102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB0606

 

Introduced 2/24/2021, by Sen. Jacqueline Y. Collins

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 710/5

    Amends the Banking on Illinois Act. Makes a technical change in a Section concerning findings and declarations of policy.


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A BILL FOR

 

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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 Banking on Illinois Act is amended by
5changing Section 5 as follows:
 
6    (205 ILCS 710/5)
7    Sec. 5. Findings and declarations of policy. The The
8General Assembly hereby finds and declares:
9        (1) that the economic strength and general welfare of
10    Illinois depends on a strong, profitable, and competitive
11    banking industry in this State that preserves and creates
12    employment, increases credit availability, attracts
13    capital, and expands the savings base for the citizens of
14    this State;
15        (2) that the removal of geographic restrictions in the
16    federal banking laws and in the laws of the 50 states has
17    given rise to a substantial number of newly created
18    community banks and interstate bank mergers requiring the
19    selection of main office locations and relocations;
20        (3) that by ensuring a favorable environment for banks
21    to commence and operate their businesses from this State,
22    more newly created community banks and merging banks will
23    choose to maintain or retain their headquarters in and

 

 

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1    relocate their main banking offices to Illinois; and
2        (4) that preserving and increasing the number of bank
3    headquarters and main banking offices within Illinois will
4    substantially increase employment opportunities, credit
5    availability, and capital investment in this State, while
6    strengthening the savings base of this State, thereby
7    providing significant benefits to all Illinois citizens,
8    to commercial and agricultural businesses of all sizes in
9    this State, and to all local governments and political
10    subdivisions of this State.
11(Source: P.A. 91-330, eff. 7-29-99.)