HB 5210

Abstract

Amends the Office of Banks and Real Estate Act. Changes the title of the Act (and makes conforming changes in other Acts). Changes the powers of the Secretary of Financial and Professional Regulation with respect to jurisdiction over entities subject to the Act. Amends the Illinois Banking Act. Provides that the Secretary may (1) waive specified reciprocity requirements with respect to the establishment of branches and (2) prescribe the definition of "liabilities outstanding". Changes provisions concerning the powers and duties of the Secretary with respect to deposits, penalties, and the borrowing of funds under specified situations. Adds provisions concerning audits of banks subject to the Act. Changes provisions concerning capital impairment. Amends the Illinois Bank Holding Company Act of 1957. Changes provisions concerning the powers of the Secretary. Amends the Illinois Savings and Loan Act of 1985 and Savings Bank Act. Changes provisions concerning (1) the bonds of officers and employees, (2) personnel, records, files, actions, and duties, (3) the examination of associations, (4) reimbursement and powers of members of the Board of Savings Institutions. Adds provisions concerning the appointment of a receiver following taking of custody. Amends the Pawnbroker Regulation Act to make changes concerning (1) administration of the Act, (2) licensure, and (3) insurance requirements. Amends the Banking Emergencies Act, Corporate Fiduciary Act, and Foreign Banking Office Act to make changes concerning the powers of the Secretary. Repeals provisions in the Illinois Savings and Loan Act of 1985 and the Savings Bank Act. Repeals the Financial Institution Activity Reporting Act. Makes other changes. Effective immediately.