Sec. 9015. Unsafe and unsound practices; orders of prohibition and removal.
183 words·~1 min read·
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Sec. 9015. Unsafe and unsound practices; orders of prohibition and removal.
(a)The violation of any of the following provisions of this Act: Article 5, subsection
(b)of Section 4009, Section 7006, Section 9005, and Section 9014 is deemed to be an unsafe and unsound practice and creates an unsafe and unsound condition in the savings bank. The savings bank or the institution affiliated party responsible for the violation may be subject to the assessment of civil money penalties and other enforcement powers of the Secretary, as specified in this Article, in Article 11, and by regulation of the Secretary.
(b)Continued violation of any of those provisions after the Secretary issues formal notice to correct shall subject the directors of the savings bank at fault to immediate removal from the board and to a permanent order of prohibition from direct or indirect participation in the affairs of any financial institution subject to this Act, the Illinois Savings and Loan Act of 1985, or the Residential Mortgage License Act of 1987.
(c)The Secretary may promulgate rules and regulations to implement this Section.