093_HB2269

 
                                     LRB093 10228 JLS 10482 b

 1        AN ACT concerning financial institutions.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Banking Act is amended by adding
 5    Section 13.6 as follows:

 6        (205 ILCS 5/13.6 new)
 7        Sec.  13.6.  Banks  as  limited  liability  companies.  A
 8    State bank may be chartered as a limited  liability  company,
 9    may convert to a limited liability company, or may merge with
10    and   into  a  limited  liability  company  pursuant  to  the
11    applicable laws of this State and any rule promulgated by the
12    Commissioner or by the appropriate  federal  banking  agency.
13    If  federal  law  or the federal Office of the Comptroller of
14    the Currency authorizes a national bank to be chartered as  a
15    limited  liability  company  or to convert to or merge with a
16    limited liability company, a State bank  shall  be  permitted
17    similar  authority  subject  to terms and conditions that are
18    not more onerous than those applicable to the national bank.

19        Section 10.  The Limited Liability Company Act is amended
20    by changing Section 1-25 as follows:

21        (805 ILCS 180/1-25)
22        Sec.  1-25.  Nature  of  business.  A  limited  liability
23    company may be formed for  any  lawful  purpose  or  business
24    except:
25             (1)  (blank) banking,   exclusive   of   fiduciaries
26        organized  for  the  purpose  of  accepting and executing
27        trusts;
28             (2)  insurance unless, for the purpose  of  carrying
29        on business as a member of a group including incorporated
 
                            -2-      LRB093 10228 JLS 10482 b
 1        and  individual unincorporated underwriters, the Director
 2        of Insurance finds that the group meets the  requirements
 3        of subsection (3) of Section 86 of the Illinois Insurance
 4        Code  and the limited liability company, if insolvent, is
 5        subject to liquidation by the Director of Insurance under
 6        Article XIII of the Illinois Insurance Code;
 7             (3)  the  practice  of  dentistry  unless  all   the
 8        members  and  managers are licensed as dentists under the
 9        Illinois Dental Practice Act; or
10             (4)  the  practice  of  medicine  unless   all   the
11        managers, if any, are licensed to practice medicine under
12        the Medical Practice Act of 1987 and any of the following
13        conditions apply:
14                  (A)  the  member  or  members  are  licensed to
15             practice medicine under the Medical Practice Act  of
16             1987; or
17                  (B)  the  member  or  members  are a registered
18             medical  corporation   or   corporations   organized
19             pursuant to the Medical Corporation Act; or
20                  (C)  the  member  or members are a professional
21             corporation organized pursuant to  the  Professional
22             Service  Corporation  Act  of physicians licensed to
23             practice medicine in all its branches; or
24                  (D)  the  member  or  members  are  a   medical
25             limited liability company or companies.
26    (Source: P.A. 91-593, eff. 8-14-99; 92-144, eff. 7-24-01.)

27        Section  99.  Effective date.  This Act takes effect upon
28    becoming law.