State of Illinois
2017 and 2018


Introduced 1/24/2018, by Sen. John J. Cullerton


205 ILCS 205/6014  from Ch. 17, par. 7306-14

    Amends the Savings Bank Act. Makes a technical change in a Section concerning rules and regulations.

LRB100 17895 XWW 33079 b





SB2388LRB100 17895 XWW 33079 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 Savings Bank Act is amended by changing
5Section 6014 as follows:
6    (205 ILCS 205/6014)  (from Ch. 17, par. 7306-14)
7    Sec. 6014. Commissioner's regulations.
8    (a) The The Commissioner shall promulgate rules and
9regulations to determine permissible levels of investment and
10permissible concentrations of assets for savings banks
11applicable to all lending and investment authority granted by
12this Article 6. The rules and regulations shall give due regard
13to capital adequacy, operating income, underwriting standards,
14risk inherent in the investment or loan, and competitive parity
15with other financial institutions.
16    (b) Violations of any of the provisions of this Article 6
17shall constitute an unsafe and unsound practice and may subject
18the savings bank, its directors, officers, or agents to
19enforcement actions, civil money penalties, or other sanctions
20as provided in this Act.
21(Source: P.A. 86-1213.)