92nd General Assembly
Summary of HB3233
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House Sponsors:
MEYER.

Short description: 
OBRE FINANCIAL REGULATION                                                  

Synopsis of Bill as introduced:
        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.                                       
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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