Rep. Joseph M. Lyons

Amends the Illinois Pension Code. Makes a technical change to a Section concerning gender references.

Amends the Illinois Savings and Loan Act of 1985. Makes technical changes in a Section concerning the short title.

Amends the Property Tax Code. Creates a homestead improvement exemption for the installation and maintenance of a residential fire safety sprinkler system. Provides that homestead properties that have been improved with a fire safety sprinkler system after January 1, 2004 are entitled to a fire safety sprinkler homestead improvement exemption, limited to $2,500 or the actual cost of installation, whichever is less, for the year that the system is installed, and $100 each year thereafter that the system remains in place, when that property is owned and used exclusively for a residential purpose. Further amends the Property Tax Code and the Criminal Code of 1961 to add cross-references. Amends the State Mandates Act to require implementation without reimbursement from the State. Effective immediately.

Amends the Illinois Credit Union Act. Makes a technical change in a Section concerning the fiscal year of credit unions.

Amends the Illinois Banking Act. Defines "federally insured depository institution" to mean a bank that is insured by the Federal Deposit Insurance Corporation or other instrumentality of or corporation chartered by the United States that is supported by the full faith and credit of the United States government. Modifies the general corporate powers of banks organized under or subject to the Act. Allows banks to offer any product or service that is at the time authorized or permitted to any federally insured depository institution by applicable law subject to the same limitations and restrictions that are applicable to the federally insured depository institution for the product or service by such applicable law. Effective immediately.

Amends the Illinois Insurance Code. Prohibits the use of credit reports in the underwriting and pricing of homeowners insurance.

Amends the Public Utilities Act. Extends the repeal of the Telecommunications Article of the Act from July 1, 2005 to December 31, 2005. Effective immediately.

Amends the State Finance Act. Makes technical changes in a Section concerning the short title.

Amends the Illinois Pension Code. Makes a technical change to a Section concerning partial invalidity.

Amends the Public Utilities Act. Defines a residential service price-cap company as a telecommunications carrier that provided local exchange telecommunications service to 100,000 or more residential users on January 1, 2003, using a network elements platform required to be provided to the carrier under the Act. Provides that a residential service price-cap company shall certify to the Illinois Commerce Commission that its rates for basic residential service are no greater than the rates in effect on January 1, 2003. Provides that if a residential services price-cap company does not increase its rates during the period beginning on the effective date of this amendatory Act of the 93rd General Assembly and ending on July 1, 2005 to a level greater than the rates that were in effect on January 1, 2003, then, during that period, neither the Commission nor any incumbent local exchange carrier shall approve an increase in the rate for a network elements platform charged to a residential service price-cap company or reduce the network elements available to residential service price-cap companies for purchase below that which is available on January 1, 2003.