Illinois General Assembly - Bill Status for SB1422

Illinois General Assembly - Bill Status for SB1422

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Bill Status of SB1422 96th General Assembly

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Short Description: SAVINGS BANK-CHANGE IN CONTROL

Senate Sponsors
Sen. Terry Link - Kimberly A. Lightford

House Sponsors
(Rep. James D. Brosnahan)

Last Action

Date	Chamber	Action
8/18/2009	Senate	Public Act . . . . . . . . . 96-0585

Statutes Amended In Order of Appearance

205 ILCS 205/1007.35

from Ch. 17, par. 7301-7.35

205 ILCS 205/2001.40 new

205 ILCS 205/8015

from Ch. 17, par. 7308-15

205 ILCS 205/11003

from Ch. 17, par. 7311-3

205 ILCS 205/11005

from Ch. 17, par. 7311-5

Synopsis As Introduced
Amends the Savings Bank Act. Changes the definition of "control" to include certain persons or entities that engage in specific activities that have 10% or more of the capital stock or members shares of a mutual savings bank or mutual savings bank holding company. Provides that no person, whether acting directly or indirectly or through or in concert with one or more persons, may acquire control of a savings bank operating under the Act without prior approval of the Commissioner of Banks and Real Estate. Specifies the activities that the Commissioner may engage in with respect to investigating or approving the change in control of a savings bank. Provides that the Commissioner may prohibit participation in the affairs of any savings bank by any current, former, or prospective officer, director, employee, or agent of a savings bank, if he or she finds that the person or persons engages in specified activities. Provides that "institution affiliated party" includes a person who has filed or is required to file a change-in-control application (instead of change-in-control notice) with the Commissioner. Effective immediately.

Actions

Date	Chamber	Action
2/11/2009	Senate	Filed with Secretary by Sen. Terry Link
2/11/2009	Senate	First Reading
2/11/2009	Senate	Referred to Assignments
2/18/2009	Senate	Assigned to Financial Institutions
2/20/2009	Senate	Added as Chief Co-Sponsor Sen. Kimberly A. Lightford
2/27/2009	Senate	Do Pass Financial Institutions; 011-000-000
2/27/2009	Senate	Placed on Calendar Order of 2nd Reading March 4, 2009
3/5/2009	Senate	Second Reading
3/5/2009	Senate	Placed on Calendar Order of 3rd Reading March 6, 2009
3/26/2009	Senate	Third Reading - Passed; 057-000-000
3/26/2009	House	Arrived in House
3/26/2009	House	Placed on Calendar Order of First Reading
4/1/2009	House	Chief House Sponsor Rep. James D. Brosnahan
4/1/2009	House	First Reading
4/1/2009	House	Referred to Rules Committee
4/14/2009	House	Assigned to Executive Committee
4/20/2009	House	Re-assigned to Financial Institutions Committee
5/5/2009	House	Do Pass / Short Debate Financial Institutions Committee; 014-006-001
5/5/2009	House	Placed on Calendar 2nd Reading - Short Debate
5/19/2009	House	Second Reading - Short Debate
5/19/2009	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/22/2009	House	Third Reading - Short Debate - Passed 113-000-000
5/22/2009	Senate	Passed Both Houses
6/19/2009	Senate	Sent to the Governor
8/18/2009	Senate	Governor Approved
8/18/2009	Senate	Effective Date August 18, 2009
8/18/2009	Senate	Public Act . . . . . . . . . 96-0585