90th General Assembly
Summary of SB1528
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Short description: 
ILLINOIS BANKING ACT-VARIOUS                                               

Synopsis of Bill as introduced:
        Amends the Illinois Banking Act.  Adds a  caption  to  a  Section      
   concerning the removal of bank directors.                                   
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          205 ILCS 5/16.1                                                      
          Adds reference to:                                                   
          20 ILCS 3210/6                  from Ch. 17, par. 406                
          205 ILCS 5/5                    from Ch. 17, par. 311                
          205 ILCS 5/9                    from Ch. 17, par. 316                
          205 ILCS 5/10                   from Ch. 17, par. 317                
          205 ILCS 5/13                   from Ch. 17, par. 320                
          205 ILCS 5/21.1                                                      
          205 ILCS 5/24                   from Ch. 17, par. 331                
          205 ILCS 5/48                   from Ch. 17, par. 359                
          205 ILCS 5/48.1                 from Ch. 17, par. 360                
          205 ILCS 305/1.1                from Ch. 17, par. 4402               
          205 ILCS 305/34.1 new                                                
          205 ILCS 305/61                 from Ch. 17, par. 4462               
          205 ILCS 205/1006               from Ch. 17, par. 7301-6             
          205 ILCS 205/1008               from Ch. 17, par. 7301-8             
          205 ILCS 205/6001               from Ch. 17, par. 7306-1             
          205 ILCS 205/6003               from Ch. 17, par. 7306-3             
          205 ILCS 205/6013               from Ch. 17, par. 7306-13            
          205 ILCS 616/85 new                                                  
          205 ILCS 620/1-7                from Ch. 17, par. 1551-7             
          205 ILCS 620/4-4                from Ch. 17, par. 1554-4             
          205 ILCS 620/5-6                from Ch. 17, par. 1555-6             
          205 ILCS 670/19.1               from Ch. 17, par. 5425.1             
          205 ILCS 675/12 new                                                  
          625 ILCS 5/3-114                from Ch. 95 1/2, par. 3-114          
          625 ILCS 5/3-117.1              from Ch. 95 1/2, par. 3-117.1        
          625 ILCS 5/3-104.1 rep.                                              
          760 ILCS 65/9                   from Ch. 17, par. 2009               
          810 ILCS 5/9-105                from Ch. 26, par. 9-105              
          810 ILCS 5/9-106                from Ch. 26, par. 9-106              
          810 ILCS 5/9-302                from Ch. 26, par. 9-302              
          815 ILCS 120/6                  from Ch. 17, par. 856                
          815 ILCS 375/20                 from Ch. 121 1/2, par. 580           
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends  the  Illinois  Bank  Examiners'  Education  Foundation  Act to      
   require only annual, rather  than  quarterly,  meetings.   Amends  the      
   Illinois  Banking  Act  to  authorize  banks  to  offer any product or      
   service offered  by  any  insured  savings  association.   Allows  the      
   Commissioner  of  Banks and Real Estate to consider the qualifications      
   and experience  of  proposed  management  and  the  proposed  plan  of      
   operation  when  determining  whether  to issue a permit to organize a      
   bank  and  to  consider  the  prior  involvement  of   a   controlling      
   stockholder  of  a  proposed  bank with respect to any other financial      
   institution when determining whether to issue a charter.  With respect      
   to mergers and the establishment of branches by out-of-state banks,         
   allows  the  Commissioner  to accept copies of applications filed with      
   the  out of state  bank's  chartering   authority.    Authorizes   the      
   Commissioner  to  discipline  bank  personnel  for acts committed with      
   respect to other financial institutions or business entities.   Allows      
   banks  to  share information with affiliates.  Amends the Savings Bank      
   Act to authorize savings banks to exercise the  powers  of  banks  and      
   invest   in  investment  grade  securities  issued  by  other  states,      
   territories, and political subdivisions.  Amends the  Illinois  Credit      
   Union  Act  to  authorize  the Department of Financial Institutions to      
   institute  involuntary  mergers as  an  alternative  to   liquidation.      
   Provides  for  the  confidentiality  of  compliance  review documents.      
   Amends the Electronic Fund Transfer Act  and  the  Illinois  Financial      
   Services  Development Act to absolve from liability entities organized      
   under those Acts for acts or omissions made in conformity with a rule,      
   interpretation, or order of the Commissioner of Banks and Real  Estate      
   or  the  Department  of  Financial Institutions.  Amends the Corporate      
   Fiduciary Act to authorize the Commissioner of Banks and  Real  Estate      
   to  specify  circumstances  under  which  trust  companies may acquire      
   subsidiaries without advance notice to  the  Commissioner.   Abolishes      
   the  requirement  that  a branch of an out-of-state bank must obtain a      
   certificate  of  authority  from   the   Commissioner.    Allows   the      
   Commissioner  to  discipline  corporate  fiduciary  personnel for acts      
   committed with respect to other financial  institutions  and  business      
   entities.   Amends  the  Fiduciary  Obligations  Act  to provide that,      
   notwithstanding any other law, banks are not liable to a principal for      
   moneys transferred by the principal's fiduciary unless  the  bank  has      
   actual  knowledge  that  the  fiduciary  is  committing  a  breach  of      
   obligation  or  unless  the bank has knowledge of facts that cause its      
   acceptance or transfer of the funds to amount to  bad  faith.   Amends      
   the  Uniform  Commercial  Code  to  allow  lenders to perfect security      
   interests in certificates of deposit.   Amends  the  Illinois  Vehicle      
   Code   to   abolish   the  requirement  that  a  lienholder  obtain  a      
   repossession title prior to sale of a repossessed vehicle.  Amends the      
   Illinois Fairness in Lending Act, the Motor Vehicle Retail Installment      
   Sales Act, and the Consumer Installment Loan  Act  to  abolish  notice      
   requirements  and other procedural repossession provisions.  Effective      
   immediately, except that provisions relating to repossession and title      
   transactions with respect to motor vehicles  take  effect  January  1,      
        SENATE AMENDMENT NO. 2.                                                
          Deletes reference to:                                                
          205 ILCS 675/12 new                                                  
        Provides that a credit union may not be required to  serve  as  a      
   surviving  credit  union in an involuntary merger.  Deletes provisions      
   providing immunity from liability for financial institutions operating      
   under the Illinois Financial Services Development Act when relying  on      
   an opinion of the Commissioner of Banks and Real Estate.  Requires the      
   notice  of  redemption  to  specify  the  date  of  and reason for the      
   repossession.  Provides for reinstatement of contracts or  loans  when      
   at  least  30%  of  the  payments for a vehicle have been made.  Makes      
   technical changes.                                                          
          FISCAL NOTE, S-AMS 1 & 2 (Office of Banks & Real Estate)             
          SB 1528 should create no change in revenues or expenditures.         
          HOUSING AFFORDABILITY IMPACT NOTE                                    
          This bill will not have a direct impact on the cost of con-          
          structing, purchasing, owning or selling a single-family re-         
          FISCAL NOTE (Office of Banks & Real Estate)                          
          No change from previous fiscal note.                                 
Last action on Bill: PUBLIC ACT.............................. 90-0665

   Last action date: 98-07-30

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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