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90_HB0375 SEE INDEX Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, the Corporate Fiduciary Act, and the Illinois Insurance Code. Authorizes financial institutions to act as agents for insurance companies. Establishes license requirements for insurance sales. Sets forth standards of conduct. Provides that a financial institution transacting an insurance business prior to the effective date of this amendatory Act has 180 days after that effective date to bring its insurance operations into compliance with the provisions of this amendatory Act. Effective immediately. LRB9002241JSgc LRB9002241JSgc 1 AN ACT authorizing and regulating the sale of insurance 2 by financial institutions. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Banking Act is amended by 6 changing Sections 5 and 48.2 as follows: 7 (205 ILCS 5/5) (from Ch. 17, par. 311) 8 Sec. 5. General corporate powers. A bank organized 9 under this Act or subject hereto shall be a body corporate 10 and politic and shall, without specific mention thereof in 11 the charter, have all the powers conferred by this Act and 12 the following additional general corporate powers: 13 (1) To sue and be sued, complain, and defend in its 14 corporate name. 15 (2) To have a corporate seal, which may be altered at 16 pleasure, and to use the same by causing it or a facsimile 17 thereof to be impressed or affixed or in any manner 18 reproduced, provided that the affixing of a corporate seal to 19 an instrument shall not give the instrument additional force 20 or effect, or change the construction thereof, and the use of 21 a corporate seal is not mandatory. 22 (3) To make, alter, amend, and repeal bylaws, not 23 inconsistent with its charter or with law, for the 24 administration of the affairs of the bank. 25 (4) To elect or appoint and remove officers and agents 26 of the bank and define their duties and fix their 27 compensation. 28 (5) To adopt and operate reasonable bonus plans, 29 profit-sharing plans, stock-bonus plans, stock-option plans, 30 pension plans and similar incentive plans for its directors, 31 officers and employees. -2- LRB9002241JSgc 1 (5.1) To manage, operate and administer a fund for the 2 investment of funds by a public agency or agencies, including 3 any unit of local government or school district, or any 4 person. The fund for a public agency shall invest in the 5 same type of investments and be subject to the same 6 limitations provided for the investment of public funds. The 7 fund for public agencies shall maintain a separate ledger 8 showing the amount of investment for each public agency in 9 the fund. "Public funds" and "public agency" as used in this 10 Section shall have the meanings ascribed to them in Section 1 11 of the Public Funds Investment Act. 12 (6) To make reasonable donations for the public welfare 13 or for charitable, scientific, religious or educational 14 purposes. 15 (7) To borrow or incur an obligation; and to pledge its 16 assets: 17 (a) to secure its borrowings, its lease of personal 18 or real property or its other nondeposit obligations; 19 (b) to enable it to act as agent for the sale of 20 obligations of the United States; 21 (c) to secure deposits of public money of the 22 United States, whenever required by the laws of the 23 United States, including without being limited to, 24 revenues and funds the deposit of which is subject to the 25 control or regulation of the United States or any of its 26 officers, agents, or employees and Postal Savings funds; 27 (d) to secure deposits of public money of any state 28 or of any political corporation or subdivision thereof 29 including, without being limited to, revenues and funds 30 the deposit of which is subject to the control or 31 regulation of any state or of any political corporation 32 or subdivisions thereof or of any of their officers, 33 agents, or employees; 34 (e) to secure deposits of money whenever required -3- LRB9002241JSgc 1 by the National Bankruptcy Act; 2 (f) to qualify under Section 2-9 of the Corporate 3 Fiduciary Act; and 4 (g) to secure trust funds commingled with the 5 bank's funds, whether deposited by the bank or an 6 affiliate of the bank, pursuant to Section 2-8 of the 7 Corporate Fiduciary Act. 8 (8) To own, possess, and carry as assets all or part of 9 the real estate necessary in or with which to do its banking 10 business, either directly or indirectly through the ownership 11 of all or part of the capital stock, shares or interests in 12 any corporation, association, trust engaged in holding any 13 part or parts or all of the bank premises, engaged in such 14 business and in conducting a safe deposit business in the 15 premises or part of them, or engaged in any activity that the 16 bank is permitted to conduct in a subsidiary pursuant to 17 paragraph (12) of this Section 5. 18 (9) To own, possess, and carry as assets other real 19 estate to which it may obtain title in the collection of its 20 debts or that was formerly used as a part of the bank 21 premises, but title to any real estate except as herein 22 permitted shall not be retained by the bank, either directly 23 or by or through a subsidiary, as permitted by subsection 24 (12) of this Section for a total period of more than 5 years 25 after acquiring title, either directly or indirectly, unless 26 a request for extension of time shall have been submitted in 27 writing to and approved by the Commissioner. 28 (10) To do any act, including the acquisition of stock, 29 necessary to obtain insurance of its deposits, or part 30 thereof, and any act necessary to obtain a guaranty, in whole 31 or in part, of any of its loans or investments by the United 32 States or any agency thereof, and any act necessary to sell 33 or otherwise dispose of any of its loans or investments to 34 the United States or any agency thereof, and to acquire and -4- LRB9002241JSgc 1 hold membership in the Federal Reserve System. 2 (11) Notwithstanding any other provisions of this Act, 3 to do any act and to own, possess, and carry as assets 4 property of the character, including stock, that is at the 5 time authorized or permitted to national banks by an Act of 6 Congress, but subject always to the same limitations and 7 restrictions as are applicable to national banks by the 8 pertinent federal law. 9 (12) To own, possess, and carry as assets stock of one 10 or more corporations that is, or are, engaged in one or more 11 of the following businesses: 12 (a) holding title to and administering assets 13 acquired as a result of the collection or liquidating of 14 loans, investments, or discounts; or 15 (b) holding title to and administering personal 16 property acquired by the bank, directly or indirectly 17 through a subsidiary, for the purpose of leasing to 18 others, provided the lease or leases and the investment 19 of the bank, directly or through a subsidiary, in that 20 personal property otherwise comply with Section 35.1 of 21 this Act; or 22 (c) carrying on or administering any of the 23 activities excepting the receipt of deposits or the 24 payment of checks or other orders for the payment of 25 money in which a bank may engage in carrying on its 26 general banking business; provided, however, that nothing 27 contained in this paragraph (c) shall be deemed to permit 28 a bank organized under this Act or subject hereto to do, 29 either directly or indirectly through any subsidiary, any 30 act, including the making of any loan or investment, or 31 to own, possess, or carry as assets any property that if 32 done by or owned, possessed, or carried by the State bank 33 would be in violation of or prohibited by any provision 34 of this Act. -5- LRB9002241JSgc 1 The provisions of this subsection (12) shall not apply to 2 and shall not be deemed to limit the powers of a State bank 3 with respect to the ownership, possession, and carrying of 4 stock that a State bank is permitted to own, possess, or 5 carry under this Act. 6 Any bank intending to establish a subsidiary under this 7 subsection (12) shall give written notice to the Commissioner 8 60 days prior to the subsidiary's commencing of business or, 9 as the case may be, prior to acquiring stock in a corporation 10 that has already commenced business. The Commissioner may 11 specify the form of the notice and may promulgate rules and 12 regulations to administer this subsection (12). 13 (13) To accept for payment at a future date not 14 exceeding one year from the date of acceptance, drafts drawn 15 upon it by its customers; and to issue, advise, or confirm 16 letters of credit authorizing the holders thereof to draw 17 drafts upon it or its correspondents. 18 (14) To own and lease personal property acquired by the 19 bank at the request of a prospective lessee and upon the 20 agreement of that person to lease the personal property 21 provided that the lease, the agreement with respect thereto, 22 and the amount of the investment of the bank in the property 23 comply with Section 35.1 of this Act. 24 (15) (a) To establish and maintain, in addition to the 25 main banking premises, branches offering any banking services 26 permitted at the main banking premises of a State bank. 27 (b) To establish and maintain, after May 31, 1997, 28 branches in another state that may conduct any activity in 29 that state that is authorized or permitted for any bank that 30 has a banking charter issued by that state, subject to the 31 same limitations and restrictions that are applicable to 32 banks chartered by that state. 33 (16) (Blank). 34 (17) To establish and maintain terminals, as authorized -6- LRB9002241JSgc 1 by the Electronic Fund Transfer Act. 2 (18) To establish and maintain temporary service booths 3 at any International Fair held in this State which is 4 approved by the United States Department of Commerce, for the 5 duration of the international fair for the sole purpose of 6 providing a convenient place for foreign trade customers at 7 the fair to exchange their home countries' currency into 8 United States currency or the converse. This power shall not 9 be construed as establishing a new place or change of 10 location for the bank providing the service booth. 11 (19) To indemnify its officers, directors, employees, 12 and agents, as authorized for corporations under Section 8.75 13 of the Business Corporation Act of 1983. 14 (20) To own, possess, and carry as assets stock of, or 15 be or become a member of, any corporation, mutual company, 16 association, trust, or other entity formed exclusively for 17 the purpose of providing directors' and officers' liability 18 and bankers' blanket bond insurance or reinsurance to and for 19 the benefit of the stockholders, members, or beneficiaries, 20 or their assets or businesses, or their officers, directors, 21 employees, or agents, and not to or for the benefit of any 22 other person or entity or the public generally. 23 (21) To make debt or equity investments in corporations 24 or projects, whether for profit or not for profit, designed 25 to promote the development of the community and its welfare, 26 provided that the aggregate investment in all of these 27 corporations and in all of these projects does not exceed 5% 28 of the unimpaired capital and unimpaired surplus of the bank 29 and provided that this limitation shall not apply to 30 creditworthy loans by the bank to those corporations or 31 projects. Upon written application to the Commissioner, a 32 bank may make an investment that would, when aggregated with 33 all other such investments, exceed 5% of the unimpaired 34 capital and unimpaired surplus of the bank. The Commissioner -7- LRB9002241JSgc 1 may approve the investment if he is of the opinion and finds 2 that the proposed investment will not have a material adverse 3 effect on the safety and soundness of the bank. 4 (22) To own, possess, and carry as assets the stock of a 5 corporation engaged in the ownership or operation of a travel 6 agency or to operate a travel agency as a part of its 7 business, provided that the bank either owned, possessed, and 8 carried as assets the stock of such a corporation or operated 9 a travel agency as part of its business before July 1, 1991. 10 (23) With respect to affiliate facilities: 11 (a) to conduct at affiliate facilities any of the 12 following transactions for and on behalf of another 13 commonly owned bank, if so authorized by the other bank: 14 receiving deposits; cashing and issuing checks, drafts, 15 and money orders; changing money; and receiving payments 16 on existing indebtedness; and 17 (b) to authorize a commonly owned bank to conduct 18 for and on behalf of it any of the transactions listed in 19 this paragraph (23) at one or more affiliate facilities. 20 Any bank intending to conduct or to authorize a commonly 21 owned bank to conduct at an affiliate facility any of the 22 transactions specified in this paragraph (23) shall give 23 written notice to the Commissioner at least 30 days before 24 any such transaction is conducted at the affiliate facility. 25 (24) To act as the agent for any fire, life, or other 26 insurance company authorized by the State of Illinois, by 27 soliciting and selling insurance and collecting premiums on 28 policies issued by such company; and may receive for services 29 so rendered such fees or commissions as may be agreed upon 30 between the said bank and the insurance company for which it 31 may act as agent; provided, however, that no such bank shall 32 in any case assume or guarantee the payment of any premium on 33 insurance policies issued through its agency by its 34 principal; and provided further, that the bank shall not -8- LRB9002241JSgc 1 guarantee the truth of any statement made by an assured in 2 filing his application for insurance. 3 (Source: P.A. 88-4; 89-208, eff. 9-29-95; 89-310, eff. 4 1-1-96; 89-364, eff. 8-18-95; 89-626, eff. 8-9-96.) 5 (205 ILCS 5/48.2) (from Ch. 17, par. 360.1) 6 Sec. 48.2. Prohibition against certain activities. 7 (a) Any bank, subsidiary, affiliate, officer or employee 8 of such bank subject to this Act shall not: 9 (1) grant any loan on the prior condition, agreement or 10 understanding that the borrower contract with any specific 11 person or organization for the following: 12 (A) insurance services of an agent or broker; 13 (B) legal services rendered to the borrower; 14 (C) services of a real estate agent or broker; or 15 (D) real estate or property management services; 16 (2) require that insurance services, legal services, 17 real estate services or property management services be 18 placed with any subsidiary, affiliate, officer or employee of 19 any bank. 20 (b) (Blank).
