IL HB0063

Sets a fixed 180-day period for financial institutions to correct capital impairments before the Commissioner may take possession of the bank, removing the previous discretionary range of 60-180 days.

Prohibits the Commissioner from extending the correction period for banks that are critically undercapitalized, as defined by federal regulation 12 C.F.R. 325.103.

Limits capital raising requirements to ensure only that banks achieve "adequately capitalized" status as defined by 12 C.F.R. 325.103, rather than higher standards.

Requires the Commissioner to enforce these provisions consistent with Federal Deposit Insurance Corporation requirements.

Takes effect immediately upon becoming law.