Illinois § 1005 Insurance of accounts

Illinois Statutes

§ 1005 — Insurance of accounts

Illinois § 1005

JurisdictionIllinois

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 205/Savings Bank Act.

Art.Article 1 - General Provisions

This text of Illinois § 1005 (Insurance of accounts) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

205 Ill. Comp. Stat. 1005 (2026).

Text

Each savings bank operating under this Act must secure insurance of its deposit accounts backed by the full faith and credit of the United States government prior to commencing business and may, subject to the Commissioner's regulation, secure or participate in efforts to obtain insurance of those deposits that are in excess of the amount eligible for federal insurance of accounts. The insurance shall be known as "excess insurance".

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Each savings bank operating under this Act must secure insurance of its deposit accounts backed by the full faith and credit of the United States government prior to commencing business and may, subject to the Commissioner's regulation, secure or participate in efforts to obtain insurance of those deposits that are in excess of the amount eligible for federal insurance of accounts. The insurance shall be known as "excess insurance".