Termination of Participation

Section 715.440  Termination of Participation a)         A participating financial institution may leave the program at a time mutually agreed upon between the participating financial institution and the Treasurer. b)         If the Treasurer becomes aware that a participating financial institution has violated any applicable State or federal regulatory guidelines and/or lending laws, including State predatory lending laws, the Treasurer may terminate the financial institution's participation in the Program.  Such laws include, but are not limited to: 1)         Federal statutes and regulations: A)        Equal Credit Opportunity Act [15 U.S.C. 1691] and Regulation B (12 CFR Part 1002); B)        Fair Housing Act [42 U.S.C. 3601]; C)        Truth in Lending Act [15 U.S.C. 1601] and Regulation Z (12 CFR Part 1026); D)        Fair Credit Reporting Act [15 U.S.C. 1681] and Regulation V (12 CFR Part 1022); 2)         State of Illinois statutes: A)        Illinois Human Rights Act [775 ILCS 5]; B)        Illinois Fairness in Lending Act [815 ILCS 120]; C)        Credit Card Issuance Act [815 ILCS 140]; D)        Residential Mortgage License Act of 1987 [205 ILCS 635]; E)        Predatory Loan Prevention Act [815 ILCS 123]; F)         High Risk Home Loan Act [815 ILCS 137]; and G)        Consumer Fraud and Deceptive Business Practices Act [815 ILCS 505]. c)         A participating financial institution may also be terminated for any violation of program requirements as set forth in Section 715.420 or for failure to adhere to the program responsibilities as set forth in Section 715.400.