Bill Text: IL HB1396 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB1396 Detail]

Download: Illinois-2019-HB1396-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB1396 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
205 ILCS 5/3 from Ch. 17, par. 309
Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.
LRB101 03406 JRG 48414 b
A BILL FOR
HB1396 LRB101 03406 JRG 48414 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by changing
Section 3 as follows:
(205 ILCS 5/3) (from Ch. 17, par. 309)
Sec. 3. Formation and primary powers. It shall be lawful to
form banks, as herein provided, for the the purpose of discount
and deposit, buying and selling exchange and doing a general
banking business, excepting the issuing of bills to circulate
as money; and such banks shall have the power to loan money on
personal and real estate security, and to accept and execute
trusts upon obtaining a certificate of authority pursuant to
the "Corporate Fiduciary Act", and shall be subject to all of
the provisions of this Act. For purposes of this Section, "real
estate" includes a manufactured home as defined in subdivision
(53) of Section 9-102 of the Uniform Commercial Code that is
real property as defined in Section 5-35 of the Conveyance and
Encumbrance of Manufactured Homes as Real Property and
Severance Act.
(Source: P.A. 98-749, eff. 7-16-14.)