What does reinstatement mean in banking?

What does reinstatement mean in banking?

Dictionary of Banking Terms for: reinstatement. reinstatement. restoring a borrower’s credit standing to an acceptable condition. Reinstatement occurs when a borrower has cured a delinquency by making past-due payments plus any applicable penalty fees or late charges.

How long does it take to reinstate a corporation in Illinois?

A $200 filing fee plus all past-due annual reports and fees must be filed at the same time as your Reinstatement Following Administrative Dissolution form. A $150 filing fee must be paid along with the Articles of Organization. There’s no extra fee for regular processing, which takes one week to 10 days.

How do I reinstate my LLC in Virginia?

To revive a Virginia LLC, you’ll need to file the Virginia reinstatement packet with the State Corporation Commission of Virginia. You’ll also have to fix the issues that led to your Virginia LLC’s dissolution and pay a reinstatement fee.

How much does it cost to reinstate a corporation in Illinois?

How much will it cost to revive an Illinois Corporation? The filing fee for application for reinstatement is $200, plus all delinquent annual reports and fees, and delinquent franchise taxes, penalties and interest. The penalty varies with different corporations depending on the franchise taxes owed.

How do I pay my annual registration fee in Virginia?

www.scc.virginia.gov/clk To pay an annual registration fee online, visit the SCC Clerk’s Information System (CIS) at https://cis.scc.virginia.gov/ and use the instructions below to make your payment.

How does reinstatement premium work?

A reinstatement premium is a premium that must be paid to activate an insurance policy again after the coverage has ceased. Reinstatement premiums are commonly used in life insurance because people often decide that they want to continue receiving life insurance coverage after their term life policies expire.

How is reinstatement premium calculated?

“Reinstatement Premium” means premium paid by the Company for each Excess Layer under the provisions of the Reinstatement Article of the Original Contract. Reinstatement Premium shall be calculated at pro rata of the original reinsurance premium, being pro rata only for the amount being reinstated.