Bill Text: IL HB5476 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: 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 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-05-28 - Rule 19(a) / Re-referred to Rules Committee [HB5476 Detail]

Download: Illinois-2009-HB5476-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB5476 Introduced 2/5/2010, by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
New Act
30 ILCS 5/3-1 from Ch. 15, par. 303-1
735 ILCS 30/15-5-46 new
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 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.
LRB096 17956 MJR 33325 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning financial regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Community Bank of Illinois Act.
Section 5. Purpose. For the purpose of encouraging and
promoting agriculture, commerce, and industry, the State shall
engage in the business of banking, and for that purpose shall
maintain a system of banking owned, controlled, and operated by
it, under the name of the Community Bank of Illinois.
Section 10. Definitions: As used in this Act:
"Bank" means the Community Bank of Illinois.
"Department" means the Department of Financial and
Professional Regulation.
"Secretary" means the Secretary of Financial and
Professional Regulation.
Section 15. Department to operate Bank; business of Bank.
The Department shall operate, manage, and control the Community
Bank of Illinois, locate and maintain its places of business,
of which the principal place must be within the State, and make
and enforce orders, rules, regulations, and bylaws for the

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transaction of its business. The business and financial
transactions of the Bank, in addition to other matters
specified in this Act, may include anything that any bank or
bank holding company lawfully may do, except as it is
restricted by the provisions of this Act. This Section may not
be held in any way to limit or qualify either the powers of the
Department granted by or the functions of the Bank as defined
in this Act. The powers of the Department and the functions of
the Bank must be implemented through actions taken and policies
adopted by the Department of Financial and Professional
Regulation.
Section 20. Declaration and finding of public purpose;
Community Bank of Illinois advisory board of directors. To
enlist the help of private enterprise and to encourage more
active use of the purposes of this Act, the Governor shall
appoint an advisory board of directors to the Community Bank of
Illinois Act consisting of 7 persons, at least 2 of whom must
be officers of banks, the majority of the stock of which is
owned by Illinois residents, and at least one of whom must be
an officer of a State-chartered or federally chartered
financial institution. The Governor shall appoint a chairman,
vice-chairman, and secretary from the advisory board of
directors. The term of a director is 4 years. The Department
shall define the duties of the advisory board of directors.

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Section 25. Authority of the advisory board of directors to
the Community Bank of Illinois. The advisory board of
directors to the Community Bank of Illinois shall do all of the
following:
(1) Meet regularly with the management of the Community
Bank of Illinois to review the Bank's operations to
determine whether recommendations should be made by the
board to the Department relating to improved management
performance, better customer service, and overall
improvement in internal methods, procedures, and operating
policies of the Bank.
(2) Make recommendations to the Department relating to
the establishment of additional objectives for the
operation of the Community Bank of Illinois.
(3) Make recommendations to the Department concerning
the appointment of officers of the Community Bank of
Illinois.
(4) Meet regularly with the Secretary to present any
recommendations concerning the Community Bank of Illinois.
(5) In addition to the foregoing and pursuant to
authorization from the Secretary, act on behalf of the Bank
with respect to the powers and functions of the Bank.
Section 30. Secretary to employ president and employees;
compensation, operation, and maintenance expenditures limited
to appropriations, revenue, or capital. The Secretary shall

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appoint a president, and may appoint and employ subordinate
officers, employees, and agents as he or she may judge
expedient and in the interests of the State, and shall define
the duties, designate the titles, and fix the compensation of
all such persons. The Secretary may designate the president or
other officers or employees as its agent in respect to the
functions of the Bank, subject to its supervision, limitation,
and control. The total compensation of such appointees and
employees, together with other expenditures for the operation
and maintenance of the Bank, shall remain within the
appropriation, revenues, or capital lawfully available for
those purposes.
Section 35. Removal and discharge of appointees. The
Secretary may remove and discharge any and all persons
appointed in the exercise of the powers granted by this Act,
whether by the Secretary or by the president of the Bank. All
appointments and removals contemplated by this Act must be made
as the Secretary deems fit to promote the efficiency of the
public service.
Section 40. State funds must be deposited in the Community
Bank of Illinois; income of the Bank. All State funds and funds
of all State penal, educational, and industrial institutions
must be deposited in the Community Bank of Illinois by the
persons having control of those funds or must be deposited in

