Bill Text: IL SB1332 | 2019-2020 | 101st General Assembly | Enrolled


Bill Title: Amends the State Comptroller Act. Creates the Illinois Bank On Initiative to increase the use of Certified Financial Products and reduce reliance on alternative financial products. Provides that the Illinois Bank On Initiative shall be administered by the Comptroller, and the Comptroller shall be responsible for specified ongoing activities of the Initiative. Creates the Illinois Bank On Initiative Commission and provides for membership of the Commission. Provides for requirements and duties of the Commission. Requires the Comptroller and the Commission to annually prepare and make available on the Controller's website a report concerning the progress of the Illinois Bank On Initiative. Provides that the Comptroller may adopt rules necessary to implement provisions concerning the Illinois Bank On Initiative and Commission. Defines terms. Effective immediately.

Spectrum: Partisan Bill (Democrat 49-2)

Status: (Enrolled) 2019-06-20 - Sent to the Governor [SB1332 Detail]

Download: Illinois-2019-SB1332-Enrolled.html



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1 AN ACT concerning State government.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The State Comptroller Act is amended by adding
5Section 23.11 as follows:
6 (15 ILCS 405/23.11 new)
7 Sec. 23.11. Illinois Bank On Initiative; Commission.
8 (a) The Illinois Bank On Initiative is created to increase
9the use of Certified Financial Products and reduce reliance on
10alternative financial products.
11 (b) The Illinois Bank On Initiative shall be administered
12by the Comptroller, and he or she shall be responsible for
13ongoing activities of the Initiative, including, but not
14limited to, the following:
15 (1) authorizing financial products as Certified
16 Financial Products;
17 (2) maintaining on the Comptroller's website a list of
18 Certified Financial Products and associated financial
19 institutions;
20 (3) maintaining on the Comptroller's website the
21 minimum requirements of Certified Financial Products; and
22 (4) implementing an outreach strategy to facilitate
23 access to Certified Financial Products.

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1 (c) The Illinois Bank On Initiative Commission is created,
2and shall be chaired by the Comptroller, or his or her
3designee, and consist of the following members appointed by the
4Comptroller: (1) 4 local elected officials from geographically
5diverse regions in this State, at least 2 of whom represent all
6or part of a census tract with a median household income of
7less than 150% of the federal poverty level; (2) 3 members
8representing financial institutions, one of whom represents a
9statewide banking association exclusively representing banks
10with assets below $20,000,000,000, one of whom represents a
11statewide banking association representing banks of all asset
12sizes, and one of whom represents a statewide association
13representing credit unions; (3) 4 members representing
14community and social service groups; and (4) 2 federal or State
15financial regulators.
16 Members of the Commission shall serve 4 year terms. The
17Commission shall serve the Comptroller in an advisory capacity,
18and shall be responsible for advising the Comptroller regarding
19the implementation and promotion of the Illinois Bank On
20Initiative, but may at any time, by request of the Comptroller
21or on its own initiative, submit to the Comptroller any
22recommendations concerning the operation of any participating
23financial institutions, outreach efforts, or other business
24coming before the Commission. Members of the Commission shall
25serve without compensation, but shall be reimbursed for
26reasonable travel and mileage costs.

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1 (d) Beginning in October 2020, and for each year
2thereafter, the Comptroller and the Commission shall annually
3prepare and make available on the Comptroller's website a
4report concerning the progress of the Illinois Bank On
5Initiative.
6 (e) The Comptroller may adopt rules necessary to implement
7this Section.
8 (f) For the purposes of this Section:
9 "Certified Financial Product" means a financial product
10offered by a financial institution that meets minimum
11requirements as established by the Comptroller.
12 "Financial institution" means a bank, savings bank, or
13credit union chartered or organized under the laws of the State
14of Illinois, another state, or the United States of America
15that is:
16 (1) adequately capitalized as determined by its
17 prudential regulator; and
18 (2) insured by the Federal Deposit Insurance
19 Corporation, National Credit Union Administration, or
20 other approved insurer.
21 Section 99. Effective date. This Act takes effect upon
22becoming law.
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