ILCS » Chapter 205 · Act 305
Illinois Compiled Statutes

205 ILCS 305/47 (2026)

Loan applications

✓ current as of May 2026
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(205 ILCS 305/47) (from Ch. 17, par. 4448)
    Sec. 47. Loan applications. Every application for a loan shall be made in the manner prescribed by the credit committee, credit manager, or loan officer. The application shall state the purpose for which the loan is desired, and the security, if any, offered. Each loan shall be evidenced by a written document or by a record electronically stored or generated by any electronic or computer-generated process that accurately reproduces or records the agreement, transaction, act, occurrence, or event. The signature of any party to the loan includes any symbol executed or adopted, or any security procedure employed or adopted, using electronic means or otherwise, by or on behalf of a person with intent to authenticate a record.
(Source: P.A. 97-133, eff. 1-1-12.)

    
Notes of Decisions
Cited in 2 cases, 1997–1997 · leading case: 38 Collier bankr.cas.2d 443, Bankr. L. Rep. P 77,446 in Re Cynthia Clark, Debtor-Appellee-Cross-Appellant v. Appeal of Chicago Mun. Employees Credit Union, Creditor-Appellant-Cross-Appellee, 119 F.3d 540 (7th Cir. 1997).
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38 Collier bankr.cas.2d 443, Bankr. L. Rep. P 77,446 in Re Cynthia Clark, Debtor-Appellee-Cross-Appellant v. Appeal of Chicago Mun. Employees Credit Union, Creditor-Appellant-Cross-Appellee, 119 F.3d 540 (7th Cir. 1997). “205 ILCS 305/33; 205 ILCS 305/47; 205 ILCS 305/50. This use of separate terminology indicates that the Illinois legislature recognized a distinction between a loan and a line of credit, and therefore would have also used the term "lines of credit" if they intended the narrow…”
Clark v. Appeal of Chicago Mun. Employees Credit Union, 119 F.3d 540 (7th Cir. 1997). “205 ILCS 305/33; 205 ILCS 305/47; 205 ILCS 305/50. This use of separate terminology indicates that the Illinois legislature recognized a distinction between a loan and a line of credit, and therefore would have also used the term “lines of credit” if they intended the narrow…”
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