BANKING ACT-CAPITAL IMPAIRMENT

Amends the Illinois Banking Act. Provides that financial institutions have 180 days (was, at least 60 but no more than 180 days) to correct capital impairments before the Commissioner may take possession and control of the bank. Provides that the Commissioner shall not extend the time period for the board of directors to correct a capital impairment for a bank that is critically undercapitalized. Provides that if the Commissioner has given notice to the board of directors requiring the bank to raise capital to correct capital impairment, the Commissioner shall only require a capital raising plan that ensures capital necessary for the bank to be adequately capitalized. Provides that the Commissioner shall not enforce or implement the provisions in a manner inconsistent with the requirements of the Federal Deposit Insurance Corporation. Effective immediately.