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accordance with constitutional and statutory provisions. All
income earned by the Bank for its own account on State moneys
that are deposited in or invested with the Bank to the credit
of the State must be credited to and become a part of the
revenues and income of the Bank.
Section 45. Nonliability of officers and sureties after
deposit. Whenever any public funds are deposited in the
Community Bank of Illinois, the official having control of the
public funds and the sureties on the bond of every such
official shall be exempt from all liability by reason of loss
of any such funds while so deposited.
Section 50. Guaranty of deposits; exemption from all
taxation. All deposits in the Community Bank of Illinois are
guaranteed by the State. Those deposits are exempt from State,
county, and municipal taxes of any and all kinds.
Section 55. Bank as a clearinghouse. For banks that make
the Community Bank of Illinois a reserve depositary, it may
perform the functions and render the services of a
clearinghouse, including all facilities for providing domestic
and foreign exchange, and may rediscount paper, on those terms
as the Department shall provide.
Section 60. Powers. The Community Bank of Illinois may:

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(1) make, purchase, guarantee, or hold loans:
(A) to State-chartered or federally chartered
lending agencies or institutions or any other
financial institutions;
(B) to holders of Bank certificates of deposit and
savings accounts up to 90% of the value of the
certificates and savings accounts offered as security;
(C) to actual farmers who are residents of this
State, if the loans are secured by recorded mortgages
giving the Bank a first lien on real estate in Illinois
in amounts not to exceed 80% of the value of the
security;
(D) that are insured or guaranteed in whole or in
part by the United States, its agencies, or
instrumentalities;
(E) that are eligible to be guaranteed under
education. Loans made pursuant to this paragraph (E)
may provide for interest that remains unpaid at the end
of any period specified in the loan to be added to the
principal amount of the debt and thereafter accumulate
interest;
(F) to individuals or bank holding companies for
the purpose of purchasing or refinancing the purchase
of bank stock of a bank located in the State;
(G) under U.S. Public Law No. 99-198 as amended
through December 31, 1996, to nonprofit corporations

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for the purpose of relending loan funds to rural
businesses;
(H) under Title 7, Code of Federal Regulations,
part 1948, subpart C; part 1951, subparts F and R; and
part 1955, subparts A, B, and C, as amended through
December 31, 1996, to finance businesses and community
development projects in rural areas;
(I) obtained as security pledged for or originated
in the restructuring of any other loan properly
originated or participated in by the Bank;
(J) to instrumentalities of this State;
(K) to an investment company created for
completing a trust preferred securities transaction
for the benefit of a financial institution located in
this State; and
(L) as otherwise provided by this Act or other
statutes;
(2) if the Bank is participating in the loan and the
Bank deems it is in the best interests of the Bank to do
so, purchase the remaining portion of the loan from a
participating lender that is closed by regulatory action or
from the receiver of the participating lender's assets;
(3) make agricultural real estate loans in order to
participate in the agricultural mortgage secondary market
program established pursuant to the federal Agricultural
Credit Act amended through December 31, 1996;

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(4) purchase participation interests in loans made or
held by banks, bank holding companies, State-chartered or
federally chartered lending agencies or institutions, any
other financial institutions, or any other entity that
provides financial services and meets underwriting
standards that are generally accepted by State or federal
financial regulatory agencies;
(5) invest its funds:
(A) in conformity with policies of the Department;
(B) in a public venture capital corporation
organized and doing business in this State through the
purchase of shares of stock; and
(C) in Illinois alternative and venture capital
investments and early-stage capital funds;
(6) buy and sell federal funds;
(7) lease, assign, sell, exchange, transfer, convey,
grant, pledge, or mortgage all real and personal property,
title to which has been acquired in any manner;
(8) acquire real or personal property or property
rights by purchase, lease, or, subject to applicable law,
the exercise of the right of eminent domain and may
construct, remodel, and repair buildings;
(9) receive deposits from any source and deposit its
funds in any bank or other financial institution.
(10) perform all acts and do all things necessary,
convenient, advisable, or desirable to carry out the powers

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expressly granted or necessarily implied in this Act
through or by means of its president, officers, agents, or
employees or by contracts with any person, firm, or
corporation; and
(11) purchase mortgage loans on residential real
property originated by financial institutions.
Section 65. Loans to General Revenue Fund authorized;
continuing appropriation. The State Treasurer and the Director
of the Governor's Office of Management and Budget may, when the
balance in the General Revenue Fund is insufficient to meet
legislative appropriations, execute and issue on behalf of the
State evidences of indebtedness on the State General Revenue
Fund that at no time may exceed the total principal amount of
$10 million with principal maturity of not more than 12 months.
As a condition precedent to the issuance and sale of the
evidences of indebtedness, the State Treasurer must request and
obtain a statement from the Director of the Governor's Office
of Management and Budget and the Director of Revenue certifying
that anticipated General Revenue Fund revenues for the balance
of the fiscal year in which the evidences of indebtedness are
to be issued will exceed the principal amount and interest on
the evidences of indebtedness to be issued. The Department may
in turn direct the Community Bank of Illinois to make loans to
the General Revenue Fund by the purchase of the evidences of
indebtedness at those rates of interest as the industrial

