MEYER-BUGIELSKI-BIGGINS-O'CONNOR-PARKE. (O'MALLEY) 205 ILCS 105/1-6 from Ch. 17, par. 3301-6 205 ILCS 105/2B-2 from Ch. 17, par. 3302B-2 205 ILCS 105/2B-5 from Ch. 17, par. 3302B-5 205 ILCS 105/5-16 from Ch. 17, par. 3305-16 205 ILCS 205/1007.35 from Ch. 17, par. 7301-7.35 205 ILCS 205/1008 from Ch. 17, par. 7301-8 205 ILCS 205/4005 from Ch. 17, par. 7304-5 205 ILCS 205/4013 from Ch. 17, par. 7304-13 205 ILCS 205/5010 new 205 ILCS 205/6013 from Ch. 17, par. 7306-13 205 ILCS 205/8015 from Ch. 17, par. 7308-15 205 ILCS 205/10001 from Ch. 17, par. 7310-1 205 ILCS 205/11003 from Ch. 17, par. 7311-3 205 ILCS 205/11004 from Ch. 17, par. 7311-4 205 ILCS 205/11008 from Ch. 17, par. 7311-8 815 ILCS 205/4 from Ch. 17, par. 6404 815 ILCS 205/4a from Ch. 17, par. 6410 Amends the Illinois Savings and Loan Act of 1985 and the Savings Bank Act. Provides for consideration of the operation of subsidiaries by the Commissioner of Banks and Real Estate when making decisions regarding certificates of authority. Excludes obligations as an endorser when computing lending limits. Amends the Savings Bank Act to provide that disclosure or use of financial records by a savings bank in compliance with the Gramm-Leach-Bliley Act shall be permitted notwithstanding other laws. Provides that in addition to removal of officers and directors of savings banks, the Commissioner may suspend officers and directors and may prohibit them from participation in the affairs of the savings bank. Amends the Interest Act to provide that savings and loan associations and savings banks may charge any rate of interest agreed upon with the borrower. Removes limit on interest charged by a savings bank in connection with an installment loan. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 205/4013 Adds reference to: 20 ILCS 3205/5 from Ch. 17, par. 455 20 ILCS 3205/6 from Ch. 17, par. 456 205 ILCS 5/2 from Ch. 17, par. 302 205 ILCS 5/4.9 new 205 ILCS 5/5 from Ch. 17, par. 311 205 ILCS 5/5b from Ch. 17, par. 312.1 205 ILCS 5/7 from Ch. 17, par. 314 205 ILCS 5/8 from Ch. 17, par. 315 205 ILCS 5/10 from Ch. 17, par. 317 205 ILCS 5/12 from Ch. 17, par. 319 205 ILCS 5/13 from Ch. 17, par. 320 205 ILCS 5/13.5 205 ILCS 5/14 from Ch. 17, par. 321 205 ILCS 5/15 from Ch. 17, par. 322 205 ILCS 5/16.1 from Ch. 17, par. 323.1 205 ILCS 5/17 from Ch. 17, par. 324 205 ILCS 5/18 from Ch. 17, par. 325 205 ILCS 5/21.2 205 ILCS 5/22 from Ch. 17, par. 329 205 ILCS 5/25 from Ch. 17, par. 332 205 ILCS 5/30.5 205 ILCS 5/31 from Ch. 17, par. 338 205 ILCS 5/33 from Ch. 17, par. 341 205 ILCS 5/37 from Ch. 17, par. 347 205 ILCS 5/47 from Ch. 17, par. 358 205 ILCS 5/48 from Ch. 17, par. 359 205 ILCS 5/48.5 205 ILCS 5/48.7 new 205 ILCS 5/49 from Ch. 17, par. 361 205 ILCS 5/51 from Ch. 17, par. 363 205 ILCS 5/53 from Ch. 17, par. 365 205 ILCS 10/3.074 from Ch. 17, par. 2510.04 205 ILCS 105/1-6 from Ch. 17, par. 3301-6 205 ILCS 105/2B-2 from Ch. 17, par. 3302B-2 205 ILCS 105/2B-5 from Ch. 17, par. 3302B-5 205 ILCS 105/5-16 from Ch. 17, par. 3305-16 205 ILCS 205/1007.35 from Ch. 17, par. 7301-7.35 205 ILCS 205/1008 from Ch. 17, par. 7301-8 205 ILCS 205/4005 from Ch. 17, par. 7304-5 205 ILCS 205/5010 new 205 ILCS 205/6013 from Ch. 17, par. 7306-13 205 ILCS 205/8015 from Ch. 17, par. 7308-15 205 ILCS 205/10001 from Ch. 17, par. 7310-1 205 ILCS 205/11003 from Ch. 17, par. 7311-3 205 ILCS 205/11004 from Ch. 17, par. 7311-4 205 ILCS 205/11008 from Ch. 17, par. 7311-8 815 ILCS 205/4 from Ch. 17, par. 6404 815 ILCS 205/4a from Ch. 17, par. 6410 205 ILCS 610/1 from Ch. 17, par. 1001 205 ILCS 