Public Act 101-0427
 
SB1332 EnrolledLRB101 08411 RJF 53481 b


  
    AN ACT concerning State government.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The State Comptroller Act is amended  by adding 
Section 23.11 as follows:
 
    (15 ILCS 405/23.11 new)
    Sec. 23.11. Illinois Bank On Initiative; Commission.
    (a)   The Illinois Bank On Initiative is created to increase 
the use of Certified Financial Products and reduce reliance on 
alternative financial products.
    (b)   The Illinois Bank On Initiative shall be administered 
by the Comptroller, and he or she shall be responsible for 
ongoing activities of the Initiative, including, but not 
limited to, the following:
        (1)   authorizing financial products as Certified 
    Financial Products;
        (2)   maintaining on the Comptroller's website a list of 
    Certified Financial Products and associated financial 
    institutions;
        (3)   maintaining on the Comptroller's website the 
    minimum requirements of Certified Financial Products; and
        (4)   implementing an outreach strategy to facilitate 
    access to Certified Financial Products.
    (c) The Illinois Bank On Initiative Commission is created, 
and shall be chaired by the Comptroller, or his or her 
designee, and consist of the following members appointed by the 
Comptroller: (1) 4 local elected officials from geographically 
diverse regions in this State, at least 2 of whom represent all 
or part of a census tract with a median household income of 
less than 150% of the federal poverty level; (2) 3 members 
representing financial institutions, one of whom represents a 
statewide banking association exclusively representing banks 
with assets below $20,000,000,000, one of whom represents a 
statewide banking association representing banks of all asset 
sizes, and one of whom represents a statewide association 
representing credit unions; (3) 4 members representing 
community and social service groups; and (4) 2 federal or State 
financial regulators.
    Members of the Commission shall serve 4 year terms. The 
Commission shall serve the Comptroller in an advisory capacity, 
and shall be responsible for advising the Comptroller regarding 
the implementation and promotion of the Illinois Bank On 
Initiative, but may at any time, by request of the Comptroller 
or on its own initiative, submit to the Comptroller any 
recommendations concerning the operation of any participating 
financial institutions, outreach efforts, or other business 
coming before the Commission. Members of the Commission shall 
serve without compensation, but shall be reimbursed for 
reasonable travel and mileage costs.
    (d)   Beginning in October 2020, and for each year 
thereafter, the Comptroller and the Commission shall annually 
prepare and make available on the Comptroller's website a 
report concerning the progress of the Illinois Bank On 
Initiative.
    (e) The Comptroller may adopt rules necessary to implement 
this Section.
    (f)   For the purposes of this Section:
    "Certified Financial Product" means a financial product 
offered by a financial institution that meets minimum 
requirements as established by the Comptroller.
    "Financial institution" means a bank, savings bank, or 
credit union chartered or organized under the laws of the State 
of Illinois, another state, or the United States of America 
that is:
        (1)   adequately capitalized as determined by its 
    prudential regulator; and
        (2)   insured by the Federal Deposit Insurance 
    Corporation, National Credit Union  Administration, or 
    other approved insurer. 
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.