Bill Status of HB3227  99th General Assembly

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Short Description:  IL BANKING ACT-SURPLUS

House Sponsors
Rep. Frank J. Mautino

Last Action

Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

205 ILCS 5/5

from Ch. 17, par. 311

205 ILCS 5/14

from Ch. 17, par. 321

205 ILCS 5/14.1

from Ch. 17, par. 321.1

Synopsis As Introduced
Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately.

Actions 

Date	Chamber	Action
2/25/2015	House	Filed with the Clerk by Rep. Frank J. Mautino
2/25/2015	House	First Reading
2/25/2015	House	Referred to Rules Committee
1/10/2017	House	Session Sine Die