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1 | AN ACT concerning financial 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 Savings Bank Act is amended by changing | ||||||||||||||||||||||||||
5 | Sections 1006 and 3002 as follows:
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6 | (205 ILCS 205/1006) (from Ch. 17, par. 7301-6)
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7 | Sec. 1006. Parity.
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8 | (a) Subject to the regulation of the Commissioner and in | ||||||||||||||||||||||||||
9 | addition to the
powers granted by this Act, each savings bank | ||||||||||||||||||||||||||
10 | operating under this Act shall
possess those powers granted by | ||||||||||||||||||||||||||
11 | regulation promulgated under the Federal
Deposit Insurance Act | ||||||||||||||||||||||||||
12 | for state savings banks.
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13 | (b) A savings bank may establish branches or offices at | ||||||||||||||||||||||||||
14 | which savings or
investments are regularly received or loans | ||||||||||||||||||||||||||
15 | approved as follows:
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16 | (1) to the extent branch powers and offices are granted
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17 | to State banks under the Illinois Banking Act;
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18 | (2) within the geographic area defined in Article 2 of | ||||||||||||||||||||||||||
19 | this Act
and subject to the provisions of Article 2 of this | ||||||||||||||||||||||||||
20 | Act;
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21 | (3) within the same geographic areas or states as those | ||||||||||||||||||||||||||
22 | states from
which a holding company is permitted to acquire | ||||||||||||||||||||||||||
23 | an Illinois savings bank or
an Illinois savings bank | ||||||||||||||||||||||||||
24 | holding company;
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25 | (4) to the same extent that holding companies and | ||||||||||||||||||||||||||
26 | savings and loan
associations headquartered outside the | ||||||||||||||||||||||||||
27 | State of Illinois are allowed to
operate in Illinois by | ||||||||||||||||||||||||||
28 | virtue of Articles 1A and 2B of the Illinois Savings
and | ||||||||||||||||||||||||||
29 | Loan Act of 1985;
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30 | (5) as the result of mergers, consolidations, or bulk | ||||||||||||||||||||||||||
31 | sales of
facilities in the case of relocations ;
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32 | (6) to the extent that a savings bank holding company, |
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1 | other than an Illinois savings bank holding company, may | ||||||
2 | control or own more than 5% of the voting shares or rights | ||||||
3 | of any Illinois savings bank or Illinois savings bank | ||||||
4 | holding company unless such savings bank holding company is | ||||||
5 | an out-of-state savings bank holding company and the laws | ||||||
6 | of the state which is the principal place of business of | ||||||
7 | such out-of-state savings bank holding company expressly | ||||||
8 | authorize an Illinois savings bank holding company to | ||||||
9 | acquire a savings bank or savings bank holding company in | ||||||
10 | that state under qualifications and conditions which are | ||||||
11 | not unduly restrictive when compared to those imposed by | ||||||
12 | the laws of Illinois, as determined by the Commissioner.
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13 | (c) The Commissioner may adopt regulations that provide for | ||||||
14 | the
establishment of branches as defined by the Commissioner.
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15 | (d) Notwithstanding any other provision of this Act, a | ||||||
16 | savings bank that
purchases or assumes all or any part of the | ||||||
17 | assets or liabilities of a bank,
savings bank, or savings and | ||||||
18 | loan association or merges or consolidates with a
bank, savings | ||||||
19 | bank, or savings and loan association may retain and maintain | ||||||
20 | the
main premises or branches of the former bank, savings bank, | ||||||
21 | or savings and loan
association as branches of the purchasing, | ||||||
22 | merging, or consolidating savings
bank, provided it assumes the | ||||||
23 | deposit liabilities of the bank, savings bank, or
savings and | ||||||
24 | loan association maintained at the main premises or branches.
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25 | (e) A savings bank has any power reasonably incident,
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26 | convenient, or useful
to
the accomplishment of the powers | ||||||
27 | conferred upon
the savings bank by this Act.
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28 | (Source: P.A. 89-74, eff. 6-30-95; 90-301, eff. 8-1-97; 90-665, | ||||||
29 | eff. 7-30-98.)
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30 | (205 ILCS 205/3002) (from Ch. 17, par. 7303-2)
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31 | Sec. 3002. Contents of application for permit to organize. | ||||||
32 | The application for a permit to organize shall be on
forms | ||||||
33 | required by the Commissioner, shall include all
information as | ||||||
34 | he deems necessary but must include at
least the following:
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35 | (1) The name, address, social security number, date
of |
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1 | birth, business address, home address, place of birth,
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2 | fingerprints, and occupation of each organizer.
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3 | (2) The name of the proposed savings bank.
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4 | (3) The address of the headquarters, main
business | ||||||
5 | office, and branches, if known, of the proposed
savings | ||||||
6 | bank. Information must include any real estate
interests of | ||||||
7 | the organizers that may be involved with
any of these | ||||||
8 | locations.
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9 | (4) The anticipated duration of the proposed
savings | ||||||
10 | bank, which may be perpetual.
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11 | (5) An audited financial statement of any
corporation | ||||||
12 | or partnership that is one of the organizers
or that shall | ||||||
13 | be either a controlling interest in the
proposed savings | ||||||
14 | bank, a lender to the proposed savings
bank, or a lender | ||||||
15 | for purposes of acquiring an interest
in the proposed | ||||||
16 | savings bank to any of the controlling
interests. The | ||||||
17 | Commissioner shall define by regulation
the terms | ||||||
18 | "controlling interest" and "lender".
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19 | (6) The proposed articles of incorporation and
bylaws.
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20 | (7) The number of shares of capital stock; the
number | ||||||
21 | of shares and classes of preferred stock, if any;
the par | ||||||
22 | value of each type of stock which may not be less
than $1; | ||||||
23 | the number of shares to be sold and the
per share initial | ||||||
24 | offering price of each share.
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25 | (Source: P.A. 86-1213.)
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26 | Section 99. Effective date. This Act takes effect upon | ||||||
27 | becoming law.
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