Bill Title: Repeals the Illinois Savings and Loan Act of 1985. Amends the Savings Bank Act. Deletes the definition of "impairment" and related provisions and defines "out-of-state savings bank". Adds provisions regarding the deposit of moneys into the Savings Bank Regulatory Fund. Adds an Article concerning the effect of the repeal of the Illinois Savings and Loan Act of 1985 and an Article that establishes the Board of Savings Banks and creates provisions concerning appointment to the Board, the organization of the Board, meetings of the Board, and the powers of the Board. Amends the Corporate Fiduciary Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the State Finance Act. Changes the name of the Savings and Residential Finance Regulatory Fund to the Residential Finance Regulatory Fund and changes the name of the Savings Bank Institutions Regulatory Fund to the Savings Bank Regulatory Fund. Amends the Illinois Banking Act. Provides that the Secretary of Financial and Professional Regulation or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Amends the Residential Mortgage License Act of 1987. Deletes provisions concerning the Commissioner of Banks and Real Estate. Makes other changes.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1081 [HB5685 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2014-08-27	HTML/Text	Link	View
Enrolled	2014-05-30	HTML/Text	Link	View
Amended	2014-05-20	HTML/Text	Link	View
Engrossed	2014-03-28	HTML/Text	Link	View
Amended	2014-03-21	HTML/Text	Link	View
Amended	2014-03-20	HTML/Text	Link	View
Introduced	2014-02-14	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB5685

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB5685 currently on file.

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