Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately.
Sponsored bills
Appropriates $2 from the General Revenue Fund to the Environmental Protection Agency for a grant to the Village of DePue for shoreline stabilization and water retention. Effective July 1, 2015.
Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the short title.
Amends the State University Certificates of Participation Act. Sets forth the maximum annual debt service amount for a State university's total outstanding (instead of total) certificate of participation obligation. Provides that the Act applies until December 31, 2024 (instead of December 31, 2014); makes a related change. Effective immediately.
Amends the Illinois Insurance Code. Clarifies certain provisions defining "blanket accident and health insurance" coverage and expands the definition of the term to include certain kinds of coverage in other types of businesses and organizations.
Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that a serviceman is not liable for any tax imposed by these Acts when the tangible personal property is exempt from taxation under these Acts, and the repair made by the serviceman is a goodwill repair. Effective immediately.
Amends the Illinois Insurance Code. Provides that the board of directors of the Insurance Guaranty Fund shall submit a financial report to the Director of Insurance no later than April 30 (previously March 30) of each year.
Amends the Use Tax Act. Provides that the "selling price" shall not include any rebate from a manufacturer to reduce prices to a customer where the seller directly passes the rebate onto the customer and the rebate is deducted by the manufacturer from the price paid by the seller for the item. Amends the Retailers' Occupation Tax Act. Specifies that "sale at retail" shall not include any rebate from a manufacturer to reduce prices to a customer where the seller directly passes the rebate onto the customer and the rebate is deducted by the manufacturer from the price paid by the seller for the item. Effective immediately.
Amends the Private Sewage Disposal Licensing Act. Makes a technical change in a Section concerning the short title.
Amends the Illinois Insurance Code. Makes a technical change in a Section concerning property and casualty insurers.