|
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0502 Introduced 1/28/2015, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
| | 205 ILCS 5/3 | from Ch. 17, par. 309 |
|
Amends the Illinois Banking Act. Makes a technical change in a Section
concerning the primary powers of banks.
|
| |
| | A BILL FOR |
|
|
| | SB0502 | | LRB099 03169 MGM 23177 b |
|
|
| 1 | | AN ACT concerning regulation.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Banking Act is amended by changing |
| 5 | | Section 3 as follows:
|
| 6 | | (205 ILCS 5/3) (from Ch. 17, par. 309)
|
| 7 | | Sec. 3. Formation and primary powers. It shall be lawful to |
| 8 | | form banks,
as herein provided, for the
the purpose of discount |
| 9 | | and deposit, buying and
selling exchange and doing a general |
| 10 | | banking business, excepting the
issuing of bills to circulate |
| 11 | | as money; and such banks shall have the power
to loan money on |
| 12 | | personal and real estate security, and to accept and execute
|
| 13 | | trusts upon obtaining a certificate of authority pursuant to |
| 14 | | the "Corporate
Fiduciary Act", and shall be subject to all of |
| 15 | | the provisions of this Act. For purposes of this Section, "real |
| 16 | | estate" includes a manufactured home as defined in subdivision |
| 17 | | (53) of Section 9-102 of the Uniform Commercial Code that is |
| 18 | | real property as defined in Section 5-35 of the Conveyance and |
| 19 | | Encumbrance of Manufactured Homes as Real Property and |
| 20 | | Severance Act. |
| 21 | | (Source: P.A. 98-749, eff. 7-16-14.)
|