House Sponsors: OSMOND-BEAUBIEN-LYONS,JOSEPH-DURKIN-BUGIELSKI. Senate Sponsors: DILLARD Short description: BANK DIRECTOR DISCHARGE DUTY Synopsis of Bill as introduced: Amends the Illinois Banking Act. Provides that in discharging their duties, bank directors are entitled to rely in good faith upon advice from officers, employees, and other persons. Effective immediately. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 5/16 Adds reference to: 205 ILCS 5/32 from Ch. 17, par. 339 205 ILCS 5/35.1 from Ch. 17, par. 344 205 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 Replaces everything after the enacting clause. Amends the Illinois Banking Act in relation to lending limits. Provides that the total liability to a state bank of a person as an accommodation party may not exceed 25% of the amount of the unimpaired capital and unimpaired surplus of the bank. Establishes the same limit with respect to the amount of unamortized investment of a bank in property leased to a person. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act to authorize financial institutions subject to those Acts to disclose customer financial information to federal authorities pursuant to the National Security Act of 1947 and the USA PATRIOT ACT of 2001. Effective immediately. SENATE AMENDMENT NO. 2. Adds reference to: 205 ILCS 105/7-19.1 from Ch. 17, par. 3307-19.1 Amends the Illinois Savings and Loan Act of 1985 to provide that all earnings received from investments of moneys in the Savings and Residential Finance Regulatory Fund shall be deposited into that Fund and used for the same purposes as fees deposited into that Fund. SENATE AMENDMENT NO. 3. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act to provide that those financial institutions may share customer financial information with private label credit parties pursuant to a private label credit program. Provides that a "private label credit party" may be a retailer, a merchant, a manufacturer, a trade group, or an affiliate, subsidiary, member, licensee, agent, or service provider of any of them. SENATE AMENDMENT NO. 4. Deletes reference to: 205 ILCS 5/16 Adds reference to: 205 ILCS 5/32 from Ch. 17, par. 339 205 ILCS 5/35.1 from Ch. 17, par. 344 Replaces the substance of the bill. Amends the Illinois Banking Act in relation to lending limits. Provides that the total liability to a state bank of a person as an accommodation party may not exceed 25% of the amount of the unimpaired capital and unimpaired surplus of the bank. Establishes the same limit with respect to the amount of unamortized investment of a bank in property leased to a person. SENATE AMENDMENT NO. 5. Replaces everything after the enacting clause with provisions identical to those contained in Senate Amendments Nos. 1, 2, and 3, but limits disclosure of information related to matters that involve foreign intelligence information as defined under the USA PATRIOT ACT of 2001 to foreign intelligence defined in that Act as enacted and provides that the disclosure is to be made pursuant to any lawful request. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 5 END OF INQUIRY Full Text Bill Status