IL HB0089 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 13 2021 - 25% progression
Action: 2021-01-14 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate The Community Bank of Illinois. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary of Financial and Professional Regulation is to employ a president and employees. Contains provisions concerning the removal and discharge of appointees. Provides that State funds must be deposited in the Bank. Contains provisions concerning the nonliability of officers and sureties after deposit. Specifies the powers of the Bank. Contains provisions concerning the guaranty of deposits and the Bank's role as a clearinghouse, the authorization of loans the General Revenue Fund, bank loans to farmers, limitations on loans by the Bank, the name in which business is conducted and titles taken, civil actions, surety on appeal, audits, electronic fund transfer systems, confidentiality of bank records, the sale and leasing of acquired agricultural real estate, and the Illinois higher education savings plan. Provides that the Bank is the custodian of securities. Amends the Illinois State Auditing Act to require that the Auditor General must contract with an independent certified public accounting firm for an annual audit of The Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.

Tracking Information

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Title

COMMUNITY BANK OF IL ACT

Sponsors


History

DateChamberAction
2021-01-14HouseReferred to Rules Committee
2021-01-14HouseFirst Reading
2021-01-13HouseFiled with the Clerk by Rep. Mary E. Flowers

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3053-1Amended CodeCitation Text
7353015-5-48New CodeSee Bill Text

Illinois State Sources


Bill Comments

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