Bill Text: IL HB1103 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB1103 Detail]

Download: Illinois-2023-HB1103-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1103 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
New Act
30 ILCS 5/3-1 from Ch. 15, par. 303-1
735 ILCS 30/15-5-49 new
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.
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A BILL FOR
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AN ACT concerning financial regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Illinois State Bank Act.
Section 5. Purpose. For the purpose of encouraging and
promoting agriculture, commerce, and industry, the State shall
engage in the business of banking, and for that purpose shall
maintain a system of banking owned, controlled, and operated
by it, under the name of the Illinois State Bank.
Section 10. Definitions. As used in this Act:
"Bank" means the Illinois State Bank.
"Department" means the Department of Financial and
Professional Regulation.
"Secretary" means the Secretary of Financial and
Professional Regulation.
Section 15. Department to operate Bank; business of Bank.
The Department shall operate, manage, and control the Illinois
State Bank, locate and maintain its places of business, of
which the principal place must be within the State, and make
and enforce orders, rules, regulations, and bylaws for the

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transaction of its business. The business and financial
transactions of the Bank, in addition to other matters
specified in this Act, may include anything that any bank or
bank holding company lawfully may do, except as it is
restricted by the provisions of this Act. This Section may not
be held in any way to limit or qualify either the powers of the
Department granted by or the functions of the Bank as defined
in this Act. The powers of the Department and the functions of
the Bank must be implemented through actions taken and
policies adopted by the Department of Financial and
Professional Regulation.
Section 20. Declaration and finding of public purpose;
Illinois State Bank advisory board of directors. To enlist
the help of private enterprise and to encourage more active
implementation of the purposes of this Act, the Governor shall
appoint an advisory board of directors to the Illinois State
Bank consisting of 7 persons, at least 2 of whom must be
officers of banks, the majority of the stock of which is owned
by Illinois residents, and at least one of whom must be an
officer of a State-chartered or federally chartered financial
institution. The Governor shall appoint a chairman,
vice-chairman, and secretary from the advisory board of
directors. The term of a director is 4 years. The Department
shall define the duties of the advisory board of directors.

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Section 25. Authority of the advisory board of directors
to the Illinois State Bank. The advisory board of directors to
the Illinois State Bank shall do all of the following:
(1) Meet regularly with the management of the Illinois
State Bank to review the Bank's operations to determine
whether recommendations should be made by the board to the
Department relating to improved management performance,
better customer service, and overall improvement in
internal methods, procedures, and operating policies of
the Bank.
(2) Make recommendations to the Department relating to
the establishment of additional objectives for the
operation of the Illinois State Bank.
(3) Make recommendations to the Department concerning
the appointment of officers of the Illinois State Bank.
(4) Meet regularly with the Secretary to present any
recommendations concerning the Illinois State Bank.
(5) In addition to the foregoing and pursuant to
authorization from the Secretary, act on behalf of the
Bank with respect to the powers and functions of the Bank.
Section 30. Secretary to employ president and employees;
compensation, operation, and maintenance expenditures limited
to appropriations, revenue, or capital. The Secretary shall
appoint a president; may appoint and employ subordinate
officers, employees, and agents as he or she may judge

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expedient and in the interests of the State; and shall define
the duties, designate the titles, and fix the compensation of
all such persons. The Secretary may designate the president or
other officers or employees as its agent in respect to the
functions of the Bank, subject to its supervision, limitation,
and control. The total compensation of such appointees and
employees, together with other expenditures for the operation
and maintenance of the Bank, shall remain within the
appropriation, revenues, or capital lawfully available for
those purposes.
Section 35. Removal and discharge of appointees. The
Secretary may remove and discharge any and all persons
appointed in the exercise of the powers granted by this Act,
whether by the Secretary or by the president of the Bank. All
appointments and removals contemplated by this Act must be
made as the Secretary deems fit to promote the efficiency of
the public service.
Section 40. State funds must be deposited in the Illinois
State Bank; income of the Bank. All State funds and funds of
all State penal, educational, and industrial institutions must
be deposited in the Illinois State Bank by the persons having
control of those funds or must be deposited in accordance with
constitutional and statutory provisions. All income earned by
the Bank for its own account on State moneys that are deposited