Any bank or subsidiary, affiliate,21 employee, officer, banking house, branch bank, branch office,22 additional office or agency of such bank shall comply with23 Section 499.1 of the "Illinois Insurance Code".24 (c) Any officer or employee of a bank or its affiliates 25 or subsidiaries who violates this Section is guilty of a 26 business offense, and upon conviction shall be fined not more 27 than $1,000. This Section does not create a private cause of 28 action for civil damages. 29 (d) In any contract or loan which is secured by a 30 mortgage, deed of trust, or conveyance in the nature of a 31 mortgage, on residential real estate, the interest which is 32 computed, calculated, charged, or collected pursuant to such 33 contract or loan, or pursuant to any regulation or rule -9- LRB9002241JSgc 1 promulgated pursuant to this Act, may not be computed, 2 calculated, charged or collected for any period of time 3 occurring after the date on which the total indebtedness, 4 with the exception of late payment penalties, is paid in 5 full. For purposes of this subsection (d) of this Section 6 48.2, a prepayment shall mean the payment of the total 7 indebtedness, with the exception of late payment penalties if 8 incurred or charged, on any date before the date specified in 9 the contract or loan agreement on which the total 10 indebtedness shall be paid in full, or before the date on 11 which all payments, if timely made, shall have been made. In 12 the event of a prepayment of the indebtedness which is made 13 on a date after the date on which interest on the 14 indebtedness was last computed, calculated, charged, or 15 collected but before the next date on which interest on the 16 indebtedness was to be calculated, computed, charged, or 17 collected, the lender may calculate, charge and collect 18 interest on the indebtedness for the period which elapsed 19 between the date on which the prepayment is made and the date 20 on which interest on the indebtedness was last computed, 21 calculated, charged or collected at a rate equal to 1/360 of 22 the annual rate for each day which so elapsed, which rate 23 shall be applied to the indebtedness outstanding as of the 24 date of prepayment. The lender shall refund to the borrower 25 any interest charged or collected which exceeds that which 26 the lender may charge or collect pursuant to the preceding 27 sentence. The provisions of this amendatory Act of 1985 28 shall apply only to contracts or loans entered into on or 29 after January 1, 1986. 30 (e) Any bank, affiliate or subsidiary of such bank which 31 shall engage in making residential mortgage financing 32 transactions, shall with respect to each such transaction, 33 provide the following: 34 (1) if a contractual obligation is intended to a -10- LRB9002241JSgc 1 borrower, a mortgage commitment which shall set forth the 2 material terms, conditions and contingencies of such 3 commitment; 4 (2) if the servicing of a residential mortgage shall be 5 transferred from the original mortgagee, within 45 days of 6 such transfer, written notice sent by certified mail, return 7 receipt requested, to the mortgagor at the address of the 8 property, unless the mortgagor shall have directed 9 correspondence from the mortgagee shall be sent to another 10 address, which notice shall set forth: the name and address 11 of the transferee; the name, address and telephone number to 12 which inquiries by the residential mortgagor should be 13 addressed; and the name and address to which the next 3 14 monthly installments are to be submitted to the transferee 15 and the amount of each of such monthly installment; and 16 (3) if the servicing of a residential mortgage shall be 17 transferred again or if the information in paragraph (2) 18 above shall change, the notice with the corrected information 19 shall be provided within 45 days of such subsequent transfer 20 or change in information by the transferee of the servicing 21 of the mortgage at that time. 22 (Source: P.A. 85-1209; 85-1379.) 23 Section 10. The Illinois Savings and Loan Act of 1985 is 24 amended by changing Section 1-6 as follows: 25 (205 ILCS 105/1-6) (from Ch. 17, par. 3301-6) 26 Sec. 1-6. General corporate powers. An association 27 operating under this Act shall be a body corporate and 28 politic and shall have all of the specific powers conferred 29 by this Act and, in addition thereto, the following general 30 powers: 31 (a) To sue and be sued, complain and defend in its 32 corporate name, and to have a common seal, which it may alter -11- LRB9002241JSgc 1 or renew at pleasure; 2 (b) To obtain and maintain insurance of the 3 association's withdrawable capital by an insurance 4 corporation as defined in this Act; 5 (c) Notwithstanding anything to the contrary contained 6 in this Act, to become a member of the Federal Home Loan 7 Bank, and to have all of the powers granted to a savings or 8 thrift institution organized under the laws of the United 9 States and which is located and doing business in the State 10 of Illinois, subject to regulations of the Commissioner; 11 (d) To act as a fiscal agent for the United States, the 12 State of Illinois or any department, branch, arm or agency of 13 the State or any unit of local government or school district 14 in the State when duly designated for that purpose, and as 15 agent to perform the reasonable functions as may be required 16 of it; 17 (e) To become a member of or deal with any corporation 18 or agency of the United States or the State of Illinois, to 19 the extent that the agency assists in furthering or 20 facilitating the association's purposes or powers and to that 21 end to purchase stock or securities thereof or deposit money 22 therewith, and to comply with any other conditions of 23 membership or credit; 24 (f) To make donations in reasonable amounts for the 25 public welfare or for charitable, scientific, religious or 26 educational purposes; 27 (g) To adopt and operate reasonable insurance, bonus, 28 profit sharing, and retirement plans for officers and 29 employees; likewise, directors who are not officers, 30 including, but not limited to, advisory, honorary, and 31 emeritus directors, may participate in those plans; 32 (h) To reject any application for membership, to retire 33 withdrawable capital by enforced retirement as provided in 34 this Act and the by-laws, and to limit the issuance of or -12- LRB9002241JSgc 1 payments on withdrawable capital, subject, however, to 2 contractual obligations; 3 (i) To purchase stock in service corporations and to 4 invest in any form of indebtedness of any service corporation 5 as defined in this Act, subject to regulations of the 6 Commissioner; 7 (j) To purchase stock of a corporation whose principal 8 purpose is to operate a safe deposit company or escrow 9 service company; 10 (k) To act as Trustee or Custodian under the Federal 11 Self-Employed Individuals' Tax Retirement Act of 1962 or any 12 amendments thereto or any other retirement account and invest 13 any funds held in such capacity in a savings account of the 14 institution; 15 (l) (Blank); 16 (m) To establish, maintain and operate terminals as 17 authorized by the Electronic Fund Transfer Act and by Section 18 5 of the Illinois Banking