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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0171
Introduced 1/31/2007, by Sen. Terry Link SYNOPSIS AS INTRODUCED:
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205 ILCS 5/40 |
from Ch. 17, par. 350 |
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Amends the Illinois Banking Act. Creates an exception in a provision prohibiting the Director of Financial and Professional Regulation of the Division of Banks and Real Estate, his or her deputies, and employees of the Division of Banks and Real Estate of the Department of Financial and Professional Regulation (was the Commissioner, deputy directors, and employees of the Office of Banks and Real Estate) from obtaining a loan from an entity regulated by the Act by permitting an employee of the Division to obtain a loan from a regulated entity if the loan was not offered with the intent to influence the performance of the employee's official duties and if the loan qualifies within other exceptions under federal law. Effective immediately.
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A BILL FOR
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SB0171 |
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LRB095 06643 MJR 26749 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 changing |
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| Section 40 as follows:
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| (205 ILCS 5/40) (from Ch. 17, par. 350)
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| Sec. 40. Prohibited activities. The Director of Financial |
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| and Professional Regulation of the Division of Banks and Real |
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| Estate, his or her deputies
Commissioner, deputy |
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| commissioners, and employees
of the Division of Banks and Real |
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| Estate of the Department of Financial and Professional |
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| Regulation
Office of Banks and Real Estate shall be subject to |
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| the restrictions
provided in Section 2.5 of the Office of Banks |
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| and Real Estate Act including,
without limitation, the |
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| restrictions on (i) owning shares of stock or holding
any other |
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| equity interest in an entity regulated under this Act or in any
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| corporation or company that owns or controls an entity |
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| regulated under this
Act; (ii) being an officer, director, |
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| employee, or agent of an entity regulated
under this Act; and |
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| (iii) obtaining a loan or accepting a gratuity from an
entity |
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| regulated under this Act, provided that after the effective |
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| date of this amendatory Act of the 95th General Assembly an |
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| employee of the Division of Banks and Real Estate of the |