(205 ILCS 650/4) (from Ch. 17, par. 2854)

Sec. 4. Application; fees.

(a) The application for a license shall contain information and be accompanied by a reasonable fee as determined, by rule, by the Commissioner.

(b) The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds:

(1) the foreign bank is of good character and sound financial standing;

(2) the management of the foreign bank and the proposed management of the representative office are adequate; and

(3) the convenience and needs of persons to be served by the proposed representative office will be promoted.

(Source: P.A. 92-483, eff. 8-23-01.)