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Public Act 095-0526 |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Banking Act is amended by adding | ||||
Section 21.5 as follows: | ||||
(205 ILCS 5/21.5 new) | ||||
Sec. 21.5. Prohibition against establishment of branches | ||||
on or near the premises of certain affiliates. | ||||
(a) For purposes of this Section: | ||||
"Affiliate" has the meaning ascribed to that term in item | ||||
(1) of subsection (b) of Section 35.2 of this Act, except that | ||||
for purposes of this Section, the provisions in item (1) of | ||||
subsection (b) of Section 35.2 shall apply to all banks. | ||||
"Bank" has the meaning ascribed to that term in the Federal | ||||
Deposit Insurance Act and includes any out-of-state bank. | ||||
"Bank holding company" and "financial holding company" | ||||
have the meanings ascribed to those terms in the federal Bank | ||||
Holding Company Act of 1956. | ||||
(b) Notwithstanding any other law of this State, no bank | ||||
may establish or maintain a branch that accepts deposits on or | ||||
adjacent to the premises of an affiliate of the bank if the | ||||
affiliate engages in any commercial activity that could not | ||||
lawfully be conducted by a bank holding company, a financial |
holding company, or a subsidiary of the bank holding company or | ||
financial holding company, pursuant to federal law. | ||
(c) This Section shall not apply to an affiliate that | ||
operates solely for the purpose of owning or leasing the real | ||
estate on which the branch that accepts deposits is located. | ||
(d) This Section shall not be construed to prohibit the | ||
maintenance of a branch that was established prior to May 10, | ||
2007, or the conduct of any transactions that were lawfully | ||
being conducted at the branch prior to May 10, 2007. | ||
(e) The Commissioner may make and enforce reasonable rules, | ||
regulations, directions, orders, decisions, and findings as | ||
the execution and enforcement of the provisions of this Section | ||
require. | ||
Section 10. The Savings Bank Act is amended by adding | ||
Section 1006.10 as follows: | ||
(205 ILCS 205/1006.10 new) | ||
Sec. 1006.10. Prohibition against establishment of offices | ||
or branches on or adjacent to the premises of certain | ||
affiliates. | ||
(a) For purposes of this Section: | ||
"Affiliate" has the meaning ascribed to that term in item | ||
(1) of subsection (b) of Section 35.2 of the Illinois Banking | ||
Act, except that for purposes of this Section, the provisions | ||
in item (1) of subsection (b) of Section 35.2 shall apply to |
all savings banks. | ||
"Savings bank" means a savings bank operating under this | ||
Act, an out-of-state savings bank as defined under this Act, or | ||
a savings association defined in the Federal Deposit Insurance | ||
Act. | ||
"Savings bank holding company" has the meaning ascribed in | ||
this Act. | ||
(b) Notwithstanding any other law of this State, no savings | ||
bank may establish or maintain a branch that accepts deposits | ||
on or adjacent to the premises of an affiliate of the savings | ||
bank if the affiliate engages in any commercial activity that | ||
could not lawfully be conducted by a savings bank holding | ||
company or a subsidiary of the savings bank holding company | ||
pursuant to federal law. | ||
(c) This Section shall not apply to an affiliate that | ||
operates solely for the purpose of owning or leasing the real | ||
estate on which the branch that accepts deposits is located. | ||
(d) This Section shall not be construed to prohibit the | ||
maintenance of a branch that was established prior to May 10, | ||
2007, or the conduct of any transactions that were lawfully | ||
being conducted at the branch prior to May 10, 2007. | ||
(e) The Commissioner may make and enforce such reasonable | ||
rules, regulations, directions, orders, decisions, and | ||
findings as the execution and enforcement of the provisions of | ||
this Section require.
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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