SB3583sam002 97TH GENERAL ASSEMBLY

Sen. Michael W. Frerichs

Filed: 3/22/2012

09700SB3583sam002 LRB097 17481 PJG 67759 a

AMENDMENT TO SENATE BILL 3583

AMENDMENT NO. ______. Amend Senate Bill 3583 as follows:

on page 14, by replacing lines 17 through 19 with the following:

"from a derivative transaction between"; and

by replacing lines 19 through 26 on page 20 and lines 1 through 11 on page 21 with the following:

"(2.5) Whenever any State bank, any subsidiary or affiliate of a State bank, or after May 31, 1997, any branch of an out-of-state bank causes to be performed, by contract or otherwise, any bank services, loan syndication, or loan securitization for itself, whether on or off its premises:

(a) that performance shall be subject to examination by the Secretary Commissioner to the same extent as if services, loan syndication, or loan securitization were being performed by the bank or, after May 31, 1997, branch of the out-of-state bank itself on its own premises; and

(b) the bank or, after May 31, 1997, branch of the out-of-state bank shall notify the Secretary Commissioner of the existence of a service, loan syndication, or loan securitization relationship. The notification shall be submitted with the first statement of condition (as required by Section 47 of this Act) due after the making of the service, loan syndication, or loan securitization contract or the performance of the service, loan syndication, or loan securitization, whichever occurs first. The Secretary Commissioner shall be notified of each subsequent contract in the same manner."; and

on page 21, immediately below line 19, by inserting the following:

"For purposes of this subsection (2.5), the terms "loan syndication" and "loan securitization" shall be defined by rule, as promulgated by the Department of Financial and Professional Regulation pursuant to the Illinois Administrative Procedure Act."; and

on page 70, by replacing lines 13 through 15 with the following:

"derivative transaction between the savings bank".