SB2943 99TH GENERAL ASSEMBLY

LRB099 18508 SMS 42887 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2943

Introduced 2/18/2016, by Sen. Terry Link

SYNOPSIS AS INTRODUCED:

20 ILCS 3205/0.2
20 ILCS 3205/0.8

Amends the Division of Banking Act. Defines "Director" to mean the Director of the Division of Banking within the Department of Financial and Professional Regulation. Requires the Director, along with the Secretary of Financial and Professional Regulation or a person authorized by the Secretary and others, to be a person who is experienced in the theory and practice of the business of banks (rather than banks and other financial institutions). Effective immediately.

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 Division of Banking Act is amended by changing Sections 0.2 and 0.8 as follows:

(20 ILCS 3205/0.2)

Sec. 0.2. Definitions. For the purposes of this Act, unless the context otherwise requires:

"Commissioner" means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary, the Division of Banking Act, or by this Act to act in the Secretary's stead.

"Director" means the Director of the Division.

"Division" means the Division of Banking within the Department of Financial and Professional Regulation.

"Office" means the Division of Banking within the Department of Financial and Professional Regulation.

(Source: P.A. 96-1365, eff. 7-28-10.)

(20 ILCS 3205/0.8)

Sec. 0.8. Commissioner and deputy commissioners.

(a) The Office of Banks and Real Estate shall be under the direction of the Commissioner of Banks and Real Estate.

There shall be a First Deputy Commissioner and such other deputy commissioners as the Governor may deem appropriate. All deputy commissioners shall be under the direction, supervision, and control of the Commissioner. The Commissioner may delegate to one or more of the deputy commissioners any power or duty that the Commissioner is authorized or required by law to perform.

(b) The Commissioner, Director, and any all deputy commissioners shall be persons who are experienced in the theory and practice of the business of banks and other financial institutions.

(c) The Commissioner, the First Deputy Commissioner, and the deputy commissioners shall be appointed by the Governor with the advice and consent of the Senate. If a vacancy occurs while the Senate is not in session, the Governor may make a temporary appointment until the next meeting of the Senate, when the Governor shall nominate some person to fill the vacancy. A person nominated to fill a vacancy, if confirmed by the Senate, shall hold office for the remainder of the vacated term and until his or her successor has been appointed and has qualified.

(d) If the Commissioner is absent or unable to act, or if the position of Commissioner becomes vacant, the First Deputy Commissioner shall be Acting Commissioner and shall execute the powers and discharge the duties vested by law in the Commissioner until a temporary appointment is made as provided in subsection (c).

If both the Commissioner and the First Deputy Commissioner are absent or unable to act, or if the positions of Commissioner and First Deputy Commissioner are both vacant, the Governor shall designate another deputy commissioner as Acting Commissioner to execute the powers and discharge the duties vested by law in the Commissioner until a temporary appointment is made as provided in subsection (c).

(e) The terms of the persons serving as the Commissioner, First Deputy Commissioner, and Deputy Commissioners of Banks and Trust Companies shall end on the effective date of this amendatory Act of 1996, or as sooner provided by executive order, except that those persons shall continue to serve as Commissioner, First Deputy Commissioner, and Deputy Commissioners of the Office of Banks and Real Estate, respectively, until their successors have been appointed and have qualified.

(f) The Commissioner, First Deputy Commissioner, and Deputy Commissioners of the Office of Banks and Real Estate shall hold office for terms beginning upon confirmation and continuing until January 31, 2000 and until their successors have been appointed and have qualified. Thereafter the Commissioner, First Deputy Commissioner, and Deputy Commissioners of the Office of Banks and Real Estate shall serve for terms of 4 years beginning on February 1, 2000 and on February 1 of every fourth year thereafter.

(Source: P.A. 89-508, eff. 7-3-96.)

Section 99. Effective date. This Act takes effect upon becoming law.