Duties: The Board of Savings Institutions was created to provide an advisory function to the Governor and the Secretary of the Department of Financial and Professional Regulation on matters related to banking.
Membership Qualifications: The Board shall be composed of seven persons appointed by the Governor. Four persons shall represent the public interest. Three persons shall have been engaged actively in savings and loan or savings bank management in this State for at least 5 years immediately prior to appointment.
Powers: The Board has the following powers:
- To Advise the Governor and Secretary on all matters related to the regulation of Savings and Loan Associations and Savings Banks.
- To advise the Governor on legislation proposed to amend the Illinois Savings and Loan Act of 1985, the Savings Bank Act, or any related Act.
Revised 7/28/2010 with the enactment of Public Act 96-1365.