Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2009-08-18 - Public Act . . . . . . . . . 96-0585 [SB1422 Detail]

Text: Latest bill text (Enrolled) [HTML]

---

PolitiCorps Conversations

Start PolitiCorps Debate

Title	PolitiCorps	Access	Comments	Views	Last Post
There are no visible public or private PolitiCorps discussions concerning the 2009 Illinois SB1422 at this time.

Social Comments on IL SB1422