Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/9015

(205 ILCS 205/9015) (from Ch. 17, par. 7309-15)

Sec. 9015. Unsafe and unsound practices; orders of prohibition and removal.

(a) The violation of any of the following provisions of this
Act:  Article 5, subsection (b) of Section 4009, Section 7006, Section 9005, and Section 9014 is deemed to be an unsafe and unsound
practice and creates an unsafe and unsound condition in the savings bank.
The savings bank or the institution affiliated party responsible for the
violation may be subject to the assessment of civil money penalties and
other enforcement powers of the Secretary, as specified in this Article,
in Article 11, and by regulation of the Secretary.

(b) Continued violation of any of those provisions after the
Secretary issues formal notice to correct shall subject the
directors of the savings bank at fault to immediate removal from
the board and to a permanent order of prohibition from direct or
indirect participation in the affairs of any financial institution
subject to this Act, the Illinois Savings and Loan Act of 1985, or the
Residential Mortgage License Act of 1987.

(c) The Secretary may promulgate rules and regulations
to implement this Section.

(Source: P.A. 97-492, eff. 1-1-12.)