Sen. Michael W. Frerichs

Filed: 3/22/2012

 

 


 

 


 
09700SB3583sam002LRB097 17481 PJG 67759 a

1
AMENDMENT TO SENATE BILL 3583

2    AMENDMENT NO. ______. Amend Senate Bill 3583 as follows:
 
3on page 14, by replacing lines 17 through 19 with the
4following:
 
5    "from a derivative transaction between"; and
 
6by replacing lines 19 through 26 on page 20 and lines 1 through
711 on page 21 with the following:
 
8    "(2.5) Whenever any State bank, any subsidiary or affiliate
9of a State bank, or after May 31, 1997, any branch of an
10out-of-state bank causes to be performed, by contract or
11otherwise, any bank services, loan syndication, or loan
12securitization for itself, whether on or off its premises:
13        (a) that performance shall be subject to examination by
14    the Secretary Commissioner to the same extent as if

 

 

09700SB3583sam002- 2 -LRB097 17481 PJG 67759 a

1    services, loan syndication, or loan securitization were
2    being performed by the bank or, after May 31, 1997, branch
3    of the out-of-state bank itself on its own premises; and
4        (b) the bank or, after May 31, 1997, branch of the
5    out-of-state bank shall notify the Secretary Commissioner
6    of the existence of a service, loan syndication, or loan
7    securitization relationship. The notification shall be
8    submitted with the first statement of condition (as
9    required by Section 47 of this Act) due after the making of
10    the service, loan syndication, or loan securitization
11    contract or the performance of the service, loan
12    syndication, or loan securitization, whichever occurs
13    first. The Secretary Commissioner shall be notified of each
14    subsequent contract in the same manner."; and
 
15on page 21, immediately below line 19, by inserting the
16following:
 
17    "For purposes of this subsection (2.5), the terms "loan
18syndication" and "loan securitization" shall be defined by
19rule, as promulgated by the Department of Financial and
20Professional Regulation pursuant to the Illinois
21Administrative Procedure Act."; and
 
22on page 70, by replacing lines 13 through 15 with the
23following:
 

 

 

09700SB3583sam002- 3 -LRB097 17481 PJG 67759 a

1    "derivative transaction between the savings bank".