MEYER. 70 ILCS 3605/25 from Ch. 111 2/3, par. 325 205 ILCS 5/5 from Ch. 17, par. 311 205 ILCS 5/18 from Ch. 17, par. 325 205 ILCS 205/6013 from Ch. 17, par. 7306-13 205 ILCS 205/8015 from Ch. 17, par. 7308-15 205 ILCS 605/3.5 new 205 ILCS 616/20 205 ILCS 616/45 205 ILCS 620/3-2 from Ch. 17, par. 1553-2 205 ILCS 620/4A-15 205 ILCS 620/5-2 from Ch. 17, par. 1555-2 205 ILCS 620/5-3 from Ch. 17, par. 1555-3 205 ILCS 620/9-6 Amends the Metropolitan Transit Authority Act. Adds savings banks to the list of entities in which the treasurer may deposit funds or make withdrawals. Amends the Savings Bank Act. Raises the percentage of capital and general loan loss reserve that the bank may loan to any person at one time from 20% to 25%. Removes the time limits on the Commissioner to issue a decision or request additional information for applications for the change of control. Amends the Illinois Banking Act. Requires banks to notify the Commissioner of Banks and Real Estate at least 30 days before engaging in an activity based upon the authorization of that activity for national banks by federal law or for out-of-state banks by law applicable to the out-of-state bank. Provides that the term "control" means the power to direct the management of a bank or vote 25% or more of the outstanding stock of the banks. Amends the Consumer Deposit Account Act to require financial institutions to provide notice to account holders at least 30 days before invalidating any routing number on a consumer deposit account. Amends the Electronic Fund Transfer Act. Removes the requirement that disputes arising under written agreements for use of terminals and switches be subject to arbitration by the Commissioner of Banks and Real Estate. Removes the Commissioner's duty and power to conduct that arbitration. Amends the Corporate Fiduciary Act. Provides that the term "control" means the power to direct management of a trust company or to vote 25% or more of the outstanding stock of the trust company. Removes the requirement that corporate fiduciaries obtain an audit by an independent licensed public accountant once each calendar year. Retains the audit requirement for trust companies. Provides that the Commissioner of Banks and Real Estate may accept an examination of a trust company made by a federal regulatory agency instead of conducting an examination. Provides that the Commissioner may, rather than shall, order specific actions when a corporate fiduciary is in violation of the law or operating in an unsafe manner. Effective immediately. JAN-31-2002 H FILED WITH CLERK FEB-01-2002 H FIRST READING FEB-01-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary