Illinois Compiled Statutes
Chapter 205 - FINANCIAL REGULATION
205 ILCS 645/ - Foreign Banking Office Act.

(205 ILCS 645/1) (from Ch. 17, par. 2701)
Sec. 1.
This Act may be cited as the "Foreign Banking Office Act".

(Source: P.A. 78-346.)
 
(205 ILCS 645/2) (from Ch. 17, par. 2702)
Sec. 2.

As used in this Act unless the context otherwise requires, the words and
phrases defined in Sections 2.01 through 2.07 have the meanings ascribed to
them in those Sections.

(Source: P.A. 85-858.)
 
(205 ILCS 645/2.01) (from Ch. 17, par. 2703)
Sec. 2.01.
"Commissioner" means the Secretary of Financial and Professional Regulation
or a person authorized by the Secretary, the Division of Banking
Act, or this Act to act in the Secretary's stead.

(Source: P.A. 96-1365, eff. 7-28-10.)
 
(205 ILCS 645/2.02) (from Ch. 17, par. 2704)
Sec. 2.02.

"State bank" means a banking corporation organized under the Illinois
Banking Act.

(Source: P.A. 78-346.)
 
(205 ILCS 645/2.03) (from Ch. 17, par. 2705)
Sec. 2.03.

"National Bank" means a national banking association located in the
State of Illinois.

(Source: P.A. 78-346.)
 
(205 ILCS 645/2.04) (from Ch. 17, par. 2706)
Sec. 2.04.
(Repealed).

(Source: P.A. 86-1374. Repealed by P.A. 89-208, eff. 6-1-97.)
 
(205 ILCS 645/2.05) (from Ch. 17, par. 2707)
Sec. 2.05.

"Foreign banking corporation" means a bank organized and operating
under the laws of a country other than the United States of America and not
directly or indirectly owned or controlled by United States citizens or by a
corporation organized under the laws of the United States of America.

(Source: P.A. 78-346.)
 
(205 ILCS 645/2.06) (from Ch. 17, par. 2708)
Sec. 2.06.

"Banking office" has the same meaning as "banking house" as defined in
Section 2 of the Illinois Banking Act.

(Source: P.A. 78-346.)
 
(205 ILCS 645/2.07) (from Ch. 17, par. 2709)
Sec. 2.07.

"Person" means an individual, corporation, partnership, joint venture,
trust, estate or incorporated association.

(Source: P.A. 78-346.)
 
(205 ILCS 645/2.08)
Sec. 2.08. Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation.

(Source: P.A. 96-1365, eff. 7-28-10.)
 
(205 ILCS 645/3) (from Ch. 17, par. 2710)
Sec. 3.

Certificates of authority; qualifications; rights;
supervision. A
foreign banking corporation, upon receipt of a certificate of authority from
the Commissioner, may establish and maintain an Illinois banking office to
conduct thereat a general banking business and may apply for, and procure from
the Commissioner, a certificate of authority to conduct thereat a trust
business pursuant to the Corporate Fiduciary Act. No such foreign banking
corporation is, however, entitled to a certificate of authority under this Act
unless, under the laws of the country under which such foreign banking
corporation was organized, a State bank and a national bank may be authorized
to maintain a banking office which may engage in a general banking business or
may be authorized to own all the shares (except for directors' qualifying
shares) of a banking organization organized under the laws of such country.
Upon receipt of a certificate of authority under this Act, a foreign
banking corporation may conduct its banking business in this State with the
same, but no greater, rights and privileges as a State bank, and except as
otherwise provided in this Act, subject to the same duties, restrictions,
penalties and liabilities now or hereafter imposed under the Illinois
Banking Act upon a State bank. Any such
banking office shall be maintained subject to supervision and examination by
the Commissioner and such reports and examinations as are required of State
banks under the Illinois Banking Act applicable to such banking office.
This Section does not prohibit the furnishing of information in accordance
with the federal
Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
Any foreign banking corporation governed by this Act shall enter into an
agreement for data
exchanges with a State agency provided the State agency
pays to the foreign banking corporation a reasonable fee not to exceed its
actual cost incurred. A foreign banking corporation providing
information in accordance with this item shall not be liable to any account
holder or other person for any disclosure of information to a State agency, for
encumbering or surrendering any assets held by the foreign banking corporation
in response to a lien
or order to withhold and deliver issued by a State agency, or for any other
action taken pursuant to this item, including individual or mechanical errors,
provided the action does not constitute gross negligence or willful misconduct.
A foreign banking corporation shall have no obligation to hold, encumber, or
surrender assets until
it has been served with a subpoena, summons, warrant, court or administrative
order,
lien, or levy.

