Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/66

(205 ILCS 305/66) (from Ch. 17, par. 4467)

Sec. 66. Illegal loans.

(1) Any officer, director or member of a committee
of a credit union who knowingly permits a loan to be made or participates
in a loan to a nonmember of the credit union, is guilty of a Class A Misdemeanor
and is primarily liable to the credit union for the amount illegally loaned,
and the illegality of the loan is not a defense in any action by the credit
union to recover the balance owing on the loan.

(2) Any officer, director, member of a committee or employee of a credit union
who solicits or accepts any payment of property or gift as consideration
for influencing the approval or granting of a loan is guilty of a Class
A Misdemeanor and is primarily liable to the credit union for the amount
loaned.  The loan is illegal and may be immediately collected in full by
the credit union.  The illegality of the loan is no defense in any action
by the credit union to recover the balance owing on the loan.

(Source: P.A. 97-133, eff. 1-1-12.)