Illinois General Assembly - Full Text of HB2406
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Full Text of HB2406  98th General Assembly




State of Illinois
2013 and 2014


Introduced , by Rep. Monique D. Davis


205 ILCS 5/47  from Ch. 17, par. 358

    Amends the Illinois Banking Act. Provides that all State banks shall include in their quarterly statement to the Secretary of Financial and Professional Regulation (i) a list of all loans given to minority owned businesses in the last quarter and (ii) the ethnicity of the majority of owners of those businesses. Effective immediately.

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HB2406LRB098 09262 MGM 39401 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Banking Act is amended by changing
5Section 47 as follows:
6    (205 ILCS 5/47)  (from Ch. 17, par. 358)
7    Sec. 47. Reports to Commissioner.
8    (a) All State banks shall make a full and accurate
9statement of their affairs at least 1 time during each calendar
10quarter which shall be certified to, under oath by the
11president, a vice-president or the cashier of such bank. If the
12statement is submitted in electronic form, the Commissioner
13may, in the call for the report, specify the manner in which
14the appropriate officer of the bank shall certify the statement
15of affairs. The statement shall be according to the form which
16may be prescribed by the Commissioner and shall exhibit in
17detail information concerning such bank at the close of
18business of any day the Commissioner may choose and designate
19in a call for such report. Each bank shall include in their
20quarterly statement (i) a list of all loans given to minority
21owned businesses in the last quarter and (ii) the ethnicity of
22the majority of owners of those businesses. Each bank shall
23deliver its quarterly statement to the location specified by



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1the Commissioner within 30 calendar days of the date of the
2call for such reports. If the quarterly statement is mailed, it
3must be postmarked within the period prescribed for delivery,
4and if the quarterly statement is delivered in electronic form,
5the bank shall generate and retain satisfactory proof that it
6has caused the report to be delivered within the period
7prescribed for delivery.
8    (b) In addition to the foregoing reports, any bank which is
9the victim of a shortage of funds in excess of $10,000, an
10apparent misapplication of the bank's funds by an officer,
11employee or director, or any adverse legal action in an amount
12in excess of 10% of total unimpaired capital and unimpaired
13surplus of the bank, including but not limited to, the entry of
14an adverse money judgment against the bank or a write-off of
15assets of the bank, shall report that information in writing to
16the Commissioner within 7 days of the occurrence. Compliance
17with the time frames prescribed by the United States Department
18of Treasury's Financial Crimes Enforcement Network shall be
19deemed compliance with this Section. Neither the bank, its
20directors, officers, employees or its agents, in the
21preparation or filing of the reports required by subsection (b)
22of this Section, shall be subject to any liability for libel,
23slander, or other charges resulting from information supplied
24in such reports, except when the supplying of such information
25is done in a corrupt or malicious manner or otherwise not in
26good faith.



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1(Source: P.A. 92-483, eff. 8-23-01.)
2    Section 99. Effective date. This Act takes effect upon
3becoming law.