Amends the Illinois Banking Act and the Limited Liability Company Act. Authorizes banks to organize as limited liability companies. Effective immediately.
Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission to implement and administer a teacher scholarship program, to be known as the Teach Illinois Scholarship Program. Requires the Commission to annually award scholarships to persons preparing to teach in areas of identified staff shortages. Requires the recipient to accept employment to teach in an elementary or secondary school in Illinois in an area of identified staff shortage for a period of at least 5 years.
Amends the Interest Act. Makes a technical change in a Section concerning the adoption of certain rules.
Amends the Chicago School District Article of the School Code. Adds a school designated by the school board as a military academy to the list of schools to which certain provisions concerning local school councils, school improvement plans, the remediation and probation of attendance centers, and the allocation and application of lump sum amounts and other funds to attendance centers do not apply. Also makes changes concerning an alternative school designation.
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 Interagency Wetland Policy Act of 1989. Makes technical changes in a Section concerning the short title.
Amends the Higher Education Student Assistance Act. Increases the maximum Monetary Award Program grant for full-time and part-time undergraduate students. Effective July 1, 2003.
Amends the Illinois Savings and Loan Act of 1985. Makes technical changes in a Section concerning the short title.
Amends the Banking on Illinois Act. Makes technical changes in the findings Section.
Amends the Illinois Income Tax Act. Allows taxpayers who are teachers at qualifying schools to take a credit against the taxpayer's income tax. The amount of the credit ranges from $250 to $1,500 depending upon the years of services as a teacher at a qualifying school. Provides that the credit may not reduce a taxpayer's tax liability to less than zero. Provides that unused credits may not be carried forward. Effective immediately.
