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91_HB1589
LRB9103301JSpr
1 AN ACT to amend the Savings Bank Act by changing Section
2 6014.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Savings Bank Act is amended by changing
6 Section 6014 as follows:
7 (205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
8 Sec. 6014. Commissioner's regulations.
9 (a) The Commissioner shall make promulgate rules and
10 regulations to determine permissible levels of investment and
11 permissible concentrations of assets for savings banks
12 applicable to all lending and investment authority granted by
13 this Article 6. The rules and regulations shall give due
14 regard to capital adequacy, operating income, underwriting
15 standards, risk inherent in the investment or loan, and
16 competitive parity with other financial institutions.
17 (b) Violations of any of the provisions of this Article
18 6 shall constitute an unsafe and unsound practice and may
19 subject the savings bank, its directors, officers, or agents
20 to enforcement actions, civil money penalties, or other
21 sanctions as provided in this Act.
22 (Source: P.A. 86-1213.)