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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB1273 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED: | | 205 ILCS 5/3 | from Ch. 17, par. 309 |
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Amends the Illinois Banking Act. Makes a technical change in a Section
concerning the primary powers of banks.
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| | A BILL FOR |
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| | HB1273 | | LRB100 03006 SMS 13011 b |
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1 | | AN ACT concerning regulation.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Banking Act is amended by changing |
5 | | Section 3 as follows:
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6 | | (205 ILCS 5/3) (from Ch. 17, par. 309)
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7 | | Sec. 3. Formation and primary powers. It shall be lawful to |
8 | | form banks,
as herein provided, for the
the purpose of discount |
9 | | and deposit, buying and
selling exchange and doing a general |
10 | | banking business, excepting the
issuing of bills to circulate |
11 | | as money; and such banks shall have the power
to loan money on |
12 | | personal and real estate security, and to accept and execute
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13 | | trusts upon obtaining a certificate of authority pursuant to |
14 | | the "Corporate
Fiduciary Act", and shall be subject to all of |
15 | | the provisions of this Act. For purposes of this Section, "real |
16 | | estate" includes a manufactured home as defined in subdivision |
17 | | (53) of Section 9-102 of the Uniform Commercial Code that is |
18 | | real property as defined in Section 5-35 of the Conveyance and |
19 | | Encumbrance of Manufactured Homes as Real Property and |
20 | | Severance Act. |
21 | | (Source: P.A. 98-749, eff. 7-16-14.)
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