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91_SB1422
LRB9111247JSpc
1 AN ACT concerning certain financial institutions,
2 amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Savings and Loan Act of 1985 is
6 amended by changing Sections 1-10.14 and 1-10.21 as follows:
7 (205 ILCS 105/1-10.14) (from Ch. 17, par. 3301-10.14)
8 Sec. 1-10.14. "Person": an individual, limited liability
9 company, partnership, joint venture, trust, estate,
10 unincorporated association, or corporation.
11 (Source: P.A. 84-543.)
12 (205 ILCS 105/1-10.21) (from Ch. 17, par. 3301-10.21)
13 Sec. 1-10.21. "Service Corporation": any corporation or
14 limited liability company which is 90% or more owned by one
15 or more associations, whose purpose or purposes are
16 reasonably incident to the accomplishment of the express
17 powers conferred upon associations by this Act or a
18 corporation or limited liability company chartered for any
19 purpose whatsoever by at least one association or a
20 corporation or limited liability company in which an
21 association has a controlling interest, and the ownership of
22 all of whose stock or ownership interest is subject to the
23 regulations of the Commissioner.
24 (Source: P.A. 84-543.)
25 Section 10. The Savings Bank Act is amended by changing
26 Sections 1007.90 and 1007.105 as follows:
27 (205 ILCS 205/1007.90) (from Ch. 17, par. 7301-7.90)
28 Sec. 1007.90. "Person" means an individual, corporation,
-2- LRB9111247JSpc
1 limited liability company, partnership, joint venture, trust,
2 estate, or unincorporated association.
3 (Source: P.A. 86-1213.)
4 (205 ILCS 205/1007.105) (from Ch. 17, par. 7301-7.105)
5 Sec. 1007.105. "Service corporation" means any
6 corporation or limited liability company that is 51% or more
7 owned by one or more savings banks, or by savings banks and
8 other depository institutions, whose purposes are reasonably
9 incident to the accomplishment of the powers conferred upon
10 savings banks by this Act.
11 (Source: P.A. 91-97, eff. 7-9-99.)