O'MALLEY-REA. (BUGIELSKI-DEUCHLER-CAPPARELLI-SAVIANO-LYONS,JOSEPH) 205 ILCS 5/16.1 from Ch. 17, par. 323.1 Amends the Illinois Banking Act. Adds a caption to a Section concerning the removal of bank directors. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 5/16.1 Adds reference to: 20 ILCS 3210/6 from Ch. 17, par. 406 205 ILCS 5/5 from Ch. 17, par. 311 205 ILCS 5/9 from Ch. 17, par. 316 205 ILCS 5/10 from Ch. 17, par. 317 205 ILCS 5/13 from Ch. 17, par. 320 205 ILCS 5/21.1 205 ILCS 5/24 from Ch. 17, par. 331 205 ILCS 5/48 from Ch. 17, par. 359 205 ILCS 5/48.1 from Ch. 17, par. 360 205 ILCS 305/1.1 from Ch. 17, par. 4402 205 ILCS 305/34.1 new 205 ILCS 305/61 from Ch. 17, par. 4462 205 ILCS 205/1006 from Ch. 17, par. 7301-6 205 ILCS 205/1008 from Ch. 17, par. 7301-8 205 ILCS 205/6001 from Ch. 17, par. 7306-1 205 ILCS 205/6003 from Ch. 17, par. 7306-3 205 ILCS 205/6013 from Ch. 17, par. 7306-13 205 ILCS 616/85 new 205 ILCS 620/1-7 from Ch. 17, par. 1551-7 205 ILCS 620/4-4 from Ch. 17, par. 1554-4 205 ILCS 620/5-6 from Ch. 17, par. 1555-6 205 ILCS 670/19.1 from Ch. 17, par. 5425.1 205 ILCS 675/12 new 625 ILCS 5/3-114 from Ch. 95 1/2, par. 3-114 625 ILCS 5/3-117.1 from Ch. 95 1/2, par. 3-117.1 625 ILCS 5/3-104.1 rep. 760 ILCS 65/9 from Ch. 17, par. 2009 810 ILCS 5/9-105 from Ch. 26, par. 9-105 810 ILCS 5/9-106 from Ch. 26, par. 9-106 810 ILCS 5/9-302 from Ch. 26, par. 9-302 815 ILCS 120/6 from Ch. 17, par. 856 815 ILCS 375/20 from Ch. 121 1/2, par. 580 Replaces the title and everything after the enacting clause. Amends the Illinois Bank Examiners' Education Foundation Act to require only annual, rather than quarterly, meetings. Amends the Illinois Banking Act to authorize banks to offer any product or service offered by any insured savings association. Allows the Commissioner of Banks and Real Estate to consider the qualifications and experience of proposed management and the proposed plan of operation when determining whether to issue a permit to organize a bank and to consider the prior involvement of a controlling stockholder of a proposed bank with respect to any other financial institution when determining whether to issue a charter. With respect to mergers and the establishment of branches by out-of-state banks, allows the Commissioner to accept copies of applications filed with the out of state bank's chartering authority. Authorizes the Commissioner to discipline bank personnel for acts committed with respect to other financial institutions or business entities. Allows banks to share information with affiliates. Amends the Savings Bank Act to authorize savings banks to exercise the powers of banks and invest in investment grade securities issued by other states, territories, and political subdivisions. Amends the Illinois Credit Union Act to authorize the Department of Financial Institutions to institute involuntary mergers as an alternative to liquidation. Provides for the confidentiality of compliance review documents. Amends the Electronic Fund Transfer Act and the Illinois Financial Services Development Act to absolve from liability entities organized under those Acts for acts or omissions made in conformity with a rule, interpretation, or order of the Commissioner of Banks and Real Estate or the Department of Financial Institutions. Amends the Corporate Fiduciary Act to authorize the Commissioner of Banks and Real Estate to specify circumstances under which trust companies may acquire subsidiaries without advance notice to the Commissioner. Abolishes the requirement that a branch of an out-of-state bank must obtain a certificate of authority from the Commissioner. Allows the Commissioner to discipline corporate fiduciary personnel for acts committed with respect to other financial institutions and business entities. Amends the Fiduciary Obligations Act to provide that, notwithstanding any other law, banks are not liable to a principal for moneys transferred