State of Illinois
92nd General Assembly
Legislation

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92_HB2538ham002

 










                                           LRB9201093JSpcam01

 1                    AMENDMENT TO HOUSE BILL 2538

 2        AMENDMENT NO.     .  Amend House Bill 2538,  AS  AMENDED,
 3    with  reference  to  the  page  and  line  numbers  of  House
 4    Amendment  No.  1,  on page 94, line 31, by changing "Section
 5    1-6, 2B-2, 2B-5, and 5-16" to "Sections 1-6, 2B-2, 2B-5,  and
 6    5-16 and adding Sections 7-3.2 and 7-3.3"; and

 7    on  page  102  by  inserting  immediately  below  line 27 the
 8    following:

 9        "(205 ILCS 105/7-3.2 new)
10        Sec. 7-3.2.  Reliance on Commissioner.
11        (a)  The Commissioner may issue an opinion in response to
12    a specific request from a member of the public or the savings
13    association industry or on his own initiative.   The  opinion
14    may  be  in  the form of an interpretive letter, no-objection
15    letter, or other issuance the Commissioner deems appropriate.
16        (b)  If the Commissioner determines that the  opinion  is
17    useful   for   the   general   guidance   of  the  public  or
18    associations, the Commissioner may disseminate the opinion by
19    newsletter, via an electronic medium such as the internet, in
20    a volume of statutes or related materials  published  by  the
21    Commissioner   or   others,  or  by  other  means  reasonably
22    calculated to notify persons  affected  by  the  opinion.   A
 
                            -2-            LRB9201093JSpcam01
 1    published   opinion   must   be   redacted  to  preserve  the
 2    confidentiality of the requesting party unless the requesting
 3    party consents to be identified in the published opinion.
 4        (c)  No association or other person shall be liable under
 5    this Act for any  act  done  or  omitted  in  good  faith  in
 6    conformity  with  any rule, interpretation, or opinion issued
 7    by the Commissioner, notwithstanding that after  the  act  or
 8    omission  has  occurred, the rule, opinion, or interpretation
 9    upon which reliance  is  placed  is  amended,  rescinded,  or
10    determined  by  judicial or other authority to be invalid for
11    any reason.

12        (205 ILCS 105/7-3.3 new)
13        Sec. 7-3.3.  Opinions  providing  association  parity  in
14    regulation.    Notwithstanding any other provision of law, if
15    any regulation, rule, interpretation, procedure, or guideline
16    of the Comptroller  of  the  Currency,  the  Federal  Deposit
17    Insurance  Corporation,  the  Federal Reserve Board, the U.S.
18    Office of Thrift Supervision, or the  depository  institution
19    regulatory  authority  of any other state puts an association
20    doing  business  under  the  provisions  of  this  Act  at  a
21    disadvantage to a  federal  association  or  federal  savings
22    bank, the Commissioner may issue an opinion or interpretation
23    that reduces or eliminates the disadvantage to an association
24    doing business under this Act.

25        (205 ILCS 105/11-5 rep.)

26        Section 22.  The Illinois Savings and Loan Act of 1985 is
27    amended by repealing Section 11-5."; and

28    on  page  102,  line  29,  by  changing  "1007.35"  to "1006,
29    1007.35"; and

30    on page 102, line 30, by changing "Section 5010" to "Sections
 
                            -3-            LRB9201093JSpcam01
 1    5010 and 9019"; and

 2    on page 102  by  inserting  immediately  below  line  30  the
 3    following:

