Illinois General Assembly - Bill Status for SB1620

Illinois General Assembly - Bill Status for SB1620

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Bill Status of SB1620 96th General Assembly

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Short Description: CRIM CD-FINANCIAL INSTITUTIONS

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

House Sponsors
(Rep. Robert W. Pritchard)

Last Action

Date	Chamber	Action
1/12/2011	Senate	Session Sine Die

Statutes Amended In Order of Appearance

720 ILCS 300/Act title

720 ILCS 300/0.01

from Ch. 17, par. 900

from 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.

Actions

Date	Chamber	Action
2/19/2009	Senate	Filed with Secretary by Sen. Terry Link
2/19/2009	Senate	First Reading
2/19/2009	Senate	Referred to Assignments
2/25/2009	Senate	Assigned to Financial Institutions
3/6/2009	Senate	Do Pass Financial Institutions; 011-000-000
3/6/2009	Senate	Placed on Calendar Order of 2nd Reading March 10, 2009
3/6/2009	Senate	Added as Co-Sponsor Sen. Kyle McCarter
3/10/2009	Senate	Added as Chief Co-Sponsor Sen. John J. Millner
3/18/2009	Senate	Added as Chief Co-Sponsor Sen. Dan Rutherford
3/24/2009	Senate	Second Reading
3/24/2009	Senate	Placed on Calendar Order of 3rd Reading March 25, 2009
4/1/2009	Senate	Added as Co-Sponsor Sen. Randall M. Hultgren
4/1/2009	Senate	Third Reading - Passed; 055-000-001
4/1/2009	House	Arrived in House
4/1/2009	House	Placed on Calendar Order of First Reading
4/3/2009	House	Chief House Sponsor Rep. Robert W. Pritchard
4/6/2009	House	First Reading
4/6/2009	House	Referred to Rules Committee
4/14/2009	House	Assigned to Executive Committee
5/8/2009	House	Rule 19(a) / Re-referred to Rules Committee
1/12/2011	Senate	Session Sine Die