Illinois 95th Regular Session Status: Enacted

HB 744 — BANKING-REGULATIONS

Last action — Public Act . . . . . . . . . 95-0077

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 07, 2007. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Illinois Banking Act. Provides that a state bank and its subsidiaries in compliance with Regulation W promulgated by the Board of Governors of the Federal Reserve shall be deemed to be in compliance with certain provisions of the Act concerning limitations on investments in and loans to affiliates. Amends the Banking Emergencies Act. Provides that, whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in the State and to remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. Amends the Financial Institutions Electronic Documents and Digital Signature Act. For purposes of the Act, defines "financial institution" to include subsidiaries and affiliates of banks, savings and loan associations, savings banks, and credit unions. Provides that if a financial institution is required by law to provide or make available certain information in writing to consumers, provides that the use of an electronic record to provide or make available that information satisfies the writing requirement if the consumer consents and if certain notices are provided. Provides that oral communication or recording of oral communication does not qualify as an electronic record. Contains other provisions concerning the rights of consumers, the effect of failure to obtain electronic consent or confirmation of consent, the effect of withdrawal of consent, and prior consent. Effective immediately.

Bill Text

What changed in the latest version

20 added · 20 removed

Plain-language change summary

The latest version of Bill HB 744 has undergone a significant change by replacing the term "Engrossed" with "Enrolled." This language shift indicates that the bill has moved forward in the legislative process and is now finalized for implementation. This matters because “Enrolled” status suggests that the bill is closer to becoming law, marking an important step in the legislative journey and potentially affecting how the provisions will be applied moving forward.

