SB1861 Summary

• Adds a new subsection (26) to Section 5 of the Illinois Banking Act clarifying that State banks do not need to file notices or applications with the U.S. Office of the Comptroller of the Currency or other state bank supervisors to exercise powers conferred by the Act within Illinois.

• Amends Section 14.1 to allow banks to reorganize capital accounts without a change in control, subject to the same extent, manner, limitations, and restrictions applicable to national banks, upon receiving prior written approval of the Secretary.

• Changes the approval authority in Section 14.1 from "Commissioner" to "Secretary" for quasi-reorganization of capital accounts following a change in control.

• Revises Section 14.1's title from "Quasi-Reorganization of Capital Upon a Change in Control" to "Quasi-Reorganization of Capital" to reflect the expanded scope allowing reorganization without ownership changes.