101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1332

 

Introduced 2/7/2019, by Sen. Cristina Castro

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 405/23.11 new

    Amends the State Comptroller Act. Creates the Illinois Bank On Initiative to increase the use of Certified Financial Products and reduce reliance on alternative financial products. Provides that the Illinois Bank On Initiative shall be administered by the Comptroller, and the Comptroller shall be responsible for specified ongoing activities of the Initiative. Creates the Illinois Bank On Initiative Commission and provides for membership of the Commission. Provides for requirements and duties of the Commission. Requires the Comptroller and the Commission to annually prepare and make available on the Controller's website a report concerning the progress of the Illinois Bank On Initiative. Provides that the Comptroller may adopt rules necessary to implement provisions concerning the Illinois Bank On Initiative and Commission. Defines terms. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1332LRB101 08411 RJF 53481 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Comptroller Act is amended by adding
5Section 23.11 as follows:
 
6    (15 ILCS 405/23.11 new)
7    Sec. 23.11. Illinois Bank On Initiative; Commission.
8    (a) The Illinois Bank On Initiative is created to increase
9the use of Certified Financial Products and reduce reliance on
10alternative financial products.
11    (b) The Illinois Bank On Initiative shall be administered
12by the Comptroller, and he or she shall be responsible for
13ongoing activities of the Initiative, including, but not
14limited to, the following:
15        (1) authorizing financial products as Certified
16    Financial Products;
17        (2) maintaining on the Comptroller's website a list of
18    Certified Financial Products and associated financial
19    institutions;
20        (3) maintaining on the Comptroller's website the
21    minimum requirements of Certified Financial Products; and
22        (4) implementing an outreach strategy to facilitate
23    access to Certified Financial Products.

 

 

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1    (c) The Illinois Bank On Initiative Commission is created,
2and shall be chaired by the Comptroller, or his or her
3designee, and consist of the following members appointed by the
4Comptroller: (1) 2 local elected officials from geographically
5diverse regions in this State; (2) 2 members representing
6financial institutions, one of whom represents a statewide
7banking trade association exclusively representing banks with
8assets below $20,000,000,000; (3) 2 members representing
9community and social service groups; and (4) 2 federal, State,
10or local financial regulators.
11    Members of the Commission shall serve 4 year terms. The
12Commission shall serve the Comptroller in an advisory capacity,
13and shall be responsible for advising the Comptroller regarding
14the implementation and promotion of the Illinois Bank On
15Initiative, but may at any time, by request of the Comptroller
16or on its own initiative, submit to the Comptroller any
17recommendations concerning the operation of any participating
18financial institutions, outreach efforts, or other business
19coming before the Commission. Members of the Commission shall
20serve without compensation, but shall be reimbursed for
21reasonable travel and mileage costs.
22    (d) Beginning in October 2020, and for each year
23thereafter, the Comptroller and the Commission shall annually
24prepare and make available on the Controller's website a report
25concerning the progress of the Illinois Bank On Initiative.
26    (e) The Comptroller may adopt rules necessary to implement

 

 

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1this Section.
2    (f) For the purposes of this Section, "Certified Financial
3Product" means a financial product, offered by a financial
4institution insured by the Federal Deposit Insurance
5Corporation that meets minimum requirements as established by
6the Comptroller.
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.