Banking on Illinois Act (205 ILCS 710/)

Chapter 205 — Financial Regulation

This text is maintained by the Legislative Reference Bureau for legislative drafting purposes and is NOT the official text of the Illinois Compiled Statutes; the only official copy is the printed copy maintained by the Secretary of State.

Sec. 1. Short title

This Act may be cited as the Banking on Illinois Act.

(Source: P.A. 91-330, eff. 7-29-99.)

Sec. 5. Findings and declarations of policy

The General Assembly hereby finds and declares:

(1) that the economic strength and general welfare of Illinois depends on a strong, profitable, and competitive banking industry in this State that preserves and creates employment, increases credit availability, attracts capital, and expands the savings base for the citizens of this State;

(2) that the removal of geographic restrictions in the federal banking laws and in the laws of the 50 states has given rise to a substantial number of newly created community banks and interstate bank mergers requiring the selection of main office locations and relocations;

(3) that by ensuring a favorable environment for banks to commence and operate their businesses from this State, more newly created community banks and merging banks will choose to maintain or retain their headquarters in and relocate their main banking offices to Illinois; and

(4) that preserving and increasing the number of bank headquarters and main banking offices within Illinois will substantially increase employment opportunities, credit availability, and capital investment in this State, while strengthening the savings base of this State, thereby providing significant benefits to all Illinois citizens, to commercial and agricultural businesses of all sizes in this State, and to all local governments and political subdivisions of this State.

(Source: P.A. 91-330, eff. 7-29-99.)

Sec. 10. Purpose

The purpose of this Act is to encourage and provide a favorable environment in Illinois for the chartering and operating of banks that locate and maintain main banking offices in this State.

(Source: P.A. 91-330, eff. 7-29-99.)

Sec. 15. Application of Illinois law

(a) To further the purpose and policies of this Act, the provisions of the following Acts shall be liberally construed:

(1) the Illinois Banking Act; and

(2) the Foreign Banking Office Act.

(b) Subsection (a) of this Section shall not be applied in a manner that will adversely affect the safety and soundness of a bank.

(Source: P.A. 91-330, eff. 7-29-99.)

Sec. 95.

(Amendatory provisions; text omitted.)

(Source: P.A. 91-330, eff. 7-29-99; text omitted.)

Sec. 99. Effective date

This Act takes effect upon becoming law.

(Source: P.A. 91-330, eff. 7-29-99.)