State of Illinois
2021 and 2022


Introduced 2/25/2021, by Sen. Dan McConchie


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.

LRB102 11218 BMS 16550 b





SB1440LRB102 11218 BMS 16550 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
13regard to capital adequacy, operating income, underwriting
14standards, risk inherent in the investment or loan, and
15competitive parity with other financial institutions.
16    (b) Violations of any of the provisions of this Article 6
17shall constitute an unsafe and unsound practice and may
18subject the savings bank, its directors, officers, or agents
19to enforcement actions, civil money penalties, or other
20sanctions as provided in this Act.
21(Source: P.A. 86-1213.)