Ill. Admin. Code tit. 38 § 345.490

Current through Register Vol. 48, No. 50, December 13, 2024

Section 345.490 - Implementation Period

a) Banks with total assets of $391,000,000 or more shall comply with this Part by February 1, 2025.

b) Banks with total assets of less than $391,000,000 shall comply with this Part by August 1, 2025.

c) The Secretary may conduct an examination at any time upon finding:

1) a bank's primary federal financial supervisory agency has rated the bank, as of its most recent examination, in "substantial noncompliance" with the federal Community Reinvestment Act;

2) substantial evidence of discriminatory or other illegal credit practices; or

3) the Secretary otherwise finds sufficient cause.

d) For purposes of Section 345.470, with regard to the timing of the initial examination of a bank under ILCRA, the "most recent prior exam under the ILCRA" shall be read as the most recent examination under the federal Community Reinvestment Act.

Ill. Admin. Code tit. 38, § 345.490

Added at 48 Ill. Reg. 7095, effective 5/1/2024