Bill Text: IL SB3583 | 2011-2012 | 97th General Assembly | Amended
Bill Title: Repeals the Illinois Savings and Loan Act of 1985. Amends the Savings Bank Act. Provides that any institution organized under the Illinois Savings and Loan Act of 1985 shall be deemed a savings bank under the Illinois Savings Bank Act. Creates a new Article concerning the effect of the repeal of the Illinois Savings and Loan Act of 1985. Makes changes in provisions concerning out-of-state savings banks; reorganization to become a holding company; contents of articles of incorporation; directors; conduct of directors and officers; access to books and records; communication with members and shareholders; investment in loans; loans to one borrower; Secretary's regulations; powers of the Secretary; regulatory fees; and disclosure of reports of examinations and confidential supervisory information. Repeals provisions concerning the impairment of capital. Amends the Illinois Banking Act. Provides a definition for "money borrowed" in a provision concerning basic loaning limits. Provides that the Secretary when appointed as a receiver or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Also makes changes in the Freedom of Information Act, the Division of Banking Act, the State Finance Act, the Pawnbroker Regulation Act, the Corporate Fiduciary Act, the Residential Mortgage License Act of 1987, and the Foreign Bank Representative Office Act.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB3583 Detail]
Download: Illinois-2011-SB3583-Amended.html
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| 1 | AMENDMENT TO SENATE BILL 3583
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 3583, AS AMENDED, | ||||||
| 3 | by inserting immediately below the enacting clause the | ||||||
| 4 | following:
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| 5 | "Section 1. Purpose; intent. | ||||||
| 6 | (a) Public Act 97-849, "AN ACT concerning business", was | ||||||
| 7 | approved July 25, 2012. Public Act 97-849 contained an | ||||||
| 8 | effective date Section providing that the Act takes effect on | ||||||
| 9 | January 1, 2013.
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| 10 | (b) The purpose of this Act
is to delay the effective date | ||||||
| 11 | of the amendatory provisions contained in Sections 10, 15, and | ||||||
| 12 | 25 of Public Act 97-849 until the effective date of the federal | ||||||
| 13 | regulations implementing Sections 1431, 1432, and 1433 of the | ||||||
| 14 | federal Dodd-Frank Wall Street Reform and Consumer Protection | ||||||
| 15 | Act.
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| 16 | (c) This Act is not intended to repeal, even temporarily, | ||||||
| 17 | any statute that was changed by Sections 10, 15, and 25 of | ||||||
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| 1 | Public Act 97-849; rather, it is the intent of the General | ||||||
| 2 | Assembly to render the changes to those statutes by Public Act | ||||||
| 3 | 97-849 inoperative until the effective date of the federal | ||||||
| 4 | regulations implementing Sections 1431, 1432, and 1433 of the | ||||||
| 5 | federal Dodd-Frank Wall Street Reform and Consumer Protection | ||||||
| 6 | Act.
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| 7 | (d) This Act also makes substantive changes to the Code of | ||||||
| 8 | Civil Procedure unrelated to Public Act 97-849, specifically by | ||||||
| 9 | amending certain provisions of Section 15-1508 concerning the | ||||||
| 10 | Making Home Affordable Program.".
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