(205 ILCS 205/1006) (from Ch. 17, par. 7301‑6)
Sec. 1006. Parity.
(a) Subject to the regulation of the Commissioner and in addition to the
powers granted by this Act, each savings bank operating under this Act shall
possess those powers granted by regulation promulgated under the Federal
Deposit Insurance Act for state savings banks.
(b) A savings bank may establish branches or offices at which savings or
investments are regularly received or loans approved as follows:
(1) to the extent branch powers and offices are |
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granted to State banks under the Illinois Banking Act;
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(2) within the geographic area defined in Article 2
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of this Act and subject to the provisions of Article 2 of this Act;
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(3) within the same geographic areas or states as
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those states from which a holding company is permitted to acquire an Illinois savings bank or an Illinois savings bank holding company;
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(4) to the same extent that holding companies and
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savings and loan associations headquartered outside the State of Illinois are allowed to operate in Illinois by virtue of Articles 1A and 2B of the Illinois Savings and Loan Act of 1985;
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(5) as the result of mergers, consolidations, or
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bulk sales of facilities in the case of relocations; and
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(6) to the extent an out‑of‑state savings bank has
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its main banking premises in a state that is reciprocal with Illinois and would be eligible to establish a branch pursuant to Section 1006.05 of this Act.
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(c) The Commissioner may adopt regulations that provide for the
establishment of branches as defined by the Commissioner.
(d) Notwithstanding any other provision of this Act, a savings bank that
purchases or assumes all or any part of the assets or liabilities of a bank,
savings bank, or savings and loan association or merges or consolidates with a
bank, savings bank, or savings and loan association may retain and maintain the
main premises or branches of the former bank, savings bank, or savings and loan
association as branches of the purchasing, merging, or consolidating savings
bank, provided it assumes the deposit liabilities of the bank, savings bank, or
savings and loan association maintained at the main premises or branches.
(e) A savings bank has any power reasonably incident,
convenient, or useful
to
the accomplishment of the powers conferred upon
the savings bank by this Act.
(Source: P.A. 93‑965, eff. 8‑20‑04.)
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(205 ILCS 205/1006.05)
Sec. 1006.05. Out‑of‑state savings banks establishing branches.
(a) No out‑of‑state savings bank whose main banking premises is located in a state other than Illinois shall establish a branch in this State, other than a branch authorized pursuant to any other provision of this Act, unless:
(1) the laws of the state in which such out‑of‑state |
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savings bank has its main banking premises permit the out‑of‑state savings bank to establish a branch in this State;
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(2) the out‑of‑state savings bank has its main
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banking premises in a state that permits an Illinois State savings bank to establish a branch in that state pursuant to terms and conditions that are deemed to be reciprocal with the provisions of this Act; and
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(3) the out‑of‑state savings bank obtains a
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certificate of authority from, or provides notice to, the Commissioner as provided in subsection (b) of this Section.
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(b) Before the out‑of‑state savings bank may establish a
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branch in this State, the out‑of‑state savings bank must obtain a certificate of authority from the Commissioner. The out‑of‑state savings bank must file an application for a certificate of authority on a form prescribed by the Commissioner.
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The application for a certificate of authority shall not
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be required if the state in which the out‑of‑state savings bank is chartered permits an Illinois State savings bank to establish a branch in that state without filing an application. An out‑of‑state savings bank chartered in such a state may establish a branch in this State pursuant to this Section after providing the Commissioner with written notice. The Commissioner may prescribe the form of such notice and may accept a copy of a notice or application provided by the out‑of‑state savings bank to its chartering authority.
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(c) The determination of whether the laws of the state in
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which the out‑of‑state savings bank has its main banking premises are reciprocal with the provisions of this Act shall be made in writing by the Commissioner. The Commissioner shall not make a finding of reciprocity unless the Commissioner determines that the laws of the other state permit an Illinois State savings bank to establish a branch in the other state under terms and conditions that are substantially similar to the provisions of this Section. The Commissioner shall consider, at a minimum, whether the laws of the other state discriminate in any way against an Illinois State savings bank and whether the laws of the other state impose administrative or regulatory burdens that are substantially more restrictive than those imposed by this Act on an out‑of‑state savings bank seeking to establish a branch in this State.
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(d) After the out‑of‑state savings bank lawfully
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establishes a branch in this State pursuant to the provisions of this Section, the out‑of‑state savings bank may establish and maintain additional branches in this State to the same extent as an Illinois State savings bank. An out‑of‑state savings bank shall provide written notice to the Commissioner of its intent to establish an additional branch or additional branches in this State within 30 days after receiving approval from its chartering authority or other appropriate regulatory agency to establish the branch or branches. The form of the notice shall be specified by the Commissioner.
