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HB0497 Enrolled |
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LRB095 05354 MJR 25438 b |
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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 Illinois Banking Act is amended by adding |
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| Section 21.5 as follows:
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| (205 ILCS 5/21.5 new) |
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| Sec. 21.5. Prohibition against establishment of branches |
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| on or near the premises of certain affiliates. |
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| (a) For purposes of this Section: |
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| "Affiliate" has the meaning ascribed to that term in item |
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| (1) of subsection (b) of Section 35.2 of this Act, except that |
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| for purposes of this Section, the provisions in item (1) of |
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| subsection (b) of Section 35.2 shall apply to all banks. |
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| "Bank" has the meaning ascribed to that term in the Federal |
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| Deposit Insurance Act and includes any out-of-state bank. |
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| "Bank holding company" and "financial holding company" |
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| have the meanings ascribed to those terms in the federal Bank |
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| Holding Company Act of 1956. |
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| (b) Notwithstanding any other law of this State, no bank |
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| may establish or maintain a branch that accepts deposits on or |
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| adjacent to the premises of an affiliate of the bank if the |
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| affiliate engages in any commercial activity that could not |
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| lawfully be conducted by a bank holding company, a financial |
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HB0497 Enrolled |
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LRB095 05354 MJR 25438 b |
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| holding company, or a subsidiary of the bank holding company or |
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| financial holding company, pursuant to federal law. |
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| (c) This Section shall not apply to an affiliate that |
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| operates solely for the purpose of owning or leasing the real |
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| estate on which the branch that accepts deposits is located. |
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| (d) This Section shall not be construed to prohibit the |
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| maintenance of a branch that was established prior to May 10, |
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| 2007, or the conduct of any transactions that were lawfully |
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| being conducted at the branch prior to May 10, 2007. |
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| (e) The Commissioner may make and enforce reasonable rules, |
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| regulations, directions, orders, decisions, and findings as |
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| the execution and enforcement of the provisions of this Section |
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| require.
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| Section 10. The Savings Bank Act is amended by adding |
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| Section 1006.10 as follows:
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| (205 ILCS 205/1006.10 new) |
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| Sec. 1006.10. Prohibition against establishment of offices |
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| or branches on or adjacent to the premises of certain |
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| affiliates. |
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| (a) For purposes of this Section: |
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| "Affiliate" has the meaning ascribed to that term in item |
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| (1) of subsection (b) of Section 35.2 of the Illinois Banking |
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| Act, except that for purposes of this Section, the provisions |
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| in item (1) of subsection (b) of Section 35.2 shall apply to |
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HB0497 Enrolled |
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LRB095 05354 MJR 25438 b |
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| all savings banks. |
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| "Savings bank" means a savings bank operating under this |
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| Act, an out-of-state savings bank as defined under this Act, or |
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| a savings association defined in the Federal Deposit Insurance |
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| Act. |
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| "Savings bank holding company" has the meaning ascribed in |
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| this Act. |
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| (b) Notwithstanding any other law of this State, no savings |
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| bank may establish or maintain a branch that accepts deposits |
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| on or adjacent to the premises of an affiliate of the savings |
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| bank if the affiliate engages in any commercial activity that |
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| could not lawfully be conducted by a savings bank holding |
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| company or a subsidiary of the savings bank holding company |
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| pursuant to federal law. |
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| (c) This Section shall not apply to an affiliate that |
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| operates solely for the purpose of owning or leasing the real |
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| estate on which the branch that accepts deposits is located. |
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| (d) This Section shall not be construed to prohibit the |
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| maintenance of a branch that was established prior to May 10, |
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| 2007, or the conduct of any transactions that were lawfully |
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| being conducted at the branch prior to May 10, 2007. |
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| (e) The Commissioner may make and enforce such reasonable |
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| rules, regulations, directions, orders, decisions, and |
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| findings as the execution and enforcement of the provisions of |
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| this Section require.
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| Section 99. Effective date. This Act takes effect upon |