Bill Text: IL HB5287 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Banking on Illinois Act. Makes a technical change in the findings Section.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee [HB5287 Detail]
Download: Illinois-2015-HB5287-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 Banking on Illinois Act is amended by | |||||||||||||||||||
| 5 | changing Section 5 as follows:
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| 6 | (205 ILCS 710/5)
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| 7 | Sec. 5. Findings and declarations of policy. The
The | |||||||||||||||||||
| 8 | General Assembly hereby
finds and declares:
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| 9 | (1) that the economic strength and general welfare of | |||||||||||||||||||
| 10 | Illinois depends on
a strong, profitable, and competitive | |||||||||||||||||||
| 11 | banking industry in this State
that preserves and creates | |||||||||||||||||||
| 12 | employment, increases credit availability, attracts
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| 13 | capital, and expands the savings base for the citizens of | |||||||||||||||||||
| 14 | this State;
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| 15 | (2) that the removal of geographic restrictions in the | |||||||||||||||||||
| 16 | federal banking
laws and in the laws of the 50 states has | |||||||||||||||||||
| 17 | given rise to a substantial number of
newly created | |||||||||||||||||||
| 18 | community banks and interstate bank mergers requiring the
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| 19 | selection of main office locations and relocations;
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| 20 | (3) that by ensuring a favorable environment for banks | |||||||||||||||||||
| 21 | to commence and
operate their businesses from this State, | |||||||||||||||||||
| 22 | more newly created community banks
and merging banks will | |||||||||||||||||||
| 23 | choose to maintain or retain their headquarters in and
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| 1 | relocate their main banking offices to Illinois; and
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| 2 | (4) that preserving and increasing the number of bank | ||||||
| 3 | headquarters and
main banking offices within Illinois will | ||||||
| 4 | substantially increase employment
opportunities, credit | ||||||
| 5 | availability, and capital investment in this State,
while | ||||||
| 6 | strengthening the savings base of this State, thereby | ||||||
| 7 | providing
significant benefits to all Illinois citizens, | ||||||
| 8 | to commercial and agricultural
businesses of all sizes in | ||||||
| 9 | this State, and to all local governments and
political | ||||||
| 10 | subdivisions of this State.
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| 11 | (Source: P.A. 91-330, eff. 7-29-99.)
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