Illinois House Bill 1103

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2023 - 25% progression
Action: 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Illinois State Bank Act. Provides that the Department of Financial and Professional Regulation shall operate the Illinois State Bank. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary of Financial and Professional Regulation is to employ a president and employees. Contains provisions concerning the removal and discharge of appointees. Provides that State funds must be deposited in the Bank. Contains provisions concerning the nonliability of officers and sureties after deposit. Specifies the powers of the Bank. Contains provisions concerning the guaranty of deposits and the Bank's role as a clearinghouse, the authorization of loans to the General Revenue Fund, bank loans to farmers, limitations on loans by the Bank, the name in which business is conducted and titles taken, civil actions, surety on appeal, audits, electronic fund transfer systems, confidentiality of bank records, the sale and leasing of acquired agricultural real estate, and the Illinois higher education savings plan. Provides that the Bank is the custodian of securities. Amends the Illinois State Auditing Act to require that the Auditor General contract with an independent certified public accounting firm for an annual audit of the Illinois State Bank as provided in the Illinois State Bank Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.

ILLINOIS STATE BANK ACT

Rep. Mary Flowers [D]

Date	Chamber	Action
2023-03-10	House	Rule 19(a) / Re-referred to Rules Committee
2023-02-21	House	Assigned to Financial Institutions and Licensing Committee
2023-01-12	House	Referred to Rules Committee
2023-01-12	House	First Reading
2023-01-04	House	Prefiled with Clerk by Rep. Mary E. Flowers

Chapter	Article	Section	Citation Type	Statute Text
30	5	3-1	Amended Code	Citation Text
735	30	15-5-49	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1103&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB1103.htm