Act. The establishment, 19 maintenance, operation and location of such terminals shall 20 be subject to the approval of the Commissioner; 21 (n) Subject to the approval and regulations of the 22 Commissioner, an association may purchase or assume all or 23 any part of the assets or liabilities of an eligible insured 24 bank; 25 (o) To purchase from a bank, as defined in Section 2 of 26 the Illinois Banking Act, an insubstantial portion of the 27 total deposits of an insured bank. For the purpose of this 28 subparagraph, "insubstantial portion of the total deposits" 29 shall have the same meaning as provided in Section 5(d)(2)(D) 30 of the Federal Deposit Insurance Act; 31 (p) To effect an acquisition of or conversion to another 32 financial institution pursuant to Section 205 of the 33 Financial Institutions Reform, Recovery and Enforcement Act 34 of 1989; -13- LRB9002241JSgc 1 (q) To pledge its assets: 2 (1) to enable it to act as an agent for the sale of 3 obligations of the United States; 4 (2) to secure deposits; 5 (3) to secure deposits of money whenever required 6 by the National Bankruptcy Act; 7 (4) to qualify under Section 2-9 of the Corporate 8 Fiduciary Act; and 9 (5) to secure trust funds commingled with the 10 institution's funds, whether deposited by the institution 11 or an affiliate of the institution, as required under 12 Section 2-8 of the Corporate Fiduciary Act; and13 (r) To provide temporary periodic service to persons 14 residing in a bona fide nursing home, senior citizens' 15 retirement home, or long-term care facility; and16 (s) To purchase for its own account shares of stock of a 17 bankers' bank, described in Section 13(b)(1) of the Illinois 18 Banking Act, on the same terms and conditions as a bank may 19 purchase such shares. In no event shall the total amount of 20 such stock held by an association in such bankers' bank 21 exceed 10% of its capital and surplus (including undivided 22 profits) and in no event shall an association acquire more 23 than 5% of any class of voting securities of such bankers' 24 bank; .25 (t) (s)To effect a conversion to a State bank pursuant 26 to the provisions of the Illinois Banking Act; and .27 (u) To act as the agent for any fire, life, or other 28 insurance company authorized by the State of Illinois, by 29 soliciting and selling insurance and collecting premiums on 30 policies issued by such company; and may receive for services 31 so rendered such fees or commissions as may be agreed upon 32 between the said association and the insurance company for 33 which it may act as agent; provided, however, that no such 34 association shall in any case assume or guarantee the payment -14- LRB9002241JSgc 1 of any premium on insurance policies issued through its 2 agency by its principal; and provided further, that the 3 association shall not guarantee the truth of any statement 4 made by an assured in filing his application for insurance. 5 (Source: P.A. 88-481; 89-74, eff. 6-30-95; 89-310, eff. 6 1-1-96; 89-317, eff. 8-11-95; 89-355, eff. 8-17-95; 89-567, 7 eff. 7-26-96; 89-603, eff. 8-2-96; 89-626, eff. 8-9-96; 8 revised 9-13-96.) 9 Section 15. The Savings Bank Act is amended by changing 10 Section 1008 as follows: 11 (205 ILCS 205/1008) (from Ch. 17, par. 7301-8) 12 Sec. 1008. General corporate powers. 13 (a) A savings bank operating under this Act shall be a 14 body corporate and politic and shall have all of the specific 15 powers conferred by this Act and in addition thereto, the 16 following general powers: 17 (1) To sue and be sued, complain, and defend in its 18 corporate name and to have a common seal, which it may 19 alter or renew at pleasure. 20 (2) To obtain and maintain insurance by a deposit 21 insurance corporation as defined in this Act. 22 (3) To act as a fiscal agent for the United States, 23 the State of Illinois or any department, branch, arm, or 24 agency of the State or any unit of local government or 25 school district in the State, when duly designated for 26 that purpose, and as agent to perform reasonable 27 functions as may be required of it. 28 (4) To become a member of or deal with any 29 corporation or agency of the United States or the State 30 of Illinois, to the extent that the agency assists in 31 furthering or facilitating its purposes or powers and to 32 that end to purchase stock or securities thereof or -15- LRB9002241JSgc 1 deposit money therewith, and to comply with any other 2 conditions of membership or credit. 3 (5) To make donations in reasonable amounts for the 4 public welfare or for charitable, scientific, religious, 5 or educational purposes. 6 (6) To adopt and operate reasonable insurance, 7 bonus, profit sharing, and retirement plans for officers 8 and employees and for directors including, but not 9 limited to, advisory, honorary, and emeritus directors, 10 who are not officers or employees. 11 (7) To reject any application for membership; to 12 retire deposit accounts by enforced retirement as 13 provided in this Act and the bylaws; and to limit the 14 issuance of, or payments on, deposit accounts, subject, 15 however, to contractual obligations. 16 (8) To purchase stock in service corporations and 17 to invest in any form of indebtedness of any service 18 corporation as defined in this Act, subject to 19 regulations of the Commissioner. 20 (9) To purchase stock of a corporation whose 21 principal purpose is to operate a safe deposit company or 22 escrow service company. 23 (10) To exercise all the powers necessary to 24 qualify as a trustee or custodian under federal or State 25 law, provided that the authority to accept and execute 26 trusts is subject to the provisions of the Corporate 27 Fiduciary Act and to the supervision of those activities 28 by the Commissioner of Banks and Real Estate. 29 (11) (Blank). 30 (12) To establish, maintain, and operate terminals 31 as authorized by the Electronic Fund Transfer Act. The 32 establishment, maintenance, operation, and location of 33 those terminals shall be subject to the approval of the 34 Commissioner. -16- LRB9002241JSgc 1 (13) Pledge its assets: 2 (A) to enable it to act as agent for the sale 3 of obligations of the United States; 4 (B) to secure deposits; 5 (C) to secure deposits of money whenever 6 required by the National Bankruptcy Act; 7 (D) to qualify under Section 2-9 of the 8 Corporate Fiduciary Act; and 9 (E) to secure trust funds commingled with the 10 savings bank's funds, whether deposited by the 11 savings bank or an affiliate of the savings bank, as 12 required under Section 2-8 of the Corporate 13 Fiduciary Act. 14 (14) To accept for payment at a future date not to 15 exceed one year from the date of acceptance, drafts drawn 16 upon it by its customers; and to issue, advise, or 17 confirm letters of credit authorizing holders thereof to 18 draw drafts upon it or its correspondents. 19 (15) Subject to the regulations of the 20 Commissioner, to own and lease personal property acquired 21 by the savings bank at the request of a prospective 22 lessee and, upon the agreement of that person, to lease 23 the personal property. 