I am desperate for a confirmation. I have talked to the IL Division of Banking, but I am still not sure I have this right, so if you are a legal lending specialist (or just understand it), please help me out!
Cite: 205 ILCS 5/32
If our unimpaired capital & surplus is $10,000,000
A borrower can have loans up to $2,500,000 (25% of un-capital)
That same borrower can payment guarantee loans up to $2,500,000, but the total dollars borrowed and payment guaranteed by that same person cannot exceed $5,000,000 (or 50% of unimpaired capital/surplus).
Is that correct?
I am desperate for a confirmation, so please help!