Banking Legislation - Illinois

BANKING ACT-PROHIBITED ACTS Amends the Illinois Banking Act. Creates an exception in a provision prohibiting the Director of Financial and Professional Regulation of the Division of Banks and Real Estate, his or her deputies, and employees of the Division of Banks and Real Estate of the Department of Financial and Professional Regulation (was the Commissioner, deputy directors, and employees of the Office of Banks and Real Estate) from obtaining a loan from an entity regulated by the Act by permitting an employee of the Division to obtain a loan from a regulated entity if the loan was not offered with the intent to influence the performance of the employee's official duties and if the loan qualifies within other exceptions under federal law. Effective immediately. Senate Committee Amendment No. 1 Deletes reference to:

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CIV PRO-SUPPLEMENTAL PROCEED Amends the Code of Civil Procedure. Provides that a judgment creditor may recover a corporate judgment debtor’s property for the creditor’s use. Provides that a debtor may be compelled to resign memberships in exchanges, clubs, or other entities. Provides that a judgment debtor’s property that is not amenable to a sheriff’s sale may be sold by other means. Provides property held by a third party that is determined to be wages is subject to a wage deduction. Provides recoverable costs include the cost of levy and replevin bonds. Provides that a federal judgment entered in Illinois shall be afforded recognition as if it were a circuit court judgment. Provides that wages subject to collection shall be (at present, shall not exceed) the lesser of 15% of the gross amount paid or the amount by which the disposable earnings exceed 45 times the federal minimum hourly wage. Provides that if an employer ceases to remit funds under a wage deduction order [...]

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FINAN REG-LOAN ORIGINATORS-CE Amends the Residential Mortgage License Act of 1987. Provides that the Department of Financial and Professional Regulation shall adopt rules as to the required yearly continuing education of loan originators. Provides that the Secretary of Financial and Professional Regulation shall approve all continuing education courses and the providers of continuing education courses. Provides that all continuing education courses and the providers of continuing education courses shall be subject to a review by a panel appointed by the Secretary. Specifies the number of members on the review panel. Provides that the Secretary shall consider the recommendations of the review panel prior to approving or disapproving continuing education courses or the providers of continuing education courses. House Amendment No. 1 Specifies that the Department of Financial and Professional Regulation shall adopt rules as to the required yearly continuing education [...]

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BANK ACT-MINIMUM EDUCATION REQ Amends the Office of Banks and Real Estate Act. Provides that the Commissioner of Banks and Real Estate shall adopt rules establishing the minimum education requirements and training requirements for examiners appointed or assigned to examine the affairs of State-chartered banks. Provides that the rules are to be proposed no later than 180 days after the effective date after consultation with the State Banking Board of Illinois. Requires the consultation of the Board of Trustees of the Illinois Bank Examiners' Education Foundation only when education or training of examiners is to be funded, in whole or in part, from the Illinois Bank Examiners' Education Fund. Amends the Illinois Banking Act. Requires the Commissioner to consult with the State Banking Board of Illinois and to receive comments from the Board on matters pertaining to the minimum education and training requirements for bank examiners. Requires the Board to submit to the Commissioner [...]

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BANKING-FEES/FUND TRANSFERS Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, and the Residential Mortgage License Act of 1987. Defines "Secretary" as the Secretary of Financial and Professional Regulation, or a person authorized by the Secretary or by the Acts to act in the Secretary's stead and changes some provisions to reference the Secretary instead of the Commissioner of Banks and Real Estate or the Director of Financial Institutions. Allows the Secretary to adopt emergency and general rules to adjust regulatory rates in some Acts and decreases regulatory fees in other Acts. Provides that (1) the specified sum shall be transferred from the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund to the General Revenue Fund on the effective date of the amendatory Act; (2) the Governor may, during any fiscal year through January 10, 2011, from [...]

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DEPT OF REVENUE-ENFORCEMENT Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that no electronic check may be drawn on nor any electronic withdrawal made from commercial checking accounts maintained by the Director of Revenue by any secure online, Internet, or web-based banking methods or procedures except on the written approval of 2 or more persons designated and authorized by the Director to make such electronic checks or electronic withdrawals. Increases amounts that the Director may keep in such accounts. Amends the State Finance Act to allow the Department of Revenue to maintain a petty cash fund of not exceeding $2,000 (was, $1,000). Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to extend the statute of limitations on certain violations of the Acts from 3 years after the commission of the act to 6 years after the commission of the act. Amends the Coin-Operated [...]

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IL BANKING-SHAREHOLDER LIST Amends the Illinois Banking Act. Provides that the president and any other officer designated by the board of directors (rather than the president and cashier) of every State bank shall cause to be kept at all times a full and correct list of the names and residences of all the shareholders in the State bank and the number of shares held by each in the office where its business is transacted. Effective immediately. House Amendment No. 1 Adds reference to: 205 ILCS 5/2from Ch. 17, par. 302205 ILCS 5/5cfrom Ch. 17, par. 312.2

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REGULATION-BANKS-REAL ESTATE 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 [...]

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