101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced 2/7/2019, by Sen. Cristina Castro
SYNOPSIS AS INTRODUCED:
Amends the State Comptroller Act. Creates the Illinois Bank On
Initiative to increase the use of Certified Financial Products and reduce
reliance on alternative financial products. Provides that the Illinois Bank
On Initiative shall be administered by the Comptroller, and the Comptroller
shall be responsible for specified ongoing activities of the Initiative.
Creates the Illinois Bank On Initiative Commission and provides for
membership of the Commission. Provides for requirements and duties of the
Commission. Requires the Comptroller and the Commission to annually prepare
and make available on the Controller's website a report concerning the
progress of the Illinois Bank On Initiative. Provides that the Comptroller
may adopt rules necessary to implement provisions concerning the Illinois
Bank On Initiative and Commission. Defines terms. Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The State Comptroller Act is amended by adding
Section 23.11 as follows:
(15 ILCS 405/23.11 new)
Illinois Bank On Initiative; Commission.
(a) The Illinois Bank On Initiative is created to increase
the use of Certified Financial Products and reduce reliance on
alternative financial products.
(b) The Illinois Bank On Initiative shall be administered
by the Comptroller, and he or she shall be responsible for
ongoing activities of the Initiative, including, but not
limited to, the following:
(1) authorizing financial products as Certified
(2) maintaining on the Comptroller's website a list of
Certified Financial Products and associated financial
(3) maintaining on the Comptroller's website the
minimum requirements of Certified Financial Products; and
(4) implementing an outreach strategy to facilitate
access to Certified Financial Products.
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(c) The Illinois Bank On Initiative Commission is created,
and shall be chaired by the Comptroller, or his or her
designee, and consist of the following members appointed by the
Comptroller: (1) 2 local elected officials from geographically
diverse regions in this State; (2) 2 members representing
financial institutions, one of whom represents a statewide
banking trade association exclusively representing banks with
assets below $20,000,000,000; (3) 2 members representing
community and social service groups; and (4) 2 federal, State,
or local financial regulators.
Members of the Commission shall serve 4 year terms. The
Commission shall serve the Comptroller in an advisory capacity,
and shall be responsible for advising the Comptroller regarding
the implementation and promotion of the Illinois Bank On
Initiative, but may at any time, by request of the Comptroller
or on its own initiative, submit to the Comptroller any
recommendations concerning the operation of any participating
financial institutions, outreach efforts, or other business
coming before the Commission. Members of the Commission shall
serve without compensation, but shall be reimbursed for
reasonable travel and mileage costs.
(d) Beginning in October 2020, and for each year
thereafter, the Comptroller and the Commission shall annually
prepare and make available on the Controller's website a report
concerning the progress of the Illinois Bank On Initiative.
(e) The Comptroller may adopt rules necessary to implement