102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 1/31/2022, by Rep. La Shawn K. Ford
SYNOPSIS AS INTRODUCED:
Creates the Banking Development District Act. Establishes a banking
development district program. Provides that the Department of Financial
and Professional Regulation shall, in consultation with the State
Treasurer, adopt rules that set forth the criteria, including specified
factors, for the establishment of banking development districts. Provides
that 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. Provides that 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. Provides that the application shall include
the legal description of the property to be designated. Provides that the
Secretary of Financial and Professional Regulation shall, in consultation
with the State Treasurer, issue a determination on an application within
60 days after receiving the application. Provides that 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, and the clerk of the county, the municipal
clerk, or the equivalent official in which the property is located.
Provides that the Department may adopt rules that define terms, rules that
establish fees for applications or other services rendered by the
Department, and rules necessary for the enforcement, interpretation, and
implementation of the Act. Makes other changes. Effective January 1, 2023.
A BILL FOR
|HB5194||LRB102 25895 BMS 35253 b|
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Banking Development District Act.
As used in this Act:
"Department" means the Department of Financial and
"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
"Local government" means a municipality, county, township,
or other unit of local government.
"Secretary" means the Secretary of Financial and
Professional Regulation or the Secretary's designee.
"State Treasurer" means the State Treasurer or the State
Banking development district program.
(a) There is hereby created a banking development district