Illinois General Assembly - Full Text of HB4889
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Full Text of HB4889  102nd General Assembly

HB4889 102ND GENERAL ASSEMBLY


 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4889

 

Introduced 1/27/2022, by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/3  from Ch. 17, par. 309

    Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.


LRB102 25648 BMS 34940 b

 

 

A BILL FOR

 

HB4889LRB102 25648 BMS 34940 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Banking Act is amended by changing
5Section 3 as follows:
 
6    (205 ILCS 5/3)  (from Ch. 17, par. 309)
7    Sec. 3. Formation and primary powers. It shall be lawful
8to form banks, as herein provided, for the the purpose of
9discount and deposit, buying and selling exchange and doing a
10general banking business, excepting the issuing of bills to
11circulate as money; and such banks shall have the power to loan
12money on personal and real estate security, and to accept and
13execute trusts upon obtaining a certificate of authority
14pursuant to the "Corporate Fiduciary Act", and shall be
15subject to all of the provisions of this Act. For purposes of
16this Section, "real estate" includes a manufactured home as
17defined in subdivision (53) of Section 9-102 of the Uniform
18Commercial Code that is real property as defined in Section
195-35 of the Conveyance and Encumbrance of Manufactured Homes
20as Real Property and Severance Act.
21(Source: P.A. 98-749, eff. 7-16-14.)