All Roll Calls
Yes: 186 • No: 0
IllinoisHB3467104th General Assembly (2025–2026)HouseWALLET
BANKING-VARIOUS
Sponsored By: Sponsor information unavailable
Signed by Governor
Summary
Amends the Illinois Banking Act. Makes changes to the membership of the State Banking Board of Illinois. Provides that a bank may borrow or incur an obligation and pledge assets to secure deposits. Provides that a bank may provide data processing services to a person for profit. Provides that a bank may invest in financial futures or options transactions. Provides that the board of directors of a bank may provide by resolution that stockholders may attend, participate in, act in, and vote at any annual meeting or special meeting through the use of a conference telephone or interactive technology if specified conditions are satisfied. Provides that a person who makes, or causes to be made, a false statement or false entry with intent to deceive any person or persons authorized to examine into the affairs of the bank or the subsidiary or holding company of that bank, the branch of an out-of-state bank with intent to deceive the Commissioner of Banks and Real Estate or his administrative officers in the performance of their duties under the Act shall be subject to civil penalties imposed by the Commissioner (rather than be guilty of a Class 3 felony). Provides that the Board may authorize the transfer of funds from the Bank and Trust Company Fund. Amends the Savings Bank Act. Provides that the board of directors of a savings bank may provide by resolution that members or stockholders may attend, participate in, act in, and vote at any annual meeting or special meeting through the use of a conference telephone or interactive technology if specified conditions are satisfied. Provides that a savings bank may loan funds through the purchase of fixed rate annuity contracts. Provides that a savings bank may accept deposits made by a minor and may open an account in the name of the minor, and the rules and regulations of the savings bank with respect to each deposit and account shall be as binding upon the minor as if the minor were of full age and legal capacity. Makes changes to various provisions concerning notice to allow for electronic notice. Makes other changes. Amends the Illinois Credit Union Act. Does not prohibit the furnishing of financial records of a deceased member to a public administrator of any county or other governmental jurisdiction for the purpose of facilitating burial of the customer. Makes other changes. Effective immediately.
financial institutions and licensingassignmentsfinancial institutions
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Bill Overview
Analyzed Economic Effects
21 provisions identified: 11 benefits, 2 costs, 8 mixed.
Cosigner protections for unmarried adult borrowers
Illinois state banks cannot require an unmarried adult borrower to get a cosigner unless unmarried adult men face the same requirement in similar cases. This protects borrowers from unequal cosigner rules based on sex.
Financial records can help arrange burials
Illinois banks and credit unions may share a deceased customer's or member's financial records with a public administrator. The disclosure must help arrange that person's burial. Sharing is allowed, not required, and does not create a burial payment.
Bank owners can join meetings remotely
Illinois state banks and savings banks may let shareholders or members attend and vote by phone or interactive technology. The board must authorize remote participation, and governing documents must not expressly prohibit it. Banks must support participation, communication, and voting, and provide access instructions at least 7 days before the meeting. Remote participants count as present in person and toward the minimum attendance needed to act.
Cannabis banking gets state oversight protections
Illinois' financial regulator cannot take specified adverse actions solely because a state bank or subsidiary serves a legitimate cannabis business. The regulator also cannot discourage service solely because an account holder is connected to that business. Protection covers specified loans involving business owners or operators, and real estate or equipment leased to cannabis businesses. Banks are not required to offer accounts or loans.
Bank oversight fees use revised accounting
State bank and savings bank fees under Illinois community reinvestment law go into the Bank and Trust Company Fund. The yearly contingent-fee calculation includes specified Foreign Banking Office Act fees when sharing assessments among state and foreign banks. Expenses paid from the Foreign Banking Office Non-insured Institutions Receivership account are excluded from administration costs used in banking fee calculations. The law does not state how much any bank's fee changes.
Banks gain electronic meeting notice options
State bank shareholder notices may arrive electronically, personally, or by mail, 10 to 40 days before meetings. Notices must give meeting details and special-meeting purposes; delivery sets the voting record date when none is fixed and transfer books remain open. Savings banks may use those delivery methods for special meetings and annual meetings considering two-thirds-vote measures or charter amendments. Those notices must state time, place, and purpose 10 to 40 days ahead; mailed notice counts on its postmark date. State bank board meetings called by the Commissioner or an examiner may use electronic notice at least 12 hours ahead.
Banks gain more deposit collateral options
Illinois state banks may pledge assets to secure deposits, alongside other obligations allowed by law. Savings banks may borrow, take on obligations, and pledge assets for listed purposes. Those purposes include securing deposits and acting as agents to sell U.S. government obligations.
Banks gain office and service flexibility
State banks may change their main offices by filing written notice instead of getting the Commissioner's approval. Moves must still meet state capital requirements and applicable federal rules. At affiliate locations, savings banks may handle any transaction another commonly owned bank is allowed to perform and authorizes. The savings bank must notify the Secretary at least 30 days before starting and follow safe banking practices and applicable law.
Savings banks can recover record costs
Illinois savings banks may recover necessary direct costs of finding, copying, or transporting records required by legal process. This includes lawful subpoenas, warrants, court orders, and citations to discover assets. Reimbursement is no longer limited to records about a customer.
State banks can keep property longer
Illinois state banks may keep real estate acquired while collecting debts or formerly used as bank premises. The limit is 10 years after taking title, or the longer period federal law allows national banks, including extensions.
State banks can sell data services
Illinois state banks may provide data processing services to others for profit. Most related revenue must come from processing banking, financial, or economic data, or data that produces those results.