(Source: P.A. 89-208, eff. 6-1-97; 89-364, eff. 8-18-95; 89-626,
eff. 8-9-96; 90-18, eff. 7-1-97.)
 
(205 ILCS 645/3.5)
Sec. 3.5.
Non-English language transactions.
A foreign banking
corporation may conduct
transactions in a language other than English through an employee or agent
acting as interpreter or through an interpreter provided by the customer.

(Source: P.A. 92-578, eff. 6-26-02.)
 
(205 ILCS 645/4) (from Ch. 17, par. 2711)
Sec. 4.
Application for certificate of authority; contents.
A foreign banking corporation, in order to procure a certificate of
authority to establish and maintain a banking office and to conduct thereat a
general banking
business shall make application therefor to the Commissioner, which
application shall set forth:
(a) the name of the corporation, together with the country under the
laws of which it was organized;
(b) the date of its incorporation and the period of its duration;
(c) the address of its principal office in the country under the laws of
which it was organized;
(d) the address of its proposed registered office in this State, and the
name of its proposed registered agent in this State at such address;
(e) the names of other states and countries in which it is admitted or
qualified to transact business;
(f) the names and respective addresses of its directors and principal
officers;
(g) a statement containing such information as the Commissioner may
require indicating that such foreign banking corporation is authorized to
conduct a general banking business under the laws of the country of its
organization, the nature of the business of such foreign banking
corporation and whether the requirements of the reciprocal provision of
Section 3 of this Act can be met;
(h) a complete and detailed statement of its financial condition and the
actual value of its assets, which must be at least $1,000,000 in excess of
its liabilities as of a date within 120 days prior to the date of such
application; and
(i) such additional information as may be necessary or appropriate in
order to enable the Commissioner to determine whether such corporation is
entitled to a certificate of authority.
Such application shall be made on forms prescribed and furnished by the
Commissioner and shall be duly executed in duplicate by the foreign banking
corporation by one or more of its principal officers.
A certificate of authority may not be issued to a foreign banking
corporation under this Act unless the Commissioner finds that the
requirements of Section 10 of the Illinois Banking Act and of Section 3 of
this Act can be met. A foreign banking corporation may not be denied a
certificate of authority by reason of the fact that the laws of the country
under which such foreign banking corporation was organized, governing its
organization and internal affairs, differ from the laws of this State, and
nothing contained in this Act authorizes this State to regulate the
organization or the internal affairs of a foreign banking corporation.

(Source: P.A. 89-208, eff. 6-1-97.)
 
(205 ILCS 645/5) (from Ch. 17, par. 2712)
Sec. 5.
Documents required by the Commissioner.
There shall be delivered to the Commissioner (1) duplicate originals of
the application of the foreign banking corporation for a certificate of
authority and (2) a copy of its charter or articles of incorporation and
all amendments thereto, duly authenticated by the proper officer of the
country under which such foreign banking corporation was organized.
If, according to law, a certificate of authority to establish and
maintain a banking office and
to conduct thereat a general banking business, should be issued to such
foreign banking corporation, the Commissioner shall, when all fees have
been paid as in this Act prescribed:
(a) endorse on each of such documents the word "Filed", and the date of
the filing thereof;
(b) file in his office one of such duplicate originals of the
application and a copy of the charter or articles of incorporation and
amendments thereto; and
(c) issue a certificate of authority to such foreign banking
corporation, to which he shall affix the other duplicate original
application.
The certificate of authority, with the duplicate original of the
application affixed thereto by the Commissioner, shall be returned to the
foreign banking corporation or its representative.

(Source: P.A. 89-208, eff. 6-1-97; 90-301, eff. 8-1-97.)
 
(205 ILCS 645/6) (from Ch. 17, par. 2713)
Sec. 6.
Establishment and maintenance of banking office.
Upon the
issuance of a certificate of authority by the
Commissioner, the foreign banking corporation may, subject to this Act,
establish and maintain a banking office and may conduct thereat a general
banking business.
A certificate of authority issued under this Act authorizing a foreign
banking corporation to transact business at the banking office designated
shall remain in effect until surrendered or revoked.

