Sec. 17. Prohibited interests.
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/il/chapter-20/act-1205/17A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 17. Prohibited interests. Neither the Secretary, the Director, nor any supervisor in the Division, nor any examiner in the Division shall be an officer, director, owner, or shareholder of, or a partner in, or have any proprietary interest, direct or indirect, in any financial institution under the jurisdiction of the Division. However, ownership of withdrawable capital accounts or shares in credit unions and ownership of diversified investment funds, employee benefit plans, pensions, retirement and thrift saving plans, or similar financial instruments in which the employee has no ability to exercise control over or selection of the financial interests held by the fund are permitted.
If the Secretary, Director, or any supervisor or examiner within the Division is a shareholder, partner in, or an owner of or has any interest, direct or indirect, in any such financial institution under the jurisdiction of the Division at the time of appointment, that person shall dispose of the shares of stock or other evidences of ownership or property within 120 days from the date of appointment. It is unlawful for the Secretary, Director, or any supervisor or examiner within the Division to obtain or repay any loan, product, or service from a financial institution subject to the jurisdiction of the Division on terms more favorable than those offered to the general public.
The Secretary is authorized to adopt rules to implement or interpret this Section.