Bill Title: Amends the Illinois Banking Act. Provides that a bank may provide data processing services to a person for profit. Provides that a bank may invest in commodities derivatives, with the management and controls necessary to ensure that such activities are carried out according to safe and sound banking practices. Provides that the board of directors of a bank may provide by resolution that stockholders may attend, participate in, act in, and vote at any annual meeting or special meeting through the use of a conference telephone or interactive technology if specified conditions are satisfied. Provides that at the conclusion of each fiscal year, the Department of Financial and Professional Regulation shall separately identify the direct administrative and operational expenses and allocable indirect costs of the Division of Banking of the Department incidental to conducting the examinations required or authorized by the Illinois Community Reinvestment Act and implementing rules adopted by the Department. Makes other changes. Amends the Savings Bank Act. Provides that the board of directors of a savings bank may provide by resolution that members or stockholders may attend, participate in, act in, and vote at any annual meeting or special meeting through the use of a conference telephone or interactive technology if specified conditions are satisfied. Provides that a savings bank may loan funds through the purchase of fixed rate annuity contracts. Provides that a savings bank may accept deposits made by a minor and may open an account in the name of such minor and the rules and regulations of such savings bank with respect to each such deposit and account shall be as binding upon such minor as if such minor were of full age and legal capacity. Provides that without prior written consent of the Secretary of Financial and Professional Regulation, no savings bank may knowingly employ or otherwise permit an individual to serve as an officer, director, employee, or agent of the savings bank if the individual has been convicted of a felony or of any criminal offense relating to dishonesty or breach of trust. Amends the Illinois Credit Union Act. In provisions concerning the financial records of credit union members, adds language providing that the furnishing of financial records of a deceased customer to a public administrator of any county or other governmental jurisdiction for the purpose of facilitating burial of the customer are not prohibited by the provisions. Makes similar changes in similar provisions in the Illinois Banking Act and the Savings Bank Act. Makes changes to various provisions concerning notice to allow for electronic notice. Makes other changes. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Engrossed) 2024-06-26 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [HB5428 Detail]

Text: Latest bill text (Engrossed) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Dagmara Avelar [D]	Primary	Sponsored Bills	HD-085	FollowTheMoney	Ballotpedia	VoteSmart
Representative Adam Niemerg [R]	Cosponsor	Sponsored Bills	HD-102	FollowTheMoney	Ballotpedia	VoteSmart
Senator Cristina Castro [D]	Primary	Sponsored Bills	SD-022	FollowTheMoney	Ballotpedia	VoteSmart
Senator Susan Rezin [R]	Cosponsor	Sponsored Bills	SD-038	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL HB5428