Illinois General Assembly - Full Text of SB1332
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Full Text of SB1332  101st General Assembly


Sen. Cristina Castro

Filed: 3/12/2019





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2    AMENDMENT NO. ______. Amend Senate Bill 1332 as follows:
3on page 2, by replacing lines 1 through 10 with the following:
4    "(c) The Illinois Bank On Initiative Commission is created,
5and shall be chaired by the Comptroller, or his or her
6designee, and consist of the following members appointed by the
7Comptroller: (1) 4 local elected officials from geographically
8diverse regions in this State, at least 2 of whom represent all
9or part of a census tract with a median household income of
10less than 150% of the federal poverty level; (2) 3 members
11representing financial institutions, one of whom represents a
12statewide banking association exclusively representing banks
13with assets below $20,000,000.00, one of whom represents a
14statewide banking association representing banks of all asset
15sizes, and one of whom represents a statewide association
16representing credit unions; (3) 4 members representing
17community and social service groups; and (4) 2 federal or State



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1financial regulators."; and
2on page 3, by replacing lines 2 through 6 with the following:
3    "(f) For the purposes of this Section:
4    "Certified Financial Product" means a financial product
5offered by a financial institution that meets minimum
6requirements as established by the Comptroller.
7    "Financial institution" means a bank, savings bank, or
8credit union chartered or organized under the laws of the State
9of Illinois, another state, or the United States of America
10that is:
11        (1) adequately capitalized as determined by its
12    prudential regulator; and
13        (2) insured by the Federal Deposit Insurance
14    Corporation, National Credit Union Administration, or
15    other approved insurer.".