Ill. Admin. Code tit. 38 § 354.10
Current through Register Vol. 48, No. 45, November 8, 2024
Section 3 of the Illinois Banking Act (the Act) authorizes a state bank to loan money on personal or real estate security [205 ILCS 5/3] . Section 5(12) of the Act further authorizes a state bank to establish a subsidiary to hold title to and administer assets acquired as a result of the collection of loans. Included in these express powers is the incidental right to maintain assets that a state bank acquires in collection of a debt in preparation for their disposal.
Ill. Admin. Code tit. 38, § 354.10