Bill Text: IL HB1949 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2017-04-28 - Rule 19(a) / Re-referred to Rules Committee [HB1949 Detail]

Download: Illinois-2017-HB1949-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1949

Introduced , by Rep. Jim Durkin

SYNOPSIS AS INTRODUCED:
205 ILCS 5/3 from Ch. 17, par. 309

Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.
LRB100 04390 SMS 14396 b

A BILL FOR

HB1949LRB100 04390 SMS 14396 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Banking Act is amended by changing
5Section 3 as follows:
6 (205 ILCS 5/3) (from Ch. 17, par. 309)
7 Sec. 3. Formation and primary powers. It shall be lawful to
8form banks, as herein provided, for the the purpose of discount
9and deposit, buying and selling exchange and doing a general
10banking business, excepting the issuing of bills to circulate
11as money; and such banks shall have the power to loan money on
12personal and real estate security, and to accept and execute
13trusts upon obtaining a certificate of authority pursuant to
14the "Corporate Fiduciary Act", and shall be subject to all of
15the provisions of this Act. For purposes of this Section, "real
16estate" includes a manufactured home as defined in subdivision
17(53) of Section 9-102 of the Uniform Commercial Code that is
18real property as defined in Section 5-35 of the Conveyance and
19Encumbrance of Manufactured Homes as Real Property and
20Severance Act.
21(Source: P.A. 98-749, eff. 7-16-14.)
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