SB3726 Summary

• Amends the Illinois Banking Act and Savings Bank Act to modernize banking regulations and procedures effective immediately upon passage.

• Changes State Banking Board of Illinois membership composition and allows boards of directors to authorize stockholders/members to attend and vote at meetings via conference telephone or interactive technology.

• Permits banks and savings banks to borrow, pledge assets to secure deposits, provide data processing services for profit, invest in financial futures/options, and allows savings banks to purchase fixed rate annuity contracts and accept deposits from minors.

• Replaces criminal felony penalties with civil penalties imposed by the Commissioner for persons making false statements with intent to deceive bank examiners.

• Modernizes notice requirements by allowing electronic delivery instead of mailing and removes outdated "published in newspaper" notice requirements for various banking transactions.