Bill Status of HB 7   98th General Assembly

Short Description:  COMMUNITY BANK OF IL ACT

House Sponsors
Rep. Mary E. Flowers

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession 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.

 Judicial Note (Admin Office of the Illinois Courts)
 This bill may have a minimal impact on judicial workloads; however, it is not anticipated that the bill would increase the number of judges needed in the State.

 State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
 HB 7 does not create a State mandate.

 Fiscal Note (Financial & Professional Regulation)
 The total estimated cost for the enactment of HB 7 would be $11.3 billion.

 Housing Affordability Impact Note (Housing Development Authority)
 This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence.

Actions 
DateChamber Action
  12/10/2012HousePrefiled with Clerk by Rep. Mary E. Flowers
  1/9/2013HouseFirst Reading
  1/9/2013HouseReferred to Rules Committee
  1/30/2013HouseAssigned to Financial Institutions Committee
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  2/11/2014HouseAssigned to Financial Institutions Committee
  3/25/2014HouseDo Pass / Short Debate Financial Institutions Committee; 008-005-000
  3/26/2014HousePlaced on Calendar 2nd Reading - Short Debate
  4/2/2014HouseFiscal Note Requested by Rep. Dennis M. Reboletti
  4/2/2014HouseState Mandates Fiscal Note Requested by Rep. Dennis M. Reboletti
  4/2/2014HouseHousing Affordability Impact Note Requested by Rep. Dennis M. Reboletti
  4/2/2014HouseJudicial Note Requested by Rep. Dennis M. Reboletti
  4/3/2014HouseJudicial Note Filed
  4/3/2014HouseState Mandates Fiscal Note Filed
  4/4/2014HouseFiscal Note Filed
  4/4/2014HouseHousing Affordability Impact Note Filed
  4/9/2014HouseSecond Reading - Short Debate
  4/9/2014HouseHeld on Calendar Order of Second Reading - Short Debate
  4/11/2014HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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