Illinois General Assembly - Bill Status for SB1778
Illinois General Assembly

Previous General Assemblies

 Bill Status of SB1778  98th General Assembly


Short Description:  BANKING-REGULATION

Senate Sponsors
Sen. Pamela J. Althoff - Michael Noland and Kirk W. Dillard

House Sponsors
(Rep. Anna Moeller - Michael W. Tryon - Patricia R. Bellock - Anthony DeLuca, Jack D. Franks, Sam Yingling, Martin J. Moylan, Marcus C. Evans, Jr., Silvana Tabares, Robert F. Martwick, Michelle Mussman, Esther Golar, Carol A. Sente, C.D. Davidsmeyer, Barbara Wheeler, Dennis M. Reboletti, John M. Cabello, William Davis, Fred Crespo, Stephanie A. Kifowit, Lou Lang, David McSweeney, Frances Ann Hurley, Linda Chapa LaVia, Robert Rita, John D'Amico, Ann Williams, Deborah Conroy, Brandon W. Phelps, Mary E. Flowers, Emanuel Chris Welch, La Shawn K. Ford, Christian L. Mitchell and Michael J. Zalewski)

Last Action
DateChamber Action
  8/26/2014SenatePublic Act . . . . . . . . . 98-1096

Statutes Amended In Order of Appearance
20 ILCS 3205/5from Ch. 17, par. 455
30 ILCS 105/5.214from Ch. 127, par. 141.214
30 ILCS 105/8.12from Ch. 127, par. 144.12
205 ILCS 205/1007.130
205 ILCS 205/1008from Ch. 17, par. 7301-8
205 ILCS 205/2007from Ch. 17, par. 7302-7
205 ILCS 205/3003from Ch. 17, par. 7303-3
205 ILCS 205/4007from Ch. 17, par. 7304-7
205 ILCS 205/4008from Ch. 17, par. 7304-8
205 ILCS 205/4010from Ch. 17, par. 7304-10
205 ILCS 205/4013from Ch. 17, par. 7304-13
205 ILCS 205/6002from Ch. 17, par. 7306-2
205 ILCS 205/6013from Ch. 17, par. 7306-13
205 ILCS 205/6014from Ch. 17, par. 7306-14
205 ILCS 205/8006from Ch. 17, par. 7308-6
205 ILCS 205/8012from Ch. 17, par. 7308-12
205 ILCS 205/9002from Ch. 17, par. 7309-2
205 ILCS 205/9002.1 new
205 ILCS 205/9002.5
205 ILCS 205/9012from Ch. 17, par. 7309-12
205 ILCS 205/11001from Ch. 17, par. 7311-1
205 ILCS 205/11008from Ch. 17, par. 7311-8
205 ILCS 205/Art. 12.1 heading new
205 ILCS 205/12101 new
205 ILCS 205/12102 new
205 ILCS 205/12103 new
205 ILCS 205/12104 new
205 ILCS 205/12105 new
205 ILCS 205/12106 new
205 ILCS 205/12107 new
205 ILCS 205/12108 new
205 ILCS 205/12109 new
205 ILCS 205/12110 new
205 ILCS 205/Art. 12.2 heading new
205 ILCS 205/12201 new
205 ILCS 205/12202 new
205 ILCS 205/12203 new
205 ILCS 105/Act rep.
205 ILCS 205/1007.70 rep.
205 ILCS 205/9017 rep.


Synopsis As Introduced
Amends the Division of Banking Act. Authorizes the Secretary of Financial and Professional Regulation to establish a Commercial Bank Regulatory Section and a Savings Bank Regulatory Section within the Division. Amends the State Finance Act. Changes the name of the Savings and Residential Finance Regulatory Fund to the Residential Finance Regulatory Fund. Provides for expenditures from the Savings Institution Regulatory Fund and the Residential Finance Regulatory Fund related to the disposition of unclaimed property. Amends the Savings Bank Act. Provides that the Secretary may charter mutual and stock holding companies in connection with a mutual savings bank reorganization. Establishes the effect of the repeal of the Illinois Savings and Loan Act of 1985, including the regulation of entities formerly under the Illinois Savings and Loan Act as savings banks under the Savings Bank Act. Changes references from "member or shareholder" to "customer". Changes references from "Commissioner" to "Secretary". Makes changes to provisions concerning articles of incorporation, proxies, directors, access to books and records, regulations, investment in loans, loans to one borrower, mergers, conversion of an existing depository institution to a savings bank, powers of the Secretary, regulatory fees, and disclosure of reports of examinations and confidential supervisory information. Repeals the Illinois Savings and Loan Act of 1985. Makes other changes. Effective immediately.

