SAVINGS BANK-CHANGE IN CONTROL Senate SponsorsSen. Terry Link-Kimberly A. Lightford House Sponsors(Rep. James D. Brosnahan) 8/18/2009SenatePublic Act . . . . . . . . . 96-0585 205 ILCS 205/1007.35from Ch. 17, par. 7301-7.35205 ILCS 205/2001.40 new205 ILCS 205/8015from Ch. 17, par. 7308-15205 ILCS 205/11003from Ch. 17, par. 7311-3205 ILCS 205/11005from Ch. 17, par. 7311-5Amends the Savings Bank Act. Changes the definition of "control" to include certain persons or entities that engage in specific activities that have 10% or more of the capital stock or members shares of a mutual savings bank or mutual savings bank holding company. Provides that no person, whether acting directly or indirectly or through or in concert with one or more persons, may acquire control of a savings bank operating under the Act without prior approval of the Commissioner of Banks and Real Estate. Specifies the activities that the Commissioner may engage in with respect to investigating or approving the change in control of a savings bank. Provides that the Commissioner may prohibit participation in the affairs of any savings bank by any current, former, or prospective officer, director, employee, or agent of a savings bank, if he or she finds that the person or persons engages in specified activities. Provides that "institution affiliated party" includes a person who has filed or is required to file a change-in-control application (instead of change-in-control notice) with the Commissioner. Effective immediately. 2/11/2009SenateFiled with Secretary by Sen. Terry Link 2/11/2009SenateFirst Reading 2/11/2009SenateReferred to Assignments 2/18/2009SenateAssigned to Financial Institutions 2/20/2009SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 2/27/2009SenateDo Pass Financial Institutions; 011-000-000 2/27/2009SenatePlaced on Calendar Order of 2nd Reading March 4, 2009 3/5/2009SenateSecond Reading 3/5/2009SenatePlaced on Calendar Order of 3rd Reading March 6, 2009 3/26/2009SenateThird Reading - Passed; 057-000-000 3/26/2009HouseArrived in House 3/26/2009HousePlaced on Calendar Order of First Reading 4/1/2009HouseChief House Sponsor Rep. James D. Brosnahan 4/1/2009HouseFirst Reading 4/1/2009HouseReferred to Rules Committee 4/14/2009HouseAssigned to Executive Committee 4/20/2009HouseRe-assigned to Financial Institutions Committee 5/5/2009HouseDo Pass / Short Debate Financial Institutions Committee; 014-006-001 5/5/2009HousePlaced on Calendar 2nd Reading - Short Debate 5/19/2009HouseSecond Reading - Short Debate 5/19/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/22/2009HouseThird Reading - Short Debate - Passed 113-000-000 5/22/2009SenatePassed Both Houses 6/19/2009SenateSent to the Governor 8/18/2009SenateGovernor Approved 8/18/2009SenateEffective Date August 18, 2009 8/18/2009SenatePublic Act . . . . . . . . . 96-0585