Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart E - INVESTMENTS
Section 1075.590 - Asset Composition Test
Current through Register Vol. 47, No. 38, September 22, 2023
As an alternative asset test prescribed pursuant to Section 1009 of the Act, the composition of the assets, including loans and investments, of a savings bank is permitted to consist of any type, and in any amount, authorized by the Act and this Part, provided that the savings bank:
a) is a member of a Federal Home Loan Bank as a Federal Home Loan Bank qualified thrift lender or community financial institution under the Federal Home Loan Bank Act ( 12 USC 1421 et seq.);
b) has at least 10 percent of its total assets in residential mortgage loans as of the most recent fiscal year-end; or
c) has total average assets for the three preceding fiscal years of less than $500,000,000.
This Section does not require membership in a Federal Home Loan Bank.
Added at 26 Ill. Reg. 13483, effective September 13, 2002