Bill Status of HB 5685   98th General Assembly

Short Description:  REPEAL SAVINGS AND LOAN ACT

House Sponsors
Rep. Maria Antonia Berrios-Rich Brauer

Senate Sponsors
(Sen. Jacqueline Y. Collins and Martin A. Sandoval)


Last Action  View All Actions

DateChamber Action
  8/26/2014HousePublic Act . . . . . . . . . 98-1081

Statutes Amended In Order of Appearance
30 ILCS 105/5.214from Ch. 127, par. 141.214
30 ILCS 105/5.805
30 ILCS 105/8.12from Ch. 127, par. 144.12
205 ILCS 5/48
205 ILCS 105/Act rep.
205 ILCS 205/1007.130
205 ILCS 205/1007.150 new
205 ILCS 205/9002from Ch. 17, par. 7309-2
205 ILCS 205/9002.1 new
205 ILCS 205/9002.5
205 ILCS 205/Art. 12.1 heading new
205 ILCS 205/12101 new
205 ILCS 205/12102 new
205 ILCS 205/12103 new
205 ILCS 205/12104 new
205 ILCS 205/12105 new
205 ILCS 205/Art. 12.2 heading new
205 ILCS 205/12201 new
205 ILCS 205/12202 new
205 ILCS 205/12203 new
205 ILCS 205/1007.70 rep.
205 ILCS 205/9017 rep.
205 ILCS 620/6-5from Ch. 17, par. 1556-5
205 ILCS 635/4-1from Ch. 17, par. 2324-1
205 ILCS 635/4-1.5 new
205 ILCS 650/2from Ch. 17, par. 2852

Synopsis As Introduced
Repeals the Illinois Savings and Loan Act of 1985. Amends the Savings Bank Act. Deletes the definition of "impairment" and related provisions and defines "out-of-state savings bank". Adds provisions regarding the deposit of moneys into the Savings Bank Regulatory Fund. Adds an Article concerning the effect of the repeal of the Illinois Savings and Loan Act of 1985 and an Article that establishes the Board of Savings Banks and creates provisions concerning appointment to the Board, the organization of the Board, meetings of the Board, and the powers of the Board. Amends the Corporate Fiduciary Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the State Finance Act. Changes the name of the Savings and Residential Finance Regulatory Fund to the Residential Finance Regulatory Fund and changes the name of the Savings Bank Institutions Regulatory Fund to the Savings Bank Regulatory Fund. Amends the Illinois Banking Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the Residential Mortgage License Act of 1987. Deletes provisions concerning the Commissioner of Banks and Real Estate. Makes other changes.

House Committee Amendment No. 1
Deletes reference to:
205 ILCS 5/48
205 ILCS 620/6-5
Adds reference to:
205 ILCS 5/71from Ch. 17, par. 383

Replaces everything after the enacting clause with the introduced bill and removes from the amendments to the Illinois Banking Act, the Savings Bank Act, and the Corporate Fiduciary Act language regarding the powers, rights, and privileges of the Secretary of Financial and Professional Regulation or any person appointed as receiver. Amends the Illinois Banking Act. Provides that any bank that elects to dissolve voluntarily under the Act shall pay to the Secretary a fee, which shall be paid upon the Secretary's receipt of the bank's statement of intent and that all expenses incurred by the Secretary in connection with the voluntary dissolution of any bank shall be paid by the dissolving bank.

House Committee Amendment No. 2
Adds reference to:
205 ILCS 205/4008from Ch. 17, par. 7304-8

Further amends the Savings Bank Act. Deletes the requirement that at least two-thirds of the directors serving on a savings bank's board of directors be residents of Illinois.

