Bill Status of SB1500  93rd General Assembly

Short Description:  BANKS HOLD OWN STOCK

Senate Sponsors
Sen. Terry Link - Dan Rutherford

House Sponsors
(Rep. Suzanne Bassi)

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 5/37from Ch. 17, par. 347


Synopsis As Introduced
Amends the Illinois Banking Act. Excludes from the prohibition against a bank making loans secured by the bank's own securities, the acquisition of its securities, after notice to the Commissioner of Banks and Real Estate, to prevent loss on an existing debt. Effective immediately.

Senate Committee Amendment No. 1
Makes a technical change with respect to a cross-reference.

Senate Floor Amendment No. 2
Adds reference to:
205 ILCS 5/13.6 new
205 ILCS 5/17from Ch. 17, par. 324
205 ILCS 205/1007.125 new
205 ILCS 205/1008from Ch. 17, par. 7301-8
805 ILCS 180/1-25

Amends the Illinois Banking Act. Provides that a State bank may amend its charter for the purpose of authorizing its board of directors to issue preferred stock; to increase, decrease, or change the par value of shares of its preferred stock; to increase, decrease, or change the preferences, qualifications, limitations, restrictions, or special or relative rights of its preferred stock, provided that the bank's capital is not diminished to the prejudice of the bank's creditors. Provides that once such an amendment is adopted and approved, the board may exercise its delegated authority by adopting a resolution specifying the actions it is taking with respect to the preferred stock. Provides that the board must submit its resolution to the Commissioner of Banks and Real Estate, who shall approve the resolution or state his or her objections to the resolution. Provides that, once a resolution is approved, it shall be incorporated as an addendum to the bank's charter. Amends the Illinois Banking Act and the Savings Bank Act and the Limited Liability Company Act to authorize banks and savings banks to organize and convert to limited liability companies.

Actions 
DateChamber Action
  2/20/2003SenateFiled with Secretary by Sen. Terry Link
  2/20/2003SenateFirst Reading
  2/20/2003SenateReferred to Rules
  2/27/2003SenateAssigned to Financial Institutions
  3/5/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Terry Link
  3/5/2003SenateSenate Committee Amendment No. 1 Referred to Rules
  3/5/2003SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions
  3/6/2003SenateSenate Committee Amendment No. 1 Adopted
  3/6/2003SenateDo Pass as Amended Financial Institutions; 009-000-000
  3/6/2003SenatePlaced on Calendar Order of 2nd Reading March 11, 2003
  3/11/2003SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/18/2003SenateSecond Reading
  3/18/2003SenatePlaced on Calendar Order of 3rd Reading March 19, 2003
  3/20/2003SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Terry Link
  3/20/2003SenateSenate Floor Amendment No. 2 Referred to Rules
  3/24/2003SenateSenate Floor Amendment No. 2 Rules Refers to Financial Institutions
  3/25/2003SenateSenate Floor Amendment No. 2 Be Approved for Consideration Financial Institutions; 007-000-000
  3/25/2003SenateRecalled to Second Reading
  3/25/2003SenateSenate Floor Amendment No. 2 Adopted; Link
  3/25/2003SenatePlaced on Calendar Order of 3rd Reading March 26, 2003
  3/26/2003SenateThird Reading - Passed; 055-001-001
  3/26/2003HouseArrived in House
  3/26/2003HousePlaced on Calendar Order of First Reading
  3/28/2003HouseChief House Sponsor Rep. Suzanne Bassi
  3/31/2003HouseFirst Reading
  3/31/2003HouseReferred to Rules Committee
  4/2/2003HouseAssigned to Executive Committee
  5/2/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005SenateSession Sine Die