MAUTINO-BRADY-MOORE,EUGENE-FEIGENHOLTZ AND HOWARD. New Act 205 ILCS 5/48.2 from Ch. 17, par. 360.1 215 ILCS 5/499.1 from Ch. 73, par. 1065.46-1 Creates the Insurance Sales Act. Provides for the regulation of insurance sales by financial institutions by the Department of Insurance. Requires financial institutions to establish a separate subsidiary to act as an insurance registered firm. Prohibits financial institutions from linking banking products with insurance products. Establishes disclosure requirements. Prohibits financial institutions from discriminating against non-affiliated insurance producers. Requires compliance beginning 180 days after the effective date. Effective 180 days after becoming law. FISCAL NOTE (Dept. of Insurance) The Dept. does not anticipate any increased cost due to HB222. 97-01-22 H FIRST READING 97-01-22 H ADDED AS A JOINT SPONSOR BRADY 97-01-22 H ADDED AS A CO-SPONSOR MOORE,EUGENE 97-01-22 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 97-01-22 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-01-23 H ADDED AS A CO-SPONSOR KOTLARZ 97-02-10 H ASSIGNED TO COMMITTEE BANKS-INSURN 97-02-19 H FISCAL NOTE FILED 97-02-19 H COMMITTEE BANKS-INSURN 97-02-20 H ADDED AS A CO-SPONSOR HOWARD 97-03-21 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary