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Can you summarize 205 ILCS 710?
FINANCIAL REGULATION > Banking on Illinois Act.
Short Summary
The provided legal document content is from the Banking on Illinois Act. This Act aims to create a favorable environment for banks to commence and operate their businesses in Illinois. It emphasizes the importance of a strong, profitable, and competitive banking industry in the state, which contributes to the economic strength and general welfare of Illinois. The Act recognizes the impact of the removal of geographic restrictions in federal banking laws and state laws, leading to the creation of community banks and interstate bank mergers. It encourages newly created community banks and merging banks to maintain or relocate their headquarters and main banking offices to the state. The preservation and increase in the number of bank headquarters and main banking offices within Illinois are expected to result in employment opportunities, credit availability, and capital investment, benefiting the citizens, businesses, and local governments of Illinois. The Act’s purpose is to encourage and provide a favorable environment in Illinois for the chartering and operating of banks that locate and maintain main banking offices in the state. It also states that the provisions of the Illinois Banking Act and the Foreign Banking Office Act shall be liberally construed to further the purpose and policies of the Banking on Illinois Act. However, this should not be applied in a manner that will adversely affect the safety and soundness of a bank. The Act does not mention any specific exemptions or penalties. It takes effect upon becoming law.
Whom does it apply to?
Banks that locate and maintain main banking offices in Illinois
What does it govern?
Banking industry in Illinois
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Illinois