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Code · Illinois · Chapter 205 — FINANCIAL REGULATION · Act 205

Sec. 1009. Status as IRS qualified thrift lender.

49 words·~1 min read·/il/chapter-205/act-205/1009·

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Sec. 1009. Status as IRS qualified thrift lender. All savings banks operating under this Act must qualify for either the 60% asset test of Section 7701 (a)(19) of the Internal Revenue Code of 1986 and any amendments thereto or an asset test as prescribed by regulations of the Commissioner.
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