All savings banks operating under this Act must qualify for either the 60% asset test of Section 7701 (a)(19) of the Internal Revenue Code of 1986 and any amendments thereto or an asset test as prescribed by regulations of the Commissioner.
205 ILCS 205/1009
Status as IRS qualified thrift lender
Known as the Savings Bank Act
The act spans §§ 205-205-1001 to 205-205-1010 (43 sections).
P.A. 90-301, eff. 8-1-97.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.