Ill. Admin. Code tit. 38 § 354.20

Current through Register Vol. 48, No. 50, December 13, 2024

Section 354.20 - General Rule

a) A state bank and its subsidiaries may take actions that are necessary to administer assets obtained in the collection of a debt, provided such actions are in conjunction with ongoing efforts to dispose of the assets by sale or liquidation.

b) A state bank and its subsidiaries shall adopt a written policy for the disposition of assets obtained in the collection of a debt.

c) A state bank and its subsidiaries shall document in each loan file any deviation from the written policy for the disposition of assets obtained in the collection of a debt.

d) When making a request for an extension of the period for which assets may be retained, whether pursuant to Section 5(9) of the Act or otherwise, a state bank or its subsidiary shall furnish the following information to the Commissioner:

1) the good faith actions the bank has taken to dispose of the assets;

2) why further retention of the assets is in the best interests of the bank;

3) the bank's estimate of time frame for ultimate disposition of the assets;

4) the cost for administering the assets during the interim; and

5) such other pertinent information as the Commissioner may request.

Ill. Admin. Code tit. 38, § 354.20