Full Text of HB5194 102nd General Assembly
HB5194enr 102ND GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the | 5 | | Banking Development District Act. | 6 | | Section 5. Definitions. As used in this Act:
| 7 | | "Department" means the Department of Financial and | 8 | | Professional Regulation.
| 9 | | "Depository institution" means a bank, savings bank, | 10 | | savings and loan association, or credit union organized or | 11 | | chartered under the laws of this State or any other state or | 12 | | under the laws of the United States. | 13 | | "Improvement" does not include ordinary maintenance and | 14 | | repairs.
| 15 | | "Local government" means a municipality, county, township, | 16 | | or other unit of local government.
| 17 | | "Secretary" means the Secretary of Financial and | 18 | | Professional Regulation or the Secretary's designee.
| 19 | | "State Treasurer" means the State Treasurer or the State | 20 | | Treasurer's designee.
| 21 | | Section 10. Banking development district program. | 22 | | (a) There is hereby created a banking development district |
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| 1 | | program, the purpose of which is to encourage the | 2 | | establishment of banking branches for banking services in | 3 | | geographic locations where there are the greatest underbanked | 4 | | and unbanked populations. The Department shall, in | 5 | | consultation with the State Treasurer, adopt rules in | 6 | | accordance with the Illinois Administrative Procedure Act that | 7 | | set forth the criteria for the establishment of banking | 8 | | development districts.
| 9 | | (b) The criteria for the establishment of banking | 10 | | development districts shall include, but not be limited to, | 11 | | the following:
| 12 | | (1) the location, number, and proximity of sites where | 13 | | banking services are available within the district;
| 14 | | (2) the identification of unmet consumer needs for | 15 | | banking services within the district;
| 16 | | (3) the economic viability and unmet local credit | 17 | | needs of the community within the district;
| 18 | | (4) the existing commercial development within the | 19 | | district;
| 20 | | (5) the impact that additional banking services would | 21 | | have on potential economic development in the district; | 22 | | and
| 23 | | (6) any other criteria that the Secretary, in | 24 | | consultation with the State Treasurer, deems appropriate.
| 25 | | Section 15. Application. |
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| 1 | | (a) The governing board of a local government, in | 2 | | conjunction with a depository institution, may submit an | 3 | | application to the Department for the designation of a banking | 4 | | development district. The boundaries of the proposed banking | 5 | | development district shall include property on which the | 6 | | depository institution plans to make improvements to establish | 7 | | a banking branch. The application shall include the legal | 8 | | description of the property to be designated.
| 9 | | (b) The Secretary, in consultation with the State | 10 | | Treasurer, shall issue a determination on the application | 11 | | within 60 days after receiving the application. If an | 12 | | application is approved, the Department shall transmit | 13 | | notification of the approval and a copy of all application | 14 | | materials to the applicants, the Governor, the State | 15 | | Comptroller, the State Treasurer, the Director of Commerce and | 16 | | Economic Opportunity, the President of the Senate, the Speaker | 17 | | of the House of Representatives, the Minority Leader of the | 18 | | Senate, the Minority Leader of the House of Representatives, | 19 | | and the clerk of the county, the municipal clerk, or the | 20 | | equivalent official in which the property is located.
| 21 | | Section 20. Existing facilities. Notwithstanding any other | 22 | | provision of law, an application may be submitted by a local | 23 | | government in conjunction with a depository institution that | 24 | | has already opened a branch within the area of the proposed | 25 | | district. In considering the criteria authorized under Section |
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| 1 | | 10, the Secretary must also take into account the importance | 2 | | and benefits of preserving the banking services offered by the | 3 | | existing branch and the likelihood that the branch will remain | 4 | | open if the application is not approved. | 5 | | Section 25. Deposits of public funds. When investing or | 6 | | depositing State funds, the State Treasurer and local | 7 | | governments may give preference to depository institutions | 8 | | that have an approved banking development district | 9 | | application. | 10 | | Section 30. Limitations. Nothing in this Act shall be | 11 | | construed as authorizing the State Treasurer or local | 12 | | governments to conduct an examination or investigation of a | 13 | | depository institution or to receive information that is not | 14 | | publicly available and the disclosure of which is otherwise | 15 | | prohibited by law. | 16 | | Section 35. Rulemaking. In addition to such powers as may | 17 | | be prescribed by this Act, the Department, in consultation | 18 | | with the State Treasurer, may adopt rules consistent with the | 19 | | purposes of this Act, including, but not limited to:
| 20 | | (1) rules that define the terms used in this Act and as | 21 | | may be necessary and appropriate to interpret and | 22 | | implement this Act;
| 23 | | (2) rules that establish fees for applications or |
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| 1 | | other services rendered by the Department related to this | 2 | | Act; and
| 3 | | (3) rules as may be necessary for the enforcement of | 4 | | this Act.
| 5 | | Section 99. Effective date. This Act takes effect January | 6 | | 1, 2023.
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