Senate Floor Amendment No. 1
Adds reference to:
205 ILCS 635/1-4
205 ILCS 635/2-2
205 ILCS 635/2-4from Ch. 17, par. 2322-4
205 ILCS 635/3-2from Ch. 17, par. 2323-2
765 ILCS 77/70
765 ILCS 77/72
765 ILCS 77/74
765 ILCS 77/76
765 ILCS 77/78
765 ILCS 77/80

Further amends the Residential Mortgage License Act of 1987. From the definition of "exempt person or entity", deletes pension trusts, bank trusts, and bank trust companies. Provides that an applicant for a residential mortgage license that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements. Provides that the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. Makes changes concerning which financial statements are required under the Act. Makes other changes. Amends the Residential Real Property Disclosure Act. Throughout the Act, changes references to "HUD-certified counseling" to "HUD-approved counseling". Provides that certain deadlines are counted by business days rather than calendar days. Provides that it is the borrower's responsibility to (rather than "the borrower shall") select a HUD-approved counseling agency. Provides that the selection must take place and the appointment for the interview must be set within 10 business days, although the interview may take place beyond the 10 business day period. Provides that if a lis pendens is recorded, it may be filed with the Department of Financial and Professional Regulation either electronically or by filing a hard copy. Provides that all information entered into the predatory lending database must be true and correct to the best of the originator's knowledge. Provides that the originator shall, prior to closing, correct, update, or amend the data as necessary. Provides that if any corrections become necessary after the file has been accessed by the closing agent or housing counselor, a new file must be entered. Changes the predatory lending database pilot program to the predatory lending database program. Provides if certain exemptions to certain filing and reporting requirements apply, a certificate of exemption is required. Adds to the list of exemptions to the predatory lending database program mortgages secured by certain types of property and mortgages originated by an exempt person or entity.

Actions 
DateChamber Action
  2/14/2014HouseFiled with the Clerk by Rep. Maria Antonia Berrios
  2/14/2014HouseFirst Reading
  2/14/2014HouseReferred to Rules Committee
  3/19/2014HouseAssigned to Financial Institutions Committee
  3/20/2014HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Maria Antonia Berrios
  3/20/2014HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/21/2014HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Maria Antonia Berrios
  3/21/2014HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  3/24/2014HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
  3/25/2014HouseHouse Committee Amendment No. 2 Rules Refers to Financial Institutions Committee
  3/25/2014HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  3/25/2014HouseHouse Committee Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote
  3/25/2014HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 013-000-000
  3/26/2014HousePlaced on Calendar 2nd Reading - Short Debate
  3/27/2014HouseSecond Reading - Short Debate
  3/27/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/2/2014HouseAdded Chief Co-Sponsor Rep. Rich Brauer
  4/2/2014HouseThird Reading - Short Debate - Passed 112-000-001
  4/2/2014SenateArrive in Senate
  4/2/2014SenatePlaced on Calendar Order of First Reading April 3, 2014
  4/2/2014SenateChief Senate Sponsor Sen. Jacqueline Y. Collins
  4/3/2014SenateFirst Reading
  4/3/2014SenateReferred to Assignments
  4/30/2014SenateAssigned to Financial Institutions
  5/7/2014SenateDo Pass Financial Institutions; 007-000-000
  5/7/2014SenatePlaced on Calendar Order of 2nd Reading May 8, 2014
  5/13/2014SenateSecond Reading
  5/13/2014SenatePlaced on Calendar Order of 3rd Reading May 14, 2014
  5/20/2014SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
  5/20/2014SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/20/2014SenateSenate Floor Amendment No. 1 Be Approved for Consideration Assignments
  5/22/2014SenateRecalled to Second Reading
  5/22/2014SenateSenate Floor Amendment No. 1 Adopted; Collins
  5/22/2014SenatePlaced on Calendar Order of 3rd Reading
  5/22/2014SenateAdded as Alternate Co-Sponsor Sen. Martin A. Sandoval
  5/22/2014SenateThird Reading - Passed; 056-000-000
  5/22/2014HouseArrived in House
  5/22/2014HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/23/2014HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Maria Antonia Berrios
  5/23/2014HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/26/2014HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions Committee
  5/28/2014HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Financial Institutions Committee; 009-000-000
  5/29/2014HouseSenate Floor Amendment No. 1 House Concurs 113-000-002
  5/29/2014HouseHouse Concurs
  5/29/2014HousePassed Both Houses
  6/27/2014HouseSent to the Governor
  8/26/2014HouseGovernor Approved
  8/26/2014HouseEffective Date January 1, 2015
  8/26/2014HousePublic Act . . . . . . . . . 98-1081

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