24 (16) To establish temporary service booths at any 25 International Fair in this State that is approved by the 26 United States Department of Commerce for the duration of 27 the international fair for the purpose of providing a 28 convenient place for foreign trade customers to exchange 29 their home countries' currency into United States 30 currency or the converse. To provide temporary periodic 31 service to persons residing in a bona fide nursing home, 32 senior citizens' retirement home, or long-term care 33 facility. These powers shall not be construed as 34 establishing a new place or change of location for the -17- LRB9002241JSgc 1 savings bank providing the service booth. 2 (17) To indemnify its officers, directors, 3 employees, and agents, as authorized for corporations 4 under Section 8.75 of the Business Corporations Act of 5 1983. 6 (18) To provide data processing services to others 7 on a for-profit basis. 8 (19) To utilize any electronic technology to 9 provide customers with home banking services. 10 (20) Subject to the regulations of the 11 Commissioner, to enter into an agreement to act as a 12 surety. 13 (21) Subject to the regulations of the 14 Commissioner, to issue credit cards, extend credit 15 therewith, and otherwise engage in or participate in 16 credit card operations. 17 (22) To purchase for its own account shares of 18 stock of a bankers' bank, described in Section 13(b)(1) 19 of the Illinois Banking Act, on the same terms and 20 conditions as a bank may purchase such shares. In no 21 event shall the total amount of such stock held by a 22 savings bank an associationin such bankers' bank exceed 23 10% of its capital and surplus (including undivided 24 profits) and in no event shall a savings bank an25 associationacquire more than 5% of any class of voting 26 securities of such bankers' bank. 27 (23) To act as the agent for any fire, life, or 28 other insurance company authorized by the State of 29 Illinois, by soliciting and selling insurance and 30 collecting premiums on policies issued by such company; 31 and may receive for services so rendered such fees or 32 commissions as may be agreed upon between the said 33 savings bank and the insurance company for which it may 34 act as agent; provided, however, that no such savings -18- LRB9002241JSgc 1 bank shall in any case assume or guarantee the payment of 2 any premium on insurance policies issued through its 3 agency by its principal; and provided further, that the 4 savings bank shall not guarantee the truth of any 5 statement made by an assured in filing his application 6 for insurance. 7 (b) If this Act fails to provide specific guidance in 8 matters of corporate governance, the provisions of the 9 Business Corporation Act of 1983 may be used. 10 (Source: P.A. 88-112; 88-481; 88-670, eff. 12-2-94; 89-74, 11 eff. 6-30-95; 89-310, eff. 1-1-96; 89-317, eff. 8-11-95; 12 89-355, eff. 8-17-95; 89-508, eff. 7-3-96; 89-603, eff. 13 8-2-96; 89-626, eff. 8-9-96; revised 9-9-96.) 14 Section 20. The Illinois Credit Union Act is amended by 15 changing Sections 13 and 55 as follows: 16 (205 ILCS 305/13) (from Ch. 17, par. 4414) 17 Sec. 13. General Powers. A credit union may: 18 (1) Make contracts; sue and be sued; adopt and use a 19 common seal and alter same; 20 (2) Acquire, lease (either as lessee or lessor), hold, 21 pledge, mortgage, sell and dispose of real property, either 22 in whole or in part, or any interest therein, as may be 23 necessary or is incidental to its present or future 24 operations and needs subject to such limitations as may be 25 imposed thereon in rules and regulations promulgated by the 26 Director; acquire, lease (either as lessee or lessor), hold, 27 pledge, mortgage, sell and dispose or personal property, 28 either in whole or in part, or any interest therein, as may 29 be necessary or is incidental to its present or future 30 operations and needs; 31 (3) At the discretion of the Board of Directors, require 32 the payment of an entrance fee or annual membership fee, or -19- LRB9002241JSgc 1 both, of any person admitted to membership; 2 (4) Receive savings from its members in the form of 3 shares of various classes, or special purpose share accounts; 4 act as custodian of its members' accounts; issue shares in 5 trust as provided in this Act; 6 (5) Lend its funds to its members and otherwise as 7 hereinafter provided; 8 (6) Borrow from any source in accordance with policy 9 established by the Board of Directors to a maximum of 50% of 10 capital, surplus and reserves; 11 (7) Discount and sell any obligations owed to the credit 12 union; 13 (8) Honor requests for withdrawals or transfers of all 14 or any part of member share accounts, and any classes 15 thereof, in any manner approved by the credit union Board of 16 Directors; 17 (9) Sell all or substantially all of its assets or 18 purchase all or substantially all of the assets of another 19 credit union, subject to the prior approval of the Director; 20 (10) Invest surplus funds as provided in this Act; 21 (11) Make deposits in banks, savings banks, savings and 22 loan associations, trust companies; and invest in shares, 23 classes of shares or share certificates of other credit 24 unions; 25 (12) Assess charges and fees to members in accordance 26 with board resolution; 27 (13) Hold membership in and pay dues to associations and 28 organizations; to invest in shares, stocks or obligations of 29 any credit union organization; 30 (14) Declare dividends and pay interest refunds to 31 borrowers as provided in this Act; 32 (15) Collect, receive and disburse monies in connection 33 with providing negotiable checks, money orders and other 34 money-type instruments, and for such other purposes as may -20- LRB9002241JSgc 1 provide benefit or convenience to its members, and charge a 2 reasonable fee for such services; 3 (16) Act as fiscal agent for and receive deposits from 4 the federal government, this state or any agency or political 5 subdivision thereof; 6 (17) Receive savings from nonmembers in the form of 7 shares or share accounts in the case of credit unions serving 8 predominantly low-income members. The term "low income 9 members" shall mean those members whose annual income falls 10 at or below the lower level standard of living classification 11 as established by the Bureau of Labor Statistics and updated 12 by the Employment and Training Administration of the U.S. 13 Department of Labor. The term "predominantly" is defined as a 14 simple majority; and15 (18) To establish, maintain, and operate terminals as 16 authorized by the Electronic Fund Transfer Act; and 17 (19) To act as the agent for any fire, life, or other 18 insurance company authorized by the State of Illinois, by 19 soliciting and selling insurance and collecting premiums on 20 policies issued by such company; and may receive for services 21 so rendered such fees or commissions as may be agreed upon 22 between the said credit union and the insurance company for 23 which it may act as agent; provided, however, that no such 24 credit union shall in any case assume or guarantee the 25 payment of any premium on insurance policies issued through 26 its agency by its principal; and provided further, that the 27 credit union shall not guarantee the truth of any statement 28 made by an assured in filing his application for insurance. 29 (Source: P.A. 88-235; 89-310, eff. 1-1-96.) 30 (205 ILCS 305/55) (from Ch. 17, par. 4456) 31 Sec. 55. Insurance for Members. (1) A credit union may 32 purchase or make available insurance for its members. 