Illinois Senate Bill 1422 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on August 18 2009 - 100% progression
Action: 2009-08-18 - Public Act . . . . . . . . . 96-0585
Text: Latest bill text (Enrolled) [HTML]

Amends the Savings Bank Act. Changes the definition of "control" to include certain persons or entities that engage in specific activities that have 10% or more of the capital stock or members shares of a mutual savings bank or mutual savings bank holding company. Provides that no person, whether acting directly or indirectly or through or in concert with one or more persons, may acquire control of a savings bank operating under the Act without prior approval of the Commissioner of Banks and Real Estate. Specifies the activities that the Commissioner may engage in with respect to investigating or approving the change in control of a savings bank. Provides that the Commissioner may prohibit participation in the affairs of any savings bank by any current, former, or prospective officer, director, employee, or agent of a savings bank, if he or she finds that the person or persons engages in specified activities. Provides that "institution affiliated party" includes a person who has filed or is required to file a change-in-control application (instead of change-in-control notice) with the Commissioner. Effective immediately.

SAVINGS BANK-CHANGE IN CONTROL

Sen. Kimberly Lightford [D]

Sen. Terry Link [D]

2009-05-22 - House - Third Reading in House (Y: 113 N: 0 NV: 2 Abs: 0) [PASS]
2009-03-26 - Senate - Third Reading in Senate (Y: 52 N: 0 NV: 2 Abs: 0) [PASS]

Date	Chamber	Action
2009-08-18		Public Act . . . . . . . . . 96-0585
2009-08-18		Effective Date August 18, 2009
2009-08-18		Governor Approved
2009-06-19		Sent to the Governor
2009-05-22		Passed Both Houses
2009-05-22		Third Reading - Short Debate - Passed 113-000-000
2009-05-19		Placed on Calendar Order of 3rd Reading - Short Debate
2009-05-19		Second Reading - Short Debate
2009-05-05		Placed on Calendar 2nd Reading - Short Debate
2009-05-05		Do Pass / Short Debate Financial Institutions Committee; 014-006-001
2009-04-20		Re-assigned to Financial Institutions Committee
2009-04-14		Assigned to Executive Committee
2009-04-01		Referred to Rules Committee
2009-04-01		First Reading
2009-04-01		Chief House Sponsor Rep. James D. Brosnahan
2009-03-26		Placed on Calendar Order of First Reading
2009-03-26		Arrived in House
2009-03-26		Third Reading - Passed; 057-000-000
2009-03-05		Placed on Calendar Order of 3rd Reading March 6, 2009
2009-03-05		Second Reading
2009-02-27		Placed on Calendar Order of 2nd Reading March 4, 2009
2009-02-27		Do Pass Financial Institutions; 011-000-000
2009-02-20		Added as Chief Co-Sponsor Sen. Kimberly A. Lightford
2009-02-18		Assigned to Financial Institutions
2009-02-11		Referred to Assignments
2009-02-11		First Reading
2009-02-11		Filed with Secretary by Sen. Terry Link

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1422&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB1422.htm
Text	https://www.ilga.gov/legislation/96/SB/09600SB1422eng.htm
Text	https://www.ilga.gov/legislation/96/SB/09600SB1422enr.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/96/senate/09600SB1422_03262009_039000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/96/house/09600SB1422_05222009_004000T.pdf