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in or invested with the Bank to the credit of the State must be
credited to and become a part of the revenues and income of the
Bank.
Section 45. Nonliability of officers and sureties after
deposit. Whenever any public funds are deposited in the
Illinois State Bank, the official having control of the public
funds and the sureties on the bond of every such official shall
be exempt from all liability by reason of loss of any such
funds while so deposited.
Section 50. Guarantee of deposits; exemption from all
taxation. All deposits in the Illinois State Bank are
guaranteed by the State. Those deposits are exempt from State,
county, and municipal taxes of any and all kinds.
Section 55. Bank as a clearinghouse. For banks that make
the Illinois State Bank a reserve depositary, it may perform
the functions and render the services of a clearinghouse,
including all facilities for providing domestic and foreign
exchange, and may rediscount paper, on those terms as the
Department shall provide.
Section 60. Powers. The Illinois State Bank may:
(1) make, purchase, guarantee, or hold loans:
(A) to State-chartered or federally chartered

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lending agencies or institutions or any other
financial institutions;
(B) to holders of Bank certificates of deposit and
savings accounts up to 90% of the value of the
certificates and savings accounts offered as security;
(C) to actual farmers who are residents of this
State, if the loans are secured by recorded mortgages
giving the Bank a first lien on real estate in Illinois
in amounts not to exceed 80% of the value of the
security;
(D) that are insured or guaranteed in whole or in
part by the United States, its agencies, or
instrumentalities;
(E) that are eligible to be guaranteed under
education. Loans made pursuant to this paragraph (E)
may provide for interest that remains unpaid at the
end of any period specified in the loan to be added to
the principal amount of the debt and thereafter
accumulate interest;
(F) to individuals or bank holding companies for
the purpose of purchasing or refinancing the purchase
of bank stock of a bank located in the State;
(G) under U.S. Public Law No. 99-198 as amended
through December 31, 1996, to nonprofit corporations
for the purpose of relending loan funds to rural
businesses;

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(H) under Title 7, Code of Federal Regulations,
part 1948, subpart C; part 1951, subparts F and R; and
part 1955, subparts A, B, and C, as amended through
December 31, 1996, to finance businesses and community
development projects in rural areas;
(I) obtained as security pledged for or originated
in the restructuring of any other loan properly
originated or participated in by the Bank;
(J) to instrumentalities of this State;
(K) to an investment company created for
completing a trust preferred securities transaction
for the benefit of a financial institution located in
this State; and
(L) as otherwise provided by this Act or other
statutes;
(2) if the Bank is participating in the loan and the
Bank deems it is in the best interests of the Bank to do
so, purchase the remaining portion of the loan from a
participating lender that is closed by regulatory action
or from the receiver of the participating lender's assets;
(3) make agricultural real estate loans in order to
participate in the agricultural mortgage secondary market
program established pursuant to the federal Agricultural
Credit Act amended through December 31, 1996;
(4) purchase participation interests in loans made or
held by banks, bank holding companies, State-chartered or

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federally chartered lending agencies or institutions, any
other financial institutions, or any other entity that
provides financial services and meets underwriting
standards that are generally accepted by State or federal
financial regulatory agencies;
(5) invest its funds:
(A) in conformity with policies of the Department;
(B) in a public venture capital corporation
organized and doing business in this State through the
purchase of shares of stock; and
(C) in Illinois alternative and venture capital
investments and early-stage capital funds;
(6) buy and sell federal funds;
(7) lease, assign, sell, exchange, transfer, convey,
grant, pledge, or mortgage all real and personal property,
title to which has been acquired in any manner;
(8) acquire real or personal property or property
rights by purchase, lease, or, subject to applicable law,
the exercise of the right of eminent domain and may
construct, remodel, and repair buildings;
(9) receive deposits from any source and deposit its
funds in any bank or other financial institution;
(10) perform all acts and do all things necessary,
convenient, advisable, or desirable to carry out the
powers expressly granted or necessarily implied in this
Act through or by means of its president, officers,

