Sec. 10. Banking development district program.

177 words·~1 min read·/il/chapter-205/act-745/10

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

(a)There is hereby created a banking development district program, the purpose of which is to encourage the establishment of banking branches for banking services in geographic locations where there are the greatest underbanked and unbanked populations. The Department shall, in consultation with the State Treasurer, adopt rules in accordance with the Illinois Administrative Procedure Act that set forth the criteria for the establishment of banking development districts.

(b)The criteria for the establishment of banking development districts shall include, but not be limited to, the following:

(1)the location, number, and proximity of sites where banking services are available

within the district;

(2)the identification of unmet consumer needs for banking services within the

district;

(3)the economic viability and unmet local credit needs of the community within the

district;

(4)the existing commercial development within the district;

(5)the impact that additional banking services would have on potential economic

development in the district; and

(6)any other criteria that the Secretary, in consultation with the State Treasurer,

deems appropriate.