Skip to main content
Find a Lawyer

Illinois Statutes Chapter 205. Financial Regulation § 205/11002. Cease and desist orders; books and records

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

§ 11002. Cease and desist orders; books and records.

(a) If the notice of charges and orders under Section 11001 specifies that the books and records of a savings bank are so incomplete and inaccurate that the Commissioner is unable to determine the financial condition of the savings bank or unable to determine the nature, details, or purpose of any transaction that may have a material effect on the savings bank's financial condition, then the Commissioner shall issue an order that shall be immediately effective requiring:

(1) Specific, affirmative steps to restore, reconstruct, or adjust the books and records to accuracy and compliance.

(2) Rescission or cessation of transactions or activities that led to the incomplete or inaccurate condition of the books and records.

(3) The establishment of reserves for any losses that the Commissioner finds were incurred due to the condition of the books and records.

(b) Orders under this Section shall be effective until the Commissioner's examination determines that the condition has been corrected.

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

Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 205/11002. Cease and desist orders; books and records - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-205-11002/

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