HB1705 96TH GENERAL ASSEMBLY

LRB096 05313 MJR 15379 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1705

Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - James D. Brosnahan

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.)