95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4873

 

Introduced , by Rep. John A. Fritchey

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 710/5

    Amends the Banking on Illinois Act. Makes a technical change in the findings Section.


LRB095 15614 MJR 41615 b

 

 

A BILL FOR

 

HB4873 LRB095 15614 MJR 41615 b

1     AN ACT concerning regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Banking on Illinois Act is amended by
5 changing Section 5 as follows:
 
6     (205 ILCS 710/5)
7     Sec. 5. Findings and declarations of policy. The The
8 General Assembly hereby finds and declares:
9         (1) that the economic strength and general welfare of
10     Illinois depends on a strong, profitable, and competitive
11     banking industry in this State that preserves and creates
12     employment, increases credit availability, attracts
13     capital, and expands the savings base for the citizens of
14     this State;
15         (2) that the removal of geographic restrictions in the
16     federal banking laws and in the laws of the 50 states has
17     given rise to a substantial number of newly created
18     community banks and interstate bank mergers requiring the
19     selection of main office locations and relocations;
20         (3) that by ensuring a favorable environment for banks
21     to commence and operate their businesses from this State,
22     more newly created community banks and merging banks will
23     choose to maintain or retain their headquarters in and

 

 

HB4873 - 2 - LRB095 15614 MJR 41615 b

1     relocate their main banking offices to Illinois; and
2         (4) that preserving and increasing the number of bank
3     headquarters and main banking offices within Illinois will
4     substantially increase employment opportunities, credit
5     availability, and capital investment in this State, while
6     strengthening the savings base of this State, thereby
7     providing significant benefits to all Illinois citizens,
8     to commercial and agricultural businesses of all sizes in
9     this State, and to all local governments and political
10     subdivisions of this State.
11 (Source: P.A. 91-330, eff. 7-29-99.)