95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4873


 
Introduced , by Rep. John A. Fritchey
 
SYNOPSIS AS INTRODUCED:
 		













205 ILCS 710/5









    Amends the Banking on Illinois Act.  Makes a technical change in the findings
Section.
















LRB095 15614 MJR 41615 b

















 


 


A BILL FOR









 











HB4873

LRB095 15614 MJR 41615 b






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    AN ACT concerning regulation.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 


 
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    Section 5. The Banking on Illinois Act is amended by 
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changing Section 5 as follows:
 



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    (205 ILCS 710/5)



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    Sec. 5. Findings and declarations of policy. The
The 
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General Assembly hereby
finds and declares:

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        (1) that the economic strength and general welfare of 
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    Illinois depends on
a strong, profitable, and competitive 
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    banking industry in this State
that preserves and creates 
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    employment, increases credit availability, attracts

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    capital, and expands the savings base for the citizens of 
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    this State;


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        (2) that the removal of geographic restrictions in the 
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    federal banking
laws and in the laws of the 50 states has 
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    given rise to a substantial number of
newly created 
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    community banks and interstate bank mergers requiring the

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    selection of main office locations and relocations;


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        (3) that by ensuring a favorable environment for banks 
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    to commence and
operate their businesses from this State, 
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    more newly created community banks
and merging banks will 
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    choose to maintain or retain their headquarters in and

 


 






HB4873
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LRB095 15614 MJR 41615 b




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    relocate their main banking offices to Illinois; and


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        (4) that preserving and increasing the number of bank 
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    headquarters and
main banking offices within Illinois will 
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    substantially increase employment
opportunities, credit 
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    availability, and capital investment in this State,
while 
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    strengthening the savings base of this State, thereby 
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    providing
significant benefits to all Illinois citizens, 
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    to commercial and agricultural
businesses of all sizes in 
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    this State, and to all local governments and
political 
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    subdivisions of this State.

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(Source: P.A. 91-330, eff. 7-29-99.)