Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart E - INVESTMENTS
Section 1075.510 - Discrimination and Redlining
Current through Register Vol. 47, No. 38, September 22, 2023
a) It shall be considered discriminatory to refuse to grant loans or to vary the terms of loans or the application procedures for loans because of:
b) A presumption of discrimination shall be attached to any inquiry regarding a loan authorized by the savings bank's board of directors when:
c) In cases of a savings bank's non-compliance with this Subpart, the Director, by written notice, shall require that all inquiries for loans received from proposed borrowers be accepted in writing on application forms that provide information sufficient to make an informed decision concerning the final disposition of the respective loan application. Thereafter, the savings bank shall submit a copy of each rejected application to the Director with a written statement setting forth the reason for rejecting the application and a copy of each document supporting the decision.
d) A savings bank shall be required to comply with the Director's directive issued pursuant to subsection (c) for a minimum of 6 months. Should a presumption of discrimination exist at the close of the six-month period, the respective savings bank shall be required to continue reporting until the Director, by examination, determines that discriminatory practices have ceased and the savings bank is so notified.
Amended at 30 Ill. Reg. 19068, effective December 1, 2006