State Codes and Statutes
Statutes > Illinois > Chapter205 > 1184 > 020502050HArt_7 (205 ILCS 205/7001) (from Ch. 17, par. 7307‑1) Sec. 7001. Definitions. As used in this Article, the following terms have the following meanings. "Deposit accounts" means certificates of deposit, withdrawable deposits, savings accounts, demand deposit accounts, checking accounts, or any other term or terms appropriate. "Interest" paid on deposit accounts pursuant to this Act means dividends, earnings, interest, return, or rate of return. The use of any term permitted by this Section shall not affect any right, duty, privilege, or liability that the savings bank or any depositor would otherwise have. (Source: P.A. 86‑1213.) |
(205 ILCS 205/7002) (from Ch. 17, par. 7307‑2) Sec. 7002. Deposit accounts. All savings banks subject to this Act may receive deposits of funds subject to withdrawals or that are to be paid upon the checks of the depositor. All deposits of that type shall be payable on demand, without notice, except when the contract of deposit shall otherwise provide. (Source: P.A. 86‑1213.) |
(205 ILCS 205/7003) (from Ch. 17, par. 7307‑3) Sec. 7003. Deposit accounts subject to liens. Every deposit account shall be subject to a lien for the payment of charges as lawfully may accrue thereon under the provisions of this Act, and the bylaws may prescribe the manner of enforcing the lien; but no deposit account shall be assessable for any debts or losses of the savings bank. (Source: P.A. 86‑1213.) |
(205 ILCS 205/7004) (from Ch. 17, par. 7307‑4) Sec. 7004. Payment of interest. (a) The board of directors shall determine the rate and amount of interest to be paid on deposit accounts and, for that purpose, may establish reasonable classifications of accounts based on: types of classes of accounts; the length of time accounts are continued in effect; size of initial payments on accounts; minimum balances of accounts required for payment of interest; frequency and extent of the activity of accounts; or other classifications as the Commissioner may approve. (b) The board of directors shall determine by resolution the method of calculating the amount of any interest on deposit accounts and the date on which it is to be paid or credited. (Source: P.A. 86‑1213.) |
(205 ILCS 205/7005) (from Ch. 17, par. 7307‑5) Sec. 7005. Holders of deposit accounts. Deposit accounts of a savings bank may be held as follows: (1) by any individual in his own right, regardless | ||
| ||
(2) by a fiduciary when authorized by law; (3) by a government or governmental instrumentality | ||
| ||
(4) by any corporation or other person when not | ||
| ||
(Source: P.A. 86‑1213.) |
(205 ILCS 205/7006) (from Ch. 17, par. 7307‑6) Sec. 7006. Prohibited activities. (a) No savings bank shall participate, directly or indirectly, in the sale or transfer of any equity or debt security or instrument of any affiliate of the savings bank or the parent holding company of the savings bank or its affiliates. (b) No shareholder, director, officer, employee, or agent of the savings bank may participate, directly or indirectly, in any sale or transfer described in subsection (a), nor shall they allow any other person to do so on the premises of the savings bank, any of its branch or facility offices, agency offices, or any office of the savings bank's subsidiaries or service corporations. (c) Violation of this Section shall subject the person or persons committing the violation to assessment of civil money penalties as provided for in this Act. (Source: P.A. 86‑1213.) |