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agents, or employees or by contracts with any person,
firm, or corporation; and
(11) purchase mortgage loans on residential real
property originated by financial institutions.
Section 65. Loans to General Revenue Fund authorized;
continuing appropriation. The State Treasurer and the
Director of the Governor's Office of Management and Budget
may, when the balance in the General Revenue Fund is
insufficient to meet legislative appropriations, execute and
issue on behalf of the State evidences of indebtedness on the
General Revenue Fund that at no time may exceed the total
principal amount of $10,000,000 with principal maturity of not
more than 12 months. As a condition precedent to the issuance
and sale of the evidences of indebtedness, the State Treasurer
must request and obtain a statement from the Director of the
Governor's Office of Management and Budget and the Director of
Revenue certifying that anticipated General Revenue Fund
revenues for the balance of the fiscal year in which the
evidences of indebtedness are to be issued will exceed the
principal amount and interest on the evidences of indebtedness
to be issued. The Department may in turn direct the Illinois
State Bank to make loans to the General Revenue Fund by the
purchase of the evidences of indebtedness at those rates of
interest as the Department may prescribe. After evidences of
indebtedness have been issued and sold pursuant to this

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Section, the State Treasurer shall establish a fund for the
repayment of the principal upon maturity and the interest when
due. The State Treasurer shall place all available General
Revenue Fund revenues into this fund until the fund contains a
sufficient balance for the repayment of the principal at
maturity and interest when due, which moneys are hereby
appropriated for this purpose.
Section 70. Bank loans to beginning farmers; revolving
loan fund; requirements.
(a) A revolving loan fund must be maintained in the
Illinois State Bank for the purpose of making or participating
in loans to Illinois beginning farmers for the purchase of
agricultural real estate, equipment, and livestock. All moneys
transferred into the fund, interest upon moneys in the fund,
and payments to the fund of principal and interest on loans
made from the fund are appropriated for the purpose of
providing loans and to supplement the interest rate on loans
to beginning farmers made by this Act under applicable law and
in accordance with this Section.
(b) The revolving loan fund and loans made from the fund
must be administered and supervised by the Bank. The Bank may
deduct a service fee for administering the fund from interest
payments received on loans. An application for a loan from the
fund must be made to the Bank and, upon approval, a loan must
be made from the fund in accordance with this Section.

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(c) A loan made from the fund may not exceed 80% of the
appraised value of the agricultural collateral, with the
actual percentage to be determined by the Bank. The Bank may do
all things and acts and may establish additional terms and
conditions necessary to make a loan under this Section. A loan
made from the fund must have a first security interest.
(d) A loan made from the fund must have the interest rate
fixed at 1% below the Bank's then current base rate for the
first 5 years with a maximum rate of 6% per year and variable
at 1% below the Bank's then current base rate for the second 5
years. During the second 5 years, the variable rate must be
adjusted annually on the anniversary date. The rate during the
remaining term of the loan floats at the Bank's base rate as in
effect from time to time.
(e) The maximum term of a real estate loan is 25 years. The
maximum term of a farm equipment or livestock loan is 7 years.
(f) The Department shall contract with a certified public
accounting firm to audit the fund as necessary. The cost of the
audit, and any other actual costs incurred by the Bank on
behalf of the fund, must be paid for by the fund.
(g) The Bank shall adopt rules necessary to implement this
Section.
Section 75. Name in which business conducted and titles
taken; execution of instruments. All business of the Bank
must be conducted under the name of "The Illinois State Bank".

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Title to property pertaining to the operation of the Bank must
be obtained and conveyed in the name of "The State of Illinois,
doing business as The Illinois State Bank". Instruments must
be executed in the name of the State. Within the scope of
authority granted by the Department, the president may execute
instruments on behalf of the Bank, including any instrument
granting, conveying, or otherwise affecting any interest in or
lien upon real or personal property. Other officers or
employees of, and legal counsel to, the Bank may execute
instruments on behalf of the Bank when authorized by the
Department.
Section 80. Civil actions. Civil actions may be brought
against the State on account of claims for relief claimed to
have arisen out of transactions connected with the operation
of the Illinois State Bank upon condition that the provisions
of this Section are complied with. In such actions, the State
must be designated as "The State of Illinois, doing business
as The Illinois State Bank". The actions may be brought in the
same manner and are subject to the same provisions of law as
other civil actions.
Section 85. Surety on appeal, attachment, claim and
delivery, and other cases in which undertaking required.
Provisions of law requiring that a surety or sureties be given
on undertakings in actions on appeal, attachment, claim and