(Source: P.A. 89-208, eff. 6-1-97; 89-508, eff. 7-3-96.)
 
(205 ILCS 645/7) (from Ch. 17, par. 2714)
Sec. 7.

A foreign banking corporation holding a certificate of authority issued
pursuant to this Act, whenever its articles of incorporation are amended,
shall forthwith file in the office of the Commissioner a copy of such
amendment duly authenticated by the proper officer of the country under
which such foreign banking corporation was organized, but the filing
thereof may not of itself enlarge or alter the purpose or purposes for
which such foreign banking corporation is authorized to pursue in the
transaction of its banking business in this State, nor authorize such
foreign banking corporation to transact banking business in this State in
any other name than the name set forth in its certificate of authority, nor
extend the duration of its corporate existence.

(Source: P.A. 78-346.)
 
(205 ILCS 645/8) (from Ch. 17, par. 2715)
Sec. 8.

A foreign banking corporation holding a certificate of authority
issued pursuant to this Act, must secure an amended certificate of authority
if it changes its corporate name, changes the duration of its corporate
existence or desires to pursue in this State other or additional purposes than
those set forth in its prior application for a certificate of authority, by
making application therefor to the Commissioner.
The requirements with respect to the form and contents of such
application, the manner of its execution, the filing of duplicate originals
thereof with the Commissioner, the issuance of an amended certificate of
authority and the effect thereof and the recording of such amended
certificate of authority shall be the same as in the case of an original
application for a certificate of authority.

(Source: P.A. 78-346.)
 
(205 ILCS 645/9) (from Ch. 17, par. 2716)
Sec. 9.
Registered office and agent.
Each foreign banking corporation authorized to establish and maintain a
banking office shall have and
continuously maintain:
(a) a registered office in Illinois which may be, but need not be, the
same as its
place of business; and
(b) a registered agent, which agent may be either an individual,
resident in this State, whose business office is identical with such
registered office, or a corporation authorized to transact business in this
State having a business office identical with such registered office.
A registered agent may at any time vacate his office as registered agent
by filing in the office of the Commissioner a statement setting forth his
resignation and the effective date thereof, which shall not be less than 60
days nor more than 90 days after the date of filing. A copy of the
statement shall be served on the foreign banking corporation by the
registered agent so resigning by registered or certified mail addressed to
such foreign banking corporation at its principal office as such is known
to such resigning agent and directed to the attention of the secretary or
other comparable officer of such corporation within 5 days after the date
of filing.
A foreign banking corporation may from time to time change the address
of its registered office; and shall change its registered agent if the
office of the registered agent becomes vacant for any reason or if its
registered agent becomes disqualified or incapacitated to act, or if it
revokes the appointment of its registered agent. Any such change of
registered office or registered agent may be effected by filing in the
office of the Commissioner duplicate originals of a statement setting forth
the details with respect to such change and the effective date thereof. The
Commissioner shall endorse on each of such duplicate originals the word
"Filed" and the date of filing thereof, and file in his office one of such
duplicate originals. He shall return the other duplicate original to the
foreign banking corporation or its representative.

(Source: P.A. 89-208, eff. 6-1-97; 90-301, eff. 8-1-97.)
 
(205 ILCS 645/10) (from Ch. 17, par. 2717)
Sec. 10.

Service of process in any suit, action or proceeding or service of any
notice or demand required or permitted by law to be served on a foreign
corporation may be made on a foreign banking corporation holding a
certificate of authority by service thereof on the registered agent of such
foreign banking corporation. Whenever any foreign banking corporation
holding a certificate of authority fails to appoint or maintain a
registered agent upon whom service of legal process or service of any such
notice or demand may be had, or whenever such registered agent cannot with
reasonable diligence be found at the registered office of such foreign
banking corporation, or whenever the certificate of authority of any such
foreign banking corporation is revoked, then in every such case the
Commissioner shall be irrevocably authorized as the agent and
representative of such foreign banking corporation to accept service of any
process or service of any notice or demand required or permitted by law to
be served on such foreign banking corporation. Service on the Commissioner
of any such process, notice or demand against any such foreign banking
corporation shall be made by delivering to and leaving with him, or with
any official having charge of the banking department of his office,
duplicate copies of such process, notice or demand. If any process, notice
or demand is served on the Commissioner, he shall immediately cause a copy
thereof to be forwarded by registered mail addressed to such foreign
banking corporation at its principal office as the same appears on his
records. Any service so had on the Commissioner shall be returnable in not
less than 30 days.
Nothing in this Act limits or affects the right to serve any process,
notice or demand required or permitted by law to be served upon a foreign
corporation in any other manner now or hereafter permitted by law.
The Commissioner shall keep a record of all processes, notices and
demands served upon him by this Section and shall record therein the time
of such service and his action with reference thereto.

