SB0748 Summary

• Increases State Banking Board of Illinois membership from 11 to 12 additional members, adding one member from a savings bank organized under the Savings Bank Act and one alternate member from a savings bank.

• Adds savings banks to the definition of "exempt person or entity" under the Residential Mortgage License Act and modifies public member requirements to include savings banks in the prohibition on ownership.

• Repeals Section 12104 and Article 12.2 of the Savings Bank Act and Section 1-5 of the Residential Mortgage License Act (concerning the Residential Mortgage Board).

• Removes references to the Residential Mortgage Board from the Commissioner's duties in the Residential Mortgage License Act, eliminating the requirement to share examination findings with the Board.

• Removes discretionary language regarding public hearings, making them solely subject to the Commissioner's discretion rather than direction from the Residential Mortgage Board.