101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1398
 
Introduced , by Rep. Michael J. Madigan
 
SYNOPSIS AS INTRODUCED:
 
  
205 ILCS 710/5

    Amends the Banking on Illinois Act.  Makes a technical change in a Section concerning findings and decclartions of policy.



LRB101 03404 JRG 48412 b

 
 
A BILL FOR
 


HB1398LRB101 03404 JRG 48412 b



1    AN ACT concerning regulation.

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

 
4    Section 5. The Banking on Illinois Act is amended by 
5changing Section 5 as follows:
 



6    (205 ILCS 710/5)



7    Sec. 5. Findings and declarations of policy. The
The 
8General Assembly hereby
finds and declares:

9        (1) that the economic strength and general welfare of 
10    Illinois depends on
a strong, profitable, and competitive 
11    banking industry in this State
that preserves and creates 
12    employment, increases credit availability, attracts

13    capital, and expands the savings base for the citizens of 
14    this State;


15        (2) that the removal of geographic restrictions in the 
16    federal banking
laws and in the laws of the 50 states has 
17    given rise to a substantial number of
newly created 
18    community banks and interstate bank mergers requiring the

19    selection of main office locations and relocations;


20        (3) that by ensuring a favorable environment for banks 
21    to commence and
operate their businesses from this State, 
22    more newly created community banks
and merging banks will 
23    choose to maintain or retain their headquarters in and

 
 
HB1398- 2 -LRB101 03404 JRG 48412 b

1    relocate their main banking offices to Illinois; and


2        (4) that preserving and increasing the number of bank 
3    headquarters and
main banking offices within Illinois will 
4    substantially increase employment
opportunities, credit 
5    availability, and capital investment in this State,
while 
6    strengthening the savings base of this State, thereby 
7    providing
significant benefits to all Illinois citizens, 
8    to commercial and agricultural
businesses of all sizes in 
9    this State, and to all local governments and
political 
10    subdivisions of this State.

11(Source: P.A. 91-330, eff. 7-29-99.)