Illinois General Assembly

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 Bill Status of HB0107  99th General Assembly


Short Description:  COMMUNITY BANK OF IL ACT

House Sponsors
Rep. Mary E. Flowers

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 5/3-1from Ch. 15, par. 303-1
735 ILCS 30/15-5-46


Synopsis As Introduced
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.

 Fiscal Note (Financial & Professional Regulation)
 The minimum capital required to operate the bank is projected at $9.8 billion (assuming a minimum of 10 percent capital to asset ratio). The bank would not be FDIC insured and its deposits would be guaranteed be the full faith and credit of the State of Illinois. The Illinois Department of Financial and Professional Regulation would need at least 100 new positions to the agency to operate the bank. Assuming 100 new positions with a starting salary of $60,000.00 plus benefits would lead to a recurring annual cost of $11,579,000.00.

Actions 
DateChamber Action
  1/14/2015HouseFiled with the Clerk by Rep. Mary E. Flowers
  1/14/2015HouseFirst Reading
  1/14/2015HouseReferred to Rules Committee
  2/3/2015HouseAssigned to Financial Institutions Committee
  3/10/2015HouseDo Pass / Standard Debate Financial Institutions Committee; 012-011-000
  3/11/2015HousePlaced on Calendar 2nd Reading - Standard Debate
  3/12/2015HouseFiscal Note Requested by Rep. Ron Sandack
  3/12/2015HouseSecond Reading - Standard Debate
  3/12/2015HouseHeld on Calendar Order of Second Reading - Standard Debate
  3/17/2015HouseFiscal Note Filed
  3/25/2015HousePlaced on Calendar Order of 3rd Reading - Standard Debate
  4/24/2015HouseRule 19(a) / Re-referred to Rules Committee
  2/16/2016HouseApproved for Consideration Rules Committee; 004-000-000
  2/16/2016HousePlaced on Calendar Order of 3rd Reading - Standard Debate
  4/22/2016HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

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