95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0865


 
Introduced 2/8/2007, by Sen. Jacqueline Y. Collins - Emil Jones, Jr.
 
SYNOPSIS AS INTRODUCED:
 		













205 ILCS 5/3
  from Ch. 17, par. 309







    Amends the Illinois Banking Act.  Makes a technical change in a Section
concerning the primary powers of banks.
















LRB095 05600 MJR 25690 b

















 


 


A BILL FOR









 











SB0865

LRB095 05600 MJR 25690 b






1
    AN ACT concerning regulation.

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
4
    Section 5. The Illinois Banking Act is amended by changing 
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Section 3 as follows:
 



6
    (205 ILCS 5/3)  (from Ch. 17, par. 309)



7
    Sec. 3. Formation and primary powers. It shall be lawful to 
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form banks,
as herein provided, for the
the purpose of discount 
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and deposit, buying and
selling exchange and doing a general 
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banking business, excepting the
issuing of bills to circulate 
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as money; and such banks shall have the power
to loan money on 
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personal and real estate security, and to accept and execute

13
trusts upon obtaining a certificate of authority pursuant to 
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the "Corporate
Fiduciary Act", and shall be subject to all of 
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the provisions of this Act.
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(Source: P.A. 85-1402.)