Grand jury record requests limit notice
Illinois banks need not mail customers copies of grand jury subpoenas seeking their records. Savings banks and credit unions must not mail those copies, regardless of whether the Statewide Grand Jury Act applies. Savings banks also need not notify customers when a court order or state or federal law specifically bars notice. Credit unions must not mail notice when doing so violates federal financial privacy law.
Bank fee credits exclude receivership earnings
Investment earnings from the Corporate Fiduciary Receivership and Foreign Banking Office Non-insured Institutions Receivership accounts cannot support certain bank fee credits. Related cash-flow reserve, credit, and assessment calculations also exclude several fee sources. These include student loan servicing, foreign banking office, foreign bank representative office, and corporate fiduciary receivership fees. No resulting fee change is specified.
Customer data uses include privacy limits
Illinois savings banks may use or sell lists of customers' names and addresses. Customers can request removal from lists used beyond identifying their accounts, and other account details remain protected by disclosure rules. Credit unions may publish data from financial records only when it cannot identify a member or account.
Bank owners get updated communication rules
State banks may keep shareholder lists on a reasonably accessible electronic network rather than at their offices. Shareholders and authorized state tax officers retain inspection access during business hours. Savings banks may deliver, rather than only mail, a member's or shareholder's communication about a meeting question. The Commissioner must find it appropriate and truthful, and the requester must cover preparation and delivery costs.
Minors can hold savings bank accounts
Illinois savings banks may accept deposits from minors and open accounts in their names. The bank's account rules and the minor's receipts and payment orders bind the minor as though they were an adult.
Credit union records support Medicaid reviews
Illinois credit unions may send member records to state human services or healthcare agencies for Medicaid eligibility reviews, including long-term care. Consent must limit disclosure to the department, include a notarized signature, and have a witness certify sound mind and memory. Consent must be submitted as soon as practicable and can be revoked in writing before disclosure. Records cannot go to the care facility; delivery is due within 10 days after valid consent, or as soon as practicable thereafter. Credit unions may require reimbursement for reasonable, necessary direct costs of finding, copying, and disclosing records.
Mortgage transfer notices allow regular mail
Mortgage servicers may send transfer notices by first-class mail instead of certified mail with a return receipt. Notices must still be sent within 45 days of a transfer or covered servicing-information change. They must include contact information and payment instructions for the next three monthly installments.
Bank hiring rules recognize federal compliance
Savings banks cannot knowingly employ people convicted of felonies, dishonesty, or breach-of-trust offenses without prior written state consent. The restriction also covers officers, directors, and agents. Compliance with the federal bank-employment law and primary regulator's rules satisfies the corresponding state restrictions for state banks and savings banks. A knowing violation of the savings bank rule is a Class 3 felony and carries fines up to $10,000 per day.
Banks gain investment options with limits
State banks may invest in commodity derivatives, but must have management and controls that support safe banking practices. Savings banks may own up to 15% of a class of voting shares in a qualifying bankers' bank, up from 5%. Those stock holdings remain capped at 10% of the savings bank's capital and surplus, including undivided profits.
Savings banks can buy fixed annuities
Savings banks may buy fixed-rate annuities, with purchases from one issuer capped at 25% of unimpaired capital and surplus. Banks must set overall concentration limits, independently analyze each purchase, obtain credit approvals, assign risk ratings, and review exposure regularly. They must assess the reasonableness and risks of early-withdrawal charges. Contracts must allow surrender before maturity and immediate access to principal and accrued interest, less charges the bank finds reasonable. Banks cannot convert these contracts to variable-return or other non-fixed-rate products.
Sponsors & Cosponsors
Sponsors
There is no primary sponsor on record.
Cosponsors
Dagmara Avelar
Democratic • House
Jason Plummer
Republican • Senate
Robert F. Martwick
Democratic • Senate
Roll Call Votes
Senate vote • 5/22/2025
Third Reading - Passed;
Yes: 58 • No: 0
Senate vote • 4/30/2025
Do Pass Financial Institutions;
Yes: 5 • No: 0
House vote • 4/8/2025
Third Reading - Short Debate - Passed
Yes: 113 • No: 0
House vote • 3/18/2025
Do Pass / Short Debate Financial Institutions and Licensing Committee;
Yes: 10 • No: 0
Actions Timeline
Public Act . . . . . . . . . 104-0310
8/15/2025HouseEffective Date August 15, 2025
8/15/2025HouseGovernor Approved
8/15/2025HouseSent to the Governor
6/20/2025HousePassed Both Houses
5/22/2025HouseThird Reading - Passed; 058-000-000
5/22/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Jason Plummer
5/21/2025SenatePlaced on Calendar Order of 3rd Reading **
5/20/2025SenatePlaced on Calendar Order of 3rd Reading May 8, 2025
5/7/2025SenateSecond Reading
5/7/2025SenatePlaced on Calendar Order of 2nd Reading May 1, 2025
4/30/2025SenateDo Pass Financial Institutions; 005-000-000
4/30/2025SenateAssigned to Financial Institutions
4/23/2025SenateReferred to Assignments
4/9/2025SenateFirst Reading
4/9/2025SenateChief Senate Sponsor Sen. Robert F. Martwick
4/9/2025SenatePlaced on Calendar Order of First Reading
4/9/2025SenateArrive in Senate
4/9/2025SenateThird Reading - Short Debate - Passed 113-000-000
4/8/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
3/25/2025HouseSecond Reading - Short Debate
3/25/2025HousePlaced on Calendar 2nd Reading - Short Debate
3/19/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 010-000-000
3/18/2025HouseAssigned to Financial Institutions and Licensing Committee
3/11/2025HouseReferred to Rules Committee
2/18/2025House
Bill Text
Engrossed
Enrolled
Introduced
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