Illinois General Assembly - Bill Status for SB 3583

Repeals the Illinois Savings and Loan Act of 1985. Amends the Savings Bank Act. Provides that any institution organized under the Illinois Savings and Loan Act of 1985 shall be deemed a savings bank under the Illinois Savings Bank Act. Creates a new Article concerning the effect of the repeal of the Illinois Savings and Loan Act of 1985. Makes changes in provisions concerning out-of-state savings banks; reorganization to become a holding company; contents of articles of incorporation; directors; conduct of directors and officers; access to books and records; communication with members and shareholders; investment in loans; loans to one borrower; Secretary's regulations; powers of the Secretary; regulatory fees; and disclosure of reports of examinations and confidential supervisory information. Repeals provisions concerning the impairment of capital. Amends the Illinois Banking Act. Provides a definition for "money borrowed" in a provision concerning basic loaning limits. Provides that the Secretary when appointed as a receiver or any person appointed as a receiver shall have all the powers, rights, and privileges as the Federal Deposit Insurance Corporation. Also makes changes in the Freedom of Information Act, the Division of Banking Act, the State Finance Act, the Pawnbroker Regulation Act, the Corporate Fiduciary Act, the Residential Mortgage License Act of 1987, and the Foreign Bank Representative Office Act.

Removes a provision that amends the Division of Banking Act to change the definition of "regulated entity" to include any person or other entity who the Secretary of Financial and Professional Regulation determines may have an adverse impact on the activities of any regulated entity examined by the Secretary. Further amends the Pawnbroker Regulation Act to delete language requiring every pawnbroker to include an accurate account of the value of the things loaned in the memorandum, contract, or note that the pawnbroker must deliver to a person pawning or pledging any property.

Further amends the Illinois Banking Act. Provides that, within a Section concerning loaning limits, any credit exposure to a person arising from a derivative transaction (rather than from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction) between a state bank and the person shall be considered as money borrowed. Provides that, whenever any State bank, subsidiary or affiliate of a State bank, or branch of an out-of-state bank causes to be performed any loan syndication or loan securitization, whether on or off its premises, (i) that performance shall be subject to examination by the Secretary of Financial and Professional Regulation to the same extent as if loan syndication or loan securitization were being performed by the bank itself on its own premises, and (ii) the bank shall notify the Secretary of the existence of a loan syndication or loan securitization relationship. Provides that "loan syndication" and "loan securitization" shall be defined by rule, as promulgated by the Department of Financial and Professional Regulation. Further amends the Savings Bank Act. Provides that, within a Section concerning loans to one borrower, any credit exposure to a person arising from a derivative transaction (rather than from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction) between a savings bank and the person shall be considered a loan or extension of credit.

Replaces everything after the enacting clause. Amends the Code of Civil Procedure. Provides that certain provisions concerning the Making Home Affordable Program become inoperative on January 1, 2014 (instead of January 1, 2013) for all mortgage foreclosure actions filed after December 31, 2013 (instead of December 31, 2012) in which the mortgagor did not apply for assistance under the Making Home Affordable Program on or before December 31, 2013 (instead of December 31, 2012). Amends Public Act 97-849 by providing that Sections of the Public Act concerning the High Risk Home Loan Act take effect on the effective date of the federal regulations implementing Sections 1431, 1432, and 1433 of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act (instead of January 1, 2013). Effective immediately.

Date	Chamber	Action
1/8/2013	Senate	Session Sine Die

Date	Chamber	Action
2/10/2012	Senate	Filed with Secretary by Sen. Michael W. Frerichs
2/10/2012	Senate	First Reading
2/10/2012	Senate	Referred to Assignments
2/22/2012	Senate	Assigned to Financial Institutions
3/1/2012	Senate	Postponed - Financial Institutions
3/8/2012	Senate	Do Pass Financial Institutions; 008-000-000
3/8/2012	Senate	Placed on Calendar Order of 2nd Reading March 21, 2012
3/20/2012	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Michael W. Frerichs
3/20/2012	Senate	Senate Floor Amendment No. 1 Referred to Assignments
3/22/2012	Senate	Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
3/22/2012	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. Michael W. Frerichs
3/22/2012	Senate	Senate Floor Amendment No. 2 Referred to Assignments
3/26/2012	Senate	Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions
3/27/2012	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000
3/27/2012	Senate	Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 008-000-000
3/27/2012	Senate	Second Reading
3/27/2012	Senate	Senate Floor Amendment No. 1 Adopted; Frerichs
3/27/2012	Senate	Senate Floor Amendment No. 2 Adopted; Frerichs
3/27/2012	Senate	Placed on Calendar Order of 3rd Reading March 28, 2012
3/29/2012	Senate	Third Reading - Passed; 047-000-000
3/29/2012	House	Arrived in House
3/29/2012	House	Chief House Sponsor Rep. Linda Chapa LaVia
3/29/2012	House	Placed on Calendar Order of First Reading
3/29/2012	House	First Reading
3/29/2012	House	Referred to Rules Committee
11/26/2012	House	Alternate Chief Sponsor Changed to Rep. Michael J. Zalewski
11/28/2012	House	Final Action Deadline Extended-9(b) January 8, 2013
11/28/2012	House	Assigned to Executive Committee
11/29/2012	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski
11/29/2012	House	House Committee Amendment No. 1 Referred to Rules Committee
12/4/2012	Senate	Chief Sponsor Changed to Sen. Jacqueline Y. Collins
12/4/2012	House	House Committee Amendment No. 1 Rules Refers to Executive Committee
12/5/2012	House	House Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote
12/5/2012	House	Do Pass as Amended / Short Debate Executive Committee; 011-000-000
12/5/2012	House	Placed on Calendar 2nd Reading - Short Debate
12/5/2012	House	Second Reading - Short Debate
12/5/2012	House	Held on Calendar Order of Second Reading - Short Debate
12/20/2012	House	House Floor Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski
12/20/2012	House	House Floor Amendment No. 2 Referred to Rules Committee
12/21/2012	House	House Floor Amendment No. 2 Rules Refers to Executive Committee
1/8/2013	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2013	Senate	Session Sine Die

	Adds reference to:
	735 ILCS 5/15-1508	from Ch. 110, par. 15-1508