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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0655
Introduced 2/6/2009, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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205 ILCS 205/6014 |
from Ch. 17, par. 7306-14 |
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Amends the Savings Bank Act. Makes a technical change in a Section concerning
rules and regulations of the Commissioner of Banks and Real Estate.
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A BILL FOR
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SB0655 |
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LRB096 06721 MJR 16805 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 Savings Bank Act is amended by changing |
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| Section 6014 as follows:
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| (205 ILCS 205/6014) (from Ch. 17, par. 7306-14)
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| Sec. 6014. Commissioner's regulations.
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| (a) The
The Commissioner shall promulgate rules and |
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| regulations
to determine permissible levels of investment and |
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| permissible
concentrations of assets for savings banks |
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| applicable to all lending
and investment authority granted by |
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| this Article 6. The rules
and regulations shall give due regard |
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| to capital adequacy,
operating income, underwriting standards, |
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| risk inherent in the
investment or loan, and competitive parity |
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| with other financial
institutions. |
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| (b) Violations of any of the provisions of this Article 6
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| shall constitute an unsafe and unsound practice and may subject |
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| the
savings bank, its directors, officers, or agents to |
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| enforcement
actions, civil money penalties, or other sanctions |
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| as provided in
this Act.
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| (Source: P.A. 86-1213.)
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