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