(205 ILCS 205/9019)
Sec. 9019.
Reliance on the Commissioner.
(a) The Commissioner may issue an opinion in response to a specific
request from a member of the public or the banking or thrift industry or on his
own initiative. The opinion may be in the form of an interpretive letter,
no-objection letter, or other issuance the Commissioner deems appropriate.
(b) If the Commissioner determines that the opinion is useful for the
general guidance of the public or savings banks, the Commissioner may
disseminate the opinion by newsletter, via an electronic medium such as the
internet, in a volume of statutes or related materials published by the
Commissioner or others, or by other means reasonably calculated to notify
persons affected by the opinion. A published opinion must be redacted to
preserve the confidentiality of the requesting party unless the requesting
party consents to be identified in the published opinion.
(c) No savings bank 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, notwithstanding that after the act or
omission has occurred, the rule, interpretation, or opinion upon which
reliance is placed is amended, rescinded, or determined by judicial or other
authority to be invalid for any reason.
(Source: P.A. 92-483, eff. 8-23-01.)
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