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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1080 Introduced 2/25/2021, by Sen. Don Harmon 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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| | SB1080 | | LRB102 04891 BMS 14910 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 |
| 8 | | to form banks,
as herein provided, for the
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 |
| 15 | | subject to all of the provisions of this Act. For purposes of |
| 16 | | this Section, "real estate" includes a manufactured home as |
| 17 | | defined in subdivision (53) of Section 9-102 of the Uniform |
| 18 | | Commercial Code that is real property as defined in Section |
| 19 | | 5-35 of the Conveyance and Encumbrance of Manufactured Homes |
| 20 | | as Real Property and Severance Act. |
| 21 | | (Source: P.A. 98-749, eff. 7-16-14.)
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