HB0533 96TH GENERAL ASSEMBLY

LRB096 08065 MJR 18171 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0533

Introduced 2/4/2009, by Rep. Charles E. Jefferson

SYNOPSIS AS INTRODUCED:

205 ILCS 5/48.7 new

Amends the Illinois Banking Act. Provides that a financial institution governed under the Act must fully disclose (1) to current customers, (2) to prospective customers, and (3) before any State business transaction whether the financial institution has received any federal financial assistance. Provides that the disclosure may be made through written communication, electronic mail, or on any form that may be filled out during the course of business.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning financial regulation.

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

Section 5. The Illinois Banking Act is amended by adding Section 48.7 as follows:

(205 ILCS 5/48.7 new)

Sec. 48.7. Disclosure by financial institutions of federal financial assistance.

(a) A financial institution governed under this Act must fully disclose (1) to current customers, (2) to prospective customers, and (3) before any State business transaction whether the financial institution has received any federal financial assistance.

(b) The disclosure required by this Section may be made through written communication, electronic mail, or on any form that may be filled out during the course of business.