Full Text of SB2710 93rd General Assembly
SB2710sam001 93RD GENERAL ASSEMBLY
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Sen. Kimberly A. Lightford
Filed: 2/27/2004
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LRB093 19061 SAS 48165 a |
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| AMENDMENT TO SENATE BILL 2710
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| AMENDMENT NO. ______. Amend Senate Bill 2710 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Savings Bank Act is amended by changing | 5 |
| Section 1006 and by adding Sections 1006.05 and 1007.130 as | 6 |
| follows:
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| (205 ILCS 205/1006) (from Ch. 17, par. 7301-6)
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| Sec. 1006. Parity.
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| (a) Subject to the regulation of the Commissioner and in | 10 |
| addition to the
powers granted by this Act, each savings bank | 11 |
| operating under this Act shall
possess those powers granted by | 12 |
| regulation promulgated under the Federal
Deposit Insurance Act | 13 |
| for state savings banks.
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| (b) A savings bank may establish branches or offices at | 15 |
| which savings or
investments are regularly received or loans | 16 |
| approved as follows:
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| (1) to the extent branch powers and offices are granted
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| to State banks under the Illinois Banking Act;
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| (2) within the geographic area defined in Article 2 of | 20 |
| this Act
and subject to the provisions of Article 2 of this | 21 |
| Act;
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| (3) within the same geographic areas or states as those | 23 |
| states from
which a holding company is permitted to acquire | 24 |
| an Illinois savings bank or
an Illinois savings bank |
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| holding company;
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| (4) to the same extent that holding companies and | 3 |
| savings and loan
associations headquartered outside the | 4 |
| State of Illinois are allowed to
operate in Illinois by | 5 |
| virtue of Articles 1A and 2B of the Illinois Savings
and | 6 |
| Loan Act of 1985;
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| (5) as the result of mergers, consolidations, or bulk | 8 |
| sales of
facilities in the case of relocations ; and
.
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| (6) to the extent the Commissioner deems states to be | 10 |
| reciprocal under the provisions of Section 1006.05 of this | 11 |
| Act.
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| (c) The Commissioner may adopt regulations that provide for | 13 |
| the
establishment of branches as defined by the Commissioner.
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| (d) Notwithstanding any other provision of this Act, a | 15 |
| savings bank that
purchases or assumes all or any part of the | 16 |
| assets or liabilities of a bank,
savings bank, or savings and | 17 |
| loan association or merges or consolidates with a
bank, savings | 18 |
| bank, or savings and loan association may retain and maintain | 19 |
| the
main premises or branches of the former bank, savings bank, | 20 |
| or savings and loan
association as branches of the purchasing, | 21 |
| merging, or consolidating savings
bank, provided it assumes the | 22 |
| deposit liabilities of the bank, savings bank, or
savings and | 23 |
| loan association maintained at the main premises or branches.
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| (e) A savings bank has any power reasonably incident,
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| convenient, or useful
to
the accomplishment of the powers | 26 |
| conferred upon
the savings bank by this Act.
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| (Source: P.A. 89-74, eff. 6-30-95; 90-301, eff. 8-1-97; 90-665, | 28 |
| eff. 7-30-98.)
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| (205 ILCS 205/1006.05 new)
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| Sec. 1006.05. Out-of-state savings banks establishing | 31 |
| branches. | 32 |
| (a) No out-of-state savings bank whose main banking | 33 |
| premises is located in a state other than Illinois shall |
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| establish a branch in this State, other than a branch | 2 |
| authorized pursuant to any other provision of this Act, unless: | 3 |
| (1) the laws of the state in which such out-of-state | 4 |
| savings bank has its main banking premises permit the | 5 |
| out-of-state savings bank to establish a branch in this | 6 |
| State; | 7 |
| (2) the out-of-state savings bank has its main banking | 8 |
| premises in a state that permits an Illinois State savings | 9 |
| bank to establish a branch in that state pursuant to terms | 10 |
| and conditions that are deemed to be reciprocal with the | 11 |
| provisions of this Act; | 12 |
| (3) the out-of-state savings bank obtains a | 13 |
| certificate of authority from the Commissioner as provided | 14 |
| in this Section. | 15 |
| (b) Before the out-of-state savings bank intends to do | 16 |
| business at such branch in this State, the out-of-state savings | 17 |
| bank must file an application for a certificate of authority on | 18 |
| forms specified by the Commissioner which shall request, to the | 19 |
| extent applicable, the same information required in an | 20 |
| application by a foreign corporation pursuant to Section 13.15 | 21 |
| of the Business Corporation Act of 1983. The Commissioner may | 22 |
| require additional information or documents from the applicant | 23 |
| as part of the application. The Commissioner shall also request | 24 |
| confirmation, from the out-of-state savings bank's chartering | 25 |
| authority, of the authority of the out-of-state savings bank to | 26 |
| establish the branch and of any necessary regulatory approval. | 27 |
| After receiving a completed application and the relevant | 28 |
| confirmations or approval from the state, the Commissioner | 29 |
| shall issue a certificate of authority authorizing the | 30 |
| out-of-state savings bank to establish the branch consistent | 31 |
| with the provisions of this Section. | 32 |
| (c) The determination of whether the laws of the state in | 33 |
| which the out-of-state savings bank has its main banking | 34 |
| premises are reciprocal with the provisions of this Act shall |
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| be made in writing by the Commissioner. The Commissioner shall | 2 |
| not make a finding of reciprocity unless the Commissioner | 3 |
| determines that the laws of the other state permit an Illinois | 4 |
| State savings bank to establish a branch in the other state | 5 |
| under terms and conditions that are substantially similar to | 6 |
| the provisions of this Section. The Commissioner shall | 7 |
| consider, at a minimum, whether the laws of the other state | 8 |
| discriminate in any way against an Illinois State savings bank | 9 |
| and whether the laws of the other state impose administrative | 10 |
| or regulatory burdens that are substantially more
restrictive | 11 |
| than those imposed by this Act on an out-of-state savings bank | 12 |
| seeking to establish a branch in this State. | 13 |
| (d) After the out-of-state savings bank lawfully | 14 |
| establishes a branch in this State pursuant to the provisions | 15 |
| of this Section, the out-of-state savings bank may establish | 16 |
| and maintain additional branches in this State to the same | 17 |
| extent as an Illinois State savings bank. An out-of-state | 18 |
| savings bank shall provide written notice to the Commissioner | 19 |
| of its intent to establish an additional branch or branches in | 20 |
| this State within 30 days after receiving approval from the | 21 |
| appropriate regulatory agencies to establish the branch or | 22 |
| branches. The form of the notice shall be specified by the | 23 |
| Commissioner and may include any of the information required | 24 |
| for a similar notice by an Illinois State savings bank. Receipt | 25 |
| by the Commissioner of notice of the out-of-state savings | 26 |
| bank's intent to establish the additional branch or branches in | 27 |
| this State from the out-of-state savings bank's chartering | 28 |
| authority shall satisfy the notice requirements of this | 29 |
| subsection (d). | 30 |
| (e) A branch of an out-of-state savings bank may not | 31 |
| conduct any activity that is not authorized for an Illinois | 32 |
| State savings bank. | 33 |
| (205 ILCS 205/1007.130 new) |
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| Sec. 1007.130. "Out-of-state savings bank" means a savings | 2 |
| bank chartered under the laws of a state other than Illinois, a | 3 |
| territory of the United States, or the District of Columbia. ".
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