33 (2) A credit union may enter into cooperative marketing -21- LRB9002241JSgc 1 arrangements to facilitate its members' voluntary purchase of 2 insurance including, but not by way of limitation, life 3 insurance, disability insurance, accident and health 4 insurance, property insurance, liability insurance and legal 5 expense insurance. 6 Nothing in this Act shall be construed to allow credit7 unions to engage in the retail sale of insurance to their8 members.9 (Source: P.A. 81-329.) 10 Section 25. The Corporate Fiduciary Act is amended by 11 changing Section 1-6 as follows: 12 (205 ILCS 620/1-6) (from Ch. 17, par. 1551-6) 13 Sec. 1-6. General Corporate Powers. A corporate 14 fiduciary shall have the powers: 15 (a) if it is a State bank, those powers granted under 16 Sections 3 and 5 of the Illinois Banking Act, as now or 17 hereafter amended; and 18 (b) if it is a State savings and loan association, those 19 powers granted under Sections 1-6 through 1-8 of the Illinois 20 Savings and Loan Act of 1985, as now or hereafter amended; 21 and 22 (c) if it is a corporation organized under the Business 23 Corporation Act of 1983, as now or hereafter amended, those 24 powers granted in Sections 4.01 through 4.24 of the Trusts 25 and Trustees Act, as now or hereafter amended, to the extent 26 the exercise of such powers by the corporate fiduciary are 27 not contrary to the instrument containing the appointment of 28 the corporate fiduciary, the court order appointing the 29 corporate fiduciary or any other statute specifically 30 limiting the power of the corporate fiduciary under the 31 circumstances; and .32 (d) to act as the agent for any fire, life, or other -22- LRB9002241JSgc 1 insurance company authorized by the State of Illinois, by 2 soliciting and selling insurance and collecting premiums on 3 policies issued by such company; and may receive for services 4 so rendered such fees or commissions as may be agreed upon 5 between the said corporate fiduciary and the insurance 6 company for which it may act as agent; provided, however, 7 that no such corporate fiduciary shall in any case assume or 8 guarantee the payment of any premium on insurance policies 9 issued through its agency by its principal; and provided 10 further, that the corporate fiduciary shall not guarantee the 11 truth of any statement made by an assured in filing his 12 application for insurance. 13 The Commissioner may specify powers of corporate 14 fiduciaries generally or of a particular corporate fiduciary 15 and by rule or order limit or restrict such powers of 16 corporate fiduciaries or a particular corporate fiduciary if 17 he finds the exercise of such power by corporate fiduciaries 18 generally or of the corporate fiduciary in particular may 19 tend to be an unsafe or unsound practice, or if such power is 20 otherwise not in the interest of beneficiaries of any 21 fiduciary appointment. 22 (Source: P.A. 86-754.) 23 Section 30. The Illinois Insurance Code is amended by 24 changing Section 499.1 and adding Article XLIV as follows: 25 (215 ILCS 5/499.1) (from Ch. 73, par. 1065.46-1) 26 Sec. 499.1. Registered firms. 27 (a) Any corporation or partnership transacting insurance 28 business as an insurance agency shall register with the 29 Director before transacting insurance business in this State. 30 Such registration shall remain in effect as long as the firm 31 pays the annual fee required by Section 509.1 of this Code by 32 the date due, unless the registration is revoked or suspended -23- LRB9002241JSgc 1 pursuant to Section 505.1 of this Code. 2 (b) Each firm required to register before acting as a 3 registered firm pursuant to this Article shall appoint one or 4 more licensed insurance producers who are officers, 5 directors, or partners in the firm to be responsible for the 6 firm's compliance with the insurance laws and Title 50 of the 7 Illinois Administrative Code. Such individual or individuals 8 shall submit to the Director a registration form and the fees 9 required by Section 509.1. The Director shall prescribe the 10 registration form and may require any documents reasonably 11 necessary to verify the information contained in the 12 registration form. Within 30 days of a change in officers, 13 directors, or partners who are appointed to be responsible 14 for the firm's compliance with the insurance laws and Title 15 50 of the Illinois Administrative Code, the firm shall report 16 the change to the Department. 17 (c) The registered firm shall inform the Director in 18 writing of a change in its business address within 30 days of 19 such change. 20 (d) Each registered firm shall disclose its members, 21 officers or directors who are authorized to act as insurance 22 producers, and report any changes in such personnel to the 23 Director within 30 days of such changes. 24 (e) (Blank). A registered firm may not be a national25 bank located in a city, village or incorporated town with a26 population exceeding 5,000 according to the last federal27 census, a State bank or a trust company, or a subsidiary,28 affiliate, officer or employee of any such national or State29 bank or trust company contributing directly or indirectly to30 the income of such bank or trust company any profit or fees31 or part thereof derived from the solicitation, negotiation or32 effecting of insurance.33 (Source: P.A. 89-240, eff. 1-1-96.) -24- LRB9002241JSgc 1 (215 ILCS 5/Article heading new) 2 ARTICLE XLIV 3 FINANCIAL INSTITUTIONS INSURANCE SALES LAW 4 (215 ILCS 5/1400 new) 5 Sec. 1400. Short title. This Article may be cited as 6 the Financial Institutions Insurance Sales Law. 7 (215 ILCS 5/1401 new) 8 Sec. 1401. Purpose. The purpose of this Article is to 9 increase the availability of insurance products to the 10 citizens of this State by expanding those businesses 11 authorized to sell insurance products to include financial 12 institutions, and to protect the interests of the citizens of 13 this State by regulating their authority to do so. This 14 Article does not apply to activities or services conducted by 15 or for a financial institution that do not require licensure 16 as an insurance producer, temporary insurance producer, 17 limited insurance representative, or registered firm. 18 (215 ILCS 5/1402 new) 19 Sec. 1402. Definitions. For the purposes of this 20 Article: 21 "Affiliate" means any financial institution, business 22 corporation, limited liability company, business trust, 23 partnership, joint venture, sole proprietorship or other 24 entity that is not directly or indirectly at least 80% 25 commonly owned with a financial institution. 