HB3431 94TH GENERAL ASSEMBLY

LRB094 10317 RCE 40587 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3431

Introduced 2/22/2005, by Rep. Monique D. Davis

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.

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 Illinois Banking Act is amended by changing Section 3 as follows:

(205 ILCS 5/3) (from Ch. 17, par. 309)

Sec. 3. Formation and primary powers. It shall be lawful to form banks, as herein provided, for the the purpose of discount and deposit, buying and selling exchange and doing a general banking business, excepting the issuing of bills to circulate as money; and such banks shall have the power to loan money on personal and real estate security, and to accept and execute trusts upon obtaining a certificate of authority pursuant to the "Corporate Fiduciary Act", and shall be subject to all of the provisions of this Act.

(Source: P.A. 85-1402.)