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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1440 Introduced 2/25/2021, by Sen. Dan McConchie SYNOPSIS AS INTRODUCED:
| | 205 ILCS 205/6014 | from Ch. 17, par. 7306-14 |
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Amends the Savings Bank Act. Makes a technical change in a Section concerning
rules and regulations.
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| | A BILL FOR |
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| | SB1440 | | LRB102 11218 BMS 16550 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Savings Bank Act is amended by changing |
| 5 | | Section 6014 as follows:
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| 6 | | (205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
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| 7 | | Sec. 6014. Commissioner's regulations.
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| 8 | | (a) The
The Commissioner shall 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 6
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| 17 | | 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.
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| 21 | | (Source: P.A. 86-1213.)
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