Bill Title: 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.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Passed) 2022-05-13 - Public Act . . . . . . . . . 102-0802 [HB5194 Detail]

Text: Latest bill text (Chaptered) [HTML]

---

Sponsors

Name	Type	Contact	Phone	District	Sponsorship	State Profile	Financial	Encyclopedia	Biography
Representative LaShawn Ford [D]	Primary	N/A	217-782-5962	HD-008	Sponsored Bills	State Profile	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mark Walker [D]	Cosponsor	N/A	217-782-4471	SD-027	Sponsored Bills	State Profile	FollowTheMoney	Ballotpedia	VoteSmart
Representative Latoya Greenwood [D]	Cosponsor	Inactive	Inactive	HD-114	Sponsored Bills	Inactive	FollowTheMoney	Ballotpedia	VoteSmart
Representative Dagmara Avelar [D]	Cosponsor	N/A	217-782-4179	HD-085	Sponsored Bills	State Profile	FollowTheMoney	Ballotpedia	VoteSmart
Representative Maura Hirschauer [D]	Cosponsor	N/A	217-782-1653	HD-049	Sponsored Bills	State Profile	FollowTheMoney	Ballotpedia	VoteSmart
Senator Doris Turner [D]	Primary	N/A	217-782-0228	SD-048	Sponsored Bills	State Profile	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mike Simmons [D]	Cosponsor	N/A	217-782-8492	SD-007	Sponsored Bills	State Profile	N/A	Ballotpedia	VoteSmart
Senator Mattie Hunter [D]	Cosponsor	N/A	217-782-5966	SD-003	Sponsored Bills	State Profile	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL HB5194