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Latest
HB0744 Engrossed LRB095 04298 MJR 24339 b AN ACT concerning regulation.
HB0744 Enrolled LRB095 04298 MJR 24339 b AN ACT concerning regulation.
(2) For the purpose of this Section, any transactions by a state bank with any person shall be deemed to be a transaction with an affiliate to the extent that the HB0744 Engrossed - 2 - LRB095 04298 MJR 24339 b proceeds of the transaction are used for the benefit of, or transferred to, that affiliate.
(2) For the purpose of this Section, any transactions by a state bank with any person shall be deemed to be a transaction with an affiliate to the extent that the HB0744 Enrolled - 2 - LRB095 04298 MJR 24339 b proceeds of the transaction are used for the benefit of, or transferred to, that affiliate.
or (ii) a majority of the directors or trustees of HB0744 Engrossed - 3 - LRB095 04298 MJR 24339 b which constitute a majority of the persons holding any such office with the state bank or any company that controls the state bank;
or (ii) a majority of the directors or trustees of HB0744 Enrolled - 3 - LRB095 04298 MJR 24339 b which constitute a majority of the persons holding any such office with the state bank or any company that controls the state bank;
but does not include a person whose advice is furnished solely through uniform publications to subscribers thereto or a person who furnishes only statistical and other factual information, advice regarding economic factors and trends, or advice HB0744 Engrossed - 4 - LRB095 04298 MJR 24339 b as to occasional transactions in specific securities, but without generally furnishing advice or making recommendations regarding the purchase or sale of securities, or a company furnishing such services at cost to one or more investment companies, insurance companies or other financial institutions, or any person the character and amount of whose compensation for such services must be approved by a court.
but does not include a person whose advice is furnished solely through uniform publications to subscribers thereto or a person who furnishes only statistical and other factual information, advice regarding economic factors and trends, or advice HB0744 Enrolled - 4 - LRB095 04298 MJR 24339 b as to occasional transactions in specific securities, but without generally furnishing advice or making recommendations regarding the purchase or sale of securities, or a company furnishing such services at cost to one or more investment companies, insurance companies or other financial institutions, or any person the character and amount of whose compensation for such services must be approved by a court.
(C) any company engaged solely in conducting a safe HB0744 Engrossed - 5 - LRB095 04298 MJR 24339 b deposit business;
(C) any company engaged solely in conducting a safe HB0744 Enrolled - 5 - LRB095 04298 MJR 24339 b deposit business;
(ii) such company or shareholder controls in any manner the election of a majority of the HB0744 Engrossed - 6 - LRB095 04298 MJR 24339 b directors or trustees of the other company;
(ii) such company or shareholder controls in any manner the election of a majority of the HB0744 Enrolled - 6 - LRB095 04298 MJR 24339 b directors or trustees of the other company;
(7) "Covered transaction" means, with respect to an affiliate of a state bank, HB0744 Engrossed - 7 - LRB095 04298 MJR 24339 b (A) a loan or extension of credit to the affiliate;
(7) "Covered transaction" means, with respect to an affiliate of a state bank, HB0744 Enrolled - 7 - LRB095 04298 MJR 24339 b (A) a loan or extension of credit to the affiliate;
HB0744 Engrossed - 8 - LRB095 04298 MJR 24339 b (C) an asset on which principal or interest payments are more than 30 days past due;
HB0744 Enrolled - 8 - LRB095 04298 MJR 24339 b (C) an asset on which principal or interest payments are more than 30 days past due;
(B) 110% of the amount of such loan or extension of HB0744 Engrossed - 9 - LRB095 04298 MJR 24339 b credit, guarantee, acceptance or letter of credit if the collateral is composed of obligations of any state or political subdivision of any State;
(B) 110% of the amount of such loan or extension of HB0744 Enrolled - 9 - LRB095 04298 MJR 24339 b credit, guarantee, acceptance or letter of credit if the collateral is composed of obligations of any state or political subdivision of any State;
(4) The securities issued by an affiliate of the state bank shall not be acceptable as collateral for a loan or extension of credit to, or guarantee, acceptance or letter of credit issued on behalf of, that affiliate or any other HB0744 Engrossed - 10 - LRB095 04298 MJR 24339 b affiliate of the state bank.
(4) The securities issued by an affiliate of the state bank shall not be acceptable as collateral for a loan or extension of credit to, or guarantee, acceptance or letter of credit issued on behalf of, that affiliate or any other HB0744 Enrolled - 10 - LRB095 04298 MJR 24339 b affiliate of the state bank.
(4) making a loan or extension of credit to, or issuing HB0744 Engrossed - 11 - LRB095 04298 MJR 24339 b a guarantee, acceptance, or letter of credit on behalf of, an affiliate that is fully secured by (A) obligations of the United States or its agencies;
(4) making a loan or extension of credit to, or issuing HB0744 Enrolled - 11 - LRB095 04298 MJR 24339 b a guarantee, acceptance, or letter of credit on behalf of, an affiliate that is fully secured by (A) obligations of the United States or its agencies;
(6) purchasing assets having a readily identifiable and publicly available market quotation and purchased at the market quotation or, subject to the prohibition contained in paragraph (3) of subsection (a), purchasing HB0744 Engrossed - 12 - LRB095 04298 MJR 24339 b loans on a nonrecourse basis from affiliated banks;
(6) purchasing assets having a readily identifiable and publicly available market quotation and purchased at the market quotation or, subject to the prohibition contained in paragraph (3) of subsection (a), purchasing HB0744 Enrolled - 12 - LRB095 04298 MJR 24339 b loans on a nonrecourse basis from affiliated banks;
1002) HB0744 Engrossed - 13 - LRB095 04298 MJR 24339 b Sec.
1002) HB0744 Enrolled - 13 - LRB095 04298 MJR 24339 b Sec.
(b) Whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by HB0744 Engrossed - 14 - LRB095 04298 MJR 24339 b proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in this State, notwithstanding any other laws of this State to the contrary.
(b) Whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by HB0744 Enrolled - 14 - LRB095 04298 MJR 24339 b proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in this State, notwithstanding any other laws of this State to the contrary.
"Substitute check" means a paper reproduction of an HB0744 Engrossed - 15 - LRB095 04298 MJR 24339 b original check, as defined in the Check Clearing for the 21st Century Act (12 U.S.C.
"Substitute check" means a paper reproduction of an HB0744 Enrolled - 15 - LRB095 04298 MJR 24339 b original check, as defined in the Check Clearing for the 21st Century Act (12 U.S.C.
In any communication, acknowledgement, agreement, or contract between a financial institution and its customer, in which a signature is required or used, any party to the communication, acknowledgement, agreement, or contract may affix a signature by use of a digital signature, and the digital signature, when lawfully HB0744 Engrossed - 16 - LRB095 04298 MJR 24339 b used by the person whose signature it purports to be, shall have the same force and effect as the use of a manual signature if it is unique to the person using it, is capable of verification, is under the sole control of the person using it, and is linked to data in such a manner that if the data are changed, the digital signature is invalidated.
In any communication, acknowledgement, agreement, or contract between a financial institution and its customer, in which a signature is required or used, any party to the communication, acknowledgement, agreement, or contract may affix a signature by use of a digital signature, and the digital signature, when lawfully HB0744 Enrolled - 16 - LRB095 04298 MJR 24339 b used by the person whose signature it purports to be, shall have the same force and effect as the use of a manual signature if it is unique to the person using it, is capable of verification, is under the sole control of the person using it, and is linked to data in such a manner that if the data are changed, the digital signature is invalidated.
(I) any right or option of the consumer to have the record provided or made available on HB0744 Engrossed - 17 - LRB095 04298 MJR 24339 b paper or in nonelectronic form, and (II) the right of the consumer to withdraw the consent to have the record provided or made available in an electronic form and of any conditions, consequences (which may include termination of the parties’ relationship), or fees in the event of a withdrawal of consent;
(I) any right or option of the consumer to have the record provided or made available on HB0744 Enrolled - 17 - LRB095 04298 MJR 24339 b paper or in nonelectronic form, and (II) the right of the consumer to withdraw the consent to have the record provided or made available in an electronic form and of any conditions, consequences (which may include termination of the parties’ relationship), or fees in the event of a withdrawal of consent;
HB0744 Engrossed - 18 - LRB095 04298 MJR 24339 b (i) prior to consenting, is provided with a statement of the hardware and software requirements for access to and retention of the electronic records;
HB0744 Enrolled - 18 - LRB095 04298 MJR 24339 b (i) prior to consenting, is provided with a statement of the hardware and software requirements for access to and retention of the electronic records;
(I) the revised hardware and software requirements for access to and retention of the electronic records, and (II) the right to withdraw consent without the imposition of any fees for the withdrawal and without the imposition of any condition or consequence that was not disclosed under HB0744 Engrossed - 19 - LRB095 04298 MJR 24339 b subparagraph (B)(i);
(I) the revised hardware and software requirements for access to and retention of the electronic records, and (II) the right to withdraw consent without the imposition of any fees for the withdrawal and without the imposition of any condition or consequence that was not disclosed under HB0744 Enrolled - 19 - LRB095 04298 MJR 24339 b subparagraph (B)(i);
Withdrawal of consent by a consumer shall not affect the legal effectiveness, validity, or enforceability of electronic records provided or made available to that consumer in accordance with HB0744 Engrossed - 20 - LRB095 04298 MJR 24339 b paragraph (1) prior to implementation of the consumer’s withdrawal of consent.
Withdrawal of consent by a consumer shall not affect the legal effectiveness, validity, or enforceability of electronic records provided or made available to that consumer in accordance with HB0744 Enrolled - 20 - LRB095 04298 MJR 24339 b paragraph (1) prior to implementation of the consumer’s withdrawal of consent.
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Action History

