SB1440 102ND GENERAL ASSEMBLY

LRB102 11218 BMS 16550 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1440

Introduced 2/25/2021, by Sen. Dan McConchie

SYNOPSIS AS INTRODUCED:

205 ILCS 205/6014

from Ch. 17, par. 7306-14

Amends the Savings Bank Act. Makes a technical change in a Section concerning rules and regulations.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Savings Bank Act is amended by changing Section 6014 as follows:

(205 ILCS 205/6014) (from Ch. 17, par. 7306-14)

Sec. 6014. Commissioner's regulations.

(a) The The Commissioner shall promulgate rules and regulations to determine permissible levels of investment and permissible concentrations of assets for savings banks applicable to all lending and investment authority granted by this Article 6. The rules and regulations shall give due regard to capital adequacy, operating income, underwriting standards, risk inherent in the investment or loan, and competitive parity with other financial institutions.

(b) Violations of any of the provisions of this Article 6 shall constitute an unsafe and unsound practice and may subject the savings bank, its directors, officers, or agents to enforcement actions, civil money penalties, or other sanctions as provided in this Act.

(Source: P.A. 86-1213.)