HB5957 Summary

• Amends the Illinois Banking Act to allow State banks to merge with out-of-state banks upon 60-day notice to the Secretary, replacing the prior certificate of authority requirement.

• Modifies the Savings Bank Act to streamline branch establishment procedures and eliminate reciprocity requirements for out-of-state savings banks establishing branches in Illinois.

• Amends the Electronic Fund Transfer Act to require cash-dispensing terminal owners to post consumer complaint phone numbers and the Department's contact information on terminals.

• Simplifies administrative procedures by eliminating hearing provisions from the Savings Bank Act and consolidating administrative review under the Administrative Review Law.

• Repeals registration requirements for non-financial institutions selling checks and eliminates annual reporting requirements on default and foreclosure rates in the High Risk Home Loan Act; takes effect immediately.