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Public Act 095-0526
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| HB0497 Enrolled |
LRB095 05354 MJR 25438 b |
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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:
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(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 |
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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.
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Section 10. The Savings Bank Act is amended by adding |
Section 1006.10 as follows:
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(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 |
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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 |