(Source: P.A. 78-346.)
 
(205 ILCS 645/11) (from Ch. 17, par. 2718)
Sec. 11.
Pledging requirements; discretion of Commissioner.
A foreign
banking corporation holding a certificate of authority
issued pursuant to this Act may be required, when deemed necessary and
appropriate in the opinion of the Commissioner, to keep on
deposit with the Federal
Reserve Bank of Chicago or such State bank or national bank as such foreign
banking corporation may designate and the Commissioner may approve,
interest-bearing stocks and bonds, notes, debentures or other obligations
of the United States or any agency or instrumentality thereof or guaranteed
by the United States, or of this State, or of a city, county, town,
village, school district, or instrumentality of this State or guaranteed by
this State, or dollar deposits, or obligations of the International Bank
for Reconstruction and Development, or obligations issued by the
Inter-American Development Bank, or obligations of the Asian Development
Bank, or obligations of the African Development Bank, or obligations of the
International Finance Corporation, or such other assets as the Commissioner
shall permit, to an aggregate amount, based upon principal amount or market
value, whichever is lower, in the case of the above-described securities,
and subject to such limitations as he shall prescribe,
such amount as the Commissioner deems necessary for the protection of
depositors or the costs of taking possession and control. The deposit shall be
maintained with the Federal Reserve Bank of Chicago or any such State bank
or national bank pursuant to a deposit agreement in such form and
containing such conditions and limitations (including a deposit in the name
of the Commissioner in trust for the depositors of such banking office) as
the Commissioner may prescribe. So long as it continues business in the
ordinary course such banking office shall, however, be permitted to collect
interest on the securities so deposited and from time to time exchange,
examine and compare such securities.

(Source: P.A. 92-483, eff. 8-23-01.)
 
(205 ILCS 645/12) (from Ch. 17, par. 2719)
Sec. 12.
Control by Commissioner.
(a) Upon the Commissioner's taking possession, pursuant to Section 53
of the Illinois Banking Act, of the business and property in this State of the
banking office of a foreign banking corporation whose deposit liabilities
in this State are not insured by the Federal Deposit Insurance Corporation,
the amounts deposited pursuant to Section 11 shall thereupon become the
property of the Commissioner, free and clear of any and all liens and other
claims, and shall be held by the Commissioner in trust for the
depositors of such
banking office. The Commissioner may, without regard to any priorities,
preferences, or adverse claims and without obtaining the approval of any
court, reduce such property to cash and, as soon as practicable, utilize the
cash to cover initial liquidation costs, if any, and then distribute any
excess to such depositors on a pro rata basis; but no depositor may
receive an
amount in excess of his account balances. For purposes of this Section, the
term "depositor" does not include any other offices or branches of, or
wholly-owned (except for a nominal number of directors' shares)
subsidiaries of, such foreign banking corporation, but includes those to
whom such banking office is indebted by virtue of money or its equivalent
received by such banking office (i) for which it has given credit or is
obligated to give credit to a time or demand deposit or which is evidenced
by a check or draft against a deposit account and certified by such banking
office, or (ii) for which it has issued a letter of credit for cash or a
traveler's check on which such banking office is primarily
liable, or
(iii) for which it has issued an outstanding draft (including advice or
authorization to charge the banking office's balance at another bank),
cashier's check or money order, or other officer's check.
(b) Whenever the Commissioner takes possession of the property and
business of a foreign bank pursuant to Section 53 of the Illinois Banking Act,
the Commissioner shall conserve or liquidate the property and business of the
foreign bank pursuant to the laws of this State as if the foreign bank were an
Illinois bank, with absolute preference and priority given to the creditors of
the foreign bank arising out of transactions with, and recorded on the books
of, its Illinois state branch or Illinois state agency over the creditors of
the foreign bank's offices located outside this State. When the Commissioner
has completed the liquidation of the property and business of a foreign bank,
the Commissioner shall transfer any remaining assets to the foreign bank in
accordance with such orders as the court may issue. However, in case the
foreign bank has an office in another state of the United States which is in
liquidation and the assets of such office appear to be insufficient to pay in
full the creditors of that office, the court shall order the Commissioner to
transfer to the liquidator of that office such amount of any such remaining
assets as appears to be necessary to cover the insufficiency; if there are 2
or more such offices and the amount of
remaining assets is less than the aggregate amount of insufficiencies with
respect
to the offices, the court shall order the Commissioner to distribute the
remaining assets among the liquidators of those offices in such manner as the
court finds equitable.

