Illinois General Assembly - Full Text of Public Act 101-0427
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Public Act 101-0427


Public Act 0427 101ST GENERAL ASSEMBLY



Public Act 101-0427
SB1332 EnrolledLRB101 08411 RJF 53481 b

    AN ACT concerning State government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The State Comptroller Act is amended by adding
Section 23.11 as follows:
    (15 ILCS 405/23.11 new)
    Sec. 23.11. Illinois Bank On Initiative; Commission.
    (a) The Illinois Bank On Initiative is created to increase
the use of Certified Financial Products and reduce reliance on
alternative financial products.
    (b) The Illinois Bank On Initiative shall be administered
by the Comptroller, and he or she shall be responsible for
ongoing activities of the Initiative, including, but not
limited to, the following:
        (1) authorizing financial products as Certified
    Financial Products;
        (2) maintaining on the Comptroller's website a list of
    Certified Financial Products and associated financial
        (3) maintaining on the Comptroller's website the
    minimum requirements of Certified Financial Products; and
        (4) implementing an outreach strategy to facilitate
    access to Certified Financial Products.
    (c) The Illinois Bank On Initiative Commission is created,
and shall be chaired by the Comptroller, or his or her
designee, and consist of the following members appointed by the
Comptroller: (1) 4 local elected officials from geographically
diverse regions in this State, at least 2 of whom represent all
or part of a census tract with a median household income of
less than 150% of the federal poverty level; (2) 3 members
representing financial institutions, one of whom represents a
statewide banking association exclusively representing banks
with assets below $20,000,000,000, one of whom represents a
statewide banking association representing banks of all asset
sizes, and one of whom represents a statewide association
representing credit unions; (3) 4 members representing
community and social service groups; and (4) 2 federal or State
financial regulators.
    Members of the Commission shall serve 4 year terms. The
Commission shall serve the Comptroller in an advisory capacity,
and shall be responsible for advising the Comptroller regarding
the implementation and promotion of the Illinois Bank On
Initiative, but may at any time, by request of the Comptroller
or on its own initiative, submit to the Comptroller any
recommendations concerning the operation of any participating
financial institutions, outreach efforts, or other business
coming before the Commission. Members of the Commission shall
serve without compensation, but shall be reimbursed for
reasonable travel and mileage costs.
    (d) Beginning in October 2020, and for each year
thereafter, the Comptroller and the Commission shall annually
prepare and make available on the Comptroller's website a
report concerning the progress of the Illinois Bank On
    (e) The Comptroller may adopt rules necessary to implement
this Section.
    (f) For the purposes of this Section:
    "Certified Financial Product" means a financial product
offered by a financial institution that meets minimum
requirements as established by the Comptroller.
    "Financial institution" means a bank, savings bank, or
credit union chartered or organized under the laws of the State
of Illinois, another state, or the United States of America
that is:
        (1) adequately capitalized as determined by its
    prudential regulator; and
        (2) insured by the Federal Deposit Insurance
    Corporation, National Credit Union Administration, or
    other approved insurer.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 08/19/2019