  1. Public Act . . . . . . . . . 95-0077

  2. Effective Date August 13, 2007

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Third Reading - Passed; 056-000-000

  7. Added as Alternate Chief Co-Sponsor Sen. Mike Jacobs

  8. Placed on Calendar Order of 3rd Reading May 8, 2007

  9. Second Reading

  10. Added as Alternate Chief Co-Sponsor Sen. Dan Rutherford

  11. Placed on Calendar Order of 2nd Reading April 24, 2007

  12. Do Pass Financial Institutions; 007-000-000

  13. Assigned to Financial Institutions

  14. Referred to Rules

  15. First Reading

  16. Chief Senate Sponsor Sen. Don Harmon

  17. Placed on Calendar Order of First Reading

  18. Arrive in Senate

  19. Third Reading - Short Debate - Passed 109-000-001

  20. Placed on Calendar Order of 3rd Reading - Short Debate

  21. Second Reading - Short Debate

  22. Added Co-Sponsor Rep. Monique D. Davis

  23. Added Co-Sponsor Rep. Joseph M. Lyons

  24. Placed on Calendar 2nd Reading - Short Debate

  25. Do Pass / Short Debate Financial Institutions Committee; 020-000-000

  26. Added Co-Sponsor Rep. Patricia R. Bellock

  27. Added Co-Sponsor Rep. Thomas Holbrook

  28. Added Co-Sponsor Rep. Aaron Schock

  29. Assigned to Financial Institutions Committee

  30. Added Chief Co-Sponsor Rep. Elizabeth Coulson

  31. Added Chief Co-Sponsor Rep. Sara Feigenholtz

  32. Added Chief Co-Sponsor Rep. Angelo Saviano

  33. Added Chief Co-Sponsor Rep. Mike Boland

  34. Referred to Rules Committee

  35. First Reading

  36. Filed with the Clerk by Rep. John A. Fritchey

Sponsors

  • John A. Fritchey · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • John A. Fritchey

