Community Bankers Association of Illinois

CBAI LEGISLATION TO LIMIT COMMERCIAL ILC'S PASSES ILLINOIS HOUSE!

Thanks to consistent and continued grassroots efforts from CBAI members throughout the state, House Bill 497 passed the Illinois House today by a vote of 111-0-3. The CBAI-initiated legislation seeks to prevent an industrial loan company (ILC) from establishing a branch on or adjacent to its commercial affiliate. Please be sure to thank your Representative for this strong show of support!

The bill's Chief Sponsor, Representative Joe Lyons (D-Chicago), deserves our appreciation for his leadership in getting HB 497 passed. Other key sponsors include Bill Mitchell (R-Forsyth), Mike Boland (D-Moline), Dan Burke (D-Chicago), and Chapin Rose (R-Charleston). In addition to CBAI, the bill is strongly supported by the United Food and Commercial Workers, the Illinois Bankers Association, and the Illinois League of Financial Institutions.

The bill now progresses to the Illinois Senate. CBAI Governmental Relations staff will provide updates as grassroots assistance is required. If you are not registered for CBAI's 23rd Annual Capital Conference, please register today to ensure passage of this important legislation! Click here for details of House Bill 497.

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