Fabio
107 lines
6.8 KiB
Markdown
107 lines
6.8 KiB
Markdown
---
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type: "Bill"
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title: "IL BANKING ACT-SURPLUS"
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description: "Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant to specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "99th"
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identifier: "SB 1861"
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citation: "Illinois SB 1861 (99th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 41
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vote_count: 2
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first_action: "2015-02-20"
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last_action: "2015-08-13"
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source: "openstates"
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source_identifier: "ocd-bill/84210d03-188b-4892-8dee-2a19699bea82"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=1861&GAID=13&DocTypeID=SB&LegId=88718&SessionID=88&GA=99"
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source_hash: "d6cebb6436bff4dd21e76f43595f5a84421dbb10d30b11effe5278009cc3b687"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois SB 1861 (99th) — IL BANKING ACT-SURPLUS
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Amends the Illinois Banking Act. Provides that, for the purpose of declaring dividends pursuant to specified provisions, upon prior written approval of the Secretary of Financial and Professional Regulation, and without undergoing a quasi-reorganization, a State bank may restate its capital accounts to remove a deficit in its undivided profit account by eliminating such deficit into its surplus account so that the undivided profit account is restated to zero. Provides that nothing in provisions concerning general corporate powers shall be construed to require the filing of a notice or application for approval with the United States Office of the Comptroller of the Currency or a bank supervisor of another state as a condition to the right of a State bank to exercise any of the powers conferred in this State. Provides that the Secretary shall adopt rules under specified provisions. Effective immediately.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900SB1861&GA=99&SessionId=88&DocTypeId=SB&LegID=88718&DocNum=1861&GAID=13&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900SB1861eng&GA=99&SessionId=88&DocTypeId=SB&LegID=88718&DocNum=1861&GAID=13&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900SB1861enr&GA=99&SessionId=88&DocTypeId=SB&LegID=88718&DocNum=1861&GAID=13&Session=&print=true)
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## Votes
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- Third Reading — **55–0** (pass) · upper
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- Third Reading — **113–1** (pass) · lower
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## Sponsors
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- Arthur Turner — cosponsor (person)
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- Brandon W. Phelps — cosponsor (person)
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- Daniel V. Beiser — cosponsor (person)
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- John M. Sullivan — primary (person)
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- Lawrence Walsh, Jr. — cosponsor (person)
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- Patrick J. Verschoore — cosponsor (person)
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- Peter Breen — cosponsor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2015-02-20** Filed with Secretary by Sen. John M. Sullivan `filing`
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- **2015-02-20** First Reading `reading-1`
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- **2015-02-20** Referred to Assignments `referral-committee`
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- **2015-03-11** Assigned to Financial Institutions `referral-committee`
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- **2015-03-17** Senate Committee Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan `amendment-introduction`
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- **2015-03-17** Senate Committee Amendment No. 1 Referred to Assignments `referral-committee`
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- **2015-03-19** Added as Co-Sponsor Sen. Pamela J. Althoff
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- **2015-03-24** Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
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- **2015-03-25** Senate Committee Amendment No. 1 Adopted `amendment-passage`
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- **2015-03-25** Do Pass as Amended Financial Institutions; 011-000-000 `committee-passage`
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- **2015-03-25** Placed on Calendar Order of 2nd Reading March 26, 2015
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- **2015-04-15** Second Reading `reading-2`
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- **2015-04-15** Placed on Calendar Order of 3rd Reading April 16, 2015
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- **2015-04-23** Third Reading - Passed; 055-000-000 `reading-3, passage`
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- **2015-04-24** Arrived in House `introduction`
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- **2015-04-24** Chief House Sponsor Rep. Lou Lang
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- **2015-04-24** First Reading `reading-1`
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- **2015-04-24** Referred to Rules Committee `referral-committee`
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- **2015-04-29** Added Alternate Chief Co-Sponsor Rep. Rita Mayfield
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- **2015-04-30** Added Alternate Chief Co-Sponsor Rep. Ron Sandack
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- **2015-04-30** Added Alternate Chief Co-Sponsor Rep. Frank J. Mautino
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- **2015-04-30** Added Alternate Chief Co-Sponsor Rep. Kenneth Dunkin
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- **2015-04-30** Added Alternate Co-Sponsor Rep. Arthur Turner
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- **2015-05-04** Assigned to Financial Institutions Committee `referral-committee`
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- **2015-05-08** Committee Deadline Extended-Rule 9(b) May 15, 2015
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- **2015-05-11** Added Alternate Co-Sponsor Rep. Peter Breen
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- **2015-05-14** Do Pass / Short Debate Financial Institutions Committee; 020-000-000 `committee-passage`
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- **2015-05-14** Placed on Calendar 2nd Reading - Short Debate
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- **2015-05-18** Second Reading - Short Debate `reading-2`
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- **2015-05-18** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2015-05-22** Final Action Deadline Extended-9(b) May 31, 2015
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- **2015-05-29** Third Reading - Short Debate - Passed 113-001-001 `reading-3, passage`
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- **2015-05-29** Added Alternate Co-Sponsor Rep. Patrick J. Verschoore
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- **2015-05-29** Added Alternate Co-Sponsor Rep. Brandon W. Phelps
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- **2015-05-29** Added Alternate Co-Sponsor Rep. Daniel V. Beiser
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- **2015-05-29** Added Alternate Co-Sponsor Rep. Lawrence Walsh, Jr.
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- **2015-05-29** Passed Both Houses
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- **2015-06-26** Sent to the Governor `executive-receipt`
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- **2015-08-13** Governor Approved `executive-signature`
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- **2015-08-13** Effective Date August 13, 2015
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- **2015-08-13** Public Act . . . . . . . . . 99-0362 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/84210d03-188b-4892-8dee-2a19699bea82`. Confidence: reported (aggregated from official Illinois legislature records).
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