Bill Title: Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 10-3)

Status: (Passed) 2015-08-13 - Public Act . . . . . . . . . 99-0362 [SB1861 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
House	Third Reading in House	2015-05-29	113	1	2	0	116	Passed	Link	View
Senate	Third Reading in Senate	2015-04-23	55	0	4	0	59	Passed	Link	View

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