92nd General Assembly
Status of HB4436
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 Full Text  Bill Summary

   70 ILCS 3605/25           from Ch. 111 2/3, par. 325                        
   205 ILCS 5/5              from Ch. 17, par. 311                             
   205 ILCS 5/18             from Ch. 17, par. 325                             
   205 ILCS 205/6013         from Ch. 17, par. 7306-13                         
   205 ILCS 205/8015         from Ch. 17, par. 7308-15                         
   205 ILCS 605/3.5 new                                                        
   205 ILCS 616/20                                                             
   205 ILCS 616/45                                                             
   205 ILCS 620/3-2          from Ch. 17, par. 1553-2                          
   205 ILCS 620/4A-15                                                          
   205 ILCS 620/5-2          from Ch. 17, par. 1555-2                          
   205 ILCS 620/5-3          from Ch. 17, par. 1555-3                          
   205 ILCS 620/9-6                                                            

        Amends the Metropolitan  Transit  Authority  Act.   Adds  savings      
   banks to the list of entities in which the treasurer may deposit funds      
   or  make  withdrawals.    Amends  the  Savings  Bank  Act.  Raises the      
   percentage of capital and general loan loss reserve that the bank  may      
   loan  to  any  person  at  one time from 20% to 25%.  Removes the time      
   limits on the Commissioner to issue a decision or  request  additional      
   information  for  applications  for the change of control.  Amends the      
   Illinois Banking Act.  Requires banks to notify  the  Commissioner  of      
   Banks  and Real Estate at least 30 days before engaging in an activity      
   based upon the authorization of that activity for  national  banks  by      
   federal  law  or  for  out-of-state  banks  by  law  applicable to the      
   out-of-state bank.  Provides that the term "control" means  the  power      
   to  direct  the  management  of  a  bank  or  vote  25% or more of the      
   outstanding stock of the banks.  Amends the Consumer  Deposit  Account      
   Act  to  require  financial  institutions to provide notice to account      
   holders at least 30 days before invalidating any routing number  on  a      
   consumer  deposit  account.   Amends the Electronic Fund Transfer Act.      
   Removes the requirement that disputes arising under written agreements      
   for use of terminals and switches be subject  to  arbitration  by  the      
   Commissioner  of  Banks  and  Real Estate.  Removes the Commissioner's      
   duty and power to conduct  that  arbitration.   Amends  the  Corporate      
   Fiduciary  Act.   Provides  that the term "control" means the power to      
   direct management of a trust company or to vote 25%  or  more  of  the      
   outstanding  stock of the trust company.  Removes the requirement that      
   corporate fiduciaries obtain  an  audit  by  an  independent  licensed      
   public   accountant  once  each  calendar  year.   Retains  the  audit      
   requirement for trust companies.  Provides that  the  Commissioner  of      
   Banks  and  Real  Estate  may accept an examination of a trust company      
   made  by  a  federal  regulatory  agency  instead  of  conducting   an      
   examination.   Provides  that the Commissioner may, rather than shall,      
   order specific actions when a corporate fiduciary is in  violation  of      
   the law or operating in an unsafe manner.  Effective immediately.           
   JAN-31-2002  H  FILED WITH CLERK                                               
   FEB-01-2002  H  FIRST READING                                                  
   FEB-01-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


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