Illinois General Assembly - Bill Status for HB5503
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 Bill Status of HB5503  103rd General Assembly


Short Description:  PUBLIC BANKING OPTION ACT

House Sponsors
Rep. Kevin John Olickal

Last Action
DateChamber Action
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Illinois Public Banking Option Act. Establishes the Illinois Bank Account Board. Sets forth provisions concerning the membership and duties of the Board. Provides that the Board shall establish the Illinois Bank Account Program, including establishing the mechanisms by which an account holder may deposit funds into an Illinois Bank Account for no fee, establishing mechanisms for direct deposits, selecting a program administrator, and establishing other terms, policies, and rules. Requires the Board to contract with an independent entity to conduct a market analysis. Sets forth the requirements of the market analysis. Requires the Board to make a determination as to whether the Illinois Bank Account Program can be implemented as described in the Act and to make a determination as to whether Illinois Bank Account Program revenue is more likely than not to be sufficient to pay for Illinois Bank Account Program costs within 6 years of the Illinois Bank Account Program's implementation and what the State's investment will need to be in order to cover the costs.

Actions 
DateChamber Action
  2/9/2024HouseFiled with the Clerk by Rep. Kevin John Olickal
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  3/12/2024HouseAssigned to Financial Institutions and Licensing Committee
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

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