SB0556 95TH GENERAL ASSEMBLY

LRB095 04602 MJR 24659 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0556

Introduced 2/8/2007, by Sen. John J. Cullerton

SYNOPSIS AS INTRODUCED:

205 ILCS 10/3.07

from Ch. 17, par. 2510

Amends the Illinois Bank Holding Company Act of 1957. Makes a technical change in a Section concerning restrictions on bank holding companies.

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 Bank Holding Company Act of 1957 is amended by changing Section 3.07 as follows:

(205 ILCS 10/3.07) (from Ch. 17, par. 2510)

Sec. 3.07. Except as authorized under Section 3.061 of this Act, no bank holding company other than an an Illinois bank holding company, may control any Illinois bank or own more than 5% of the voting shares of any Illinois bank, unless: (a) such bank holding company acquired such control or voting shares under circumstances described in (A), (B), (C), (D) or (E) of subsection (h) of Section 2 of this Act; or (b) such bank holding company qualifies under the provisions of Section 3.071.

(Source: P.A. 84-1123.)