100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB1273

Introduced , by Rep. Michael J. Madigan

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.

LRB100 03006 SMS 13011 b

A BILL FOR

HB1273

LRB100 03006 SMS 13011 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

5 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

8 form banks, as herein provided, forthe~~the~~ purpose of discount

9 and deposit, buying and selling exchange and doing a general

10 banking business, excepting the issuing of bills to circulate

11 as money; and such banks shall have the power to loan money on

12 personal and real estate security, and to accept and execute

13 trusts upon obtaining a certificate of authority pursuant to

14 the "Corporate Fiduciary Act", and shall be subject to all of

15 the provisions of this Act. For purposes of this Section, "real

16 estate" includes a manufactured home as defined in subdivision

17 (53) of Section 9-102 of the Uniform Commercial Code that is

18 real property as defined in Section 5-35 of the Conveyance and

19 Encumbrance of Manufactured Homes as Real Property and

20 Severance Act.

21 (Source: P.A. 98-749, eff. 7-16-14.)