93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5854

 

Introduced 2/6/2004, by Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/3   from Ch. 17, par. 309

    Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.


LRB093 16896 SAS 42553 b

 

 

A BILL FOR

 

HB5854 LRB093 16896 SAS 42553 b

1     AN ACT in relation to financial regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Banking Act is amended by changing
5 Section 3 as follows:
 
6     (205 ILCS 5/3)  (from Ch. 17, par. 309)
7     Sec. 3. Formation and primary powers. It is shall be
8 lawful to form banks, as herein provided, for the purpose of
9 discount and deposit, buying and selling exchange and doing a
10 general banking business, excepting the issuing of bills to
11 circulate as money; and such banks shall have the power to loan
12 money on personal and real estate security, and to accept and
13 execute trusts upon obtaining a certificate of authority
14 pursuant to the "Corporate Fiduciary Act", and shall be subject
15 to all of the provisions of this Act.
16 (Source: P.A. 85-1402.)