Bill Text: IL HB1446 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Savings Bank Act. Makes a technical change in a Section concerning rules and regulations.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-04-23 - Rule 19(a) / Re-referred to Rules Committee [HB1446 Detail]
Download: Illinois-2021-HB1446-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Savings Bank Act is amended by changing | |||||||||||||||||||
5 | Section 6014 as follows:
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6 | (205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
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7 | Sec. 6014. Commissioner's regulations.
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8 | (a) The
The Commissioner shall promulgate rules and | |||||||||||||||||||
9 | regulations
to determine permissible levels of investment and | |||||||||||||||||||
10 | permissible
concentrations of assets for savings banks | |||||||||||||||||||
11 | applicable to all lending
and investment authority granted by | |||||||||||||||||||
12 | this Article 6. The rules
and regulations shall give due | |||||||||||||||||||
13 | regard to capital adequacy,
operating income, underwriting | |||||||||||||||||||
14 | standards, risk inherent in the
investment or loan, and | |||||||||||||||||||
15 | competitive parity with other financial
institutions. | |||||||||||||||||||
16 | (b) Violations of any of the provisions of this Article 6
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17 | shall constitute an unsafe and unsound practice and may | |||||||||||||||||||
18 | subject the
savings bank, its directors, officers, or agents | |||||||||||||||||||
19 | to enforcement
actions, civil money penalties, or other | |||||||||||||||||||
20 | sanctions as provided in
this Act.
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21 | (Source: P.A. 86-1213.)
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