall set forth criteria sufficient to allow a decision to be made in accordance with Section 1075.500 of this Part.
b) A loan or other investment may be apportioned among appropriate categories, and may be moved, in whole or part, from one category to another as follows.
c) The written policies and procedures pertaining to loans secured by collateral other than real estate, mobile home chattel paper, or the cash surrender value of life insurance shall provide specific procedures for determining the value of the respective collateral.
Amended at 22 Ill. Reg. 6719, effective March 30, 1998