Illinois § 11008 Unauthorized participation by convicted individual

Illinois Statutes

§ 11008 — Unauthorized participation by convicted individual

Illinois § 11008

JurisdictionIllinois

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 205/Savings Bank Act.

Art.Article 11 - Enforcement Powers

This text of Illinois § 11008 (Unauthorized participation by convicted individual) 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. 11008 (2026).

Text

(a)Except with the prior written consent of the Commissioner, no person who has been convicted of any criminal offense involving dishonesty or a breach of trust may own or control directly or indirectly more than 0.001% of the capital stock of, receive benefit directly or indirectly from, or participate directly or indirectly in any manner in the affairs of a savings bank.

(b)A savings bank may not permit participation by a person described in subsection (a).

(c)Except with the prior written consent of the Secretary, no savings bank shall knowingly employ or otherwise permit an individual to serve as an officer, director, employee, or agent of the savings bank if the individual has been convicted of a felony or of any criminal offense relating to dishonesty or breach of trust. Notwithst

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(a) Except with the prior written consent of the Commissioner, no person who has been convicted of any criminal offense involving dishonesty or a breach of trust may own or control directly or indirectly more than 0.001% of the capital stock of, receive benefit directly or indirectly from, or participate directly or indirectly in any manner in the affairs of a savings bank. (b) A savings bank may not permit participation by a person described in subsection (a). (c) Except with the prior written consent of the Secretary, no savings bank shall knowingly employ or otherwise permit an individual to serve as an officer, director, employee, or agent of the savings bank if the individual has been convicted of a felony or of any criminal offense relating to dishonesty or breach of trust. Notwithstanding the provisions of this Section, a savings bank in compliance with the provisions of 12 U.S.C. 1829 and administrative regulations issued under 12 U.S.C. 1829 by the savings bank's primary federal financial institution regulator shall be deemed in compliance with this Section. (d) Whoever knowingly violates subsection (a), (b), or (c) is guilty of a Class 3 felony and may be fined not more than $10,000 for each day of violation.