Sec. 4. Application; fees.

97 words·~1 min read·/il/chapter-205/act-650/4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The application for a license shall contain information and be accompanied by a reasonable fee as determined, by rule, by the Commissioner.

(b)The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds:

(1)the foreign bank is of good character and sound financial standing;

(2)the management of the foreign bank and the proposed management of the representative

office are adequate; and

(3)the convenience and needs of persons to be served by the proposed representative

office will be promoted.