610/2 from Ch. 17, par. 1002 205 ILCS 620/1-8 from Ch. 17, par. 1551-8 205 ILCS 620/3-1 from Ch. 17, par. 1553-1 205 ILCS 620/3-2 from Ch. 17, par. 1553-2 205 ILCS 620/4-3 from Ch. 17, par. 1554-3 205 ILCS 620/4-4 from Ch. 17, par. 1554-4 205 ILCS 620/4-5 from Ch. 17, par. 1554-5 205 ILCS 620/Art. IVA heading new 205 ILCS 620/4A-1 new 205 ILCS 620/4A-5 new 205 ILCS 620/4A-10 new 205 ILCS 620/4A-15 new 205 ILCS 620/4A-20 new 205 ILCS 620/4A-25 new 205 ILCS 620/5-3 from Ch. 17, par. 1555-3 205 ILCS 620/5-6 from Ch. 17, par. 1555-6 205 ILCS 620/6-2 from Ch. 17, par. 1556-2 205 ILCS 645/11 from Ch. 17, par. 2718 205 ILCS 645/12 from Ch. 17, par. 2719 205 ILCS 650/4 from Ch. 17, par. 2854 205 ILCS 650/6 from Ch. 17, par. 2856 205 ILCS 650/8 Replaces everything after the enacting clause. Amends the Illinois Savings and Loan Act of 1985 and the Savings Bank Act. Provides for consideration of the operation of subsidiaries by the Commissioner of Banks and Real Estate when making decisions regarding certificates of authority. Excludes obligations as an endorser when computing lending limits. Provides that in addition to removal of officers and directors of savings banks, the Commissioner may suspend officers and directors and may prohibit them from participation in the affairs of the savings bank. Amends the Interest Act to provide that savings and loan associations and savings banks may charge any rate of interest agreed upon with the borrower. Removes limit on interest charged by a savings bank in connection with an installment loan. Amends various Acts relating to financial institutions. Amends the Office of Banks and Real Estate Act. Authorizes the Commissioner of Banks and Real Estate to impose conditions with respect to the issuance of charters, permits, and licenses. Permits the Commissioner to designate an employee to make findings and take actions on behalf of the Commissioner. Amends the Illinois Banking Act. Limits the power of the Commissioner of Banks and Real Estate to stop or limit payment with respect to qualified contracts of banks whose capital is impaired. Removes requirement that the Commissioner record a bank's organizational capital requirement with the Secretary of State. Removes requirement that incorporators subscribe to stock in the bank. Removes restriction on ownership of travel agencies by banks. Authorizes shareholders to remove directors without cause. Amends the Illinois Bank Holding Company Act of 1957. Provides that the Commissioner of Banks and Real Estate may order the removal of directors, officers, agents, and employees of bank holding companies for violating the law or safe banking practice. Amends the Banking Emergencies Act. Specifies computer failure as a cause of a banking emergency. Authorizes the Commissioner to proclaim that an emergency exists on a state-wide basis rather than only in a county or municipality. Amends the Corporate Fiduciary Act. Excludes from change of control provisions changes of control resulting from organizational restructuring under a holding company. Authorizes corporate fiduciaries to establish operations in other states and allows corporate fiduciaries organized in other states to establish operations in Illinois. Provides that foreign banking offices must keep on deposit at a depository approved by the Commissioner such amounts the Commissioner deems necessary for protection of depositors. Authorizes the Commissioner to transfer assets of a liquidated foreign banking office to liquidators in other jurisdictions if necessary to pay claims