HB1398 101ST GENERAL ASSEMBLY

LRB101 03404 JRG 48412 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1398

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:

205 ILCS 710/5

Amends the Banking on Illinois Act. Makes a technical change in a Section concerning findings and decclartions of policy.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Banking on Illinois Act is amended by changing Section 5 as follows:

(205 ILCS 710/5)

Sec. 5. Findings and declarations of policy. The The General Assembly hereby finds and declares:

(1) that the economic strength and general welfare of Illinois depends on a strong, profitable, and competitive banking industry in this State that preserves and creates employment, increases credit availability, attracts capital, and expands the savings base for the citizens of this State;

(2) that the removal of geographic restrictions in the federal banking laws and in the laws of the 50 states has given rise to a substantial number of newly created community banks and interstate bank mergers requiring the selection of main office locations and relocations;

(3) that by ensuring a favorable environment for banks to commence and operate their businesses from this State, more newly created community banks and merging banks will choose to maintain or retain their headquarters in and relocate their main banking offices to Illinois; and

(4) that preserving and increasing the number of bank headquarters and main banking offices within Illinois will substantially increase employment opportunities, credit availability, and capital investment in this State, while strengthening the savings base of this State, thereby providing significant benefits to all Illinois citizens, to commercial and agricultural businesses of all sizes in this State, and to all local governments and political subdivisions of this State.

(Source: P.A. 91-330, eff. 7-29-99.)