093_SB0437

 
                                     LRB093 10093 JLS 10344 b

 1        AN ACT relating to the banking industry.

 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 that:
 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 preserves
12        and creates employment,  increases  credit  availability,
13        attracts  capital,  and  expands the savings base for the
14        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  headquarters  and  main  banking   offices   within
28        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 10093 JLS 10344 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.)