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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2406 Introduced , by Rep. Monique D. Davis SYNOPSIS AS INTRODUCED:
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205 ILCS 5/47 | from Ch. 17, par. 358 |
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Amends the Illinois Banking Act. Provides that all State banks shall include in their quarterly statement to the Secretary of Financial and Professional Regulation (i) a list of all loans given to minority owned businesses in the last quarter and (ii) the ethnicity of the majority of owners of those businesses. Effective immediately.
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| | A BILL FOR |
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| | HB2406 | | LRB098 09262 MGM 39401 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Banking Act is amended by changing |
| 5 | | Section 47 as follows:
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| 6 | | (205 ILCS 5/47) (from Ch. 17, par. 358)
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| 7 | | Sec. 47. Reports to Commissioner.
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| 8 | | (a) All State banks shall make
a full and accurate |
| 9 | | statement of their affairs at least 1 time
during each calendar |
| 10 | | quarter which shall be certified to, under
oath by the |
| 11 | | president, a vice-president or the cashier of such bank. If the
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| 12 | | statement is submitted in electronic form, the Commissioner |
| 13 | | may, in the call
for the report, specify the manner in which |
| 14 | | the appropriate officer of the bank
shall certify the statement |
| 15 | | of affairs. The
statement shall be according to the form which |
| 16 | | may be prescribed by the
Commissioner and shall exhibit in |
| 17 | | detail information concerning such
bank at the close of |
| 18 | | business of any day
the Commissioner may choose and designate |
| 19 | | in a call for such report. Each bank shall include in their |
| 20 | | quarterly statement (i) a list of all loans given to minority |
| 21 | | owned businesses in the last quarter and (ii) the ethnicity of |
| 22 | | the majority of owners of those businesses. Each
bank shall |
| 23 | | deliver its quarterly statement to the
location specified by |
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| | HB2406 | - 2 - | LRB098 09262 MGM 39401 b |
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| 1 | | the Commissioner within 30 calendar days of the
date of the |
| 2 | | call for such reports. If the quarterly
statement is mailed, it |
| 3 | | must be postmarked within the period prescribed
for delivery, |
| 4 | | and if the quarterly statement is delivered in electronic form,
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| 5 | | the bank shall generate and retain satisfactory proof that it |
| 6 | | has caused the
report to be delivered within the period |
| 7 | | prescribed for delivery.
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| 8 | | (b) In addition to the foregoing reports, any bank which is |
| 9 | | the victim
of a shortage of funds in excess of $10,000, an |
| 10 | | apparent misapplication of the
bank's funds by an officer, |
| 11 | | employee or
director, or
any adverse legal action in an amount |
| 12 | | in excess of 10% of total
unimpaired
capital and unimpaired |
| 13 | | surplus of the bank, including but not limited to, the
entry of
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| 14 | | an adverse money judgment against the bank or a write-off of |
| 15 | | assets of the
bank, shall report that information in writing to |
| 16 | | the Commissioner within 7
days of the occurrence.
Compliance |
| 17 | | with the time frames prescribed by the United States Department |
| 18 | | of
Treasury's Financial
Crimes Enforcement Network shall be |
| 19 | | deemed compliance with this Section.
Neither the bank, its
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| 20 | | directors, officers, employees or its agents, in the |
| 21 | | preparation or filing
of the reports required by subsection (b) |
| 22 | | of this Section, shall be subject
to any liability
for libel, |
| 23 | | slander, or other charges resulting from information supplied |
| 24 | | in
such reports, except when the supplying of such information |
| 25 | | is done in a
corrupt or malicious manner or otherwise not in |
| 26 | | good faith.
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