Synopsis of Bill as introduced:
Amends the Public Funds Investment Act to require that public
funds must be invested in banks or savings associations whose main
banking premises are located in Illinois. Amends the Illinois Banking
Act to prohibit a change in control if the persons seeking control
would, after obtaining control, control 30% or more of the deposits
located in this State. Provides that no state or national bank whose
main banking premises are located in another state may merge into or
acquire an Illinois bank that has operated as a bank for 5 years or
less. Amends the Illinois Bank Holding Company Act of 1957 to restrict
mergers with Illinois banks that have operated for 5 years or less and
are controlled by an out of State bank. Prohibits combinations that
would result in control of 30% or more of the deposits in Illinois.
SENATE AMENDMENT NO. 1.
Deletes reference to:
30 ILCS 235/1
30 ILCS 235/2
Deletes requirment that public funds be invested in banks that
have their main banking premises in Illinois. Effective June 1, 1997.
FISCAL NOTE, S-AM 1 (Office of Banks & Real Estate)
SB 690 amended, would have no fiscal impact on this Dept.
Last action on Bill: PUBLIC ACT.............................. 90-0226
Last action date: 97-07-25
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status