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Sen. Michael W. Frerichs
Filed: 3/22/2012
| | 09700SB3583sam002 | | LRB097 17481 PJG 67759 a |
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| 1 | | AMENDMENT TO SENATE BILL 3583
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3583 as follows:
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| 3 | | on page 14, by replacing lines 17 through 19 with the |
| 4 | | following:
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| 5 | | "from a derivative transaction between"; and
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| 6 | | by replacing lines 19 through 26 on page 20 and lines 1 through |
| 7 | | 11 on page 21 with the following:
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| 8 | | "(2.5) Whenever any State bank, any subsidiary or affiliate |
| 9 | | of a State
bank, or after May 31, 1997, any branch of an |
| 10 | | out-of-state bank causes to
be performed, by contract or |
| 11 | | otherwise, any bank services, loan syndication, or loan |
| 12 | | securitization
for itself, whether on or off its premises:
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| 13 | | (a) that performance shall be subject to examination by |
| 14 | | the Secretary Commissioner
to the same extent as if |
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| | 09700SB3583sam002 | - 2 - | LRB097 17481 PJG 67759 a |
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| 1 | | services, loan syndication, or loan securitization were |
| 2 | | being performed by the bank or, after
May 31, 1997, branch |
| 3 | | of the out-of-state bank itself
on its own premises; and
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| 4 | | (b) the bank or, after May 31, 1997, branch of the |
| 5 | | out-of-state bank
shall notify the Secretary Commissioner |
| 6 | | of the existence of a service, loan syndication, or loan |
| 7 | | securitization
relationship. The notification shall be |
| 8 | | submitted with the first statement
of condition (as |
| 9 | | required by Section 47 of this Act) due after the making
of |
| 10 | | the service, loan syndication, or loan securitization |
| 11 | | contract or the performance of the service, loan |
| 12 | | syndication, or loan securitization, whichever occurs
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| 13 | | first. The Secretary Commissioner shall be notified of each |
| 14 | | subsequent contract in
the same manner."; and
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| 15 | | on page 21, immediately below line 19, by inserting the |
| 16 | | following:
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| 17 | | "For purposes of this subsection (2.5), the terms "loan |
| 18 | | syndication" and "loan securitization" shall be defined by |
| 19 | | rule, as promulgated by the Department of Financial and |
| 20 | | Professional Regulation pursuant to the Illinois |
| 21 | | Administrative Procedure Act."; and
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| 22 | | on page 70, by replacing lines 13 through 15 with the |
| 23 | | following:
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