94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2325


 
Introduced 1/12/2006, by Sen. Mike Jacobs
 
SYNOPSIS AS INTRODUCED:
 		














205 ILCS 610/2
  from Ch. 17, par. 1002







    Amends the Banking Emergencies Act. Provides that, whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in this State and to remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB2325

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    AN ACT concerning regulation.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Banking Emergencies Act is amended  by 
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changing Section 2 as follows:
 



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    (205 ILCS 610/2)  (from Ch. 17, par. 1002)



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    Sec. 2. Power of Commissioner. 
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    (a) Whenever the Commissioner is notified by any officer of 
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a bank or by any
other means becomes aware that an
emergency 
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exists, or is impending, he may, by proclamation, authorize all 
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banks in the State
of Illinois to close any or all of their 
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offices, or if only a
bank or banks, or offices thereof, in a 
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particular
area or areas of the State of Illinois are affected 
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by the emergency or
impending
emergency, the Commissioner may 
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authorize only the affected bank, banks, or
offices thereof, to 
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close.  The office or offices so closed may remain closed
until

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the Commissioner declares, by further proclamation, that the 
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emergency or
impending emergency has ended. The
Commissioner 
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during an emergency or while an impending emergency exists,

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which affects, or may affect, a particular bank or banks, or a 
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particular
office or offices thereof, but not banks located in 
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the area generally of
the said county or municipality, may 
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authorize the particular bank or
banks, or office or offices so 
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affected, to close. The office or offices so
closed shall 
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remain closed until the Commissioner is notified by a bank

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officer of the closed bank that the emergency has ended. The 
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Commissioner
shall notify, at such time, the officers of the 
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bank that one or more
offices, heretofore closed because of the 
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emergency, should reopen and, in
either event, for such further 
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time thereafter as may reasonably be
required to reopen.

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    (b) Whenever the Commissioner becomes aware that an 
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emergency exists, or is impending, he or she may, by 
 


 






SB2325
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proclamation, authorize any bank organized under the laws of 
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another state, or of the United States, to open and operate 
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offices in this State, notwithstanding any other laws of this 
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State to the contrary.  Any office or offices opened in 
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accordance with this subsection may remain open until the 
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Commissioner declares, by further proclamation, that the 
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emergency or impending emergency has ended.

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(Source: P.A. 92-483, eff. 8-23-01.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.