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Bill Status of SB2996 9611th General Assembly
Short Description: FINAN REG-BANKING REGULATION
Senate Sponsors Sen. Kimberly A. Lightford - Jacqueline Y. Collins - Dan Rutherford
House Sponsors (Rep. Jay C. Hoffman - Barbara Flynn Currie - Monique D. Davis)
Last Action
Date | Chamber | Action | 7/28/2010 | Senate | Public Act . . . . . . . . . 96-1365 |
Statutes Amended In Order of Appearance
Synopsis As Introduced Amends the Office of Banks and Real Estate Act. Changes the title of the Act (and makes conforming changes in other Acts). Changes the powers of the Secretary of Financial and Professional Regulation with respect to jurisdiction over entities subject to the Act. Amends the Illinois Banking Act. Provides that the Secretary may (1) waive specified reciprocity requirements with respect to the establishment of branches and (2) prescribe the definition of "liabilities outstanding". Changes provisions concerning the powers and duties of the Secretary with respect to deposits, penalties, and the borrowing of funds under specified situations. Adds provisions concerning audits of banks subject to the Act. Changes provisions concerning capital impairment. Amends the Illinois Bank Holding Company Act of 1957. Changes provisions concerning the powers of the Secretary. Amends the Illinois Savings and Loan Act of 1985 and Savings Bank Act. Changes provisions concerning (1) the bonds of officers and employees, (2) personnel, records, files, actions, and duties, (3) the examination of associations, (4) reimbursement and powers of members of the Board of Savings Institutions. Adds provisions concerning the appointment of a receiver following taking of custody. Amends the Pawnbroker Regulation Act to make changes concerning (1) administration of the Act, (2) licensure, and (3) insurance requirements. Amends the Banking Emergencies Act, Corporate Fiduciary Act, and Foreign Banking Office Act to make changes concerning the powers of the Secretary. Repeals provisions in the Illinois Savings and Loan Act of 1985 and the Savings Bank Act. Repeals the Financial Institution Activity Reporting Act. Makes other changes. Effective immediately.
Senate Committee Amendment No. 1
| Deletes reference to: | | 205 ILCS 5/48.8 new | |
Replaces everything after the enacting clause. Reinserts the contents of the introduced bill with the following changes. Further amends the Illinois Banking Act. Provides that Secretary of Financial and Professional Regulation may borrow funds from the General Revenue Fund on behalf of the Bank and Trust Company Fund if the Director of Banking certifies to the Governor that there is an economic emergency affecting banking that requires a borrowing to provide additional funds to the Bank and Trust Company Fund and that the borrowed funds shall be paid back within 3 years and shall not exceed the total funding appropriated to the Agency in the previous fiscal year. Removes language concerning audits. Further amends the Illinois Savings and Loan Act of 1985 and the Savings Bank Act to add provisions concerning (1) the Secretary's exclusive right to proceedings, (2) capital impairment, including in emergencies, (3) the power of the Secretary to posses, (4) the limitation of actions by the Secretary with respect to his or her possession, (5) reorganization, (6) the requirements of a reorganization plan, including in an emergency, (7) the appointment of a receiver, (8) notice of receivership, (9) the receiver's powers and duties, including direction by the court, (10) the change of a receiver, (11) insured deposits, (12) expenses and fees, (13) dividends and dissolution, (14) the validation of dividends, and (15) judicial review. Further amends the Pawnbroker Regulation Act. Provides that the Secretary has the power to prohibit the hiring of employees who have been convicted of a financial crime or any crime involving breach of trust (rather than a felony or of any criminal offense relating to dishonesty or breach of trust). Provides that the Secretary may require employees of pawnshops to obtain a biyearly license (rather than yearly) and may establish which employees require (rather than may require) a license and the requirements for such a license by rule. Provides that at all times a pawnbroker is engaged in the business thereof, insurance underwritten by an insurance company licensed to do business in Illinois and for the purpose of safeguarding pledged collateral shall be carried. Provides that the Secretary may prescribe methods of acceptable coverage and the dollar amount of such coverage by rule. Repeals provisions in the Illinois Savings and Loan Act of 1985 concerning (1) the Secretary's ability to appoint a receiver, (2) the filing of complaints, (3) a receiver's powers, (4) the expenses of receivership, (5) distribution by a receiver, and (6) the final distribution and dissolution by a court. Repeals provisions in the Savings Bank Act concerning (1) the Secretary's authority to take custody and appoint a conservator or a receiver, (2) the purposes of taking custody, (3) the Secretary's powers during custody, (4) the custody of insured banks, (5) the notice of custody, (6) the segregation of collections during segregation, (7) redelivery of possession, and (8) limitations upon custody. Makes other changes. Effective immediately.
