Illinois General Assembly

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 Bill Status of HB5476  96th General Assembly


Short Description:  COMMUNITY BANK OF IL ACT

House Sponsors
Rep. Mary E. Flowers

Last Action
DateChamber Action
  1/11/2011HouseSession 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 new


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.

House Committee Amendment No. 1
Provides that the Department of Financial and Professional Regulation 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 Department may prescribe.

 Fiscal Note, House Committee Amendment No. 1 (Financial & Professional Regulation)
 HB 5476 will have a fiscal impact of approximately $827.9 million to the Illinois Department of Financial and Professional Regulation.

 Fiscal Note, House Committee Amendment No. 1 (Office of the Treasurer)
 HB 5476 will have a significant fiscal impact on the State's resources.

 State Mandates Fiscal Note, House Committee Amendment No. 1 (Dept. of Commerce & Economic Opportunity)
 This bill does not create a State mandate.

Actions 
DateChamber Action
  2/4/2010HouseFiled with the Clerk by Rep. Mary E. Flowers
  2/5/2010HouseFirst Reading
  2/5/2010HouseReferred to Rules Committee
  2/16/2010HouseAssigned to Consumer Protection Committee
  3/2/2010HouseHouse Committee Amendment No. 1 Filed with Clerk by Consumer Protection Committee
  3/2/2010HouseHouse Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
  3/2/2010HouseDo Pass as Amended / Short Debate Consumer Protection Committee; 008-005-000
  3/2/2010HousePlaced on Calendar 2nd Reading - Short Debate
  3/9/2010HouseHouse Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. William B. Black
  3/9/2010HouseHouse Committee Amendment No. 1 State Mandates Fiscal Note Requested as Amended by Rep. William B. Black
  3/15/2010HouseHouse Committee Amendment No. 1 Fiscal Note Filed as Amended
  3/15/2010HouseHouse Committee Amendment No. 1 Fiscal Note Filed as Amended
  3/16/2010HouseHouse Committee Amendment No. 1 State Mandates Fiscal Note Filed as Amended
  3/25/2010HouseSecond Reading - Short Debate
  3/25/2010HouseHeld on Calendar Order of Second Reading - Short Debate
  3/26/2010HouseFinal Action Deadline Extended-9(b) April 30, 2010
  4/30/2010HouseFinal Action Deadline Extended-9(b) May 8, 2010
  5/7/2010HouseFinal Action Deadline Extended-9(b) May 28, 2010
  5/28/2010HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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