Bill Text: IL SB1222 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Foreign Bank Representative Office Act. Removes from the definition of "foreign bank" a bank, savings association, or trust company which is organized in a state or territory of the United States, including the District of Columbia, outside of the State of Illinois and a national bank having its principal place of business in a state or territory of the United States, including the District of Columbia, other than the State of Illinois. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB1222 Detail]

Download: Illinois-2017-SB1222-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB1222 Introduced 2/7/2017, by Sen. Michael Connelly SYNOPSIS AS INTRODUCED:
205 ILCS 650/2 from Ch. 17, par. 2852
Amends the Foreign Bank Representative Office Act. Removes from the definition of "foreign bank" a bank, savings association, or trust company which is organized in a state or territory of the United States, including the District of Columbia, outside of the State of Illinois and a national bank having its principal place of business in a state or territory of the United States, including the District of Columbia, other than the State of Illinois. Effective immediately.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Foreign Bank Representative Office Act is
amended by changing Section 2 as follows:
(205 ILCS 650/2) (from Ch. 17, par. 2852)
Sec. 2. Definitions. As used in this Act, unless the
context requires otherwise:
(a) "Commissioner" means the Secretary of Financial and
Professional Regulation or a person authorized by the
Secretary, the Division of Banking Act, or this Act to act in
the Secretary's stead.
(b) "Foreign bank" means (1) a bank, savings bank, savings
association, or trust company which is organized under the laws
of any state or territory of the United States, including the
District of Columbia, other than the State of Illinois; (2) a
national bank having its principal place of business in any
state or territory of the United States, including the District
of Columbia, other than the State of Illinois; or (3) a bank or
trust company organized and operating under the laws of a
country other than the United States of America.
(c) "Representative office" means an office in the State of
Illinois at which a foreign bank engages in representational

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functions but does not conduct a commercial banking business.
(d) "Division" means the Division of Banking within the
Department of Financial and Professional Regulation.
(Source: P.A. 98-1081, eff. 1-1-15.)
Section 99. Effective date. This Act takes effect upon
becoming law.