Illinois General Assembly - Bill Status for HB 1651

Amends the Illinois Savings and Loan Act of 1985. Permits an association to amend the articles of incorporation for the purpose of changing the name of the association after commencing business if the submission by the board of directors of the association certifies the approval of the proposed name change and has an approved plan for notifying all parties who may be affected by the name change and the new name meets the requirements as determined by the Secretary of Financial and Professional Regulation. Creates the Savings Institutions Regulatory Fund that is to be used for the ordinary and contingent expenses of the Department of Financial and Professional Regulation and the Division of Banking, or their successors. Makes other changes. Amends the Savings Bank Act. Creates a provision for savings bank to, after commencing business, amend the articles of incorporation for the purpose of changing the name of the savings bank if the board of directors of the savings bank approves the name change and a plan for notifying all parties who may be affected by the change and the new name meets the requirements as determined by the Secretary. Provides that any person aggrieved by a decision of the Secretary of Financial and Professional Regulation under the Savings Bank Act may receive a hearing before the Secretary. Creates provisions that outline procedures for an aggrieved person to request a hearing and the procedures for the Secretary or his or her agent to subpoena records, investigate verified complaints, and record the proceedings. Makes other changes. Amends the Division of Banking Act, Electronic Funds Transfer Act, and the Corporate Fiduciary Act to make corresponding changes. Amends the State Finance Act to create the Savings Institution Regulatory Fund.

Replaces everything after the enacting clause with the introduced bill with the following changes: makes changes in the Illinois Savings and Loan Act of 1985 provisions concerning procedure to effect sale of all assets; waiver of requirements; Board of Savings Institutions; organization and meetings; procedures to effect sale of all assets; procedures for conversion from a savings bank charter; and waiver of requirements. Adds provisions concerning subscriptions to capital and temporary organizations; officers, suspension and removal of officers, directors, and employees; conversion from State to federal associations; conversion from federal to State associations; reports to the Commissioner and members, penalty; notice of custody, action to enjoin; and the election of new directors, report and supervision. Amends the Savings Bank Act. Makes changes to the provisions concerning waiver; merger, and Commissioner's certificate; procedure to effect sale of all assets; and procedure for conversion from a savings bank charter. Also amends the Division of Banking Act.

Date	Chamber	Action
8/22/2011	House	Public Act . . . . . . . . . 97-0492

Date	Chamber	Action
2/15/2011	House	Filed with the Clerk by Rep. Joseph M. Lyons
2/15/2011	House	First Reading
2/15/2011	House	Referred to Rules Committee
2/18/2011	House	Added Co-Sponsor Rep. Bill Mitchell
3/7/2011	House	Assigned to Financial Institutions Committee
3/15/2011	House	Do Pass / Short Debate Financial Institutions Committee; 019-000-000
3/16/2011	House	Placed on Calendar 2nd Reading - Short Debate
4/1/2011	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Joseph M. Lyons
4/1/2011	House	House Floor Amendment No. 1 Referred to Rules Committee
4/4/2011	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
4/12/2011	House	Second Reading - Short Debate
4/12/2011	House	House Floor Amendment No. 1 Adopted by Voice Vote
4/12/2011	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/13/2011	House	Third Reading - Short Debate - Passed 114-000-002
4/14/2011	Senate	Arrive in Senate
4/14/2011	Senate	Placed on Calendar Order of First Reading
4/14/2011	Senate	Chief Senate Sponsor Sen. John G. Mulroe
4/14/2011	Senate	First Reading
4/14/2011	Senate	Referred to Assignments
4/27/2011	Senate	Assigned to Financial Institutions
5/2/2011	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe
5/2/2011	Senate	Senate Committee Amendment No. 1 Referred to Assignments
5/3/2011	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
5/5/2011	Senate	Senate Committee Amendment No. 1 Adopted
5/5/2011	Senate	Do Pass as Amended Financial Institutions; 011-000-000
5/5/2011	Senate	Placed on Calendar Order of 2nd Reading May 6, 2011
5/6/2011	Senate	Second Reading
5/6/2011	Senate	Placed on Calendar Order of 3rd Reading May 10, 2011
5/12/2011	Senate	Third Reading - Passed; 056-000-000
5/12/2011	House	Arrived in House
5/12/2011	House	Placed on Calendar Order of Concurrence Senate Amendment(s) 1
5/13/2011	House	Senate Committee Amendment No. 1 Motion Filed Concur Rep. Joseph M. Lyons
5/13/2011	House	Senate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
5/27/2011	House	Senate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 003-001-000
5/28/2011	House	Senate Committee Amendment No. 1 House Concurs 106-000-001
5/28/2011	House	Passed Both Houses
6/24/2011	House	Sent to the Governor
8/22/2011	House	Governor Approved
8/22/2011	House	Effective Date January 1, 2012
8/22/2011	House	Public Act . . . . . . . . . 97-0492

	Adds reference to:
	205 ILCS 105/2-5	from Ch. 17, par. 3302-5

	Adds reference to:
	205 ILCS 105/6-2	from Ch. 17, par. 3306-2