093_HB3178

 
                                     LRB093 09865 JLS 10113 b

 1        AN ACT concerning banking.

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

 4        Section  5.  The  Banking  on  Illinois Act is amended by
 5    changing Section 5 as follows:

 6        (205 ILCS 710/5)
 7        Sec.  5.  Findings  and  declarations  of  policy.    The
 8    General Assembly hereby finds and declares:
 9             (1)  that  the economic strength and general welfare
10        of  Illinois  depends  on  a  strong,   profitable,   and
11        competitive   banking   industry   in   this  State  that
12        preserves, enhances, and  creates  employment,  increases
13        credit  availability,  attracts  capital, and expands the
14        savings base for the citizens of this State;
15             (2)  that the removal of geographic restrictions  in
16        the federal banking laws and in the laws of the 50 states
17        has  given  rise to a substantial number of newly created
18        community banks and interstate bank mergers requiring the
19        selection of main office locations and relocations;
20             (3)  that by ensuring a  favorable  environment  for
21        banks  to commence and operate their businesses from this
22        State, more newly created  community  banks  and  merging
23        banks   will   choose   to   maintain   or  retain  their
24        headquarters in and relocate their main  banking  offices
25        to Illinois; and
26             (4)  that  preserving  and  increasing the number of
27        bank charters, headquarters,  and  main  banking  offices
28        within  Illinois  will  substantially increase employment
29        opportunities,   credit   availability,    and    capital
30        investment in this State, while strengthening the savings
31        base   of   this  State,  thereby  providing  significant
 
                            -2-      LRB093 09865 JLS 10113 b
 1        benefits to all  Illinois  citizens,  to  commercial  and
 2        agricultural  businesses  of all sizes in this State, and
 3        to all local governments and  political  subdivisions  of
 4        this State.
 5    (Source: P.A. 91-330, eff. 7-29-99.)

 6        Section  99.  Effective date.  This Act takes effect upon
 7    becoming law.