SB2325 Engrossed

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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 Engrossed
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LRB094 17301 MKM 52595 b




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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. The Department of 
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Financial and Professional Regulation shall adopt rules to 
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implement this subsection (b).

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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.