92nd General Assembly
Summary of SB0119
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Senate Sponsors:
O'MALLEY-WELCH.

House Sponsors:
SCHOENBERG-RUTHERFORD-GARRETT-MAY

Short description: 
FINANCIAL REGULATION-TECH                                                  

Synopsis of Bill as introduced:
        Amends the Illinois Banking Act.  Makes a technical change  in  a      
   Section concerning the primary powers of banks.                             
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          205 ILCS 5/3                                                         
          Adds reference to:                                                   
          205 ILCS 5/16                   from Ch. 17, par. 323                
          205 ILCS 5/32                   from Ch. 17, par. 339                
          205 ILCS 5/46                   from Ch. 17, par. 357                
          205 ILCS 5/48                   from Ch. 17, par. 359                
          205 ILCS 5/48.1                 from Ch. 17, par. 360                
          205 ILCS 105/3-8                from Ch. 17, par. 3303-8             
          205 ILCS 105/7-19.1             from Ch. 17, par. 3307-19.1          
          205 ILCS 205/4013               from Ch. 17, par. 7304-13            
          205 ILCS 305/10                 from Ch. 17, par. 4411               
          205 ILCS 305/12                 from Ch. 17, par. 4413               
          205 ILCS 305/59                 from Ch. 17, par. 4460               
          205 ILCS 625/2                  from Ch. 17, par. 2132               
          205 ILCS 625/4                  from Ch. 17, par. 2134               
        Replaces  everything  after  the  enacting  clause.   Amends  the      
   Illinois Banking Act, the Illinois Savings and Loan Act of  1985,  the      
   Savings  Bank  Act,  and  the  Illinois  Credit Union Act.  Authorizes      
   banks, savings and loan associations, savings banks, and credit unions      
   to disclose customer financial information in connection with services      
   or products made available by the financial  institution.   Authorizes      
   savings  and  loan  associations,  savings banks, and credit unions to      
   disclose customer financial information in connection with a  sale  of      
   the  financial  institution or its assets. Amends the Illinois Banking      
   Act.  Provides that in discharging their duties,  bank  directors  are      
   entitled  to  rely  upon  advice  from  officers, employees, and other      
   persons. Increases the basic loan limits for a person from 20% to  25%      
   of a   bank's  unimpaired capital and surplus.    Limits  the use of a      
   name of an existing bank or a name deceptively similar to that  of  an      
   existing  bank  when  soliciting customers. Provides that all earnings      
   received from investments of funds in the Bank and Trust Company  Fund      
   shall  be  deposited  into that Fund and used for the same purposes as      
   fees deposited into that Fund. 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.  Amends  the  Illinois  Credit Union Act.      
   Provides that income on money  in  the  Credit  Union  Fund  shall  be      
   deposited into that Fund.  Authorizes credit unions to enter into loan      
   participations   with  credit  union  organizations.   Limits  certain      
   investments by credit unions.  Provides that regulatory fees shall  be      
   paid  on  a  current  year  basis  rather than for the preceding year.      
   Provides that when receipts collected by the Department under the  Act      
   exceed  150%, rather than 100%, of the Department's administrative and      
   operational expenses for  the  year,  the  excess  shall  be  credited      
   against  credit  union  fees  for  the  subsequent  year.   Amends the      
   Illinois Trust and Payable on Death Accounts  Act.   Includes  savings      
   banks  within  the  scope  of the Act.  Provides that payable on death      
   accounts may have multiple owners.  Effective immediately.                  
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          205 ILCS 5/16                                                        
          205 ILCS 5/32                                                        
          205 ILCS 5/46                                                        
          205 ILCS 5/48                                                        
          205 ILCS 105/7-19.1                                                  
          205 ILCS 305/12                                                      
          205 ILCS 305/59                                                      
          205 ILCS 625/2                                                       
          205 ILCS 625/4                                                       
        Replaces  everything  after  the  enacting  clause.  Amends   the      
   Illinois  Banking  Act, the Illinois Savings and Loan Act of 1985, the      
   Savings Bank Act, and  the  Illinois  Credit  Union  Act.   Authorizes      
   financial  institutions  subject  to  those  Acts  to  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 merchant, a manufacturer, a retailer, a trade group or      
   an affiliate, subsidiary, member, agent, or service provider of any of      
   them.                                                                       
        CONFERENCE COMMITTEE REPORT NO. 1.                                     
        Recommends that the Senate concur in H-am 1.                           
        Recommends that the bill be further amended as follows:                
        Provides an immediate effective date.                                  
 
Last action on Bill: PUBLIC ACT.............................. 92-0543

   Last action date: JUN-12-2002

           Location: Senate

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


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