(Source: P.A. 92-483, eff. 8-23-01.)
 
(205 ILCS 645/13) (from Ch. 17, par. 2720)
Sec. 13.

Each such foreign banking corporation shall hold, in this State,
currency, bonds, notes, debentures, drafts, bills of exchange or other
evidences of indebtedness or other obligations payable in the United States
or in United States funds or, with the prior approval of the Commissioner,
in funds freely convertible into United States funds, or such other assets
as the Commissioner shall permit, in an amount which
shall bear such relationship as the Commissioner shall prescribe to
liabilities (including contingent liabilities) of such foreign
banking corporation payable at or through its banking office in this State,
including acceptances, but excluding amounts
due and other liabilities to other offices, agencies or banking offices of,
and wholly-owned (except for a nominal number of directors' shares)
subsidiaries of, such foreign banking corporation and such other liabilities
(including contingent liabilities) as the Commissioner shall permit. For
the purposes of this
Section the Commissioner (a) shall value marketable securities at
principal amount or market value, whichever is lower, (b) shall have the
right to determine the value of any nonmarketable bond, note, debenture,
draft, bill of exchange, other evidence of indebtedness, or of any other
obligation held by or owed to the foreign banking corporation or its
banking office within this State, and (c) in determining the amount of
assets for the purpose of computing the above ratio of assets to
liabilities, may exclude any particular asset but shall give credit to
assets required to be maintained pursuant to Section 11 and, subject
to such rules and regulations as the Commissioner may from time to time
promulgate, to deposits and credit balances with unaffiliated banking
institutions outside this State if such deposits or credit balances are
payable in United States funds or in currencies freely convertible into
United States funds. Credit given for such deposits and credit balances may
not, however, exceed in aggregate amount such percentage, but not less than
8%, as the Commissioner may from time to time prescribe of the aggregate
amount of liabilities of such foreign banking corporation, determined as
provided in this Section. If, by reason of the existence or the potential
occurrence of unusual and extraordinary circumstances, the Commissioner
deems it necessary or desirable for the maintenance of a sound financial
condition, the protection of depositors, creditors, and the public
interest, and to maintain public confidence in the business of the banking
office of a foreign banking corporation, he may, notwithstanding anything
to the contrary contained in this Section, reduce the credit to be given
for deposits and credit balances with unaffiliated banking institutions
outside this State and require such foreign banking corporation to deposit,
in accordance with such rules and regulations as he has promulgated, the
assets required to be held in this State pursuant to this Section 13 with
such State banks or national banks as such foreign banking corporation may
designate and the Commissioner may approve.

(Source: P.A. 90-301, eff. 8-1-97.)
 
(205 ILCS 645/14) (from Ch. 17, par. 2721)
Sec. 14.

The
assets held to satisfy the assets to liabilities relationship,
prescribed by the Commissioner, pursuant to
Section 13 of this Act shall include obligations of any person for money
borrowed from a foreign banking corporation holding a certificate of
authority issued pursuant to this Act only to the extent that the total of
such obligations of any person are not more than 10% of such assets
considered for purposes of Section 13.

(Source: P.A. 83-687.)
 
(205 ILCS 645/15) (from Ch. 17, par. 2722)
Sec. 15.
(Repealed).

(Source: P.A. 82-257. Repealed by P.A. 89-208, eff. 6-1-97.)
 
(205 ILCS 645/16) (from Ch. 17, par. 2723)
Sec. 16.

A foreign banking corporation holding a certificate of authority issued
pursuant to this Act shall be subject to the same limitations with respect
to the payment of interest on deposits as a State bank which is a member of
the Federal Reserve System.

(Source: P.A. 78-346.)
 
