IL HB4947

Increases the asset threshold for state banks to qualify for reduced director requirements from $20,000,000 to $50,000,000, allowing banks with 10+ years of existence and less than $50,000,000 in assets to operate with a minimum of 3 directors instead of 5, subject to Commissioner approval.

Requires that if a state bank has fewer than 5 directors, at least one director must not be an officer or employee of the bank.

Expands exemptions from loan and investment limits to include obligations of any department, bureau, board, commission, or establishment of the United States, including any corporation wholly owned by the United States.

Creates new Section 80.5 requiring the Secretary to provide the State Banking Board with annual fiscal information upon request, including all fees collected, deposits to the Bank and Trust Company Fund, total administrative expenses, and credits available against subsequent year fees.