90th General Assembly
Summary of SB0690
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
BANKS-PUBLIC FUNDS-CONTROL                                                 

Synopsis of Bill as introduced:
        Amends the Public Funds Investment Act  to  require  that  public      
   funds  must  be  invested  in banks or savings associations whose main      
   banking premises are located in Illinois. Amends the Illinois  Banking      
   Act  to  prohibit  a  change in control if the persons seeking control      
   would, after obtaining control, control 30% or more  of  the  deposits      
   located  in  this State. Provides that no state or national bank whose      
   main banking premises are located in another state may merge  into  or      
   acquire  an  Illinois  bank that has operated as a bank for 5 years or      
   less. Amends the Illinois Bank Holding Company Act of 1957 to restrict      
   mergers with Illinois banks that have operated for 5 years or less and      
   are controlled by an out of State bank.  Prohibits  combinations  that      
   would  result  in  control of 30% or more of the deposits in Illinois.      
   Effective immediately.                                                      
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          30 ILCS 235/1                                                        
          30 ILCS 235/2                                                        
        Deletes requirment that public funds be invested in banks that         
   have their main banking premises in Illinois. Effective June 1, 1997.       
          FISCAL NOTE, S-AM 1 (Office of Banks & Real Estate)                  
          SB 690 amended, would have no fiscal impact on this Dept.            
Last action on Bill: PUBLIC ACT.............................. 90-0226

   Last action date: 97-07-25

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


 Full Text  Bill Status