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 56 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 47002
Democrat 8001
Republican 1000
Total 56003
% of votes cast 95%0%0%5%
How each member voted (59)
Member Party Vote
Halvorson — Yea
Link — Yea
Forby — Yea
Frerichs — Yea
Kotowski — Yea
Lauzen — Yea
Brady — Yea
Luechtefeld — Yea
Meeks — Yea
Millner — Yea
Sullivan — Yea
Munoz — Yea
Noland — Yea
Radogno — Yea
Cullerton — Yea
Jacobs — Yea
Schoenberg — Yea
Watson — Yea
Jones, J. — Yea
Sieben — Yea
Demuzio — Yea
Trotter — Yea
Viverito — Not Voting
Wilhelmi — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Haine — Yea
Hendon — Yea
Hultgren — Yea
Pankau — Yea
Peterson — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Rutherford — Not Voting
Sandoval — Yea
Silverstein — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Garrett — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Not Voting
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Third Reading

Passed 109 Yea · 0 Nay · 9 Other
Party YeaNayPresentNot Voting
Unaffiliated 97008
Republican 4000
Democrat 8001
Total 109009
% of votes cast 92%0%0%8%
How each member voted (118)
Member Party Vote
Nekritz — Yea
Jefferies — Yea
Jefferson — Yea
Dunn — Yea
Krause — Yea
Lang — Yea
Leitch — Yea
Dugan — Yea
Dunkin — Yea
Lindner — Yea
Reitz — Yea
McAuliffe — Yea
McCarthy — Yea
Lyons — Yea
Mendoza — Yea
Meyer — Yea
Moffitt — Yea
Molaro — Yea
Munson — Yea
Myers — Yea
Osmond — Yea
Riley — Yea
Tryon — Yea
Verschoore — Yea
McGuire — Yea
Wait — Yea
Washington — Yea
Bradley, John — Yea
Bradley, Richard — Yea
Brady — Yea
Mitchell, Bill — Yea
Mitchell, Jerry — Yea
Burke — Yea
Sullivan — Yea
Hannig — Yea
Harris — Yea
Hernandez — Yea
Coladipietro — Yea
Cole — Yea
Colvin — Yea
Coulson — Yea
Durkin — Yea
Eddy — Yea
Flider — Yea
Fortner — Yea
Fritchey — Yea
Froehlich — Yea
Golar — Yea
Watson — Yea
Howard — Yea
Madigan — Not Voting
Davis, Monique — Yea
Phelps — Yea
Pihos — Yea
Scully — Not Voting
Turner — Not Voting
Winters — Yea
Yarbrough — Yea
Younge — Yea
Cross — Yea
Cultra — Yea
Currie — Not Voting
D'Amico — Yea
Flowers — Not Voting
Franks — Not Voting
Granberg — Not Voting
Holbrook — Yea
Jakobsson — Yea
Kosel — Yea
Gordon — Yea
Graham — Yea
Hamos — Yea
Hassert — Yea
Osterman — Yea
Patterson — Not Voting
Poe — Yea
Pritchard — Yea
Ramey — Yea
Reboletti — Yea
Reis — Yea
Ryg — Yea
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Schock — Yea
Sommer — Yea
Soto — Yea
Acevedo — Yea
Arroyo — Yea
Bassi — Yea
Beaubien — Yea
Beiser — Yea
Mathias — Yea
Bellock — Yea
Berrios — Yea
Biggins — Yea
Mautino — Yea
Black — Yea
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Mulligan — Yea
Chapa LaVia — Yea
Fred Crespo Democrat Yea
Jay Hoffman Democrat Yea
La Shawn K. Ford Democrat Yea
Lakesia Collins Democrat Not Voting
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea
Jil Tracy Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 744 do?
Amends the Illinois Banking Act. Provides that a state bank and its subsidiaries in compliance with Regulation W promulgated by the Board of Governors of the Federal Reserve shall be deemed to be in compliance with certain provisions of the Act concerning limitations on investments in and loans to affiliates. Amends the Banking Emergencies Act. Provides that, whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in the State and to remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. Amends the Financial Institutions Electronic Documents and Digital Signature Act. For purposes of the Act, defines "financial institution" to include subsidiaries and affiliates of banks, savings and loan associations, savings banks, and credit unions. Provides that if a financial institution is required by law to provide or make available certain information in writing to consumers, provides that the use of an electronic record to provide or make available that information satisfies the writing requirement if the consumer consents and if certain notices are provided. Provides that oral communication or recording of oral communication does not qualify as an electronic record. Contains other provisions concerning the rights of consumers, the effect of failure to obtain electronic consent or confirmation of consent, the effect of withdrawal of consent, and prior consent. Effective immediately.
Who sponsors HB 744?
HB 744 is sponsored by John A. Fritchey.
What is the current status of HB 744?
This bill has been enacted into law. Introduced February 07, 2007. Enacted.
Where can I track HB 744?
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