O'MALLEY-WELCH. (SCHOENBERG-RUTHERFORD-GARRETT-MAY) 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. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 5/3 Adds reference to: 205 ILCS 5/16 from Ch. 17, par. 323 205 ILCS 5/32 from Ch. 17, par. 339 205 ILCS 5/46 from Ch. 17, par. 357 205 ILCS 5/48 from Ch. 17, par. 359 205 ILCS 5/48.1 from Ch. 17, par. 360 205 ILCS 105/3-8 from Ch. 17, par. 3303-8 205 ILCS 105/7-19.1 from Ch. 17, par. 3307-19.1 205 ILCS 205/4013 from Ch. 17, par. 7304-13 205 ILCS 305/10 from Ch. 17, par. 4411 205 ILCS 305/12 from Ch. 17, par. 4413 205 ILCS 305/59 from Ch. 17, par. 4460 205 ILCS 625/2 from Ch. 17, par. 2132 205 ILCS 625/4 from Ch. 17, par. 2134 Replaces everything after the enacting clause. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Authorizes banks, savings and loan associations, savings banks, and credit unions to disclose customer financial information in connection with services or products made available by the financial institution. Authorizes savings and loan associations, savings banks, and credit unions to disclose customer financial information in connection with a sale of the financial institution or its assets. Amends the Illinois Banking Act. Provides that in discharging their duties, bank directors are entitled to rely upon advice from officers, employees, and other persons. Increases the basic loan limits for a person from 20% to 25% of a bank's unimpaired capital and surplus. Limits the use of a name of an existing bank or a name deceptively similar to that of an existing bank when soliciting customers. Provides that all earnings received from investments of funds in the Bank and Trust Company Fund shall be deposited into that Fund and used for the same purposes as fees deposited into that Fund. Amends the Illinois Savings and Loan Act of 1985 to provide that all earnings received from investments of moneys in the Savings and Residential Finance Regulatory Fund shall be deposited into that Fund and used for the same purposes as fees deposited into that Fund. Amends the Illinois Credit Union Act. Provides that income on money in the Credit Union Fund shall be deposited into that Fund. Authorizes credit unions to enter into loan participations with credit union organizations. Limits certain investments by credit unions. Provides that regulatory fees shall be paid on a current year basis rather than for the preceding year. Provides that when receipts collected by the Department under the Act exceed 150%, rather than 100%, of the Department's administrative and operational expenses for the year, the excess shall be credited against credit union fees for the subsequent year. Amends the Illinois Trust and Payable on Death Accounts Act. Includes savings banks within the scope of the Act. Provides that payable on death accounts may have multiple owners. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 5/16 205 ILCS 5/32 205 ILCS 5/46 205 ILCS 5/48 205 ILCS 105/7-19.1 205 ILCS 305/12 205 ILCS 305/59 205 ILCS 625/2 205 ILCS 625/4 Replaces everything after the enacting clause. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Authorizes financial institutions subject to those Acts to share customer financial information with private label credit parties pursuant to a private label credit program. Provides that a "private label credit party" may be a merchant, a manufacturer, a retailer, a trade group or an affiliate, subsidiary, member, agent, or service provider of any of them. CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the Senate concur in H-am 1. Recommends that the bill be further amended as follows: Provides an immediate effective date. FEB-01-2001 S FIRST READING FEB-01-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-21-2001 S ASSIGNED TO COMMITTEE