Bill Status of SB 2710   93rd General Assembly


Short Description:  FIN REG-OUT OF STATE BANKS

Senate Sponsors
Sen. Kimberly A. Lightford-Dan Rutherford-Mattie Hunter

House Sponsors
(Rep. Joseph M. Lyons-Bill Mitchell-Sidney H. Mathias-Renee Kosel-Patricia R. Bellock)


Last Action  View All Actions

DateChamber Action
  8/20/2004SenatePublic Act . . . . . . . . . 93-0965

Statutes Amended In Order of Appearance
205 ILCS 5/21.2
205 ILCS 5/21.4 new
205 ILCS 5/80from Ch. 17, par. 392

Synopsis As Introduced
Amends the Illinois Banking Act. Provides that no out-of-state bank and no national bank whose main banking premises located outside of Illinois may establish a branch in Illinois unless the out-of-state or national bank obtains a certificate of authority and a written confirmation from the Commissioner of Banks and Real Estate in the manner provided in this Section. Provides that out-of-state banks or national banks with main banking premises in a state other than Illinois may merge with Illinois banks subject to certain conditions. In provisions pertaining to the power of the Banks and Trust Companies Board, provides that the Board may make recommendations to the Commissioner regarding whether the laws of another state are reciprocal with the laws of Illinois. Requires the Commissioner to report to the Board if the Commissioner determines whether the laws of another state are reciprocal with the laws of Illinois.

Senate Floor Amendment No. 2
Deletes reference to:
205 ILCS 5/80
Adds reference to:
205 ILCS 10/3.071from Ch. 17, par. 2510.01
205 ILCS 205/1006from Ch. 17, par. 7301-6
205 ILCS 205/1006.05 new
205 ILCS 205/1007.130 new

Clarifies the procedure for out-of-state banks to establish a branch in Illinois. Clarifies the minimum standards that the Commissioner of Banks and Real Estate must use to determine whether the laws of another state are substantially similar to the provisions of Illinois law. Deletes language amending the powers of the Banks and Trust Companies Board. Amends the Illinois Bank Holding Company Act of 1957. In provisions pertaining to an out-of-state bank holding companies merging or acquiring all or substantially all of the assets of an Illinois bank, provides that such activity may occur if a bank with which an Illinois bank is being merged or that is acquiring all or substantially all of the assets of an Illinois bank has its main banking premises in a state that is deemed to be reciprocal with Illinois and would be eligible to establish a branch under the Illinois Banking Act. Amends the Savings Bank Act. Provides that no out-of-state savings bank whose main banking premises is located in a state other than Illinois shall establish a branch in this State, other than a branch authorized pursuant to any other provision of this Act, unless specified conditions are met. Provides procedures for out-of-state savings banks to establish a branch in Illinois. Makes other changes. Effective immediately.

House Amendment No. 1
Provides that, to the extent an out-of-state savings bank has its main banking premises in a state that is reciprocal with Illinois and would be eligible to establish a branch pursuant to specified provisions of the Act, a savings bank may establish branches or offices at which savings or investments are regularly received or loans approved.

Actions 
DateChamber Action
  2/4/2004SenateFiled with Secretary by Sen. Kimberly A. Lightford
  2/4/2004SenateFirst Reading
  2/4/2004SenateReferred to Rules
  2/18/2004SenateAssigned to Financial Institutions
  2/26/2004SenateDo Pass Financial Institutions; 009-000-000
  2/26/2004SenatePlaced on Calendar Order of 2nd Reading March 2, 2004
  2/27/2004SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
  2/27/2004SenateSenate Floor Amendment No. 1 Referred to Rules
  3/23/2004SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
  3/23/2004SenateSenate Floor Amendment No. 2 Referred to Rules
  3/24/2004SenateSenate Floor Amendment No. 2 Rules Refers to Financial Institutions
  3/24/2004SenateSenate Floor Amendment No. 2 Be Adopted Financial Institutions; 008-000-000
  3/24/2004SenateSecond Reading
  3/24/2004SenateSenate Floor Amendment No. 2 Adopted; Lightford
  3/24/2004SenatePlaced on Calendar Order of 3rd Reading March 25, 2004
  3/24/2004SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/24/2004SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  3/25/2004SenateThird Reading - Passed; 055-000-000
  3/25/2004SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  3/29/2004HouseArrived in House
  3/29/2004HousePlaced on Calendar Order of First Reading
  3/29/2004HouseChief House Sponsor Rep. Joseph M. Lyons
  3/29/2004HouseFirst Reading
  3/29/2004HouseReferred to Rules Committee
  3/29/2004HouseAdded Alternate Chief Co-Sponsor Rep. Bill Mitchell
  4/20/2004HouseAssigned to Financial Institutions Committee
  4/28/2004HouseHouse Amendment No. 1 Filed with Clerk by Financial Institutions Committee
  4/28/2004HouseHouse Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  4/28/2004HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 011-000-000
  4/28/2004HousePlaced on Calendar 2nd Reading - Short Debate
  4/29/2004HouseAdded Alternate Chief Co-Sponsor Rep. Sidney H. Mathias
  4/29/2004HouseSecond Reading - Short Debate
  4/29/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/4/2004HouseAdded Alternate Chief Co-Sponsor Rep. Renee Kosel
  5/4/2004HouseAdded Alternate Chief Co-Sponsor Rep. Patricia R. Bellock
  5/11/2004HouseThird Reading - Short Debate - Passed 111-000-004
  5/11/2004SenateSecretary's Desk - Concurrence House Amendment(s) 01
  5/11/2004SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01-May 12, 2004.
  5/13/2004SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kimberly A. Lightford
  5/13/2004SenateHouse Amendment No. 1 Motion to Concur Referred to Rules
  5/20/2004SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions
  5/25/2004SenateHouse Amendment No. 1 Motion to Concur Be Adopted Financial Institutions; 007-000-000
  5/25/2004SenateHouse Amendment No. 1 Senate Concurs 057-000-000
  5/25/2004SenatePassed Both Houses
  6/23/2004SenateSent to the Governor
  8/20/2004SenateGovernor Approved
  8/20/2004SenateEffective Date August 20, 2004
  8/20/2004SenatePublic Act . . . . . . . . . 93-0965

Back To Top