Bill Text: IL HB1398 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Banking on Illinois Act. Makes a technical change in a Section concerning findings and declarations of policy.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB1398 Detail]

Download: Illinois-2019-HB1398-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB1398 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
205 ILCS 710/5
Amends the Banking on Illinois Act. Makes a technical change in a Section concerning findings and decclartions of policy.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Banking on Illinois Act is amended by
changing Section 5 as follows:
(205 ILCS 710/5)
Sec. 5. Findings and declarations of policy. The The
General Assembly hereby finds and declares:
(1) that the economic strength and general welfare of
Illinois depends on a strong, profitable, and competitive
banking industry in this State that preserves and creates
employment, increases credit availability, attracts
capital, and expands the savings base for the citizens of
this State;
(2) that the removal of geographic restrictions in the
federal banking laws and in the laws of the 50 states has
given rise to a substantial number of newly created
community banks and interstate bank mergers requiring the
selection of main office locations and relocations;
(3) that by ensuring a favorable environment for banks
to commence and operate their businesses from this State,
more newly created community banks and merging banks will
choose to maintain or retain their headquarters in and

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relocate their main banking offices to Illinois; and
(4) that preserving and increasing the number of bank
headquarters and main banking offices within Illinois will
substantially increase employment opportunities, credit
availability, and capital investment in this State, while
strengthening the savings base of this State, thereby
providing significant benefits to all Illinois citizens,
to commercial and agricultural businesses of all sizes in
this State, and to all local governments and political
subdivisions of this State.
(Source: P.A. 91-330, eff. 7-29-99.)