FIN INST MAR-01-2001 S POSTPONED MAR-08-2001 S AMENDMENT NO. 01-FINANC. INST. S MAR-08-2001 S ADOPTED MAR-08-2001 S DO PASS AS AMENDED 009-000-000 SFIC MAR-08-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-03-20 MAR-08-2001 S ADDED AS A CHIEF CO-SPONSOR WELCH MAR-20-2001 S SECOND READING MAR-20-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-03-21 MAR-22-2001 S THIRD READING - PASSED 056-000-000 MAR-22-2001 H ARRIVE IN HOUSE MAR-22-2001 H PLACED CALENDAR ORDER OF FIRST READING MAR-23-2001 H HOUSE SPONSOR SCHOENBERG MAR-23-2001 H FIRST READING MAR-23-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES APR-18-2001 H ASSIGNED TO COMMITTEE FIN INSTIT APR-25-2001 H DO PASS/SHORT DEBATE 014-000-000 HFIN APR-25-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE APR-25-2001 H ADDED AS A JOINT SPONSOR RUTHERFORD APR-25-2001 H ADDED AS A JOINT SPONSOR GARRETT MAY-16-2001 H SECOND READING-SHORT DEBATE MAY-16-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE MAY-18-2001 H 3RD RDG. DEADLINE EXTENDED-RULE 9(B)- MAY 25, 2001 MAY-18-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE MAY-25-2001 H 3RD RDG. DEADLINE EXTENDED-RULE 9(B)- MAY 31, 2001 MAY-25-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE MAY-31-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-09-2002 H APPROVED FOR CONSIDERATION 004-000-000 HRUL JAN-09-2002 H AMENDMENT NO. 01-MADIGAN,MJ JAN-09-2002 H AMENDMENT REFERRED TO HRUL JAN-09-2002 H RULES REFERS TO HFIN JAN-09-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE JAN-10-2002 H AMENDMENT NO. 01-MADIGAN,MJ JAN-10-2002 H RECOMMENDS BE ADOPTED HFIN/012-000-000 JAN-10-2002 H ADDED AS A JOINT SPONSOR MAY JAN-10-2002 H AMENDMENT NO. 01-MADIGAN,MJ JAN-10-2002 H ADOPTED JAN-10-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE JAN-10-2002 H THIRD READING/SHORT DEBATE/PASSED 113-000-002 JAN-29-2002 S SECRETARYS DESK - CONCURRENCE 01 JAN-29-2002 S FILED WITH SECRETARY JAN-29-2002 S MOTION NON-CONCUR - HOUSE AMENDMENT NO 01-O'MALLEY FEB-06-2002 S SEN NON-CONCURS IN HSE AMENDMENTS (NO.) 01 FEB-06-2002 H ARRIVE IN HOUSE FEB-06-2002 H PLACED CALENDAR ORDER NON-CONCURRENCE 01 FEB-13-2002 H MOTION REFUSE RECEDE - HSE AMEND NO 01/SCHOENBERG FEB-13-2002 H HSE REFUSES TO RECEDE FROM AMENDMENT NO 01 FEB-13-2002 H HSE REQUESTS CONFERENCE COMMITTEE 1ST FEB-13-2002 H HSE CONFERENCE COMMITTEE APPOINTED 1ST/CURRIE, FEB-13-2002 H SCHOENBERG, FEB-13-2002 H GARRETT, FEB-13-2002 H TENHOUSE AND FEB-13-2002 H RUTHERFORD FEB-20-2002 S SEN ACCEDE REQUEST CONFERENCE COMMITTEE 1ST FEB-20-2002 S SEN CONFERENCE COMMITTEE APPOINTED 1ST/O'MALLEY, FEB-20-2002 S JONES,W, WALSH,T, FEB-20-2002 S LIGHTFORD & WELCH MAR-20-2002 H HSE CONFERENCE COMMITTEE REPORT SUBMITED 1ST/SCHOENBERG MAR-20-2002 H CONFERENCE COMMITTEE REPORT REFERRED TO HRUL MAR-20-2002 H CONFERENCE COMMITTEE REPORT 1ST MAR-21-2002 S FILED WITH SECRETARY MAR-21-2002 S SEN CONFERENCE COMMITTEE REPORT SUBMITED 1ST/O'MALLEY MAR-21-2002 S CONFERENCE COMMITTEE REPORT REFERRED TO SRUL MAR-21-2002 S CONFERENCE COMMITTEE REPORT 1ST/02-03-21 APR-03-2002 H CONFERENCE COMMITTEE REPORT 1ST APR-03-2002 H RECOMMENDS BE ADOPTED HRUL/004-000-000 APR-03-2002 H CONFERENCE COMMITTEE REPORT 1ST APR-04-2002 H HOUSE ADOPTED CONFERENCE REPORT 1ST/115-000-002 APR-10-2002 S CONFERENCE COMMITTEE REPORT 1ST/O'MALLEY APR-10-2002 S BE APPROVED FOR CONSIDERATION SRUL APR-18-2002 S SEN CONFERENCE COMMITTEE REPORT SUBMITED 1ST/O'MALLEY APR-18-2002 S SENATE ADOPTED CONFERENCE REPORT 1ST/058-000-000 APR-18-2002 S BOTH HOUSES ADOPTED CONFERENCE REPORT 1ST APR-18-2002 S PASSED BOTH HOUSES MAY-17-2002 S SENT TO THE GOVERNOR JUN-12-2002 S GOVERNOR APPROVED JUN-12-2002 S EFFECTIVE DATE 02-06-12 JUN-12-2002 S PUBLIC ACT.............................. 92-0543 END OF INQUIRY Full Text Bill Summary