92nd General Assembly
Summary of HB1903
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
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