HB5428 Summary

• Amends the Illinois Banking Act to modify definitions and regulatory provisions related to state banks, including changes to terms like "accommodation party," "affiliate facility," and "commonly owned banks"

• Modifies the definition of "banking house" and "branch" to clarify when locations adjacent to or connected with main banking premises are not considered separate branches

• Updates provisions governing banks' ability to manage investment funds for public agencies and school districts, with investments subject to same limitations as public funds

• Adds new authority for savings banks to purchase fixed rate annuity contracts with restrictions including concentration limits of 25% of unimpaired capital and unimpaired surplus per issuer

• Expands protections for credit unions and other financial institutions disclosing member financial records to law enforcement in cases of imminent threats to personal security and safety