Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION
Section 1075.1630 - Suspension by Notice
Current through Register Vol. 48, No. 12, March 22, 2024
a) Upon determination that suspension is necessary for the protection of a savings bank operating under the Act or for depositors and in accordance with the Act and this Part, the Director may by notice suspend an officer, organization director, employee or agent of a savings bank operating under the Act and suspend the individual from participation in any manner in the affairs of any savings bank operating under the Act.
b) A suspension Order by the Director issued pursuant to this Section shall be in effect and enforceable upon service and, unless stayed by a reviewing court, shall remain in effect until the charges are dismissed and the administrative proceedings are completed, or until the effective date of any final Order of removal, suspension or prohibition that is issued by the Director.
c) A suspension Order by the Director issued pursuant to this Section shall:
d) Subject to this Subpart M, hearing shall be pursuant to 38 Ill. Adm. Code 100.