 4        "(205 ILCS 205/1006) (from Ch. 17, par. 7301-6)
 5        Sec. 1006. Parity.
 6        (a)  Subject to the regulation of the Commissioner and in
 7    addition  to  the  powers  granted by this Act,  each savings
 8    bank operating under this  Act  shall  possess  those  powers
 9    granted  by  regulation promulgated under the Federal Deposit
10    Insurance Act for state savings banks.
11        (b)  A savings bank may establish branches or offices  at
12    which  savings or investments are regularly received or loans
13    approved as follows:
14             (1)  to the extent branch  powers  and  offices  are
15        granted to State banks under the Illinois Banking Act;
16             (2)  within the geographic area defined in Article 2
17        of this Act and subject to the provisions of Article 2 of
18        this Act;
19             (3)  within  the  same geographic areas or states as
20        those states from which a holding company is permitted to
21        acquire an Illinois savings bank or an  Illinois  savings
22        bank holding company;
23             (4)  to  the  same extent that holding companies and
24        savings and loan associations headquartered  outside  the
25        State  of  Illinois are allowed to operate in Illinois by
26        virtue of Articles 1A and 2B of the Illinois Savings  and
27        Loan Act of 1985;
28             (5)  as  the  result  of mergers, consolidations, or
29        bulk sales of facilities in the case of relocations.
30        (c)  The Commissioner may adopt regulations that  provide
31    for   the   establishment  of  branches  as  defined  by  the
32    Commissioner.
33        (d)  Notwithstanding any other provision of this  Act,  a
 
                            -4-            LRB9201093JSpcam01
 1    savings bank that purchases or assumes all or any part of the
 2    assets or liabilities of a bank, savings bank, or savings and
 3    loan  association  or  merges  or  consolidates  with a bank,
 4    savings bank, or savings and loan association may retain  and
 5    maintain  the  main  premises or branches of the former bank,
 6    savings bank, or savings and loan association as branches  of
 7    the  purchasing,  merging,  or  consolidating  savings  bank,
 8    provided  it  assumes  the  deposit  liabilities of the bank,
 9    savings bank, or savings and loan association  maintained  at
10    the main premises or branches.
11        (e)  A  savings  bank  has any power reasonably incident,
12    convenient, or useful to the  accomplishment  of  the  powers
13    conferred upon the savings bank by this Act.
14        (f)  Notwithstanding  any  other provision of law, if any
15    regulation, rule, interpretation, procedure, or guideline  of
16    the   Comptroller   of  the  Currency,  the  Federal  Deposit
17    Insurance Corporation, the Federal Reserve  Board,  the  U.S.
18    Office  of  Thrift Supervision, or the depository institution
19    regulatory authority of any other state puts a  savings  bank
20    doing  business  under  the  provisions  of  this  Act  at  a
21    disadvantage  to  a federal association, federal savings bank
22    or a national bank, the Commissioner may issue an opinion  or
23    interpretation that reduces or eliminates the disadvantage to
24    a savings bank doing business under this Act.
25    (Source: P.A.  89-74,  eff.  6-30-95;  90-301,  eff.  8-1-97;
26    90-665, eff. 7-30-98.)"; and

27    on  page  113  by  inserting  immediately  below  line 11 the
28    following:

29        "(205 ILCS 205/9019 new)
30        Sec. 9019.  Reliance on the Commissioner.
31        (a)  The Commissioner may issue an opinion in response to
32    a specific request from a member of the public or the banking
33    or thrift industry or on his own initiative. The opinion  may
 
                            -5-            LRB9201093JSpcam01
 1    be  in  the  form  of  an  interpretive  letter, no-objection
 2    letter, or other issuance the Commissioner deems appropriate.
 3        (b)  If the Commissioner determines that the  opinion  is
 4    useful  for  the  general  guidance  of the public or savings
 5    banks,  the  Commissioner  may  disseminate  the  opinion  by
 6    newsletter, via an electronic medium such as the internet, in
 7    a volume of statutes or related materials  published  by  the
 8    Commissioner   or   others,  or  by  other  means  reasonably
 9    calculated to notify  persons  affected  by  the  opinion.  A
10    published   opinion   must   be   redacted  to  preserve  the
11    confidentiality of the requesting party unless the requesting
12    party consents to be identified in the published opinion.
13        (c)  No savings bank or  other  person  shall  be  liable
14    under  this  Act for any act done or omitted in good faith in
15    conformity with any rule, interpretation, or  opinion  issued
16    by  the  Commissioner,  notwithstanding that after the act or
17    omission has occurred, the rule, interpretation,  or  opinion
18    upon  which  reliance  is  placed  is  amended, rescinded, or
19    determined by judicial or other authority to be  invalid  for
20    any reason."; and

21    on  page  118  by  inserting  immediately  below  line 28 the
22    following:

23        "(205 ILCS 205/11012 rep.)

24        Section 27.  The Savings Bank Act is amended by repealing
25    Section 11012.".

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