Senate Sponsors: WEAVER,S-PHILIP-JONES. House Sponsors: KUBIK-DEERING Short description: BANKS-PUBLIC FUNDS-CONTROL 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. Effective immediately. 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 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status