Bill Text: IL SB0502 | 2015-2016 | 99th General Assembly | Introduced

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

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2015-04-21 - Re-referred to Assignments [SB0502 Detail]

Download: Illinois-2015-SB0502-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB0502 Introduced 1/28/2015, by Sen. John J. Cullerton 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.
LRB099 03169 MGM 23177 b
A BILL FOR
SB0502 LRB099 03169 MGM 23177 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by changing
Section 3 as follows:
(205 ILCS 5/3) (from Ch. 17, par. 309)
Sec. 3. Formation and primary powers. It shall be lawful to
form banks, as herein provided, for the the purpose of discount
and deposit, buying and selling exchange and doing a general
banking business, excepting the issuing of bills to circulate
as money; and such banks shall have the power to loan money on
personal and real estate security, and to accept and execute
trusts upon obtaining a certificate of authority pursuant to
the "Corporate Fiduciary Act", and shall be subject to all of
the provisions of this Act. For purposes of this Section, "real
estate" includes a manufactured home as defined in subdivision
(53) of Section 9-102 of the Uniform Commercial Code that is
real property as defined in Section 5-35 of the Conveyance and
Encumbrance of Manufactured Homes as Real Property and
Severance Act.
(Source: P.A. 98-749, eff. 7-16-14.)