Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 354 - ADMINISTRATION OF ASSETS OBTAINED IN COLLECTION OF A DEBT
Section 354.20 - General Rule

Universal Citation: 38 IL Admin Code ยง 354.20

Current through Register Vol. 47, No. 52, December 29, 2023

a) A state bank and its subsidiaries may take actions that are necessary to administer assets obtained in the collection of a debt, provided such actions are in conjunction with ongoing efforts to dispose of the assets by sale or liquidation.

b) A state bank and its subsidiaries shall adopt a written policy for the disposition of assets obtained in the collection of a debt.

c) A state bank and its subsidiaries shall document in each loan file any deviation from the written policy for the disposition of assets obtained in the collection of a debt.

d) When making a request for an extension of the period for which assets may be retained, whether pursuant to Section 5(9) of the Act or otherwise, a state bank or its subsidiary shall furnish the following information to the Commissioner:

1) the good faith actions the bank has taken to dispose of the assets;

2) why further retention of the assets is in the best interests of the bank;

3) the bank's estimate of time frame for ultimate disposition of the assets;

4) the cost for administering the assets during the interim; and

5) such other pertinent information as the Commissioner may request.

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