Agencies
Services
2001 Interpretive Letters
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KEY:
- BCA means Business Corporation Act
- BIA means Banking on Illinois Act
- BSCA means Bank Service Corporation Act
- CCIA means Credit Card Issuance Act
- CDAA means Consumer Deposit Account Act
- CFA means Corporate Fiduciary Act
- CILA means Consumer Installment Loan Act
- CPCNA means Check Printer and Check Number Act
- EFTA means Electronic Fund Transfer Act
- EFTTFA means Electronic Fund Transfer Transmission Facility Act
- FBOA means Foreign Banking Office Act
- FBROA means Foreign Bank Representative Office Act
- IA means Interest Act
- IBA means Illinois Banking Act
- IBHCA means Illinois Bank Holding Company Act of 1957
- IFSDA means Illinois Financial Services Development Act
- IIC means Illinois Insurance Code
- IUIA means Illinois Unemployment Insurance Act
- LLCA means Limited Liability Company Act
- PA means Probate Act
- PRA means Pawnbroker Regulation Act
- SBA means Savings Bank Act
- SFAA means Securities in Fiduciary Accounts Act
- SLA means Savings and Loan Act of 1985
- TIA means Title Insurance Act
- TTA means Trust and Trustees Act
- UCC means Uniform Commercial Code
- ULPA means Uniform Limited Partnership Act
* Interpretive Letter superseded or made obsolete by statutory or regulatory changes
| Letter Number | Date Issued | Sections of Acts Construed | Description |
| 01-01 | 3/9/2001 | Section 48(1) |
Scope and effect of Section 48.1 of the Illinois Banking Act as compared to the federal privacy regulations enacted pursuant to the Gramm-Leach-Bliley Act |
| 01-02 | 4/26/2001 | Section 32 IBA | A loan to an LLC is not aggregated with a loan to another commonly owned LLC, provided each has sufficient collateral and income to justify the loans. |
| 01-03 | 7/9/2001 | Section 32 IBA | A loan to the shareholders of a corporation or to another business entity owned by those shareholders is not aggregated with the borrowings of the corporation, unless the Bank is looking to the corporation for repayment. |
| 01-04 | 3/18/2002 | Section 32 IBA | A loan to a land trust is not aggregated with the individual borrowings of a beneficiary unless the bank is actually looking to the beneficiary for repayment. |
| 01-05 | 4/11/2002 | Section 32 IBA | A loan to a shell corporation will be aggregated with the borrowings of another corporation when theultimate source of repayment is the other corporation. |
| 01-06 | 5/01/2002 | Section 5(11) IBA | A state chartered bank may provide consumer deposit account holders with the required annual disclosure by electronic means. In addition, a state chartered bank or trust company may provide customers periodic account statements by electronic means. |