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delivery, and other cases in which an undertaking is required,
are not applicable to the State of Illinois, doing business as
the Illinois State Bank, as the party seeking relief. The
Illinois State Bank is required to give its own undertaking
without surety and to reimburse the adverse party when
required by law.
Section 90. Examinations and audit reports. The Auditor
General shall contract with an independent certified public
accounting firm for an annual audit of the Illinois State Bank
in accordance with generally accepted government auditing
standards. The Auditor General shall audit annually or
contract for an annual audit of the separate programs and
funds administered by the Illinois State Bank. On request of
the Auditor General, the Department shall assist the Auditor
General in the auditing firm selection process, but the
selection of the auditing firm is the Auditor General's
responsibility. The auditor selected shall prepare an audit
report that includes financial statements presented in
accordance with the audit and accounting guide for banks and
savings institutions issued by the American Institute of
Certified Public Accountants. The auditor also shall prepare
audited financial statements for inclusion in the
comprehensive annual financial report for the State. The State
auditor may conduct performance audits of the Illinois State
Bank, including the separate programs and funds administered

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by the Bank. The Auditor General shall report the results of
the audit to the Department and to the General Assembly. The
Illinois State Bank or its separate programs and funds shall
pay the costs of the audit. The Department shall examine the
Illinois State Bank at least once each 24 months and conduct
any investigation of the Bank that may be necessary. The
Secretary shall report the examination results, and the
results of any necessary investigation, to the Department as
soon as practicable and to the legislative assembly. The
Department shall charge a fee for any examination or
investigation at an hourly rate to be set by the Secretary,
sufficient to cover all reasonable expenses of the Department
associated with the examinations and investigations provided
for by this Section.
Section 95. Electronic fund transfer systems. The
Illinois State Bank may establish, by rule adopted by the
Department, a system to provide fund transfer services to its
customers and to the customers of State-chartered and
federally chartered banks located within the State of
Illinois, and to other financial institutions otherwise
authorized to utilize the services of electronic fund transfer
systems. The Bank may acquire such equipment as is necessary
to establish electronic fund transfer systems and may impose
reasonable charges for services rendered to other banks under
this Act as may be established by the Department.

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Section 100. Confidentiality of Bank records. The
following records of the Illinois State Bank are confidential:
(1) Commercial or financial information of a customer,
whether obtained directly or indirectly, except for
routine credit inquiries or unless required by due legal
process. As used in this item (1), "customer" means any
person who has transacted or is transacting business with,
or has used or is using the services of, the Illinois State
Bank, or for whom the Illinois State Bank has acted as a
fiduciary with respect to trust property.
(2) Internal or interagency memorandums or letters
that would not be available by law to a party other than in
litigation with the Bank.
(3) Information contained in or related to
examination, operating, or condition reports prepared by,
on behalf of, or for the use of a State or federal agency
responsible for the regulation or supervision of any Bank
activity.
(4) Information obtained from the Department that
would not be available from that agency under applicable
law.
(5) The report by a Bank officer or member of the
Bank's advisory board of directors concerning personal
financial statements.

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Section 105. Custodian of securities. Notwithstanding any
other provision of law to the contrary, the Illinois State
Bank shall replace the State Treasurer as the custodian of all
securities that are required to be deposited with the State
except that the State Treasurer is the custodian of all
securities resulting from the investment of funds by the State
Treasurer, or except as otherwise required by this Section and
by law.
Section 110. Sale and leasing of acquired agricultural
real estate. The sale and leasing of agricultural real estate
with an appraised value of $10,000 or more acquired by the
Illinois State Bank through foreclosure or deed in lieu of
foreclosure must be done in accordance with law and policies
adopted by the Department. The sale and leasing of
agricultural real estate with an appraised value of less than
$10,000, acquired by the Illinois State Bank through
foreclosure or deed in lieu of foreclosure, may be done in a
manner as the Bank determines is appropriate given the
circumstances. In the case of a lease by the party holding the
right of redemption, that party has the right to purchase at
any time.
Section 115. Illinois higher education savings plan;
administration; rules; continuing appropriation. The Illinois
State Bank shall adopt rules to administer, manage, promote,