House Committee Amendment No. 1
| Deletes reference to: | | 205 ILCS 510/10.5 new | |
Amends the Illinois Bank Examiners' Education Foundation Act. Changes references of the Board of Trustees of the Illinois Bank Examiners' Education Foundation to the State Banking Board of Illinois. Makes changes to the provision concerning the governance of the Illinois Bank Examiners' Education Foundation. Deletes the provision that allows the Secretary of Financial and Professional Regulation to prescribe the definition of "liabilities outstanding" by rule. Deletes language excluding memorandums of understanding and written agreements from violations for which the Secretary may impose civil penalties. Further amends the Illinois Savings and Loan Act of 1985 and the Savings Bank Act to provides that the Commissioner of Banks and Real Estate, in addition to any other powers granted in the respective Acts, shall have the power and authority to impose civil penalties of up to $100,000. Further amends the Pawnbroker Regulation Act. Provides that the Secretary of State shall have power to order restitution to consumers suffering damages. Provides that the Secretary shall have power to remove or prohibit the employment of any officer, director, employee, or agent (instead of any officer, director, or employee) of the pawnshop who engages in or has engaged in unlawful activities related to the business of a pawnshop (instead of unsafe, unsound, or unlawful activities). In the provision concerning the replacement of articles or property and insurance or bond, deletes the language concerning surety bonds. Deletes the provision concerning employee license. Makes other changes.
House Committee Amendment No. 2
| Adds reference to: | | 205 ILCS 510/5.7 new | |
Further amends the Pawnbroker Regulation Act. Provides that upon written notice from a law enforcement officer indicating that property in the possession of a pawnbroker and subject to a hold order is needed for the purpose of furthering a criminal investigation and prosecution, the pawnbroker shall release the property subject to the hold order to the custody of the law enforcement officer for such purpose and the officer shall provide a written acknowledgment that the property has been released to the officer. Provides that the release of the property to the custody of the law enforcement officer shall not be considered a waiver or release of the pawnbroker's property rights or interest in the property. Provides that upon completion of the criminal investigation, the property shall be returned to the pawnbroker who consented to its release, except under certain conditions. Makes other changes.
Actions
Date | Chamber | Action | 2/3/2010 | Senate | Filed with Secretary by Sen. Kimberly A. Lightford | 2/3/2010 | Senate | First Reading | 2/3/2010 | Senate | Referred to Assignments | 2/24/2010 | Senate | Assigned to Financial Institutions | 3/3/2010 | Senate | Postponed - Financial Institutions | 3/4/2010 | Senate | Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins | 3/5/2010 | Senate | Rule 2-10 Committee Deadline Established As March 19, 2010 | 3/15/2010 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford | 3/15/2010 | Senate | Senate Committee Amendment No. 1 Referred to Assignments | 3/16/2010 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions | 3/17/2010 | Senate | Senate Committee Amendment No. 1 Adopted | 3/17/2010 | Senate | Do Pass as Amended Financial Institutions; 009-000-000 | 3/17/2010 | Senate | Placed on Calendar Order of 2nd Reading March 18, 2010 | 3/18/2010 | Senate | Second Reading | 3/18/2010 | Senate | Placed on Calendar Order of 3rd Reading March 23, 2010 | 3/19/2010 | Senate | Rule 2-10 Third Reading Deadline Established As March 26, 2010 | 3/24/2010 | Senate | Third Reading - Passed; 055-000-000 | 3/25/2010 | House | Arrived in House | 3/25/2010 | House | Chief House Sponsor Rep. Jay C. Hoffman | 3/25/2010 | House | Placed on Calendar Order of First Reading | 3/25/2010 | House | First Reading | 3/25/2010 | House | Referred to Rules Committee | 4/20/2010 | House | Added Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie | 4/22/2010 | House | Committee Deadline Extended-Rule 9(b) April 30, 2010 | 4/22/2010 | House | Assigned to Financial Institutions Committee | 4/28/2010 | House | House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee | 4/28/2010 | House | House Committee Amendment No. 2 Filed with Clerk by Financial Institutions Committee | 4/28/2010 | House | House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote | 4/28/2010 | House | House Committee Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote | 4/28/2010 | House | Do Pass as Amended / Short Debate Financial Institutions Committee; 018-000-000 | 4/28/2010 | House | Placed on Calendar 2nd Reading - Short Debate | 4/28/2010 | House | Added Alternate Chief Co-Sponsor Rep. Monique D. Davis | 4/29/2010 | House | Second Reading - Short Debate | 4/29/2010 | House | Placed on Calendar Order of 3rd Reading - Short Debate | 5/3/2010 | House | Third Reading - Short Debate - Passed 109-000-002 | 5/3/2010 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1, 2 | 5/3/2010 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 4, 2010 | 5/3/2010 | Senate | House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford | 5/3/2010 | Senate | House Committee Amendment No. 1 Motion to Concur Referred to Assignments | 5/3/2010 | Senate | House Committee Amendment No. 2 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford | 5/3/2010 | Senate | House Committee Amendment No. 2 Motion to Concur Referred to Assignments | 5/4/2010 | Senate | House Committee Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions | 5/4/2010 | Senate | House Committee Amendment No. 2 Motion to Concur Assignments Referred to Financial Institutions | 5/5/2010 | Senate | House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 010-000-000 | 5/5/2010 | Senate | House Committee Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 010-000-000 | 5/5/2010 | Senate | Added as Chief Co-Sponsor Sen. Dan Rutherford | 5/5/2010 | Senate | House Committee Amendment No. 1 Senate Concurs 054-000-000 | 5/5/2010 | Senate | House Committee Amendment No. 2 Senate Concurs 054-000-000 | 5/5/2010 | Senate | Passed Both Houses | 6/3/2010 | Senate | Sent to the Governor | 7/28/2010 | Senate | Governor Approved | 7/28/2010 | Senate | Effective Date July 28, 2010 | 7/28/2010 | Senate | Public Act . . . . . . . . . 96-1365 |
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