Senate Committee Amendment No. 1
Adds reference to:
205 ILCS 5/48
205 ILCS 5/48.05
205 ILCS 5/48.3from Ch. 17, par. 360.2

Provides that the Secretary of Financial and Professional Regulation, when appointed as receiver, or any person appointed as receiver shall have the same powers, rights, and privileges as the Federal Deposit Insurance Corporation. Provides that a bank or other financial institution or its officers, agents, and employees may disclose confidential supervisory information to any person conducting a review of the bank on behalf of the bank for purposes of complying with any enforcement action taken by a bank regulatory agency so long as the bank obtains approval prior to release of the confidential supervisory information by the Secretary and the person conducting the review agrees to maintain the confidentiality of the confidential supervisory information and to not further disseminate the confidential supervisory information.

House Floor Amendment No. 1
Deletes reference to:
20 ILCS 3205/5from Ch. 17, par. 455
30 ILCS 105/5.214from Ch. 127, par. 141.214
30 ILCS 105/8.12from Ch. 127, par. 144.12
205 ILCS 5/48
205 ILCS 5/48.05
205 ILCS 5/48.3from Ch. 17, par. 360.2
205 ILCS 205/1007.130
205 ILCS 205/1008from Ch. 17, par. 7301-8
205 ILCS 205/2007from Ch. 17, par. 7302-7
205 ILCS 205/3003from Ch. 17, par. 7303-3
205 ILCS 205/4007from Ch. 17, par. 7304-7
205 ILCS 205/4008from Ch. 17, par. 7304-8
205 ILCS 205/4010from Ch. 17, par. 7304-10
205 ILCS 205/4013from Ch. 17, par. 7304-13
205 ILCS 205/6002from Ch. 17, par. 7306-2
205 ILCS 205/6013from Ch. 17, par. 7306-13
205 ILCS 205/6014from Ch. 17, par. 7306-14
205 ILCS 205/8006from Ch. 17, par. 7308-6
205 ILCS 205/8012from Ch. 17, par. 7308-12
205 ILCS 205/9002from Ch. 17, par. 7309-2
205 ILCS 205/9002.1 new
205 ILCS 205/9002.5
205 ILCS 205/9012from Ch. 17, par. 7309-12
205 ILCS 205/11001from Ch. 17, par. 7311-1
205 ILCS 205/11008from Ch. 17, par. 7311-8
205 ILCS 205/Art. 12.1 heading new
205 ILCS 205/12101 new
205 ILCS 205/12102 new
205 ILCS 205/12103 new
205 ILCS 205/12104 new
205 ILCS 205/12105 new
205 ILCS 205/12106 new
205 ILCS 205/12107 new
205 ILCS 205/12108 new
205 ILCS 205/12109 new
205 ILCS 205/12110 new
205 ILCS 205/Art. 12.2 heading new
205 ILCS 205/12201 new
205 ILCS 205/12202 new
205 ILCS 205/12203 new
205 ILCS 105/Act rep.
205 ILCS 205/1007.70 rep.
205 ILCS 205/9017 rep.
Adds reference to:
New Act
205 ILCS 510/15 rep.

Replaces everything after the enacting clause. Creates the Resale Dealers Act. Defines "appropriate law enforcement official", "precious metals", "recyclable metal", and "resale dealer". Establishes certain exemptions under the Act. Requires that a resale dealer maintain a standard record book that has been approved by local law enforcement. Provides that the resale dealer shall record a detailed account of each transaction in the record book and establishes additional requirements concerning record books. Further provides that every resale dealer shall require that identification be shown by each person selling any goods, articles, or other things to the resale dealer and establishes additional requirements concerning acceptable forms of identification. Provides that a county or municipality, including home rule units, may regulate resale dealers in a manner that is not less restrictive than the regulation by the State. Requires that every resale dealer deliver to local law enforcement each day, a legible and exact copy from the resale dealer's record book that lists all personal property and any other valuable items purchased during the preceding day, including the exact time when the personal property or valuable items were received or purchased and a description of the person or persons that sold or left the property or items in pledge. Establishes certain purchases that a resale dealer is prohibited from making. Defines "hold order" and provides that law enforcement may place a hold order on property in the possession of a resale dealer under certain circumstances and that the resale dealer shall be required to turn such property over to law enforcement. Establishes criminal offenses that a person may be charged with for violating the Act. Amends the Pawnbroker Regulation Act. Repeals provisions concerning requirements for unregistered buyers conducting business at temporary buying locations.

