HB5260 Summary

• Repeals the Illinois Savings and Loan Act of 1985 and deems all existing associations organized under that Act to be savings banks under the Illinois Savings Bank Act without requiring separate approval.

• Establishes the Savings Institutions Regulatory Fund and the Board of Savings Institutions to oversee savings banks, with provisions for regulatory fees, examinations, and enforcement actions.

• Provides transition provisions for existing associations including one-year timelines to adopt new articles of incorporation and bylaws compliant with the Savings Bank Act, while retaining current directors until the first election.

• Extends regulation to out-of-state and foreign savings banks and associations, requiring licensing and compliance with Illinois banking laws.

• Makes conforming amendments across multiple Acts including the Freedom of Information Act, Division of Banking Act, Illinois Banking Act, Pawnbroker Regulation Act, Corporate Fiduciary Act, Residential Mortgage License Act, and Foreign Bank Representative Office Act.