Illinois General Assembly - Illinois Compiled Statutes

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15 ILCS 520/15

(15 ILCS 520/15) (from Ch. 130, par. 34)

Sec. 15.

(a) A financial institution approved as a State depository
 shall cease to be an approved depository financial institution, and shall be disqualified by the State Treasurer:

(1) Upon its failure to post a suitable bond or

deposit assets or securities with the State Treasurer;

(2) Upon its failure or refusal to pay over public

moneys or any part thereof;

(3) Upon its becoming insolvent or bankrupt, or being

placed in the hands of a receiver; or

(4) Upon a showing of unsatisfactory financial

condition through a report made to, or an examination made by any regulatory or licensing body.

(b) No approved depository shall be disqualified by the State
Treasurer solely by reason of its acquisition by another institution, unless the acquiring institution does not meet the criteria established by the State Treasurer.

(c) An approved depository may be disqualified by the State Treasurer, in his or her sole discretion, for violating the terms of the deposit agreement or any contract or agreement with the State Treasurer.

(Source: P.A. 102-297, eff. 8-6-21.)