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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3119 Introduced 1/11/2022, by Sen. Brian W. Stewart SYNOPSIS AS INTRODUCED:
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Amends the Illinois Credit Union Act. Provides that an acquiring credit union shall be liable for a fee equal to 10% of the book value of the assets or liabilities, whichever is greater, of a bank that has been purchased by the credit union. Provides that the provision applies to all banks, savings banks, savings and loan associations, and credit unions chartered or holding a certificate of authority to do business under the laws of this State or any other state or under the laws of the United States. Defines "book value of the assets or liabilities of a bank".
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| | A BILL FOR |
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| | SB3119 | | LRB102 23227 BMS 32391 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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Credit Union Act is amended by |
| 5 | | adding Section 12.5 as follows:
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| 6 | | (205 ILCS 305/12.5 new) |
| 7 | | Sec. 12.5. Fee; bank purchases. |
| 8 | | (a) As used in this Section, the "book value of the assets |
| 9 | | or liabilities of a bank" means the value of those assets or |
| 10 | | liabilities as reflected on the books of the bank at the time |
| 11 | | of the purchase. |
| 12 | | (b) An acquiring credit union shall be liable for a fee |
| 13 | | equal to 10% of the book value of the assets or liabilities, |
| 14 | | whichever is greater, of a bank that has been purchased by the |
| 15 | | credit union. |
| 16 | | (c) This Section applies to all banks, savings banks, |
| 17 | | savings and loan associations, and credit unions chartered or |
| 18 | | holding a certificate of authority to do business under the |
| 19 | | laws of this State or any other state or under the laws of the |
| 20 | | United States.
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