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Public Act 102-0802
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| HB5194 Enrolled | LRB102 25895 BMS 35253 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 1. Short title. This Act may be cited as the |
Banking Development District Act.
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Section 5. Definitions. As used in this Act:
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"Department" means the Department of Financial and |
Professional Regulation.
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"Depository institution" means a bank, savings bank, |
savings and loan association, or credit union organized or |
chartered under the laws of this State or any other state or |
under the laws of the United States. |
"Improvement" does not include ordinary maintenance and |
repairs.
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"Local government" means a municipality, county, township, |
or other unit of local government.
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"Secretary" means the Secretary of Financial and |
Professional Regulation or the Secretary's designee.
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"State Treasurer" means the State Treasurer or the State |
Treasurer's designee.
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Section 10. Banking development district program. |
(a) There is hereby created a banking development district |
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program, the purpose of which is to encourage the |
establishment of banking branches for banking services in |
geographic locations where there are the greatest underbanked |
and unbanked populations. The Department shall, in |
consultation with the State Treasurer, adopt rules in |
accordance with the Illinois Administrative Procedure Act that |
set forth the criteria for the establishment of banking |
development districts.
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(b) The criteria for the establishment of banking |
development districts shall include, but not be limited to, |
the following:
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(1) the location, number, and proximity of sites where |
banking services are available within the district;
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(2) the identification of unmet consumer needs for |
banking services within the district;
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(3) the economic viability and unmet local credit |
needs of the community within the district;
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(4) the existing commercial development within the |
district;
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(5) the impact that additional banking services would |
have on potential economic development in the district; |
and
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(6) any other criteria that the Secretary, in |
consultation with the State Treasurer, deems appropriate.
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Section 15. Application. |
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(a) The governing board of a local government, in |
conjunction with a depository institution, may submit an |
application to the Department for the designation of a banking |
development district. The boundaries of the proposed banking |
development district shall include property on which the |
depository institution plans to make improvements to establish |
a banking branch. The application shall include the legal |
description of the property to be designated.
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(b) The Secretary, in consultation with the State |
Treasurer, shall issue a determination on the application |
within 60 days after receiving the application. If an |
application is approved, the Department shall transmit |
notification of the approval and a copy of all application |
materials to the applicants, the Governor, the State |
Comptroller, the State Treasurer, the Director of Commerce and |
Economic Opportunity, the President of the Senate, the Speaker |
of the House of Representatives, the Minority Leader of the |
Senate, the Minority Leader of the House of Representatives, |
and the clerk of the county, the municipal clerk, or the |
equivalent official in which the property is located.
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Section 20. Existing facilities. Notwithstanding any other |
provision of law, an application may be submitted by a local |
government in conjunction with a depository institution that |
has already opened a branch within the area of the proposed |
district. In considering the criteria authorized under Section |
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10, the Secretary must also take into account the importance |
and benefits of preserving the banking services offered by the |
existing branch and the likelihood that the branch will remain |
open if the application is not approved.
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Section 25. Deposits of public funds. When investing or |
depositing State funds, the State Treasurer and local |
governments may give preference to depository institutions |
that have an approved banking development district |
application.
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Section 30. Limitations. Nothing in this Act shall be |
construed as authorizing the State Treasurer or local |
governments to conduct an examination or investigation of a |
depository institution or to receive information that is not |
publicly available and the disclosure of which is otherwise |
prohibited by law.
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Section 35. Rulemaking. In addition to such powers as may |
be prescribed by this Act, the Department, in consultation |
with the State Treasurer, may adopt rules consistent with the |
purposes of this Act, including, but not limited to:
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(1) rules that define the terms used in this Act and as |
may be necessary and appropriate to interpret and |
implement this Act;
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(2) rules that establish fees for applications or |