Skip to main content
Find a Lawyer

Illinois Statutes Chapter 15. Executive Officers § 520/15. Disqualification of approved depositary

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 15. (a) A financial institution approved as a State depository shall cease to be an approved depository financial institution, and shall be disqualified by the State Treasurer:

(1) Upon its failure to post a suitable bond or deposit assets or securities with the State Treasurer;

(2) Upon its failure or refusal to pay over public moneys or any part thereof;

(3) Upon its becoming insolvent or bankrupt, or being placed in the hands of a receiver; or

(4) Upon a showing of unsatisfactory financial condition through a report made to, or an examination made by any regulatory or licensing body.

(b) No approved depository shall be disqualified by the State Treasurer solely by reason of its acquisition by another institution, unless the acquiring institution does not meet the criteria established by the State Treasurer.

(c) An approved depository may be disqualified by the State Treasurer, in his or her sole discretion, for violating the terms of the deposit agreement or any contract or agreement with the State Treasurer.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Illinois Statutes Chapter 15. Executive Officers § 520/15. Disqualification of approved depositary - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-15-executive-officers/il-st-sect-15-520-15/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard