Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

30 ILCS 5/3-1

from 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 

Date	Chamber	Action
1/14/2015	House	Filed with the Clerk by Rep. Mary E. Flowers
1/14/2015	House	First Reading
1/14/2015	House	Referred to Rules Committee
2/3/2015	House	Assigned to Financial Institutions Committee
3/10/2015	House	Do Pass / Standard Debate Financial Institutions Committee; 012-011-000
3/11/2015	House	Placed on Calendar 2nd Reading - Standard Debate
3/12/2015	House	Fiscal Note Requested by Rep. Ron Sandack
3/12/2015	House	Second Reading - Standard Debate
3/12/2015	House	Held on Calendar Order of Second Reading - Standard Debate
3/17/2015	House	Fiscal Note Filed
3/25/2015	House	Placed on Calendar Order of 3rd Reading - Standard Debate
4/24/2015	House	Rule 19(a) / Re-referred to Rules Committee
2/16/2016	House	Approved for Consideration Rules Committee; 004-000-000
2/16/2016	House	Placed on Calendar Order of 3rd Reading - Standard Debate
4/22/2016	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

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