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Illinois Statutes Chapter 205. Financial Regulation § 205/3005. Permit to organize

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

§ 3005. Permit to organize.

(a) The Commissioner may require additional information and conduct whatever investigation necessary to determine whether to issue a permit to organize, including the subpoenaing of books and records, taking of public testimony, and conducting hearings. The applicants shall share jointly and severally the expense of the investigations.

(b) The Commissioner must find and declare, based on the record of application and his investigation that:

(1) The proposed management, business plan, and capitalization promise to meet regulatory requirements.

(2) The application information is not in dispute.

(3) The proposed name is not deceptively similar to that of other financial institutions within an area defined by regulation of the Commissioner.

(4) The proposed business plan and capitalization promise to serve the needs of the community and its residents.

(5) Insurance of accounts shall be effective prior to issuance of a charter.

(c) The Commissioner may promulgate rules to implement and administer this Section.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 205/3005. Permit to organize - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-205-3005/

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