Bill Status of HB1103 103rd General Assembly
Short Description: ILLINOIS STATE BANK ACT
Rep. Mary E. Flowers
|Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Illinois State Bank Act. Provides that the Department of Financial and Professional Regulation shall operate the Illinois State Bank. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary of Financial and Professional Regulation 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 to 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 contract with an independent certified public accounting firm for an annual audit of the Illinois State Bank as provided in the Illinois State Bank Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.