there. Amends the Foreign Bank Representative Office Act. Provides for fees to be established by rule. Authorizes the Commissioner of Banks and Real Estate to revoke licenses rather than certify findings to the State Banking Board for revocation of licenses. Authorizes the Commissioner to impose charges for examinations. Effective immediately. HOUSE AMENDMENT NO. 2. Adds reference to: 205 ILCS 105/7-3.2 new 205 ILCS 105/7-3.3 new 205 ILCS 105/11-5 rep. 205 ILCS 205/1006 from Ch. 17, par. 7301-6 205 ILCS 205/9019 new 205 ILCS 205/11012 rep. Amends the Illinois Savings and Loan Act of 1985. Provides that the Commissioner of Banks and Real Estate may issue opinions that reduce any disadvantage an association has doing business under that Act when compared to associations doing business under federal law or the law of other states. Amends the Savings Bank Act and the Illinois Savings and Loan Act of 1985 to provide that the Commissioner may issue opinion letters and that savings banks and associations are not liable for acts in reliance on the opinions. HOUSE AMENDMENT NO. 3. Further amends the Office of Banks and Real Estate Act, as amended by House Amendment No. 1. Deletes the requirement that the terms the Commissioner of Banks and Real Estate may impose when issuing charters, permits, licenses, or other authorizations must be made to ensure that the issuance is consistent with applicable statutes, rules, and policies. Provides that when the Commissioner delegates or appoints an officer or employee of the Office of Banks and Real Estate to take certain actions or make certain findings, he or she shall do so in writing. Further amends the Illinois Banking Act as amended by House Amendment No. 1. Deletes certain provisions authorizing the Commissioner to limit the power of banks. Makes changes concerning the chartering of an interim bank as a State bank. Makes changes concerning the submission of information to the Commissioner by persons desiring to purchase control of an existing State bank or to purchase substantially all the assets or to assume substantially all the liabilities of the State bank. Deletes provisions stating that an out-of-state bank or a national bank whose main banking premises is located in a state other than Illinois and that has existed and operated for 5 years or less may not merge with an Illinois bank that has existed and continuously operated as a bank for more than 5 years unless that state would permit an Illinois bank to perform the same transaction if each of the merging banks were situated in the other state. Makes changes concerning merger procedures. Makes changes concerning the findings that the Commissioner must make before a change in the control of a bank may occur. Provides that compliance with the time frames prescribed by the United States Department of the Treasury's Financial Crimes Enforcement Network shall be deemed compliance with provisions in the Illinois Banking Act concerning reports to the Commissioner. Makes changes concerning the powers of the Commissioner. Deletes provisions concerning the dissemination of an opinion by the Commissioner. HOUSE AMENDMENT NO. 4. Adds reference to: 205 ILCS 5/48.1 from Ch. 17, par. 360 205 ILCS 105/3-8 from Ch. 17, par. 3303-8 205 ILCS 205/4013 from Ch. 17, par. 7304-13 205 ILCS 305/10 from Ch. 17, par. 4411 Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, and the Savings Bank Act, and the Illinois Credit Union Act. Authorizes those financial institutions to disclose customer financial information as necessary to prevent actual or potential fraud, unauthorized transactions, claims, or other liability. Authorizes the disclosure of financial records in connection with services or products made available by the financial institution, as necessary to enforce a transaction, and in connection with secondary market sales related to a customer transaction. