94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5427

 

Introduced 01/27/06, by Rep. Tom Cross

 

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.


LRB094 18141 MKM 53448 b

 

 

A BILL FOR

 

HB5427 LRB094 18141 MKM 53448 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.
16 (Source: P.A. 85-1402.)