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IL SB2675
Bill
AI Summary
- Amends Section 3 of the Illinois Banking Act (205 ILCS 5/3) concerning formation and primary powers of banks
- Makes a technical correction by removing a duplicated word "the" in the statute
- Banks are authorized to engage in discount and deposit, buying and selling exchange, and general banking business, excluding the issuance of circulating bills
- Banks have power to loan money on personal and real estate security and to accept and execute trusts upon obtaining a certificate of authority under the Corporate Fiduciary Act
- Clarifies that "real estate" includes manufactured homes as defined in the Uniform Commercial Code and the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act
Legislative Description
REGULATION-TECH
Last Action
Session Sine Die
1/13/2021
Committee Referrals
Assignments4/12/2020
Executive2/5/2020
Assignments1/29/2020
Full Bill Text
No bill text available