House Floor Amendment No. 2
Adds items containing palladium or rhodium to the definition of "precious metals". Provides that the term "resale dealer" includes jewelers that purchase and resell items and engage in disassembling for purposes other than appraisals (rather than only disassembling).

House Floor Amendment No. 3
Provides that the term "resale dealer" does not include providers of commercial mobile services as defined in certain provisions of federal law or their authorized dealers and that providers of commercial mobile services and their authorized dealers are exempt from the provisions of the Act.

Actions 
DateChamber Action
  2/15/2013SenateFiled with Secretary by Sen. Michael W. Frerichs
  2/15/2013SenateFirst Reading
  2/15/2013SenateReferred to Assignments
  2/27/2013SenateAssigned to Financial Institutions
  3/1/2013SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Michael W. Frerichs
  3/1/2013SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/6/2013SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/6/2013SenateSenate Committee Amendment No. 1 Adopted
  3/6/2013SenateDo Pass as Amended Financial Institutions; 011-000-000
  3/6/2013SenatePlaced on Calendar Order of 2nd Reading March 7, 2013
  3/21/2013SenateSecond Reading
  3/21/2013SenatePlaced on Calendar Order of 3rd Reading April 10, 2013
  4/10/2013SenateThird Reading - Passed; 053-000-000
  4/10/2013HouseArrived in House
  4/11/2013HouseChief House Sponsor Rep. Maria Antonia Berrios
  4/11/2013HouseFirst Reading
  4/11/2013HouseReferred to Rules Committee
  4/18/2013HouseAdded Alternate Chief Co-Sponsor Rep. Rich Brauer
  5/15/2013HouseFinal Action Deadline Extended-9(b) May 24, 2013
  5/15/2013HouseAssigned to Judiciary
  5/21/2013HouseDo Pass / Short Debate Judiciary; 009-001-000
  5/21/2013HousePlaced on Calendar 2nd Reading - Short Debate
  5/23/2013HouseSecond Reading - Short Debate
  5/23/2013HouseHeld on Calendar Order of Second Reading - Short Debate
  5/24/2013HouseFinal Action Deadline Extended-9(b) May 31, 2013
  5/31/2013HouseRule 19(a) / Re-referred to Rules Committee
  5/8/2014SenateChief Sponsor Changed to Sen. Pamela J. Althoff
  5/12/2014HouseApproved for Consideration Rules Committee; 003-000-000
  5/12/2014HousePlaced on Calendar 2nd Reading - Short Debate
  5/13/2014HouseAlternate Chief Sponsor Changed to Rep. Anna Moeller
  5/13/2014HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Anna Moeller
  5/13/2014HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Martin J. Moylan
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Silvana Tabares
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Robert F. Martwick
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Michelle Mussman
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Esther Golar
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Carol A. Sente
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. C.D. Davidsmeyer
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Barbara Wheeler
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Dennis M. Reboletti
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. John M. Cabello
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. William Davis
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Patricia R. Bellock
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Fred Crespo
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Stephanie A. Kifowit
  5/13/2014HouseAlternate Chief Co-Sponsor Removed Rep. Rich Brauer
  5/13/2014HouseAdded Alternate Chief Co-Sponsor Rep. Sam Yingling
  5/13/2014HouseAdded Alternate Chief Co-Sponsor Rep. Michael W. Tryon
  5/13/2014HouseAdded Alternate Chief Co-Sponsor Rep. Jack D. Franks
  5/13/2014HouseAdded Alternate Chief Co-Sponsor Rep. Christian L. Mitchell
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. Lou Lang
  5/13/2014HouseAdded Alternate Co-Sponsor Rep. David McSweeney
  5/13/2014HouseHouse Floor Amendment No. 1 Rules Refers to Business & Occupational Licenses Committee
  5/13/2014HouseAlternate Chief Co-Sponsor Changed to Rep. Patricia R. Bellock
  5/14/2014HouseAdded Alternate Co-Sponsor Rep. Frances Ann Hurley
  5/15/2014HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Anna Moeller
