Illinois House Bill 5503 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Illinois Public Banking Option Act. Establishes the Illinois Bank Account Board. Sets forth provisions concerning the membership and duties of the Board. Provides that the Board shall establish the Illinois Bank Account Program, including establishing the mechanisms by which an account holder may deposit funds into an Illinois Bank Account for no fee, establishing mechanisms for direct deposits, selecting a program administrator, and establishing other terms, policies, and rules. Requires the Board to contract with an independent entity to conduct a market analysis. Sets forth the requirements of the market analysis. Requires the Board to make a determination as to whether the Illinois Bank Account Program can be implemented as described in the Act and to make a determination as to whether Illinois Bank Account Program revenue is more likely than not to be sufficient to pay for Illinois Bank Account Program costs within 6 years of the Illinois Bank Account Program's implementation and what the State's investment will need to be in order to cover the costs.

PUBLIC BANKING OPTION ACT

Rep. Kevin Olickal [D]

Date	Chamber	Action
2025-01-07	House	Session Sine Die
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-12	House	Assigned to Financial Institutions and Licensing Committee
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-09	House	Filed with the Clerk by Rep. Kevin John Olickal

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5503&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5503.htm