Here are some statutes that may apply to those facing action with Eastern Savings Bank - Illinois is similar to other states. Pay close attention to the common law fraud and common law breach of fiduciary duty: This bank should be investigated for this on a multi-state basis and should be handled by individual State Attorney Generals!
Chicago Municipal Code regarding predatory lending: it stipulates certain sanctions for banks or savings and loan associations that are found to be predatory lenders, such as no award of contract with the city, no designation as a city depository.
Illinois Consumer Fraud and Deceptive Business Practices Act, 815 ILCS 505/1, et seq.: this is an Illinois state law that prohibits commercial deceptive and unfair business practice. Where a conduct is within the definition of Uniform Deceptive Trade Practice Act, it is unlawful whether any person has in fact been misled, deceived or damaged thereby.
Illinois Department of Financial Institutions and Office of Banks and Real Estaterelevant administrative rule: this page covers a wide range of issues that are relevant to lending practice in Illinois, such as disclosure of material information, regulation of brokers and predatory lendings.
Illinois Interest Act, 815 ILCS 205/0.01 et seq.: this act puts a cap on the maximum percentage per annum a lender can charge. The application of this Act to loans secured by first liens has been preempted by federal law, but is still applicable to loan secured by junior liens.
Common law fraud: unlike ICFA, common law fraud requires proof of reliance. In Illinois, you must show: (1) a false statement of material fact; (2) the party making the statement knew or believed it to be true; (3) the party to whom the statement was made had a right to rely on the statement; (4) the party to whom the statement was made did rely on the statement; (5) the statement was made for the purpose of inducing the other party to act; and (6) the reliance by the person to whom the statement was made led to that person's injury. In foreclosure cases, borrowers usually bring a third-party claim against the one who they deal with directly (the contractor, broker, or loan officer). Siegel v. Levy Organization Development Co., 153 Ill. 2d 534, 542 43, 180 Ill. Dec. 300, 607 N.E.2d 194 (1992).
Common law breach of fiduciary duty: the specific elements are: (1) a fiduciary duty was created; (2) the fiduciary duty was breached; and (3) the breach proximately caused the injury of which the plaintiff complains. Martin v. Heinold Commodities, Inc., 163 Ill. 2d 33, 53, 205 Ill. Dec. 443, 643 N.E.2d 734 (1994).
Common law breach of contract: the parties to a contract have a duty to honor their obligations thereunder, and they also have an implied duty of good faith and fair dealing. Saunders v. Michigan Avenue National Bank, 278 Ill. App. 3d 307, 315, 662 N.E.2d 602 (1st Dist. 1996).