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commission may prescribe. After evidences of indebtedness have
been issued and sold pursuant to this Section, the Treasurer
shall establish a fund for the repayment of the principal upon
maturity and the interest when due. The Treasurer shall place
all available General Revenue Fund revenues into this fund
until the fund contains a sufficient balance for the repayment
of the principal at maturity and interest when due, which
moneys are hereby appropriated for this purpose.
Section 70. Bank loans to beginning farmers; revolving loan
fund; requirements.
(a) A revolving loan fund must be maintained in the
Community Bank of Illinois for the purpose of making or
participating in loans to Illinois beginning farmers for the
purchase of agricultural real estate, equipment, and
livestock. All moneys transferred into the fund, interest upon
moneys in the fund, and payments to the fund of principal and
interest on loans made from the fund are appropriated for the
purpose of providing loans and to supplement the interest rate
on loans to beginning farmers made by the Community Bank of
Illinois Act under applicable law and in accordance with this
Section.
(b) The revolving loan fund and loans made from the fund
must be administered and supervised by the Bank. The Bank may
deduct a service fee for administering the fund from interest
payments received on loans. An application for a loan from the

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fund must be made to the Bank and, upon approval, a loan must
be made from the fund in accordance with this Section.
(c) A loan made from the fund may not exceed 80% of the
appraised value of the agricultural collateral, with the actual
percentage to be determined by the Bank. The Bank may do all
things and acts and may establish additional terms and
conditions necessary to make a loan under this Section. A loan
made from the fund must have a first security interest.
(d) A loan made from the fund must have the interest rate
fixed at 1% below the Bank's then current base rate for the
first 5 years with a maximum rate of 6% per year and variable
at 1% below the Bank's then current base rate for the second 5
years. During the second 5 years, the variable rate must be
adjusted annually on the anniversary date. The rate during the
remaining term of the loan floats at the Bank's base rate as in
effect from time to time.
(e) The maximum term of a real estate loan is 25 years. The
maximum term of a farm equipment or livestock loan is 7 years.
(f) The Department shall contract with a certified public
accounting firm to audit the fund as necessary. The cost of the
audit, and any other actual costs incurred by the Bank on
behalf of the fund, must be paid for by the fund.
(g) The Bank shall adopt rules necessary to implement this
Section.
Section 75. Name in which business conducted and titles

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taken; execution of instruments. All business of the Bank must
be conducted under the name of "The Community Bank of
Illinois". Title to property pertaining to the operation of the
Bank must be obtained and conveyed in the name of "The State of
Illinois, doing business as the Community Bank of Illinois
Act". Instruments must be executed in the name of the State.
Within the scope of authority granted by the Department, the
president may execute instruments on behalf of the Bank,
including any instrument granting, conveying, or otherwise
affecting any interest in or lien upon real or personal
property. Other officers or employees of, and legal counsel to,
the Bank may execute instruments on behalf of the Bank when
authorized by the Department.
Section 80. Civil actions. Civil actions may be brought
against the State on account of claims for relief claimed to
have arisen out of transactions connected with the operation of
the Community Bank of Illinois upon condition that the
provisions of this Section are complied with. In such actions,
the State must be designated as "The State of Illinois, doing
business as The Community Bank of Illinois". The actions may be
brought in the same manner and are subject to the same
provisions of law as other civil actions.
Section 85. Surety on appeal, attachment, claim and
delivery, and other cases in which undertaking required.

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Provisions of law requiring that a surety or sureties be given
on undertakings in actions on appeal, attachment, claim and
delivery, and other cases in which an undertaking is required,
are not applicable to the State of Illinois, doing business as
The Community Bank of Illinois, as the party seeking relief. It
is required to give its own undertaking without surety and to
reimburse the adverse party when required by law.
Section 90. Examinations and audit reports. The Auditor
General shall contract with an independent certified public
accounting firm for an annual audit of the Community Bank of
Illinois in accordance with generally accepted government
auditing standards. The Auditor General shall audit annually or
contract for an annual audit of the separate programs and funds
administered by the Community Bank of Illinois. On request of
the Auditor General, the Department shall assist the Auditor
General in the auditing firm selection process, but the
selection of the auditing firm is the Auditor General's
responsibility. The auditor selected shall prepare an audit
report that includes financial statements presented in
accordance with the audit and accounting guide for banks and
savings institutions issued by the American Institute of
Certified Public Accountants. The auditor also shall prepare
audited financial statements for inclusion in the
comprehensive annual financial report for the State. The State
auditor may conduct performance audits of the Community Bank of

