Scope and Authority

Section 340 Section 340.10  Scope and Authority The Illinois Commissioner of Banks and Real Estate is responsible for the administration of the Illinois Banking Act (the Act) [205 ILCS 5].  Section 37(1) of the Act requires the Commissioner to prescribe by rule limits on loans made by a state bank to any of its officers, employees, directors or to corporations or firms controlled by them or in the management of which any of them are actively engaged without receiving the prior approval of the bank's board of directors.