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 END OF INQUIRY Full Text Bill Status