92nd General Assembly
Summary of HB4409
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House Sponsors:
LINDNER-LYONS,EILEEN-MCCARTHY-BLACK-MEYER.

Senate Sponsors:
PARKER-LIGHTFORD

Short description: 
BNK ACT-METRO TRANST AUTHORITY                                             

Synopsis of Bill as introduced:
        Amends the  Illinois  Banking  Act.  Provides  that  banks  shall      
   encumber or surrender accounts or assets held by the bank on behalf of      
   any  responsible  relative who is subject to a child support lien upon      
   notice of an "interstate lien or levy" (instead  of  just  "interstate      
   lien")   from  any  other  state's  agency  that  is  responsible  for      
   implementing  the  child  support   enforcement   program.   Effective      
   immediately.                                                                
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          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 5/46                   from Ch. 17, par. 357                
          205 ILCS 105/1-6d                                                    
          205 ILCS 205/7007                                                    
          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             
        Changes the title.  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  Illinois      
   Savings  and Loan Act of 1985 and the Savings Bank Act to provide that      
   savings and loan associations and  savings  banks  shall  encumber  or      
   surrender  accounts  or  assets  held  on  behalf  of  any responsible      
   relative who is subject to a child support  lien  upon  notice  of  an      
   "interstate lien or levy" (instead of just "interstate lien") from any      
   other  state's  agency  that is responsible for implementing the child      
   support enforcement program. Amends the Savings Bank Act to remove 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 not less than 30 days before      
   engaging in an activity based upon the authorization of that  activity      
   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. 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.  Effective      
   immediately.                                                                
 
Last action on Bill: PUBLIC ACT.............................. 92-0811

   Last action date: AUG-21-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 




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