100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3859

 

Introduced , by Rep. Peter Breen

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 650/2  from Ch. 17, par. 2852

    Amends the Foreign Bank Representative Office Act. Removes from the definition of "foreign bank" a bank, savings association, or trust company which is organized in a state or territory of the United States, including the District of Columbia, outside of the State of Illinois and a national bank having its principal place of business in a state or territory of the United States, including the District of Columbia, other than the State of Illinois. Effective immediately.


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A BILL FOR

 

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1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Foreign Bank Representative Office Act is
5amended by changing Section 2 as follows:
 
6    (205 ILCS 650/2)  (from Ch. 17, par. 2852)
7    Sec. 2. Definitions. As used in this Act, unless the
8context requires otherwise:
9    (a) "Commissioner" means the Secretary of Financial and
10Professional Regulation or a person authorized by the
11Secretary, the Division of Banking Act, or this Act to act in
12the Secretary's stead.
13    (b) "Foreign bank" means (1) a bank, savings bank, savings
14association, or trust company which is organized under the laws
15of any state or territory of the United States, including the
16District of Columbia, other than the State of Illinois; (2) a
17national bank having its principal place of business in any
18state or territory of the United States, including the District
19of Columbia, other than the State of Illinois; or (3) a bank or
20trust company organized and operating under the laws of a
21country other than the United States of America.
22    (c) "Representative office" means an office in the State of
23Illinois at which a foreign bank engages in representational

 

 

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1functions but does not conduct a commercial banking business.
2    (d) "Division" means the Division of Banking within the
3Department of Financial and Professional Regulation.
4(Source: P.A. 98-1081, eff. 1-1-15.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.