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Glen Ellyn Savings & Loan v. Tsoumas

OPINION FILED MAY 26, 1978.

GLEN ELLYN SAVINGS AND LOAN ASSOCIATION ET AL., APPELLEES,

v.

A.T. TSOUMAS, DIRECTOR, ILLINOIS DEPARTMENT OF FINANCIAL INSTITUTIONS, APPELLANT.



Appeal from the Circuit Court of Sangamon County, the Hon. John B. Wright, Judge, presiding.

MR. JUSTICE CLARK DELIVERED THE OPINION OF THE COURT:

The primary question in this case is whether, under the supremacy clause of the United States Constitution (U.S. Const., art. VI), the Home Mortgage Disclosure Act of 1975 (12 U.S.C. sec. 2801 et seq. (1976)) ("Federal Act") has preempted the application of the Financial Institutions Disclosure Act (Ill. Rev. Stat. 1975, ch. 95, par. 201 et seq.) ("Illinois Act") to certain federally chartered banks and savings and loan associations operating in Illinois. The circuit court concluded that the Federal Act does preempt the application of the Illinois Act to certain federally chartered banks and savings and loan associations. Because we agree with that conclusion, we need reach no other issues, for the Illinois Act contains the following self-destruct clause:

"If any provision of this Act or the application thereof to any person or circumstance is held invalid, such determination of invalidity shall apply to all provisions of this Act. No provision is severable." (Emphasis added.) Ill. Rev. Stat. 1975, ch. 95, par. 208.

It is undisputed that both acts are directed toward the same general object: disclosure of the geographical distribution of the real estate securing the extension of credit by various financial institutions, with a view toward elucidating whether such institutions have arbitrarily refused to extend credit secured by real estate located in certain urban areas ("redlining"). Toward that end, the Illinois Act requires every bank, insurance company, mortgage banking company, and savings and loan association which operates or has a place of business in Illinois to file with the Director of the Illinois Department of Financial Institutions and to make publicly available the following information about its lending activity:

"* * * a statement showing for each neighborhood [zip code] which lies wholly or partially within a county having a population of more than 100,000 persons, and a statement showing for each census tract which lies wholly or partially within a county having a population of more than 100,000 persons:

The number and aggregate dollar amount of written applications for, and the number granted and aggregate dollar amount of:

(1) Loans secured by residential real estate;

(2) mortgage loans insured under the federal National Housing Act, Title 12, United States Code, Chapter 13;

(3) mortgage loans guaranteed under the provisions of the federal Veterans' Benefits Act, Title 38, United States Code, Chapter 37, Subchapter II;

(4) construction loans; and

(5) home improvement loans and loans made in accordance with Subchapter I, `Housing Renovation and Modernization', of the National Housing Act, Title 12, United States Code, Chapter 13." Ill. Rev. Stat. 1975, ch. 95, par. 203.

The Federal Act, passed only a few months after and with knowledge of the Illinois Act (see H.R. Rep. No. 94-561, 94th Cong., 1st Sess. 19, reprinted in

U.S. Code Cong. & Ad. News 2303, 2320) requires all depository institutions (including, inter alia, banks, credit unions, and savings and loan associations) which had assets greater than $10 million as of their last full fiscal year, and which maintain a home or branch office within a standard metropolitan statistical area (SMSA) to file with ...


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