Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 354 - ADMINISTRATION OF ASSETS OBTAINED IN COLLECTION OF A DEBT
Section 354.10 - Purpose
Universal Citation: 38 IL Admin Code ยง 354.10
Current through Register Vol. 48, No. 12, March 22, 2024
Section 3 of the Illinois Banking Act (the Act) authorizes a state bank to loan money on personal or real estate security [205 ILCS 5/3 ]. Section 5(12) of the Act further authorizes a state bank to establish a subsidiary to hold title to and administer assets acquired as a result of the collection of loans. Included in these express powers is the incidental right to maintain assets that a state bank acquires in collection of a debt in preparation for their disposal.
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