(205 ILCS 645/17) (from Ch. 17, par. 2724)
Sec. 17. Fees; examination; receivership. Upon applying for a certificate of
authority to open and maintain a
banking office, a foreign
banking corporation shall pay to the Commissioner an application fee
equivalent to the reasonable expenses of examination for a charter payable
by a State bank under Section 13 of the Illinois Banking Act.
In addition, a foreign banking corporation holding a certificate of
authority and maintaining a banking office shall be subject to examination and
other fees (comparable to
those payable by a State bank) imposed by the Commissioner pursuant to
Section 48 of the Illinois Banking Act based on the assets of such foreign
banking corporation located in the State of Illinois.
(b) In addition to the fees authorized in subsection (a) of this Section, the Secretary shall assess reasonable receivership fees and establish a Non-insured Institutions Receivership account in the Bank and Trust Company Fund to provide for the expenses that arise from the administration of the receivership of a foreign banking corporation under this Act. The aggregate of such assessments shall be paid into the Non-insured Institutions Receivership account in the Bank and Trust Company Fund. The assessments for this account shall be levied until the sum of $4,000,000 has been deposited into the account from assessments authorized herein, whereupon the Non-insured Institutions Receivership account assessment shall be abated. If a receivership of a non-insured institution under this Act requires expenditures from this account, then assessments may be reinstituted until the balance in the Non-insured Institutions Receivership account arising from assessments is restored to $4,000,000.
(c) The Secretary may by rule establish a reasonable manner of assessing the receivership assessments under this Section.
(Source: P.A. 96-1365, eff. 7-28-10.)
 
(205 ILCS 645/18) (from Ch. 17, par. 2725)
Sec. 18.
Powers of the Commissioner.
The Commissioner shall have all of the powers granted to him under the
Illinois Banking Act, to the extent appropriate to enable him to supervise
a banking office of a foreign banking corporation holding a
certificate
of authority to maintain such office.

(Source: P.A. 89-208, eff. 6-1-97.)
 
(205 ILCS 645/19) (from Ch. 17, par. 2726)
Sec. 19.
Revocation of certificate of authority; grounds.

A certificate of authority issued to a foreign banking corporation shall
be revoked when voluntarily surrendered by the holder thereof or when such
foreign banking corporation is dissolved or its authority or existence is
otherwise terminated or cancelled in the country of its organization, and
may be revoked if the Commissioner finds that:
(Source: P.A. 89-208, eff. 6-1-97.)
 
(205 ILCS 645/20)
Sec. 20. Enforcement of

child support.
(a) Any foreign
banking corporation governed by this Act shall encumber or surrender accounts
or assets held by the foreign banking corporation on behalf of any responsible
relative who is subject to a child support lien, upon notice of the lien or
levy of the Department of Healthcare and Family Services (formerly Illinois Department of Public Aid) or its successor agency pursuant
to Section 10-25.5 of the Illinois Public Aid Code, or upon notice of
interstate lien from any other state's agency responsible for implementing the
child support enforcement program set forth in Title IV, Part D of the Social
Security Act.
(b) Within 90 days after receiving notice from the Department of Healthcare and Family Services (formerly
Department of Public Aid) that the Department has adopted a child support enforcement debit authorization form as required under the Illinois Public Aid Code, each foreign banking corporation governed by this Act shall take all appropriate steps to implement the use of the form in relation to accounts held by the corporation. Upon receiving from the Department of Healthcare and Family Services (formerly Department of Public Aid) a copy of a child support enforcement debit authorization form signed by an obligor, a foreign banking corporation holding an account on behalf of the obligor shall debit the account and transfer the debited amounts to the State Disbursement Unit according to the instructions in the child support enforcement debit authorization form.

(Source: P.A. 95-331, eff. 8-21-07.)
 
(205 ILCS 645/21)
Sec. 21.
Reliance on Commissioner.
No foreign banking
corporation or other person shall be liable under this Act for any act done or
omitted in good faith in conformity with any rule, interpretation, or opinion
issued by the Commissioner of Banks and Real Estate, notwithstanding that after
the act or omission has occurred, the rule, opinion, or interpretation upon
which reliance is placed is amended, rescinded, or determined by judicial or
other authority to be invalid for any reason.

(Source: P.A. 90-161, eff. 7-23-97; 90-655, eff. 7-30-98.)

Structure Illinois Compiled Statutes