  5/15/2014HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/15/2014HouseAlternate Chief Co-Sponsor Removed Rep. Sam Yingling
  5/15/2014HouseAdded Alternate Chief Co-Sponsor Rep. Anthony DeLuca
  5/15/2014HouseAdded Alternate Co-Sponsor Rep. Sam Yingling
  5/16/2014HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Anna Moeller
  5/16/2014HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  5/19/2014HouseHouse Floor Amendment No. 2 Rules Refers to Business & Occupational Licenses Committee
  5/19/2014HouseHouse Floor Amendment No. 3 Rules Refers to Business & Occupational Licenses Committee
  5/20/2014SenateAdded as Co-Sponsor Sen. Michael Noland
  5/20/2014HouseHouse Floor Amendment No. 4 Filed with Clerk by Rep. Anna Moeller
  5/20/2014HouseHouse Floor Amendment No. 4 Referred to Rules Committee
  5/20/2014SenateSponsor Removed Sen. Michael Noland
  5/21/2014HouseHouse Floor Amendment No. 4 Rules Refers to Business & Occupational Licenses Committee
  5/21/2014HouseHouse Floor Amendment No. 1 Recommends Be Adopted Business & Occupational Licenses Committee; 007-000-000
  5/21/2014HouseHouse Floor Amendment No. 2 Recommends Be Adopted Business & Occupational Licenses Committee; 007-000-000
  5/21/2014HouseHouse Floor Amendment No. 3 Recommends Be Adopted Business & Occupational Licenses Committee; 007-000-000
  5/22/2014HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia
  5/23/2014HouseAlternate Chief Co-Sponsor Removed Rep. Jack D. Franks
  5/23/2014HouseAlternate Co-Sponsor Removed Rep. Patricia R. Bellock
  5/23/2014HouseAdded Alternate Co-Sponsor Rep. Jack D. Franks
  5/23/2014HouseFinal Action Deadline Extended-9(b) May 30, 2014
  5/27/2014HouseAdded Alternate Co-Sponsor Rep. Robert Rita
  5/28/2014HouseSecond Reading - Short Debate
  5/28/2014HouseHouse Floor Amendment No. 1 Adopted
  5/28/2014HouseHouse Floor Amendment No. 2 Adopted
  5/28/2014HouseHouse Floor Amendment No. 3 Adopted
  5/28/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. John D'Amico
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Ann Williams
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Deborah Conroy
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Brandon W. Phelps
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Emanuel Chris Welch
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. La Shawn K. Ford
  5/29/2014HouseThird Reading - Short Debate - Passed 115-000-000
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Christian L. Mitchell
  5/29/2014HouseAdded Alternate Co-Sponsor Rep. Michael J. Zalewski
  5/29/2014SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2, 3
  5/29/2014SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2, 3 - May 30, 2014
  5/29/2014SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Pamela J. Althoff
  5/29/2014SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
  5/29/2014SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Pamela J. Althoff
  5/29/2014SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments
  5/29/2014SenateHouse Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. Pamela J. Althoff
  5/29/2014SenateHouse Floor Amendment No. 3 Motion to Concur Referred to Assignments
  5/30/2014SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/30/2014SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/30/2014SenateHouse Floor Amendment No. 3 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/30/2014SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 008-000-000
  5/30/2014SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 008-000-000
  5/30/2014SenateHouse Floor Amendment No. 3 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 008-000-000
  5/30/2014HouseHouse Floor Amendment No. 4 Rule 19(a) / Re-referred to Rules Committee
  5/30/2014SenateAdded as Chief Co-Sponsor Sen. Michael Noland
  5/30/2014SenateAdded as Co-Sponsor Sen. Kirk W. Dillard
  5/30/2014SenateHouse Floor Amendment No. 1 Senate Concurs 056-000-000
  5/30/2014SenateHouse Floor Amendment No. 2 Senate Concurs 056-000-000
  5/30/2014SenateHouse Floor Amendment No. 3 Senate Concurs 056-000-000
  5/30/2014SenatePassed Both Houses
  6/27/2014SenateSent to the Governor
  8/26/2014SenateGovernor Approved
  8/26/2014SenateEffective Date January 1, 2015
  8/26/2014SenatePublic Act . . . . . . . . . 98-1096

Back To Top