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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3859 Introduced , by Rep. Peter Breen SYNOPSIS AS INTRODUCED:
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| 205 ILCS 650/2 | from Ch. 17, par. 2852 |
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Amends the Foreign Bank Representative Office Act. Removes from the definition of "foreign bank" a bank, savings association, or trust company which is organized in a state or territory of the United States, including the District of Columbia, outside of the State of Illinois and a national bank having its principal place of business in a state or territory of the United States, including the District of Columbia, other than the State of Illinois. Effective immediately.
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| | A BILL FOR |
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| | HB3859 | | LRB100 05763 SMS 15786 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Foreign Bank Representative Office Act is |
| 5 | | amended by changing Section 2 as follows:
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| 6 | | (205 ILCS 650/2) (from Ch. 17, par. 2852)
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| 7 | | Sec. 2. Definitions. As used in this Act, unless the |
| 8 | | context requires
otherwise:
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| 9 | | (a) "Commissioner" means the Secretary of Financial and |
| 10 | | Professional Regulation or a
person authorized by the |
| 11 | | Secretary, the Division of Banking Act,
or this Act to act in |
| 12 | | the Secretary's stead.
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| 13 | | (b) "Foreign bank" means (1) a bank, savings bank, savings |
| 14 | | association, or trust company which is organized
under the laws |
| 15 | | of any state or territory of the United States, including the
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| 16 | | District of Columbia, other than the State of Illinois; (2) a |
| 17 | | national bank
having its principal place of business in any |
| 18 | | state or territory of the United
States, including the District |
| 19 | | of Columbia, other than the State of Illinois;
or (3) a bank or |
| 20 | | trust company organized and operating under the laws of a
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| 21 | | country other than the United States of America.
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| 22 | | (c) "Representative office" means an office in the State of |
| 23 | | Illinois at
which a foreign bank engages in representational |