Bill Text: IL HB5270 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Savings Bank Act. Makes a technical change in a Section concerning rules and regulations.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee [HB5270 Detail]

Download: Illinois-2015-HB5270-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB5270 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
205 ILCS 205/6014 from Ch. 17, par. 7306-14
Amends the Savings Bank Act. Makes a technical change in a Section concerning rules and regulations.
LRB099 17391 SMS 41749 b
A BILL FOR
HB5270 LRB099 17391 SMS 41749 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Savings Bank Act is amended by changing
Section 6014 as follows:
(205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
Sec. 6014. Commissioner's regulations.
(a) The The Commissioner shall promulgate rules and
regulations to determine permissible levels of investment and
permissible concentrations of assets for savings banks
applicable to all lending and investment authority granted by
this Article 6. The rules and regulations shall give due regard
to capital adequacy, operating income, underwriting standards,
risk inherent in the investment or loan, and competitive parity
with other financial institutions.
(b) Violations of any of the provisions of this Article 6
shall constitute an unsafe and unsound practice and may subject
the savings bank, its directors, officers, or agents to
enforcement actions, civil money penalties, or other sanctions
as provided in this Act.
(Source: P.A. 86-1213.)