|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5857
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
|
|
205 ILCS 205/6014 |
from Ch. 17, par. 7306-14 |
|
Amends the Savings Bank Act. Makes a technical change in a Section concerning
rules and regulations of the Commissioner of Banks and Real Estate.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB5857 |
|
LRB093 16900 SAS 42557 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 Savings Bank Act is amended by changing
|
| 5 |
| Section 6014 as follows:
|
| 6 |
| (205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
|
| 7 |
| Sec. 6014. Commissioner's regulations.
|
| 8 |
| (a) The Commissioner shall make
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 regard |
| 13 |
| to capital adequacy,
operating income, underwriting standards, |
| 14 |
| risk inherent in the
investment or loan, and competitive parity |
| 15 |
| with other financial
institutions.
|
| 16 |
| (b) Violations of any of the provisions of this Article 6
|
| 17 |
| shall constitute an unsafe and unsound practice and may subject |
| 18 |
| the
savings bank, its directors, officers, or agents to |
| 19 |
| enforcement
actions, civil money penalties, or other sanctions |
| 20 |
| as provided in
this Act.
|
| 21 |
| (Source: P.A. 86-1213.)
|