Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart L - SUPERVISION
Section 1075.1540 - Failure to Comply with Report of Examination

Universal Citation: 38 IL Admin Code ยง 1075.1540
Current through Register Vol. 48, No. 12, March 22, 2024

If the Director determines that a savings bank has failed to comply with recommendations made in or as the result of a report of examination within 45 days after the date the report is transmitted, then he or she may poll the savings bank's officers and board of directors personally concerning his or her recommendations, and, absent convincing or compelling changes of information, market conditions or financial condition of the savings bank, he or she shall summarily issue a temporary suspension in writing to officers and organization directors who refused or prevented taking the recommended steps. The suspension shall bar the specified individual until the Order is modified or vacated by the Director.

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