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Illinois Act, including the separate programs and funds
administered by the Bank. The Auditor General shall report the
results of the audit to the Department and to the General
Assembly. The Community Bank of Illinois or its separate
programs and funds shall pay the costs of the audit. The
Department shall examine the Community Bank of Illinois at
least once each 24 months and conduct any investigation of the
Bank that may be necessary. The Secretary shall report the
examination results, and the results of any necessary
investigation, to the Department as soon as practicable and to
the legislative assembly. The Department shall charge a fee for
any examination or investigation at an hourly rate to be set by
the Secretary, sufficient to cover all reasonable expenses of
the Department associated with the examinations and
investigations provided for by this Section.
Section 95. Electronic fund transfer systems. The
Community Bank of Illinois may establish, by rule adopted by
the Department, a system to provide fund transfer services to
its customers and to the customers of State-chartered and
federally chartered banks located within the State of Illinois,
and to other financial institutions otherwise authorized to
utilize the services of electronic fund transfer systems. The
Bank may acquire such equipment as is necessary to establish
electronic fund transfer systems and may impose reasonable
charges for services rendered to other banks under this Act as

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may be established by the Department.
Section 100. Confidentiality of Bank records. The
following records of the Community Bank of Illinois are
confidential:
(1) Commercial or financial information of a customer,
whether obtained directly or indirectly, except for
routine credit inquiries or unless required by due legal
process. As used in this item (1), "customer" means any
person who has transacted or is transacting business with,
or has used or is using the services of, the Community Bank
of Illinois, or for whom the Community Bank of Illinois has
acted as a fiduciary with respect to trust property.
(2) Internal or inter-agency memorandums or letters
that would not be available by law to a party other than in
litigation with the Bank.
(3) Information contained in or related to
examination, operating, or condition reports prepared by,
on behalf of, or for the use of a State or federal agency
responsible for the regulation or supervision of any Bank
activity.
(4) Information obtained from the Department that
would not be available from that agency under applicable
law.
(5) The report by a Bank officer or member of the
Bank's advisory board of directors concerning personal

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financial statements.
Section 105. Community Bank of Illinois; custodian of
securities. Notwithstanding any other provision of law to the
contrary, the Community Bank of Illinois shall replace the
Treasurer as the custodian of all securities that are required
to be deposited with the State except that the Treasurer is the
custodian of all securities resulting from the investment of
funds by the Treasurer, or except as otherwise required by this
Section and by law.
Section 110. Sale and leasing of acquired agricultural real
estate. The sale and leasing of agricultural real estate with
an appraised value of $10,000 or more acquired by the Community
Bank of Illinois through foreclosure or deed in lieu of
foreclosure must be done in accordance with law and policies
adopted by the Department. The sale and leasing of agricultural
real estate with an appraised value of less than $10,000,
acquired by the Community Bank of Illinois through foreclosure
or deed in lieu of foreclosure, may be done in a manner as the
Bank determines is appropriate given the circumstances. In the
case of a lease by the party holding the right of redemption,
that party has the right to purchase at any time.
Section 115. Illinois higher education savings plan;
administration; rules; continuing appropriation. The

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Community Bank of Illinois shall adopt rules to administer,
manage, promote, and market a Illinois higher education savings
plan. The Bank shall ensure that the Illinois higher education
savings plan is maintained in compliance with Internal Revenue
Service standards for qualified State tuition programs. The
Bank, as trustee of the Illinois higher education savings plan,
may impose an annual administrative fee to recover expenses
incurred in connection with operation of the plan or for other
programs deemed to promote attendance at an institution of
higher education. Administrative fees received by the Bank are
appropriated on a continuing basis to be used as provided in
this Section. Contributions made during the taxable year to a
higher education savings plan administered by the Bank,
pursuant to the provisions of the plan, are eligible for an
income tax deduction as provided by law. Information related to
contributions is confidential except as is needed by the
Director of Revenue for determining compliance with the income
tax deduction as provided by law.
Section 900. The Illinois State Auditing Act is amended by
changing Section 3-1 as follows:
(30 ILCS 5/3-1) (from Ch. 15, par. 303-1)
Sec. 3-1. Jurisdiction of Auditor General. The Auditor
General has jurisdiction over all State agencies to make post
audits and investigations authorized by or under this Act or

