Illinois General Assembly - Bill Status for SB1620
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 Bill Status of SB1620  96th General Assembly


Senate Sponsors
Sen. Terry Link - John J. Millner - Dan Rutherford, Kyle McCarter and Randall M. Hultgren

House Sponsors
(Rep. Robert W. Pritchard)

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
720 ILCS 300/Act title
720 ILCS 300/0.01from Ch. 17, par. 900
720 ILCS 300/1from Ch. 17, par. 901
720 ILCS 300/2 new
720 ILCS 300/3 new

Synopsis As Introduced
Amends the Derogatory Statements About Banks Act. Changes the name of the Act to the Derogatory Statements About Financial Institutions Act. Provides that a person shall not, for commercial purposes, use any investment rating or investment rating service as the basis for any statement or inference that the financial institution is in an unsafe or unsound condition, that the federally-insured deposits held by the financial institution are vulnerable to loss, or that the owner of the deposits may be subjected to inconvenience with respect to any federally-insured deposits. Provides that a person shall not, for commercial purposes, use the name, directly or by inference, of any State or federal regulatory agency or instrumentality as a source of information when making derogatory statements about the condition of one or more financial institutions, unless the person is citing publicly available information published by such regulatory agency or instrumentality. Provides that in addition to any cause of action that a financial institution may have against any person for damages caused by a violation of this Act, the Division of Banking of the Illinois Department of Financial and Professional Regulation is authorized to issue cease and desist orders against any person who violates the Act and to impose a civil monetary penalty of up to $10,000 for each violation of the Act or of such cease and desist order.

DateChamber Action
  2/19/2009SenateFiled with Secretary by Sen. Terry Link
  2/19/2009SenateFirst Reading
  2/19/2009SenateReferred to Assignments
  2/25/2009SenateAssigned to Financial Institutions
  3/6/2009SenateDo Pass Financial Institutions; 011-000-000
  3/6/2009SenatePlaced on Calendar Order of 2nd Reading March 10, 2009
  3/6/2009SenateAdded as Co-Sponsor Sen. Kyle McCarter
  3/10/2009SenateAdded as Chief Co-Sponsor Sen. John J. Millner
  3/18/2009SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/24/2009SenateSecond Reading
  3/24/2009SenatePlaced on Calendar Order of 3rd Reading March 25, 2009
  4/1/2009SenateAdded as Co-Sponsor Sen. Randall M. Hultgren
  4/1/2009SenateThird Reading - Passed; 055-000-001
  4/1/2009HouseArrived in House
  4/1/2009HousePlaced on Calendar Order of First Reading
  4/3/2009HouseChief House Sponsor Rep. Robert W. Pritchard
  4/6/2009HouseFirst Reading
  4/6/2009HouseReferred to Rules Committee
  4/14/2009HouseAssigned to Executive Committee
  5/8/2009HouseRule 19(a) / Re-referred to Rules Committee
  1/12/2011SenateSession Sine Die

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