26 "Financial institution" means: (a) a State bank, a 27 National bank, or an out-of-state bank, as those terms are 28 defined in the Illinois Banking Act, or any subsidiary of a 29 State bank, a National bank, or an out-of-state bank; (b) a 30 foreign banking corporation, as that term is defined in the 31 Foreign Banking Office Act, or any subsidiary of a foreign -25- LRB9002241JSgc 1 banking corporation; (c) a corporate fiduciary, as that term 2 is defined in the Corporate Fiduciary Act; (d) a savings bank 3 organized under the Savings Bank Act, an out-of-state savings 4 bank chartered under the laws of a state other than Illinois, 5 a territory of the United States, or the District of 6 Columbia, or a federal savings bank organized under federal 7 law, or any subsidiary of a savings bank, an out-of-state 8 savings bank or a federal savings bank; (e) an association or 9 federal association, as those terms are defined in the 10 Illinois Savings and Loan Act of 1985, or any subsidiary of 11 an association or federal association; (f) an out-of-state 12 savings and loan association chartered under the laws of a 13 state other than Illinois, a territory of the United States 14 or the District of Columbia, or a federal savings and loan 15 association organized under federal law whose principal 16 business office is located outside of Illinois, or any 17 subsidiary of an out-of-state savings and loan association or 18 federal savings and loan association whose principal business 19 office is located outside of Illinois; or (g) a credit union 20 as defined in the Illinois Credit Union Act, or any 21 subsidiary of a credit union. To the extent that an 22 affiliate of a financial institution that is not a subsidiary 23 of the financial institution conducts insurance activities on 24 behalf of or on the premises of the financial institution, 25 such affiliate shall be deemed to be a financial institution 26 for the purpose of such activities. 27 "Insurance" means all products defined and regulated as 28 insurance under the Illinois Insurance Code, but shall not 29 include: (a) credit life, credit accident and health, credit 30 involuntary unemployment, credit casualty and credit property 31 insurance; (b) extended service contracts and warranty 32 agreements (c) insurance obtained by the debtor to provide 33 payment for the difference between the remaining balance on a 34 loan or other extension of credit and the amount of insurance -26- LRB9002241JSgc 1 coverage on the collateral securing the loan or other 2 extension of credit; (d) insurance placed by a financial 3 institution on collateral used in connection with a loan or 4 other extension of credit when a debtor breaches the 5 contractual obligation to provide that insurance; (e) title 6 insurance regulated by the Title Insurance Act; and (f) 7 private mortgage insurance and financial guarantee insurance. 8 (215 ILCS 5/1403 new) 9 Sec. 1403. Licensure requirements of financial 10 institutions. 11 (a) A financial institution transacting insurance 12 business in this State as an insurance agency shall register 13 with the Director pursuant to Section 499.1 of the Illinois 14 Insurance Code and shall be subject to the laws, rules, and 15 regulations of this State for insurance agencies registered 16 pursuant to Section 499.1. For the purposes of this Section, 17 a "financial institution" means the subsidiary of a financial 18 institution when the financial institution is transacting 19 insurance business in this State only through the subsidiary. 20 For the purposes of Section 499.1, a financial institution 21 shall be deemed to be a corporation. 22 (b) Insurance business transacted by a financial 23 institution as a registered firm shall be transacted only by 24 individuals who have been issued an insurance producer's 25 license. 26 (215 ILCS 5/1404 new) 27 Sec. 1404. Subsidiaries or divisions. A financial 28 institution shall not qualify for registration as a 29 registered firm under Section 499.1 of the Illinois Insurance 30 Code unless: (1) it establishes a separate subsidiary that 31 acts as the registered firm or (2) it is otherwise permitted 32 by law to sell insurance directly through the financial -27- LRB9002241JSgc 1 institution, and it establishes a separate division within 2 the financial institution to conduct the business of the 3 registered firm. The subsidiary or division acting as a 4 registered firm shall maintain separate records for insurance 5 transactions that are distinguishable from the records of the 6 financial institution. 7 (215 ILCS 5/1405 new) 8 Sec. 1405. Extensions of credit. A financial 9 institution shall not delay or impede the completion of a 10 loan transaction or other transactions involving the 11 extension of credit for the purpose of influencing a 12 customer's selection of any insurance product. 13 (215 ILCS 5/1406 new) 14 Sec. 1406. Insurance and financial institution 15 products. 16 (a) No financial institution may offer banking products 17 or services, or fix or vary the consideration of such offer, 18 on a condition or requirement that the customer obtain 19 insurance from the financial institution or any affiliate of 20 the financial institution. 21 (b) A financial institution that offers banking products 22 or services in conformity with the provisions of Section 106 23 of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 24 Sec. 1972) shall be deemed to be in compliance with the 25 provisions of subsection (a) of this Section. 26 (c) No financial institution shall require that a 27 customer or prospective customer of the financial institution 28 purchase an insurance product from any particular registered 29 firm or insurance producer as a condition for the lending of 30 money or extension of credit, the establishment or 31 maintenance of a checking, savings or other deposit account, 32 or the establishment or maintenance of a trust account. -28- LRB9002241JSgc 1 (215 ILCS 5/1407 new) 2 Sec. 1407. Anti-rebating. No financial institution may 3 rebate an insurance product in violation of Section 151 of 4 the Illinois Insurance Code. 5 (215 ILCS 5/1408 new) 6 Sec. 1408. Discrimination prohibited. No financial 7 institution may: 8 (1) require as a condition of providing any product or 9 service or renewal of any contract for providing such product 10 or service to any customer, that the customer acquire, 11 finance, or negotiate any policy or contract of insurance 12 through a particular insurer, insurance producer, or 13 registered firm; 14 (2) in connection with a loan or extension of credit 15 that requires a borrower to obtain insurance, reject an 16 insurance policy solely because the policy has been issued or 17 underwritten by any person who is not associated with the 18 financial institution; 19 (3) impose any discriminatory requirement on any 20 insurance producer who is not associated with the financial 21 institution that is not imposed on any insurance producer who 22 is associated with the financial institution; or 23 (4) if the financial institution is a registered firm, 24 require any debtor, insurer, or insurance producer to pay a 25 separate charge in connection with the handling of insurance 26 that is required under a contract, unless: (a) the financial 27 institution is the registered firm providing the insurance, 28 (b) if the financial institution is not the registered firm 29 providing the insurance, the charge would be uniformly 30 applied if the financial institution was the registered firm 31 providing the insurance, or (c) the charge is otherwise 32 permitted by applicable State or federal law. -29- LRB9002241JSgc 1 (215 ILCS 5/1409 new) 2 Sec. 1409. Disclosure. A financial institution shall 3 clearly and conspicuously disclose in any written 4 advertisement, promotional or informational material 5 regarding an insurance product that the insurance offered, 6 recommended, sponsored or sold: 7 (1) is not a deposit; 8 (2) is not insured by the Federal Deposit Insurance 9 Corporation, or in the case of a credit union, by the 10 National Credit Union Share Insurance Fund; 11 (3) is not guaranteed by the financial institution or an 12 affiliated insured depository institution; and 13 (4) where appropriate, involves investment risk, 14 including potential loss of principal. 