Full Text of SB2325 94th General Assembly
SB2325eng 94TH GENERAL ASSEMBLY
|
|
|
SB2325 Engrossed |
|
LRB094 17301 MKM 52595 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 Banking Emergencies Act is amended by | 5 |
| changing Section 2 as follows:
| 6 |
| (205 ILCS 610/2) (from Ch. 17, par. 1002)
| 7 |
| Sec. 2. Power of Commissioner. | 8 |
| (a) Whenever the Commissioner is notified by any officer of | 9 |
| a bank or by any
other means becomes aware that an
emergency | 10 |
| exists, or is impending, he may, by proclamation, authorize all | 11 |
| banks in the State
of Illinois to close any or all of their | 12 |
| offices, or if only a
bank or banks, or offices thereof, in a | 13 |
| particular
area or areas of the State of Illinois are affected | 14 |
| by the emergency or
impending
emergency, the Commissioner may | 15 |
| authorize only the affected bank, banks, or
offices thereof, to | 16 |
| close. The office or offices so closed may remain closed
until
| 17 |
| the Commissioner declares, by further proclamation, that the | 18 |
| emergency or
impending emergency has ended. The
Commissioner | 19 |
| during an emergency or while an impending emergency exists,
| 20 |
| which affects, or may affect, a particular bank or banks, or a | 21 |
| particular
office or offices thereof, but not banks located in | 22 |
| the area generally of
the said county or municipality, may | 23 |
| authorize the particular bank or
banks, or office or offices so | 24 |
| affected, to close. The office or offices so
closed shall | 25 |
| remain closed until the Commissioner is notified by a bank
| 26 |
| officer of the closed bank that the emergency has ended. The | 27 |
| Commissioner
shall notify, at such time, the officers of the | 28 |
| bank that one or more
offices, heretofore closed because of the | 29 |
| emergency, should reopen and, in
either event, for such further | 30 |
| time thereafter as may reasonably be
required to reopen.
| 31 |
| (b) Whenever the Commissioner becomes aware that an | 32 |
| emergency exists, or is impending, he or she may, by |
|
|
|
SB2325 Engrossed |
- 2 - |
LRB094 17301 MKM 52595 b |
|
| 1 |
| proclamation, authorize any bank organized under the laws of | 2 |
| another state, or of the United States, to open and operate | 3 |
| offices in this State, notwithstanding any other laws of this | 4 |
| State to the contrary. Any office or offices opened in | 5 |
| accordance with this subsection may remain open until the | 6 |
| Commissioner declares, by further proclamation, that the | 7 |
| emergency or impending emergency has ended. The Department of | 8 |
| Financial and Professional Regulation shall adopt rules to | 9 |
| implement this subsection (b).
| 10 |
| (Source: P.A. 92-483, eff. 8-23-01.)
| 11 |
| Section 99. Effective date. This Act takes effect upon | 12 |
| becoming law.
|
|