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(e) A branch of an out‑of‑state savings bank may not
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conduct any activity that is not authorized for an Illinois State savings bank.
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(Source: P.A. 93‑965, eff. 8‑20‑04.)
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(205 ILCS 205/1007.05) (from Ch. 17, par. 7301‑7.05)
Sec. 1007.05.
"Affiliate" means any company that controls, is
controlled by, or is under common control with a savings bank
operating under this Act.
The term "affiliated person of a savings bank or
insured institution" means the following:
(1) a director, officer, or controlling person of a |
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savings bank or insured institution;
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(2) a spouse of a director, officer, or controlling
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person of a savings bank or institution;
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(3) member of the immediate family of a director,
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officer, or controlling person of a savings bank or insured institution, who has the same home as that person, or who is a director or officer of any subsidiary of the savings bank or insured institution or of any holding company affiliate of the savings bank or insured institution;
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(4) any corporation or organization (other than the
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savings bank or insured institution or a corporation or organization through which the savings bank or insured institution operates) of which a director, officer or controlling person of the savings bank or insured institution:
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(A) is chief executive officer, chief financial
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officer, or a person performing similar functions;
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(B) is a general partner;
(C) is a limited partner who directly or
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indirectly either alone or with his spouse and the members of his immediate family who are also affiliated persons of the institution, owns an interest of 10% or more in the partnership (based on the value of his contribution) or who, directly or indirectly with other directors, officers, and controlling persons of the institution and their spouses and their immediate family members who are also affiliated persons of the institution, owns an interest of 25% or more in the partnership; or
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(D) directly or indirectly either alone or with
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his spouse and the members of his immediate family who are also affiliated persons of the institution, owns or controls 10% or more of any class of equity securities or owns or controls, with other directors, officers, and controlling persons of the savings bank or insured institution and their spouses and their immediate family members who are also affiliated persons of the savings bank or insured institution, 25% or more of any class of equity securities.
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(Source: P.A. 86‑1213.)
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(205 ILCS 205/1008) (from Ch. 17, par. 7301‑8)
Sec. 1008.
General corporate powers.
(a) A savings bank operating under this Act shall be a body
corporate and politic and shall have all of the powers
conferred by this Act including, but not limited to, the following powers:
(1) To sue and be sued, complain, and defend in its |
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corporate name and to have a common seal, which it may alter or renew at pleasure.
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(2) To obtain and maintain insurance by a deposit
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insurance corporation as defined in this Act.
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(3) To act as a fiscal agent for the United States,
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the State of Illinois or any department, branch, arm, or agency of the State or any unit of local government or school district in the State, when duly designated for that purpose, and as agent to perform reasonable functions as may be required of it.
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(4) To become a member of or deal with any
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corporation or agency of the United States or the State of Illinois, to the extent that the agency assists in furthering or facilitating its purposes or powers and to that end to purchase stock or securities thereof or deposit money therewith, and to comply with any other conditions of membership or credit.
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(5) To make donations in reasonable amounts for the
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public welfare or for charitable, scientific, religious, or educational purposes.
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(6) To adopt and operate reasonable insurance,
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bonus, profit sharing, and retirement plans for officers and employees and for directors including, but not limited to, advisory, honorary, and emeritus directors, who are not officers or employees.
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(7) To reject any application for membership; to
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retire deposit accounts by enforced retirement as provided in this Act and the bylaws; and to limit the issuance of, or payments on, deposit accounts, subject, however, to contractual obligations.
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(8) To purchase stock in service corporations and to
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invest in any form of indebtedness of any service corporation as defined in this Act, subject to regulations of the Commissioner.
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(9) To purchase stock of a corporation whose
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principal purpose is to operate a safe deposit company or escrow service company.
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(10) To exercise all the powers necessary to qualify
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as a trustee or custodian under federal or State law, provided that the authority to accept and execute trusts is subject to the provisions of the Corporate Fiduciary Act and to the supervision of those activities by the Commissioner.
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(11) (Blank).
(12) To establish, maintain, and operate terminals
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as authorized by the Electronic Fund Transfer Act.
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(13) To pledge its assets:
(A) to enable it to act as agent for the sale of
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obligations of the United States;
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(B) to secure deposits;
(C) to secure deposits of money whenever
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required by the National Bankruptcy Act;
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(D) (blank); and
(E) to secure trust funds commingled with the
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savings bank's funds, whether deposited by the savings bank or an affiliate of the savings bank, as required under Section 2‑8 of the Corporate Fiduciary Act.
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(14) To accept for payment at a future date not to
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exceed one year from the date of acceptance, drafts drawn upon it by its customers; and to issue, advise, or confirm letters of credit authorizing holders thereof to draw drafts upon it or its correspondents.
