Section 720.10  Eligibility Requirements

a)         Before receiving state funds, a bank must prequalify with the Illinois Department of Human Rights and have a current assigned number.

b)         As required by Chapter 130, Section 24 of the Illinois Revised Statutes, the bank must pledge not to reject arbitrarily mortgage loans for residential properties within any specific part of the community within the limits of its legal restrictions and prudent financial practices.

c)         The bank must submit its bid on the form prescribed by the State Treasurer and submit such proposal on or before the date specified.

d)         The bank must bid at or above the minimum rate set by the State Treasurer.

e)         The bank must pledge collateral to secure the time deposit in the amount prescribed by the State Treasurer. The bid must be accompanied by the bank's last published statement of condition.