Bill Text: IL SB2823 | 2019-2020 | 101st 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB2823 Detail]

Download: Illinois-2019-SB2823-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB2823 Introduced 2/4/2020, by Sen. Emil Jones, III 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.
LRB101 19489 BMS 68962 b
A BILL FOR
SB2823 LRB101 19489 BMS 68962 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.)