Sen. Terry Link
Filed: 5/18/2007
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1 | AMENDMENT TO HOUSE BILL 497
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2 | AMENDMENT NO. ______. Amend House Bill 497, AS AMENDED, by | ||||||
3 | replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Illinois Banking Act is amended by adding | ||||||
6 | Section 21.5 as follows: | ||||||
7 | (205 ILCS 5/21.5 new) | ||||||
8 | Sec. 21.5. Prohibition against establishment of branches | ||||||
9 | on or near the premises of certain affiliates. | ||||||
10 | (a) For purposes of this Section: | ||||||
11 | "Affiliate" has the meaning ascribed to that term in item | ||||||
12 | (1) of subsection (b) of Section 35.2 of this Act, except that | ||||||
13 | for purposes of this Section, the provisions in item (1) of | ||||||
14 | subsection (b) of Section 35.2 shall apply to all banks. | ||||||
15 | "Bank" has the meaning ascribed to that term in the Federal | ||||||
16 | Deposit Insurance Act and includes any out-of-state bank. |
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1 | "Bank holding company" and "financial holding company" | ||||||
2 | have the meanings ascribed to those terms in the federal Bank | ||||||
3 | Holding Company Act of 1956. | ||||||
4 | (b) Notwithstanding any other law of this State, no bank | ||||||
5 | may establish or maintain a branch that accepts deposits on or | ||||||
6 | adjacent to the premises of an affiliate of the bank if the | ||||||
7 | affiliate engages in any commercial activity that could not | ||||||
8 | lawfully be conducted by a bank holding company, a financial | ||||||
9 | holding company, or a subsidiary of the bank holding company or | ||||||
10 | financial holding company, pursuant to federal law. | ||||||
11 | (c) This Section shall not apply to an affiliate that | ||||||
12 | operates solely for the purpose of owning or leasing the real | ||||||
13 | estate on which the branch that accepts deposits is located. | ||||||
14 | (d) This Section shall not be construed to prohibit the | ||||||
15 | maintenance of a branch that was established prior to May 10, | ||||||
16 | 2007, or the conduct of any transactions that were lawfully | ||||||
17 | being conducted at the branch prior to May 10, 2007. | ||||||
18 | (e) The Commissioner may make and enforce reasonable rules, | ||||||
19 | regulations, directions, orders, decisions, and findings as | ||||||
20 | the execution and enforcement of the provisions of this Section | ||||||
21 | require. | ||||||
22 | Section 10. The Savings Bank Act is amended by adding | ||||||
23 | Section 1006.10 as follows: | ||||||
24 | (205 ILCS 205/1006.10 new) |
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1 | Sec. 1006.10. Prohibition against establishment of offices | ||||||
2 | or branches on or adjacent to the premises of certain | ||||||
3 | affiliates. | ||||||
4 | (a) For purposes of this Section: | ||||||
5 | "Affiliate" has the meaning ascribed to that term in item | ||||||
6 | (1) of subsection (b) of Section 35.2 of the Illinois Banking | ||||||
7 | Act, except that for purposes of this Section, the provisions | ||||||
8 | in item (1) of subsection (b) of Section 35.2 shall apply to | ||||||
9 | all savings banks. | ||||||
10 | "Savings bank" means a savings bank operating under this | ||||||
11 | Act, an out-of-state savings bank as defined under this Act, or | ||||||
12 | a savings association defined in the Federal Deposit Insurance | ||||||
13 | Act. | ||||||
14 | "Savings bank holding company" has the meaning ascribed in | ||||||
15 | this Act. | ||||||
16 | (b) Notwithstanding any other law of this State, no savings | ||||||
17 | bank may establish or maintain a branch that accepts deposits | ||||||
18 | on or adjacent to the premises of an affiliate of the savings | ||||||
19 | bank if the affiliate engages in any commercial activity that | ||||||
20 | could not lawfully be conducted by a savings bank holding | ||||||
21 | company or a subsidiary of the savings bank holding company | ||||||
22 | pursuant to federal law. | ||||||
23 | (c) This Section shall not apply to an affiliate that | ||||||
24 | operates solely for the purpose of owning or leasing the real | ||||||
25 | estate on which the branch that accepts deposits is located. | ||||||
26 | (d) This Section shall not be construed to prohibit the |
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1 | maintenance of a branch that was established prior to May 10, | ||||||
2 | 2007, or the conduct of any transactions that were lawfully | ||||||
3 | being conducted at the branch prior to May 10, 2007. | ||||||
4 | (e) The Commissioner may make and enforce such reasonable | ||||||
5 | rules, regulations, directions, orders, decisions, and | ||||||
6 | findings as the execution and enforcement of the provisions of | ||||||
7 | this Section require.
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8 | Section 99. Effective date. This Act takes effect upon | ||||||
9 | becoming law.".
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