IL HB0454 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on January 13 2017 - 25% progression
Action: 2017-04-28 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [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
2017-04-28HouseRule 19(a) / Re-referred to Rules Committee
2017-04-28HouseAdded Chief Co-Sponsor Rep. La Shawn K. Ford
2017-04-28HouseAdded Chief Co-Sponsor Rep. Kelly M. Cassidy
2017-04-28HouseAdded Chief Co-Sponsor Rep. William Davis
2017-04-28HouseAdded Chief Co-Sponsor Rep. Barbara Flynn Currie
2017-04-25HousePlaced on Calendar Order of 3rd Reading - Standard Debate
2017-04-25HouseSecond Reading - Standard Debate
2017-04-06HouseFiscal Note Filed
2017-03-29HouseFiscal Note Requested by Rep. Tom Demmer
2017-03-29HousePlaced on Calendar 2nd Reading - Standard Debate
2017-03-28HouseDo Pass / Standard Debate Financial Institutions Committee; 007-005-000
2017-02-02HouseAssigned to Financial Institutions Committee
2017-01-17HouseReferred to Rules Committee
2017-01-17HouseFirst Reading
2017-01-13HouseFiled with the Clerk by Rep. Mary E. Flowers

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3053-1Amended CodeCitation Text
7353015-5-46Amended CodeCitation Text

Illinois State Sources


Bill Comments

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