99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2943

 

Introduced 2/18/2016, by Sen. Terry Link

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3205/0.2
20 ILCS 3205/0.8

    Amends the Division of Banking Act. Defines "Director" to mean the Director of the Division of Banking within the Department of Financial and Professional Regulation. Requires the Director, along with the Secretary of Financial and Professional Regulation or a person authorized by the Secretary and others, to be a person who is experienced in the theory and practice of the business of banks (rather than banks and other financial institutions). Effective immediately.


LRB099 18508 SMS 42887 b

 

 

A BILL FOR

 

SB2943LRB099 18508 SMS 42887 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Division of Banking Act is amended by
5changing Sections 0.2 and 0.8 as follows:
 
6    (20 ILCS 3205/0.2)
7    Sec. 0.2. Definitions. For the purposes of this Act, unless
8the context otherwise requires:
9    "Commissioner" means the Secretary of Financial and
10Professional Regulation or a person authorized by the
11Secretary, the Division of Banking Act, or by this Act to act
12in the Secretary's stead.
13    "Director" means the Director of the Division.
14    "Division" means the Division of Banking within the
15Department of Financial and Professional Regulation.
16    "Office" means the Division of Banking within the
17Department of Financial and Professional Regulation.
18(Source: P.A. 96-1365, eff. 7-28-10.)
 
19    (20 ILCS 3205/0.8)
20    Sec. 0.8. Commissioner and deputy commissioners.
21    (a) The Office of Banks and Real Estate shall be under the
22direction of the Commissioner of Banks and Real Estate.

 

 

SB2943- 2 -LRB099 18508 SMS 42887 b

1    There shall be a First Deputy Commissioner and such other
2deputy commissioners as the Governor may deem appropriate. All
3deputy commissioners shall be under the direction,
4supervision, and control of the Commissioner. The Commissioner
5may delegate to one or more of the deputy commissioners any
6power or duty that the Commissioner is authorized or required
7by law to perform.
8    (b) The Commissioner, Director, and any all deputy
9commissioners shall be persons who are experienced in the
10theory and practice of the business of banks and other
11financial institutions.
12    (c) The Commissioner, the First Deputy Commissioner, and
13the deputy commissioners shall be appointed by the Governor
14with the advice and consent of the Senate. If a vacancy occurs
15while the Senate is not in session, the Governor may make a
16temporary appointment until the next meeting of the Senate,
17when the Governor shall nominate some person to fill the
18vacancy. A person nominated to fill a vacancy, if confirmed by
19the Senate, shall hold office for the remainder of the vacated
20term and until his or her successor has been appointed and has
21qualified.
22    (d) If the Commissioner is absent or unable to act, or if
23the position of Commissioner becomes vacant, the First Deputy
24Commissioner shall be Acting Commissioner and shall execute the
25powers and discharge the duties vested by law in the
26Commissioner until a temporary appointment is made as provided

 

 

SB2943- 3 -LRB099 18508 SMS 42887 b

1in subsection (c).
2    If both the Commissioner and the First Deputy Commissioner
3are absent or unable to act, or if the positions of
4Commissioner and First Deputy Commissioner are both vacant, the
5Governor shall designate another deputy commissioner as Acting
6Commissioner to execute the powers and discharge the duties
7vested by law in the Commissioner until a temporary appointment
8is made as provided in subsection (c).
9    (e) The terms of the persons serving as the Commissioner,
10First Deputy Commissioner, and Deputy Commissioners of Banks
11and Trust Companies shall end on the effective date of this
12amendatory Act of 1996, or as sooner provided by executive
13order, except that those persons shall continue to serve as
14Commissioner, First Deputy Commissioner, and Deputy
15Commissioners of the Office of Banks and Real Estate,
16respectively, until their successors have been appointed and
17have qualified.
18    (f) The Commissioner, First Deputy Commissioner, and
19Deputy Commissioners of the Office of Banks and Real Estate
20shall hold office for terms beginning upon confirmation and
21continuing until January 31, 2000 and until their successors
22have been appointed and have qualified. Thereafter the
23Commissioner, First Deputy Commissioner, and Deputy
24Commissioners of the Office of Banks and Real Estate shall
25serve for terms of 4 years beginning on February 1, 2000 and on
26February 1 of every fourth year thereafter.

 

 

SB2943- 4 -LRB099 18508 SMS 42887 b

1(Source: P.A. 89-508, eff. 7-3-96.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.