HB5685 Summary

• Repeals the Illinois Savings and Loan Act of 1985 and consolidates savings and loan associations under the Savings Bank Act, with existing foreign associations deemed out-of-state savings banks.

• Renames the "Savings Institutions Regulatory Fund" to the "Savings Bank Regulatory Fund" and restructures related special funds under the State Finance Act for regulatory oversight.

• Establishes a Board of Savings Banks composed of the Director of Banking and 7 Governor-appointed members to advise on savings bank regulation and proposed legislation.

• Modifies the Illinois Banking Act to eliminate fixed-rate commissioner fees for bank voluntary dissolution and instead allows the Secretary to prescribe fees by rule.

• Updates residential mortgage licensing provisions to clarify "HUD-approved" counseling standards, expand subsidiary financial statement options, and require certificates of exemption for certain mortgage types in the predatory lending database program.