Full Text of SB3583 97th General Assembly
SB3583sam002 97TH GENERAL ASSEMBLY | Sen. Michael W. Frerichs Filed: 3/22/2012
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| 1 | | AMENDMENT TO SENATE BILL 3583
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3583 as follows: | 3 | | on page 14, by replacing lines 17 through 19 with the | 4 | | following: | 5 | | " from a derivative transaction between "; and | 6 | | by replacing lines 19 through 26 on page 20 and lines 1 through | 7 | | 11 on page 21 with the following: | 8 | | "(2.5) Whenever any State bank, any subsidiary or affiliate | 9 | | of a State
bank, or after May 31, 1997, any branch of an | 10 | | out-of-state bank causes to
be performed, by contract or | 11 | | otherwise, any bank services , loan syndication, or loan | 12 | | securitization
for itself, whether on or off its premises:
| 13 | | (a) that performance shall be subject to examination by | 14 | | the Secretary Commissioner
to the same extent as if |
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| 1 | | services , loan syndication, or loan securitization were | 2 | | being performed by the bank or, after
May 31, 1997, branch | 3 | | of the out-of-state bank itself
on its own premises; and
| 4 | | (b) the bank or, after May 31, 1997, branch of the | 5 | | out-of-state bank
shall notify the Secretary Commissioner | 6 | | of the existence of a service , loan syndication, or loan | 7 | | securitization
relationship. The notification shall be | 8 | | submitted with the first statement
of condition (as | 9 | | required by Section 47 of this Act) due after the making
of | 10 | | the service , loan syndication, or loan securitization | 11 | | contract or the performance of the service, loan | 12 | | syndication, or loan securitization, whichever occurs
| 13 | | first. The Secretary Commissioner shall be notified of each | 14 | | subsequent contract in
the same manner."; and | 15 | | on page 21, immediately below line 19, by inserting the | 16 | | following: | 17 | | " For purposes of this subsection (2.5), the terms "loan | 18 | | syndication" and "loan securitization" shall be defined by | 19 | | rule, as promulgated by the Department of Financial and | 20 | | Professional Regulation pursuant to the Illinois | 21 | | Administrative Procedure Act. "; and | 22 | | on page 70, by replacing lines 13 through 15 with the | 23 | | following: |
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| 1 | | " derivative transaction between the savings bank ".
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