Illinois Legislature Directs State Regulator To Formalize Bank Exams

more+
less-
more+
less-
Explore:  Banks Compliance

On July 24, Illinois Governor Pat Quinn signed HB 5342, which amends numerous provisions of state law applicable to state banks and credit unions, including requiring the Illinois Secretary of Financial and Professional Regulation to adopt formal rules that guarantee consistency and due process during the examination process of state-chartered banks. The bill also allows the Secretary to establish guidelines “that (i) define the scope of the examination process and (ii) clarify examination items to be resolved.” In addition, the bill provides that an existing loan secured by an interest in real estate shall not, under certain circumstances, require a new appraisal of the collateral during renewal, refinancing, or restructuring. The changes became effective immediately.

Topics:  Banks, Compliance

Published In: Constitutional Law Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »