HB 4898

Abstract

Amends the Office of Banks and Real Estate Act to change the powers of the Secretary of Financial and Professional Regulation to issue certain authorizations. Amends the Illinois Bank Examiners' Education Foundation Act to provide that the Foundation shall be governed by a Board of Trustees that consists of the members of the Board of Banks and Trust Companies. Amends the Illinois Banking Act. Deletes the definition of "State Banking Board". Changes provisions concerning the issuance of bank charters. Makes changes concerning notification of meetings of the board of directors. Provides that the Secretary (i) may prescribe the requirements to file applications electronically and (ii) may impose civil penalties in an amount not to exceed that amount a federal regulatory agency is authorized to charge under federal law (rather than $10,000) for violations of the Act. Creates a new Board of Banks and Trust Companies and specifies the appointment and terms of its members. Repeals provisions concerning the current Board of Banks and Trust Companies. Amends the Pawnbroker Regulation Act to make changes to the powers and duties of the Secretary. Amends the Corporate Fiduciary Act. Removes a provision requiring the Secretary to record certain information in the Office of the Secretary of State. Makes changes in provisions concerning certificates of authority. Makes changes in provisions concerning the orders issued by the Secretary. Makes changes in provisions concerning the statement of condition by a corporate fiduciary. Amends the Foreign Bank Representative Office Act to make a change to the definition of "foreign bank". Repeals the Financial Institution Activity Reporting Act. Changes some references in various Acts from (1) the Commissioner of Banks and Real Estate to the Secretary of Financial and Professional Regulation and (2) the State Banking Board to the Board of Banks and Trust Companies. Makes other changes. Effective January 1, 2009.