093_HB1979eng

 
HB1979 Engrossed                     LRB093 08853 JLS 09085 b

 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  Illinois  Banking  Act  is  amended  by
 5    changing Section 3 as follows:

 6        (205 ILCS 5/3) (from Ch. 17, par. 309)
 7        Sec. 3.  Formation and primary powers.  It  is  shall  be
 8    lawful  to form banks, as herein provided, for the purpose of
 9    discount and deposit, buying and selling exchange and doing a
10    general banking business, excepting the issuing of  bills  to
11    circulate  as  money;  and such banks shall have the power to
12    loan money on personal  and  real  estate  security,  and  to
13    accept  and  execute  trusts  upon obtaining a certificate of
14    authority pursuant to  the  "Corporate  Fiduciary  Act",  and
15    shall be subject to all of the provisions of this Act.
16    (Source: P.A. 85-1402.)