(205 ILCS 205/9016) (from Ch. 17, par. 7309-16)
Sec. 9016.
Cease and desist proceedings.
(a) If, in the opinion of the Commissioner or in the opinion
of any federal banking agency that provides complete and
documented evidence to the Commissioner, an officer, director, or
controlling stockholder of a savings bank operating under this Act
or a subsidiary or an affiliate of an institution operating under
this Act, is engaging in, has engaged in, is about to engage in, or
is conspiring to engage in one or more unsafe or unsound practices
in conducting the institution's business; or is, has, or is about
to violate an applicable law, regulation, directive of the
Commissioner, of the Federal Deposit Insurance Corporation, or has
not complied with a condition imposed in writing by the
Commissioner, the Federal Deposit Insurance Corporation, or of
any court of law, then the Commissioner may, in his discretion,
issue to the violator notice of charges resulting from the
violation.
(b) The notice of charges shall factually specify the act
or violations committed; the law, rule, order, decree, directive,
or condition violated; specify necessary curative measures and a
time within which to cure; and impose any penalties or sanctions
mandated by law or regulation.
(Source: P.A. 86-1213.)
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