Illinois General Assembly - Full Text of SB0655
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Full Text of SB0655  96th General Assembly

SB0655 96TH GENERAL ASSEMBLY


 


 
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0655

 

Introduced 2/6/2009, by Sen. John J. Cullerton

 

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 of the Commissioner of Banks and Real Estate.


LRB096 06721 MJR 16805 b

 

 

A BILL FOR

 

SB0655 LRB096 06721 MJR 16805 b

1     AN ACT concerning regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Savings Bank Act is amended by changing
5 Section 6014 as follows:
 
6     (205 ILCS 205/6014)  (from Ch. 17, par. 7306-14)
7     Sec. 6014. Commissioner's regulations.
8     (a) The The Commissioner shall promulgate rules and
9 regulations to determine permissible levels of investment and
10 permissible concentrations of assets for savings banks
11 applicable to all lending and investment authority granted by
12 this Article 6. The rules and regulations shall give due regard
13 to capital adequacy, operating income, underwriting standards,
14 risk inherent in the investment or loan, and competitive parity
15 with other financial institutions.
16     (b) Violations of any of the provisions of this Article 6
17 shall constitute an unsafe and unsound practice and may subject
18 the savings bank, its directors, officers, or agents to
19 enforcement actions, civil money penalties, or other sanctions
20 as provided in this Act.
21 (Source: P.A. 86-1213.)