Bill Text: IL SB3583 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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
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 follows:
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| 3 | by deleting line 3 on page 5 through line 15 on page 8; and
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| 4 | on page 97, by replacing line 15 with the following:
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| 5 | "changing Sections 0.05, 4, and 7 as follows:"; and
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| 6 | on page 103, immediately below line 24, by inserting the | ||||||
| 7 | following:
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| 8 | "(205 ILCS 510/4) (from Ch. 17, par. 4654)
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| 9 | Sec. 4.
Every pawnbroker shall, at the time of making any | ||||||
| 10 | advancement
or loan, deliver to the person pawning or pledging | ||||||
| 11 | any property, a
memorandum, contract, or note signed by him | ||||||
| 12 | containing an accurate
account and description, in the English | ||||||
| 13 | language, of all the goods,
articles or other things pawned or | ||||||
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| 1 | pledged, the amount of money,
value of things loaned thereon, | ||||||
| 2 | the time of pledging the same, the
rate of interest to be paid | ||||||
| 3 | on the loan, the name and residence of
the person making the | ||||||
| 4 | pawn or pledge, and the amount of any fees
as specified in | ||||||
| 5 | Section 2 of this Act.
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| 6 | (Source: P.A. 87-802.)".
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