State of Illinois
2017 and 2018


Introduced , by Rep. Michael J. Madigan


205 ILCS 5/3  from Ch. 17, par. 309

    Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.

LRB100 03006 SMS 13011 b





HB1273LRB100 03006 SMS 13011 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 Illinois Banking Act is amended by changing
5Section 3 as follows:
6    (205 ILCS 5/3)  (from Ch. 17, par. 309)
7    Sec. 3. Formation and primary powers. It shall be lawful to
8form banks, as herein provided, for the the purpose of discount
9and deposit, buying and selling exchange and doing a general
10banking business, excepting the issuing of bills to circulate
11as money; and such banks shall have the power to loan money on
12personal and real estate security, and to accept and execute
13trusts upon obtaining a certificate of authority pursuant to
14the "Corporate Fiduciary Act", and shall be subject to all of
15the provisions of this Act. For purposes of this Section, "real
16estate" includes a manufactured home as defined in subdivision
17(53) of Section 9-102 of the Uniform Commercial Code that is
18real property as defined in Section 5-35 of the Conveyance and
19Encumbrance of Manufactured Homes as Real Property and
20Severance Act.
21(Source: P.A. 98-749, eff. 7-16-14.)