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the Constitution.
The Auditor General has jurisdiction over local government
agencies and private agencies only:
(a) to make such post audits authorized by or under
this Act as are necessary and incidental to a post audit of
a State agency or of a program administered by a State
agency involving public funds of the State, but this
jurisdiction does not include any authority to review local
governmental agencies in the obligation, receipt,
expenditure or use of public funds of the State that are
granted without limitation or condition imposed by law,
other than the general limitation that such funds be used
for public purposes;
(b) to make investigations authorized by or under this
Act or the Constitution; and
(c) to make audits of the records of local government
agencies to verify actual costs of state-mandated programs
when directed to do so by the Legislative Audit Commission
at the request of the State Board of Appeals under the
State Mandates Act.
In addition to the foregoing, the Auditor General may
conduct an audit of the Metropolitan Pier and Exposition
Authority, the Regional Transportation Authority, the Suburban
Bus Division, the Commuter Rail Division and the Chicago
Transit Authority and any other subsidized carrier when
authorized by the Legislative Audit Commission. Such audit may

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be a financial, management or program audit, or any combination
thereof.
The audit shall determine whether they are operating in
accordance with all applicable laws and regulations. Subject to
the limitations of this Act, the Legislative Audit Commission
may by resolution specify additional determinations to be
included in the scope of the audit.
In addition to the foregoing, the Auditor General must also
conduct a financial audit of the Illinois Sports Facilities
Authority's expenditures of public funds in connection with the
reconstruction, renovation, remodeling, extension, or
improvement of all or substantially all of any existing
"facility", as that term is defined in the Illinois Sports
Facilities Authority Act.
The Auditor General may also conduct an audit, when
authorized by the Legislative Audit Commission, of any hospital
which receives 10% or more of its gross revenues from payments
from the State of Illinois, Department of Healthcare and Family
Services (formerly Department of Public Aid), Medical
Assistance Program.
The Auditor General is authorized to conduct financial and
compliance audits of the Illinois Distance Learning Foundation
and the Illinois Conservation Foundation.
As soon as practical after the effective date of this
amendatory Act of 1995, the Auditor General shall conduct a
compliance and management audit of the City of Chicago and any

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other entity with regard to the operation of Chicago O'Hare
International Airport, Chicago Midway Airport and Merrill C.
Meigs Field. The audit shall include, but not be limited to, an
examination of revenues, expenses, and transfers of funds;
purchasing and contracting policies and practices; staffing
levels; and hiring practices and procedures. When completed,
the audit required by this paragraph shall be distributed in
accordance with Section 3-14.
The Auditor General shall conduct a financial and
compliance and program audit of distributions from the
Municipal Economic Development Fund during the immediately
preceding calendar year pursuant to Section 8-403.1 of the
Public Utilities Act at no cost to the city, village, or
incorporated town that received the distributions.
The Auditor General must conduct an audit of the Health
Facilities and Services Review Board pursuant to Section 19.5
of the Illinois Health Facilities Planning Act.
The Auditor General of the State of Illinois shall annually
conduct or cause to be conducted a financial and compliance
audit of the books and records of any county water commission
organized pursuant to the Water Commission Act of 1985 and
shall file a copy of the report of that audit with the Governor
and the Legislative Audit Commission. The filed audit shall be
open to the public for inspection. The cost of the audit shall
be charged to the county water commission in accordance with
Section 6z-27 of the State Finance Act. The county water

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commission shall make available to the Auditor General its
books and records and any other documentation, whether in the
possession of its trustees or other parties, necessary to
conduct the audit required. These audit requirements apply only
through July 1, 2007.
The Auditor General must conduct audits of the Rend Lake
Conservancy District as provided in Section 25.5 of the River
Conservancy Districts Act.
The Auditor General must conduct financial audits of the
Southeastern Illinois Economic Development Authority as
provided in Section 70 of the Southeastern Illinois Economic
Development Authority Act.
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 Section 90 of the
Community Bank of Illinois Act.
(Source: P.A. 95-331, eff. 8-21-07; 96-31, eff. 6-30-09.)
Section 905. The Eminent Domain Act is amended by adding
Section 15-5-46 as follows:
(735 ILCS 30/15-5-46 new)
Sec. 15-5-46. Eminent domain powers in new Acts. The
following provisions of law may include express grants of the
power to acquire property by condemnation or eminent domain:

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Community Bank of Illinois Act; Community Bank of Illinois; for
purposes of the Act.