Bill Text: IL SB1080 | 2021-2022 | 102nd 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-04-30 - Rule 3-9(a) / Re-referred to Assignments [SB1080 Detail]

Download: Illinois-2021-SB1080-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB1080 Introduced 2/25/2021, by Sen. Don Harmon 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.
LRB102 04891 BMS 14910 b
A BILL FOR
SB1080 LRB102 04891 BMS 14910 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.)