Section 346.20  Definitions

For the purposes of this Part:

"Act" shall mean Public Act 102-0802, the Banking Development District Act.

"Banking branch" shall mean a full-service branch of a depository institution that provides most or all banking services at a physical location and maintains ordinary and routine business hours.

"Banking development district" shall mean a proposed or approved banking development district as provided for under the Act.

"Banking services" shall mean services provided by a depository institution and shall include, but not be limited to, deposit taking, check-cashing, sale of money orders, money transmittal, origination of residential or commercial mortgages, consumer loans, and commercial loans.

"Community Based Organization (CBO)" shall mean a not-for-profit organization with offices or significant membership within the boundaries of the proposed banking development district and whose statement of purpose includes development of services to the underbanked or unbanked populations with the proposed banking development district or other services sufficiently similar as determined by the Secretary.

"Department" shall mean the Department of Financial and Professional Regulation.

"Depository institution" shall mean a bank, savings bank, savings and loan association, or credit union organized or chartered under the laws of this State or any other state or under the laws of the United States.

"Division" shall mean the Department of Financial and Professional Regulation-Division of Banking, with the authority delegated by the Secretary.

"Local government" shall mean a municipality, county, township, or other unit of local government. [205 ILCS 745/5]

"Reasonable distance" means the travel distance to available full-service banking facilities to the unbanked or underbanked community that may be conveniently accessed by means of private transportation or safe, affordable and reliable public transportation.

"Remote Service Facility (RSF)" means an automated, unstaffed banking facility owned or operated by, or operated exclusively for, the bank, such as an automated teller machine, cash dispensing machine, point-of-sale terminal, or other remote electronic facility, at which deposits are received, cash dispersed, or money lent.

"State Treasurer" shall mean the State Treasurer or the State Treasurer's designee as identified by the State Treasurer.

"Unbanked person" means an individual that does not have a checking or savings account with an insured depository institution.

"Underbanked person" means an individual that has a checking or savings account with an insured depository institution but that used financial products or services other than those offered by an insured depository institution within the past 12 months.