Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 355 - STATUTORY BAD DEBTS
Section 355.20 - Purpose
Universal Citation: 38 IL Admin Code ยง 355.20
Current through Register Vol. 48, No. 12, March 22, 2024
Pursuant to Section 14(8) of the Act a state bank shall not pay dividends in an amount greater than its net profits then on hand without first deducting therefrom its losses and bad debts. This Part establishes guidelines for determining when an obligation is well secured and in the process of collection.
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