State of Illinois
92nd General Assembly
Legislation

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92_HB3948

 
                                               LRB9213909JSpc

 1        AN ACT in relation to financial regulation.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Savings Bank Act is amended  by  changing
 5    Section 6014 as follows:

 6        (205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
 7        Sec. 6014.  Commissioner's regulations.
 8        (a)  The  Commissioner  shall  make  promulgate rules and
 9    regulations to determine permissible levels of investment and
10    permissible  concentrations  of  assets  for  savings   banks
11    applicable to all lending and investment authority granted by
12    this  Article  6.   The  rules and regulations shall give due
13    regard to capital adequacy,  operating  income,  underwriting
14    standards,  risk  inherent  in  the  investment  or loan, and
15    competitive parity with other financial institutions.
16        (b)  Violations of any of the provisions of this  Article
17    6  shall  constitute  an  unsafe and unsound practice and may
18    subject the savings bank, its directors, officers, or  agents
19    to  enforcement  actions,  civil  money  penalties,  or other
20    sanctions as provided in this Act.
21    (Source: P.A. 86-1213.)

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