by the principal's fiduciary unless the bank has actual knowledge that the fiduciary is committing a breach of obligation or unless the bank has knowledge of facts that cause its acceptance or transfer of the funds to amount to bad faith. Amends the Uniform Commercial Code to allow lenders to perfect security interests in certificates of deposit. Amends the Illinois Vehicle Code to abolish the requirement that a lienholder obtain a repossession title prior to sale of a repossessed vehicle. Amends the Illinois Fairness in Lending Act, the Motor Vehicle Retail Installment Sales Act, and the Consumer Installment Loan Act to abolish notice requirements and other procedural repossession provisions. Effective immediately, except that provisions relating to repossession and title transactions with respect to motor vehicles take effect January 1, 1999. SENATE AMENDMENT NO. 2. Deletes reference to: 205 ILCS 675/12 new Provides that a credit union may not be required to serve as a surviving credit union in an involuntary merger. Deletes provisions providing immunity from liability for financial institutions operating under the Illinois Financial Services Development Act when relying on an opinion of the Commissioner of Banks and Real Estate. Requires the notice of redemption to specify the date of and reason for the repossession. Provides for reinstatement of contracts or loans when at least 30% of the payments for a vehicle have been made. Makes technical changes. FISCAL NOTE, S-AMS 1 & 2 (Office of Banks & Real Estate) SB 1528 should create no change in revenues or expenditures. HOUSING AFFORDABILITY IMPACT NOTE This bill will not have a direct impact on the cost of con- structing, purchasing, owning or selling a single-family re- sidence. FISCAL NOTE (Office of Banks & Real Estate) No change from previous fiscal note. 98-02-19 S FIRST READING 98-02-19 S REFERRED TO SENATE RULES COMMITTEE RULES 98-03-04 S ASSIGNED TO COMMITTEE FIN INST 98-03-12 S AMENDMENT NO. 01-FINANC. INST. S 98-03-12 S ADOPTED 98-03-12 S DO PASS AS AMENDED 006-000-000 SFIC 98-03-12 S PLACED ON CALENDAR ORDER OF 2ND READING 98-03-24 98-03-12 S ADDED AS A CHIEF CO-SPONSOR REA 98-03-24 S SECOND READING 98-03-24 S PLACED ON CALENDAR ORDER OF 3RD READING 98-03-25 98-03-30 S FILED WITH SECRETARY 98-03-30 S AMENDMENT NO. 02-O'MALLEY 98-03-30 S AMENDMENT REFERRED TO SRUL 98-03-31 S AMENDMENT NO. 02-O'MALLEY 98-03-31 S RULES REFERS TO SFIC 98-04-01 S AMENDMENT NO. 02-O'MALLEY 98-04-01 S BE ADOPTED SFIC/006-000-000 98-04-01 S RECALLED TO SECOND READING 98-04-01 S AMENDMENT NO. 02-O'MALLEY 98-04-01 S ADOPTED 98-04-01 S PLACED ON CALENDAR ORDER OF 3RD READING 98-04-02 98-04-02 S THIRD READING - PASSED 057-000-001 98-04-02 H ARRIVE IN HOUSE 98-04-02 H HOUSE SPONSOR BUGIELSKI 98-04-02 H PLACED CALENDAR ORDER OF FIRST READING 98-04-07 H FIRST READING 98-04-07 H REFERRED TO HOUSE RULES COMMITTEE RULES 98-04-14 H ASSIGNED TO COMMITTEE FIN INSTIT 98-04-21 H ADDED AS A JOINT SPONSOR DEUCHLER 98-04-21 H ADDED AS A JOINT SPONSOR CAPPARELLI 98-04-21 H ADDED AS A JOINT SPONSOR SAVIANO 98-04-21 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH 98-04-22 H DO PASS/SHORT DEBATE 023-000-000 HFIN 98-04-22 H PLACED CALENDAR 2ND READING-SHORT DEBATE 98-04-23 H FISCAL NOTE FILED AS AMENDED BY SA 1 & 2 98-04-23 H CALENDAR ORDER 2ND READING-SHORT DEBATE 98-04-28 H HOUSING AFORDABILITY IMPCT NOTE FILED 98-04-28 H SECOND READING-SHORT DEBATE 98-04-28 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 98-04-29 H FISCAL NOTE FILED 98-04-29 H CALENDAR ORDER 3RD READING-SHORT DEBATE 98-05-06 H THIRD READING/SHORT DEBATE/PASSED 113-000-005 98-05-06 S PASSED BOTH HOUSES 98-06-04 S SENT TO THE GOVERNOR 98-07-30 S GOVERNOR APPROVED 98-07-30 S GENERALLY 98-07-30 S EFFECTIVE DATE 98-07-30 98-07-30 S SOME PARTS 98-07-30 S EFFECTIVE DATE 99-01-01 98-07-30 S PUBLIC ACT.............................. 90-0665 END OF INQUIRY Full Text Bill Summary