Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 190 - ILLINOIS CREDIT UNION ACT
Subpart A - GENERAL PROVISIONS
Section 190.110 - Share Drafts
Current through Register Vol. 48, No. 12, March 22, 2024
a) A credit union with total assets of $1 million or less may, upon resolution of the Board of Directors, request permission of the Division to offer share drafts to their members provided that:
b) The Division will respond to all applications within 30 days after receipt. If the application is not approved, the disapproval will identify the financial and/or operation characteristics which must be improved before re-application can be made.
c) A credit union with total assets greater than $1 million may, upon resolution of the Board of Directors, offer share drafts to its members without permission of the Division.
d) If dividends on the proposed share draft accounts are to be paid at a different rate or calculated on a basis different from existing common share accounts, then in accordance with Section 37 of the Illinois Credit Union Act [205 ILCS 305/37 ], the share drafts must be established as a class of share.