Illinois General Assembly - Bill Status for HB0744
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 Bill Status of HB0744  95th General Assembly

Short Description:  BANKING-REGULATIONS

House Sponsors
Rep. John A. Fritchey - Mike Boland - Angelo Saviano - Sara Feigenholtz - Elizabeth Coulson, Aaron Schock, Thomas Holbrook, Patricia R. Bellock, Joseph M. Lyons and Monique D. Davis

Senate Sponsors
(Sen. Don Harmon - Dan Rutherford - Mike Jacobs)

Last Action
DateChamber Action
  8/13/2007HousePublic Act . . . . . . . . . 95-0077

Statutes Amended In Order of Appearance
205 ILCS 5/35.2from Ch. 17, par. 345
205 ILCS 610/2from Ch. 17, par. 1002
205 ILCS 705/5
205 ILCS 705/10


Synopsis As Introduced
Amends the Illinois Banking Act. Provides that a state bank and its subsidiaries in compliance with Regulation W promulgated by the Board of Governors of the Federal Reserve shall be deemed to be in compliance with certain provisions of the Act concerning limitations on investments in and loans to affiliates. Amends the Banking Emergencies Act. Provides that, whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in the State and to remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. Amends the Financial Institutions Electronic Documents and Digital Signature Act. For purposes of the Act, defines "financial institution" to include subsidiaries and affiliates of banks, savings and loan associations, savings banks, and credit unions. Provides that if a financial institution is required by law to provide or make available certain information in writing to consumers, provides that the use of an electronic record to provide or make available that information satisfies the writing requirement if the consumer consents and if certain notices are provided. Provides that oral communication or recording of oral communication does not qualify as an electronic record. Contains other provisions concerning the rights of consumers, the effect of failure to obtain electronic consent or confirmation of consent, the effect of withdrawal of consent, and prior consent. Effective immediately.

Actions 
DateChamber Action
  2/7/2007HouseFiled with the Clerk by Rep. John A. Fritchey
  2/7/2007HouseFirst Reading
  2/7/2007HouseReferred to Rules Committee
  2/13/2007HouseAdded Chief Co-Sponsor Rep. Mike Boland
  2/13/2007HouseAdded Chief Co-Sponsor Rep. Angelo Saviano
  2/13/2007HouseAdded Chief Co-Sponsor Rep. Sara Feigenholtz
  2/13/2007HouseAdded Chief Co-Sponsor Rep. Elizabeth Coulson
  2/15/2007HouseAssigned to Financial Institutions Committee
  2/21/2007HouseAdded Co-Sponsor Rep. Aaron Schock
  2/21/2007HouseAdded Co-Sponsor Rep. Thomas Holbrook
  2/21/2007HouseAdded Co-Sponsor Rep. Patricia R. Bellock
  2/21/2007HouseDo Pass / Short Debate Financial Institutions Committee; 020-000-000
  2/22/2007HousePlaced on Calendar 2nd Reading - Short Debate
  2/22/2007HouseAdded Co-Sponsor Rep. Joseph M. Lyons
  2/22/2007HouseAdded Co-Sponsor Rep. Monique D. Davis
  2/23/2007HouseSecond Reading - Short Debate
  2/23/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/2/2007HouseThird Reading - Short Debate - Passed 109-000-001
  3/6/2007SenateArrive in Senate
  3/6/2007SenatePlaced on Calendar Order of First Reading
  3/6/2007SenateChief Senate Sponsor Sen. Don Harmon
  3/6/2007SenateFirst Reading
  3/6/2007SenateReferred to Rules
  3/30/2007SenateAssigned to Financial Institutions
  4/20/2007SenateDo Pass Financial Institutions; 007-000-000
  4/20/2007SenatePlaced on Calendar Order of 2nd Reading April 24, 2007
  4/20/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Dan Rutherford
  5/3/2007SenateSecond Reading
  5/3/2007SenatePlaced on Calendar Order of 3rd Reading May 8, 2007
  5/10/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Mike Jacobs
  5/16/2007SenateThird Reading - Passed; 056-000-000
  5/16/2007HousePassed Both Houses
  6/14/2007HouseSent to the Governor
  8/13/2007HouseGovernor Approved
  8/13/2007HouseEffective Date August 13, 2007
  8/13/2007HousePublic Act . . . . . . . . . 95-0077

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