Sec. 12103. Effect on foreign associations.
153 words·~1 min read·
/il/chapter-205/act-205/12103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12103. Effect on foreign associations.
(a)Any existing foreign association shall be deemed to be an out-of-state savings bank under this Act.
(b)Notwithstanding any other provision of this Act, an existing foreign association may retain any branch or office in the State that properly existed in the State at the time of the repeal of the Illinois Savings and Loan Act of 1985, and continue to engage in the same activities in the State therefrom as were engaged in immediately prior to the repeal of the Illinois Savings and Loan Act, without further application or notice to or approval of the Secretary.
(c)An existing foreign association may retain a representative office in the State that properly existed in the State at the time of the repeal of the Illinois Savings and Loan Act of 1985, provided that the foreign association obtains a license under the Foreign Bank Representative Office Act.