Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/3005

(205 ILCS 205/3005) (from Ch. 17, par. 7303-5)

Sec. 3005.

Permit to organize.

(a) The Commissioner may require additional information
and conduct whatever investigation necessary to determine
whether to issue a permit to organize, including the
subpoenaing of books and records, taking of public testimony,
and conducting hearings.  The applicants shall share jointly and
severally the expense of the investigations.

(b) The Commissioner must find and declare, based on the
record of application and his investigation that:

(1) The proposed management, business plan, and

capitalization promise to meet regulatory requirements.

(2) The application information is not in dispute.

(3) The proposed name is not deceptively similar to

that of other financial institutions within an area defined by regulation of the Commissioner.

(4) The proposed business plan and capitalization

promise to serve the needs of the community and its residents.

(5) Insurance of accounts shall be effective prior to

issuance of a charter.

(c) The Commissioner may promulgate rules to implement and administer
this Section.

(Source: P.A. 86-1213.)