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Financial Institutions Committee
Filed: 2/21/2007
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09500HB0497ham001 |
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LRB095 05354 MJR 31748 a |
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| AMENDMENT TO HOUSE BILL 497
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| AMENDMENT NO. ______. Amend House Bill on page 1, line 8, |
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| by replacing "commercial" with "certain"; and
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| on page 1, by replacing lines 10 through 12 with the following: |
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| ""Affiliate" means any company having a relationship with a |
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| bank that would cause the company to be an affiliate pursuant |
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| to Section 35.2 of this Act if the bank were a State bank."; |
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| and
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| on page 2, by replacing line 4 with the following: |
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| "Assembly, no bank may establish a bank office or branch on or |
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| adjacent to the"; and
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| on page 2, after line 18, by adding the following:
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| "Section 10. The Savings Bank Act is amended by adding |
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| Section 1006.10 as follows:
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09500HB0497ham001 |
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LRB095 05354 MJR 31748 a |
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| (205 ILCS 205/1006.10 new)
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| Sec. 1006.10. Prohibition against establishment of offices |
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| or branches on or adjacent to the premises of certain |
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| affiliates. |
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| (a) For purposes of this Section:
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| "Affiliate" has the meaning defined in this Act.
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| "Savings Bank" means a savings bank operating under |
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| this Act, an out-of-state savings bank as defined under |
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| this Act, or a savings association defined in the Federal |
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| Deposit Insurance Act (12 U.S.C. Sec. 1813).
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| "Savings bank holding company" has the meaning |
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| ascribed in this Act.
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| A location is considered "adjacent to" the premises of an |
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| affiliate if the location is not separated from the boundary of |
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| the premises of the affiliate by real property that is owned by |
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| a person or entity having no business relationship with the |
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| savings bank, savings bank holding company, or with an |
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| affiliate and that is not leased to or used by the savings bank |
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| or affiliate.
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| (b) Notwithstanding any other provision of this Act, after |
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| the effective date of this amendatory Act of the 95th General |
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| Assembly, no savings bank may establish an office or branch on |
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| or adjacent to the premises of an affiliate of the savings bank |
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| if the affiliate engages in any commercial activity that could |
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| not lawfully be conducted by a savings bank holding company or |
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09500HB0497ham001 |
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LRB095 05354 MJR 31748 a |
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| a subsidiary of the savings bank holding company pursuant to |
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| federal law.
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| (c) It is the intent of this Section that no entity be |
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| permitted to circumvent the prohibition stated in this Section |
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| by first establishing a savings bank office or branch and then |
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| subsequently locating an office of an affiliate on or adjacent |
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| to the premises of the savings bank office or branch. If any |
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| entity attempts to locate an office or branch of an affiliate |
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| in, on, or adjacent to the premises of the savings bank office |
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| or branch, the entity must cease to operate its savings bank |
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| office or branch at a location that would violate the intent of |
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| this Section.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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