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 5/48.7 new 205 ILCS 105/7-3.3 new 205 ILCS 205/1006 Deletes provisions authorizing the Commissioner of Banks and Real Estate to issue opinions that eliminate or reduce competitive disadvantages banks, savings and loan associations, and savings banks incur when compared to financial institutions doing business under federal law or the law of other states. SENATE AMENDMENT NO. 2. Deletes reference to: 205 ILCS 5010 new Deletes a provision prohibiting entry against savings banks of judgments that would reduce capital below statutory minimums. FEB-26-2001 H FILED WITH CLERK FEB-27-2001 H FIRST READING FEB-27-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-28-2001 H ASSIGNED TO COMMITTEE FIN INSTIT MAR-07-2001 H ADDED AS A JOINT SPONSOR BUGIELSKI MAR-09-2001 H ADDED AS A JOINT SPONSOR BIGGINS MAR-14-2001 H AMENDMENT NO. 01-FIN INSTIT H MAR-14-2001 H ADOPTED MAR-14-2001 H AMENDMENT NO. 02-FIN INSTIT H MAR-14-2001 H ADOPTED MAR-14-2001 H AMENDMENT NO. 03-FIN INSTIT H MAR-14-2001 H ADOPTED MAR-14-2001 H DO PASS AMENDED/SHORT DEBATE 020-000-000 HFIN MAR-14-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-29-2001 H AMENDMENT NO. 04-MEYER MAR-29-2001 H AMENDMENT REFERRED TO HRUL MAR-29-2001 H CALENDAR ORDER 2ND READING-SHORT DEBATE APR-04-2001 H SECOND READING-SHORT DEBATE APR-04-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-05-2001 H ADDED AS A JOINT SPONSOR O'CONNOR APR-05-2001 H AMENDMENT NO. 04-MEYER APR-05-2001 H RULES REFERS TO HFIN APR-05-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-06-2001 H AMENDMENT NO. 04-MEYER APR-06-2001 H RECOMMENDS BE ADOPTED HFIN/019-000-000 APR-06-2001 H AMENDMENT NO. 04-MEYER APR-06-2001 H ADOPTED APR-06-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE APR-06-2001 H THIRD READING/SHORT DEBATE/PASSED 098-010-007 APR-06-2001 H ADDED AS A JOINT SPONSOR PARKE APR-10-2001 S ARRIVE IN SENATE APR-10-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-04-17 APR-11-2001 S CHIEF SPONSOR O'MALLEY APR-17-2001 S FIRST READING APR-17-2001 S REFERRED TO SENATE RULES COMMITTEE RULES MAY-02-2001 S ASSIGNED TO COMMITTEE FIN INST MAY-10-2001 S AMENDMENT NO. 01-FINANC. INST. S MAY-10-2001 S ADOPTED MAY-10-2001 S AMENDMENT NO. 02-FINANC. INST. S MAY-10-2001 S ADOPTED MAY-10-2001 S DO PASS AS AMENDED 005-000-000 SFIC MAY-10-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-05-11 MAY-11-2001 S SECOND READING MAY-11-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-05-14 MAY-15-2001 S THIRD READING - PASSED 058-000-000 MAY-15-2001 H ARRIVE IN HOUSE MAY-15-2001 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01,02 MAY-16-2001 H MOTION FILED CONCUR 01,02/MEYER MAY-16-2001 H MOTION REFERRED TO HRUL MAY-16-2001 H CALENDAR ORDER OF CONCURRENCE 01,02 MAY-29-2001 H MOTION TO CONCUR SA #1&2 MAY-29-2001 H RECOMMENDS BE ADOPTED HRUL/003-002-000 MAY-29-2001 H CALENDAR ORDER OF CONCURRENCE 01,02 MAY-30-2001 H HSE CONCURS IN SEN AMENDMENTS (NO.) 01,02/115-000-002 MAY-30-2001 H PASSED BOTH HOUSES JUN-28-2001 H SENT TO THE GOVERNOR AUG-23-2001 H GOVERNOR APPROVED AUG-23-2001 H EFFECTIVE DATE 01-08-23 AUG-23-2001 H PUBLIC ACT.............................. 92-0483 END OF INQUIRY Full Text Bill Summary