15 (215 ILCS 5/1410 new) 16 Sec. 1410. Misleading advertising. No financial 17 institution may employ any advertisement that would mislead 18 or otherwise cause a reasonable person to believe mistakenly 19 that the State of Illinois or the United States government is 20 responsible for the insurance or annuities sales activities 21 of a financial institution or stands behind the financial 22 institution92s credit, or that the State of Illinois or the 23 United States government guarantees any returns on insurance 24 or annuities products or is a source of payment of any 25 insurance or annuities obligation of or sold by the financial 26 institution, or that such insurance or annuities product is 27 insured, guaranteed, or approved by the United States, by any 28 agency officer thereof, including the Federal Deposit 29 Insurance Corporation, or by the State of Illinois or any 30 agency or officer thereof. 31 (215 ILCS 5/1411 new) 32 Sec. 1411. Solicitations to loan applicants. A -30- LRB9002241JSgc 1 financial institution that requires a customer to obtain 2 insurance in connection with a loan or extension of credit 3 and that offers such insurance either directly or through an 4 affiliate shall clearly disclose to the customer in writing 5 that such insurance also may be obtained from unaffiliated 6 third parties that sell insurance and that the customer's 7 choice of insurance provider will not affect the financial 8 institution's credit decision or credit terms. This Section 9 shall not apply when a financial institution is contacting a 10 customer in the course of direct or mass marketing to a group 11 of persons in a manner that bears no relation to the 12 customer's loan application or credit decision. 13 (215 ILCS 5/1412 new) 14 Sec. 1412. Commissions and compensation. No financial 15 institution shall pay, directly or indirectly, any 16 commission, service fee, brokerage or other valuable 17 consideration to any person for services as an insurance 18 producer, temporary insurance producer or limited insurance 19 representative, or for such services by the person's members, 20 officers, directors or employees, unless the person, and any 21 member, officer, director or employee performing such 22 service, held a valid license regarding the class of 23 insurance as to which such service was rendered, or unless 24 the person was a properly registered firm at the time such 25 service was performed. No person, other than a person 26 properly licensed or registered in accordance with Article 27 XXI of the Illinois Insurance Code at the time the person 28 performs services as an insurance producer, temporary 29 insurance producer or limited insurance representative, shall 30 accept any commission, service fee, brokerage or other 31 valuable consideration for such services. This Section shall 32 not prevent payment or receipt of: 33 (1) renewal or other deferred commissions to or by any -31- LRB9002241JSgc 1 person entitled thereto under this Section; 2 (2) fees to or by a financial institution or any other 3 person for services that do not require licensure as an 4 insurance producer, temporary insurance producer, limited 5 insurance representative or registered firm; or 6 (3) consideration paid to a financial institution by a 7 registered firm, insurance producer, insurance company or any 8 other person pursuant to any lease agreement. 9 (215 ILCS 5/1413 new) 10 Sec. 1413. Physical location. To the extent 11 practicable, a financial institution's sale of insurance 12 shall be in a location that is distinct from a traditional 13 teller window or common teller area. The involvement of 14 tellers and any persons not licensed as insurance producers 15 shall be limited to referring customers to insurance 16 producers. 17 (215 ILCS 5/1414 new) 18 Sec. 1414. Signage. Signs concerning the availability 19 of insurance products offered by the financial institution or 20 any registered firm that are displayed in the same area where 21 applications for loans or other extensions of credit are 22 being taken or closed shall include the disclosure set forth 23 in Section 1411 of this Article. 24 (215 ILCS 5/1415 new) 25 Sec. 1415. Customer records. 26 (a) A financial institution that is a registered firm 27 may not release a customer's insurance information to any 28 person other than an officer, director, employee, agent or 29 affiliate of the financial institution without the written 30 consent of the customer. For the purposes of this Section, 31 "insurance information" means information concerning the -32- LRB9002241JSgc 1 premiums, terms and conditions of insurance coverage, 2 insurance claims and insurance history of a customer, 3 contained in the financial institution's records. 4 (b) Subsection (a) shall not apply to: (1) names, 5 addresses and telephone numbers derived in any manner from 6 the financial institution's records, or (2) the release of 7 insurance information as otherwise authorized by State or 8 federal law. 9 (215 ILCS 5/1416 new) 10 Sec. 1416. Penalties. 11 (a) A violation of any provision of this Article shall 12 be subject to subsection (6) of Section 401.1 of the Illinois 13 Insurance Code. 14 (b) A violation of any provision of this Article shall 15 not be used as a defense by any person in any action by a 16 financial institution to recover the amount owing on any loan 17 or extension of credit. 18 (215 ILCS 5/1417 new) 19 Sec. 1417. Application of Article. A financial 20 institution transacting an insurance business in this State 21 prior to the effective date of this amendatory Act of 1997 22 shall comply with the provisions of Sections 1404, 1409, 23 1411, 1413, and 1414 as soon as practicable, but no later 24 than 180 days after the effective date of this amendatory Act 25 of 1997. 26 Section 35. The provisions of this amendatory Act of 27 1997 and the changes made to existing statutory law by this 28 amendatory Act of 1997 are severable under Section 1.31 of 29 the Statute on Statutes. 30 Section 99. Effective date. This Act takes effect upon -33- LRB9002241JSgc 1 becoming law. -34- LRB9002241JSgc 1 INDEX 2 Statutes amended in order of appearance 3 205 ILCS 5/5 from Ch. 17, par. 311 4 205 ILCS 5/48.2 from Ch. 17, par. 360.1 5 205 ILCS 105/1-6 from Ch. 17, par. 3301-6 6 205 ILCS 205/1008 from Ch. 17, par. 7301-8 7 205 ILCS 305/13 from Ch. 17, par. 4414 8 205 ILCS 305/55 from Ch. 17, par. 4456 9 205 ILCS 620/1-6 from Ch. 17, par. 1551-6 10 215 ILCS 5/499.1 from Ch. 73, par. 1065.46-1 11 215 ILCS 5/Article heading new 12 215 ILCS 5/1400 new 13 215 ILCS 5/1401 new 14 215 ILCS 5/1402 new 15 215 ILCS 5/1403 new 16 215 ILCS 5/1404 new 17 215 ILCS 5/1405 new 18 215 ILCS 5/1406 new 19 215 ILCS 5/1407 new 20 215 ILCS 5/1408 new 21 215 ILCS 5/1409 new 22 215 ILCS 5/1410 new 23 215 ILCS 5/1411 new 24 215 ILCS 5/1412 new 25 215 ILCS 5/1413 new 26 215 ILCS 5/1414 new 27 215 ILCS 5/1415 new 28 215 ILCS 5/1416 new 29 215 ILCS 5/1417 new
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