Illinois General Assembly - Bill Status for HB0089
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 Bill Status of HB0089  102nd General Assembly


Short Description:  COMMUNITY BANK OF IL ACT

House Sponsors
Rep. Mary E. Flowers

Last Action
DateChamber Action
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
30 ILCS 5/3-1from Ch. 15, par. 303-1
735 ILCS 30/15-5-48 new


Synopsis As Introduced
Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate The Community Bank of Illinois. 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 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 must contract with an independent certified public accounting firm for an annual audit of The Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.

Actions 
DateChamber Action
  1/13/2021HouseFiled with the Clerk by Rep. Mary E. Flowers
  1/14/2021HouseFirst Reading
  1/14/2021HouseReferred to Rules Committee
  2/23/2021HouseAssigned to Financial Institutions Committee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

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