Illinois General Assembly - Bill Status for HB3227
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 Bill Status of HB3227  99th General Assembly

Short Description:  IL BANKING ACT-SURPLUS

House Sponsors
Rep. Frank J. Mautino

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 5/5from Ch. 17, par. 311
205 ILCS 5/14from Ch. 17, par. 321
205 ILCS 5/14.1from Ch. 17, par. 321.1

Synopsis As Introduced
Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately.

DateChamber Action
  2/25/2015HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/25/2015HouseFirst Reading
  2/25/2015HouseReferred to Rules Committee
  1/10/2017HouseSession Sine Die

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