Illinois Statutes Chapter 205. Financial Regulation § 5/83. Compliance review

(a) As used in this Section:

“Affiliate” means a corporation whose stock is at least 80% owned by the depository institution or a corporation that directly or indirectly owns at least 80% of the depository institution.

“Depository institution” means a State or national bank, a State or federally chartered savings and loan association, or a State or federally chartered savings bank that is engaged in the business of banking in Illinois as appropriate.

“Compliance review committee” means:

“Compliance review documents” means documents prepared in connection with a review or evaluation conducted by or for a compliance review committee.

“Person” means an individual, a group of individuals, a board committee, a partnership, a firm, an association, a corporation, or any other entity.

(b) This Section applies to compliance review committees whose functions are to evaluate and seek to improve any of the following:

(c) Except as provided in subsection (d) of this Section:

(d) This Section does not apply to: (1) compliance review committees on which individuals serving on or at the direction of the compliance review committee have management responsibility for the operations, records, employees, or activities being examined or evaluated by the compliance review committee and (2) any civil action initiated by any federal or State regulatory agency.

(e) This Section shall not be construed to limit the discovery or admissibility in any civil action of any documents other than compliance review documents.