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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 Banking Act is amended by adding | ||||||
5 | Section 21.5 as follows: | ||||||
6 | (205 ILCS 5/21.5 new) | ||||||
7 | Sec. 21.5. Prohibition against establishment of branches | ||||||
8 | on or near the premises of certain affiliates. | ||||||
9 | (a) For purposes of this Section: | ||||||
10 | "Affiliate" has the meaning ascribed to that term in item | ||||||
11 | (1) of subsection (b) of Section 35.2 of this Act, except that | ||||||
12 | for purposes of this Section, the provisions in item (1) of | ||||||
13 | subsection (b) of Section 35.2 shall apply to all banks. | ||||||
14 | "Bank" has the meaning ascribed to that term in the Federal | ||||||
15 | Deposit Insurance Act and includes any out-of-state bank. | ||||||
16 | "Bank holding company" and "financial holding company" | ||||||
17 | have the meanings ascribed to those terms in the federal Bank | ||||||
18 | Holding Company Act of 1956. | ||||||
19 | (b) Notwithstanding any other law of this State, no bank | ||||||
20 | may establish or maintain a branch that accepts deposits on or | ||||||
21 | adjacent to the premises of an affiliate of the bank if the | ||||||
22 | affiliate engages in any commercial activity that could not | ||||||
23 | lawfully be conducted by a bank holding company, a financial |
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1 | holding company, or a subsidiary of the bank holding company or | ||||||
2 | financial holding company, pursuant to federal law. | ||||||
3 | (c) This Section shall not apply to an affiliate that | ||||||
4 | operates solely for the purpose of owning or leasing the real | ||||||
5 | estate on which the branch that accepts deposits is located. | ||||||
6 | (d) This Section shall not be construed to prohibit the | ||||||
7 | maintenance of a branch that was established prior to May 10, | ||||||
8 | 2007, or the conduct of any transactions that were lawfully | ||||||
9 | being conducted at the branch prior to May 10, 2007. | ||||||
10 | (e) The Commissioner may make and enforce reasonable rules, | ||||||
11 | regulations, directions, orders, decisions, and findings as | ||||||
12 | the execution and enforcement of the provisions of this Section | ||||||
13 | require. | ||||||
14 | Section 10. The Savings Bank Act is amended by adding | ||||||
15 | Section 1006.10 as follows: | ||||||
16 | (205 ILCS 205/1006.10 new) | ||||||
17 | Sec. 1006.10. Prohibition against establishment of offices | ||||||
18 | or branches on or adjacent to the premises of certain | ||||||
19 | affiliates. | ||||||
20 | (a) For purposes of this Section: | ||||||
21 | "Affiliate" has the meaning ascribed to that term in item | ||||||
22 | (1) of subsection (b) of Section 35.2 of the Illinois Banking | ||||||
23 | Act, except that for purposes of this Section, the provisions | ||||||
24 | in item (1) of subsection (b) of Section 35.2 shall apply to |
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1 | all savings banks. | ||||||
2 | "Savings bank" means a savings bank operating under this | ||||||
3 | Act, an out-of-state savings bank as defined under this Act, or | ||||||
4 | a savings association defined in the Federal Deposit Insurance | ||||||
5 | Act. | ||||||
6 | "Savings bank holding company" has the meaning ascribed in | ||||||
7 | this Act. | ||||||
8 | (b) Notwithstanding any other law of this State, no savings | ||||||
9 | bank may establish or maintain a branch that accepts deposits | ||||||
10 | on or adjacent to the premises of an affiliate of the savings | ||||||
11 | bank if the affiliate engages in any commercial activity that | ||||||
12 | could not lawfully be conducted by a savings bank holding | ||||||
13 | company or a subsidiary of the savings bank holding company | ||||||
14 | pursuant to federal law. | ||||||
15 | (c) This Section shall not apply to an affiliate that | ||||||
16 | operates solely for the purpose of owning or leasing the real | ||||||
17 | estate on which the branch that accepts deposits is located. | ||||||
18 | (d) This Section shall not be construed to prohibit the | ||||||
19 | maintenance of a branch that was established prior to May 10, | ||||||
20 | 2007, or the conduct of any transactions that were lawfully | ||||||
21 | being conducted at the branch prior to May 10, 2007. | ||||||
22 | (e) The Commissioner may make and enforce such reasonable | ||||||
23 | rules, regulations, directions, orders, decisions, and | ||||||
24 | findings as the execution and enforcement of the provisions of | ||||||
25 | this Section require.
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26 | Section 99. Effective date. This Act takes effect upon |
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1 | becoming law.
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