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(15) Subject to the regulations of the Commissioner,
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to own and lease personal property acquired by the savings bank at the request of a prospective lessee and, upon the agreement of that person, to lease the personal property.
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(16) To establish temporary service booths at any
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International Fair in this State that is approved by the United States Department of Commerce for the duration of the international fair for the purpose of providing a convenient place for foreign trade customers to exchange their home countries' currency into United States currency or the converse. To provide temporary periodic service to persons residing in a bona fide nursing home, senior citizens' retirement home, or long‑term care facility. These powers shall not be construed as establishing a new place or change of location for the savings bank providing the service booth.
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(17) To indemnify its officers, directors,
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employees, and agents, as authorized for corporations under Section 8.75 of the Business Corporations Act of 1983.
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(18) To provide data processing services to others
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(19) To utilize any electronic technology to provide
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customers with home banking services.
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(20) Subject to the regulations of the Commissioner,
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to enter into an agreement to act as a surety.
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(21) Subject to the regulations of the Commissioner,
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to issue credit cards, extend credit therewith, and otherwise engage in or participate in credit card operations.
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(22) To purchase for its own account shares of stock
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of a bankers' bank, described in Section 13(b)(1) of the Illinois Banking Act, on the same terms and conditions as a bank may purchase such shares. In no event shall the total amount of such stock held by a savings bank in such bankers' bank exceed 10% of its capital and surplus (including undivided profits) and in no event shall a savings bank acquire more than 5% of any class of voting securities of such bankers' bank.
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(23) With respect to affiliate facilities:
(A) to conduct at affiliate facilities any of
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the following transactions for and on behalf of any affiliated depository institution, if so authorized by the affiliate or affiliates: receiving deposits; renewing deposits; cashing and issuing checks, drafts, money orders, travelers checks, or similar instruments; changing money; receiving payments on existing indebtedness; and conducting ministerial functions with respect to loan applications, servicing loans, and providing loan account information; and
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(B) to authorize an affiliated depository
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institution to conduct for and on behalf of it, any of the transactions listed in this subsection at one or more affiliate facilities.
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A savings bank intending to conduct or to authorize
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an affiliated depository institution to conduct at an affiliate facility any of the transactions specified in this subsection shall give written notice to the Commissioner at least 30 days before any such transaction is conducted at an affiliate facility. All conduct under this subsection shall be on terms consistent with safe and sound banking practices and applicable law.
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(24) Subject to Article XLIV of the Illinois
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Insurance Code, to act as the agent for any fire, life, or other insurance company authorized by the State of Illinois, by soliciting and selling insurance and collecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said savings bank and the insurance company for which it may act as agent; provided, however, that no such savings bank shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal; and provided further, that the savings bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance.
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(25) To become a member of the Federal Home Loan
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Bank and to have the powers granted to a savings association organized under the Illinois Savings and Loan Act of 1985 or the laws of the United States, subject to regulations of the Commissioner.
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(26) To offer any product or service that is at the
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time authorized or permitted to a bank by applicable law, but subject always to the same limitations and restrictions that are applicable to the bank for the product or service by such applicable law and subject to the applicable provisions of the Financial Institutions Insurance Sales Law and rules of the Commissioner.
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(b) If this Act or the regulations adopted under this Act fail
to
provide specific guidance in matters of corporate
governance, the provisions of the Business Corporation Act of 1983 may be
used, or if the savings bank is a limited liability company, the provisions
of the Limited Liability Company shall be used.
(c) A savings bank may be organized as a limited liability company, may
convert to a limited liability company, or may merge with and into a limited
liability company, under the applicable laws of this State and of the United
States, including any rules promulgated thereunder. A savings bank organized as
a limited liability company shall
be subject to the provisions of the Limited Liability Company Act in addition
to this Act, provided that if a provision of the Limited Liability
Company Act conflicts with a provision of this Act or with any rule of the
Commissioner, the provision of this Act or the rule of the Commissioner shall
apply.
Any filing required to be made under the Limited Liability Company Act shall
be made exclusively with the Commissioner, and the Commissioner shall possess
the exclusive authority to regulate the savings bank as provided in this Act.
Any organization as, conversion to, and merger with or into a limited
liability company shall be subject to the prior approval of the Commissioner.
A savings bank that is a limited liability company shall be subject to all of
the provisions of this Act in the same manner as a savings bank that is
organized in stock form.
The Commissioner may promulgate rules to ensure that a savings bank that is a
limited liability company (i) is operating in a safe and sound manner and (ii)
is subject to the Commissioner's authority in the same manner as a savings bank
that is organized in stock form.
(Source: P.A. 92‑483, eff.
8‑23‑01; 93‑561, eff. 1‑1‑04.)
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