IL BANKING ACT-SURPLUS Senate SponsorsSen. John M. Sullivan and Pamela J. Althoff House Sponsors(Rep. Lou Lang-Rita Mayfield-Ron Sandack-Frank J. Mautino-Kenneth Dunkin, Arthur Turner, Peter Breen, Patrick J. Verschoore, Brandon W. Phelps, Daniel V. Beiser and Lawrence Walsh, Jr.) 8/13/2015SenatePublic Act . . . . . . . . . 99-0362 205 ILCS 5/5from Ch. 17, par. 311205 ILCS 5/14from Ch. 17, par. 321205 ILCS 5/14.1from Ch. 17, par. 321.1Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant to specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately.Senate Committee Amendment No. 1 Deletes reference to:205 ILCS 5/14Removes a provision concerning a State bank restating its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that a bank may reorganize its capital accounts without a change in control to the same extent and in the same manner authorized for national banks, subject to the same limitations and restrictions as are applicable to national banks, upon receiving the prior written approval of the Secretary of Financial and Professional Regulation. 2/20/2015SenateFiled with Secretary by Sen. John M. Sullivan 2/20/2015SenateFirst Reading 2/20/2015SenateReferred to Assignments 3/11/2015SenateAssigned to Financial Institutions 3/17/2015SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan 3/17/2015SenateSenate Committee Amendment No. 1 Referred to Assignments 3/19/2015SenateAdded as Co-Sponsor Sen. Pamela J. Althoff 3/24/2015SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions 3/25/2015SenateSenate Committee Amendment No. 1 Adopted 3/25/2015SenateDo Pass as Amended Financial Institutions; 011-000-000 3/25/2015SenatePlaced on Calendar Order of 2nd Reading March 26, 2015 4/15/2015SenateSecond Reading 4/15/2015SenatePlaced on Calendar Order of 3rd Reading April 16, 2015 4/23/2015SenateThird Reading - Passed; 055-000-000 4/24/2015HouseArrived in House 4/24/2015HouseChief House Sponsor Rep. Lou Lang 4/24/2015HouseFirst Reading 4/24/2015HouseReferred to Rules Committee 4/29/2015HouseAdded Alternate Chief Co-Sponsor Rep. Rita Mayfield 4/30/2015HouseAdded Alternate Chief Co-Sponsor Rep. Ron Sandack 4/30/2015HouseAdded Alternate Chief Co-Sponsor Rep. Frank J. Mautino 4/30/2015HouseAdded Alternate Chief Co-Sponsor Rep. Kenneth Dunkin 4/30/2015HouseAdded Alternate Co-Sponsor Rep. Arthur Turner 5/4/2015HouseAssigned to Financial Institutions Committee 5/8/2015HouseCommittee Deadline Extended-Rule 9(b) May 15, 2015 5/11/2015HouseAdded Alternate Co-Sponsor Rep. Peter Breen 5/14/2015HouseDo Pass / Short Debate Financial Institutions Committee; 020-000-000 5/14/2015HousePlaced on Calendar 2nd Reading - Short Debate 5/18/2015HouseSecond Reading - Short Debate 5/18/2015HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/22/2015HouseFinal Action Deadline Extended-9(b) May 31, 2015 5/29/2015HouseThird Reading - Short Debate - Passed 113-001-001 5/29/2015HouseAdded Alternate Co-Sponsor Rep. Patrick J. Verschoore 5/29/2015HouseAdded Alternate Co-Sponsor Rep. Brandon W. Phelps 5/29/2015HouseAdded Alternate Co-Sponsor Rep. Daniel V. Beiser 5/29/2015HouseAdded Alternate Co-Sponsor Rep. Lawrence Walsh, Jr. 5/29/2015SenatePassed Both Houses 6/26/2015SenateSent to the Governor 8/13/2015SenateGovernor Approved 8/13/2015SenateEffective Date August 13, 2015 8/13/2015SenatePublic Act . . . . . . . . . 99-0362