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and market an Illinois higher education savings plan. The Bank
shall ensure that the Illinois higher education savings plan
is maintained in compliance with Internal Revenue Service
standards for qualified State tuition programs. The Bank, as
trustee of the Illinois higher education savings plan, may
impose an annual administrative fee to recover expenses
incurred in connection with operation of the plan or for other
programs deemed to promote attendance at an institution of
higher education. Administrative fees received by the Bank are
appropriated on a continuing basis to be used as provided in
this Section. Contributions made during the taxable year to a
higher education savings plan administered by the Bank,
pursuant to the provisions of the plan, are eligible for an
income tax deduction as provided by law. Information related
to contributions is confidential except as is needed by the
Director of Revenue for determining compliance with the income
tax deduction as provided by law.
Section 900. The Illinois State Auditing Act is amended by
changing Section 3-1 as follows:
(30 ILCS 5/3-1) (from Ch. 15, par. 303-1)
Sec. 3-1. Jurisdiction of Auditor General. The Auditor
General has jurisdiction over all State agencies to make post
audits and investigations authorized by or under this Act or
the Constitution.

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The Auditor General has jurisdiction over local government
agencies and private agencies only:
(a) to make such post audits authorized by or under
this Act as are necessary and incidental to a post audit of
a State agency or of a program administered by a State
agency involving public funds of the State, but this
jurisdiction does not include any authority to review
local governmental agencies in the obligation, receipt,
expenditure or use of public funds of the State that are
granted without limitation or condition imposed by law,
other than the general limitation that such funds be used
for public purposes;
(b) to make investigations authorized by or under this
Act or the Constitution; and
(c) to make audits of the records of local government
agencies to verify actual costs of state-mandated programs
when directed to do so by the Legislative Audit Commission
at the request of the State Board of Appeals under the
State Mandates Act.
In addition to the foregoing, the Auditor General may
conduct an audit of the Metropolitan Pier and Exposition
Authority, the Regional Transportation Authority, the Suburban
Bus Division, the Commuter Rail Division and the Chicago
Transit Authority and any other subsidized carrier when
authorized by the Legislative Audit Commission. Such audit may
be a financial, management or program audit, or any

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combination thereof.
The audit shall determine whether they are operating in
accordance with all applicable laws and regulations. Subject
to the limitations of this Act, the Legislative Audit
Commission may by resolution specify additional determinations
to be included in the scope of the audit.
In addition to the foregoing, the Auditor General must
also conduct a financial audit of the Illinois Sports
Facilities Authority's expenditures of public funds in
connection with the reconstruction, renovation, remodeling,
extension, or improvement of all or substantially all of any
existing "facility", as that term is defined in the Illinois
Sports Facilities Authority Act.
The Auditor General may also conduct an audit, when
authorized by the Legislative Audit Commission, of any
hospital which receives 10% or more of its gross revenues from
payments from the State of Illinois, Department of Healthcare
and Family Services (formerly Department of Public Aid),
Medical Assistance Program.
The Auditor General is authorized to conduct financial and
compliance audits of the Illinois Distance Learning Foundation
and the Illinois Conservation Foundation.
As soon as practical after the effective date of this
amendatory Act of 1995, the Auditor General shall conduct a
compliance and management audit of the City of Chicago and any
other entity with regard to the operation of Chicago O'Hare

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International Airport, Chicago Midway Airport and Merrill C.
Meigs Field. The audit shall include, but not be limited to, an
examination of revenues, expenses, and transfers of funds;
purchasing and contracting policies and practices; staffing
levels; and hiring practices and procedures. When completed,
the audit required by this paragraph shall be distributed in
accordance with Section 3-14.
The Auditor General shall conduct a financial and
compliance and program audit of distributions from the
Municipal Economic Development Fund during the immediately
preceding calendar year pursuant to Section 8-403.1 of the
Public Utilities Act at no cost to the city, village, or
incorporated town that received the distributions.
The Auditor General must conduct an audit of the Health
Facilities and Services Review Board pursuant to Section 19.5
of the Illinois Health Facilities Planning Act.
The Auditor General of the State of Illinois shall
annually conduct or cause to be conducted a financial and
compliance audit of the books and records of any county water
commission organized pursuant to the Water Commission Act of
1985 and shall file a copy of the report of that audit with the
Governor and the Legislative Audit Commission. The filed audit
shall be open to the public for inspection. The cost of the
audit shall be charged to the county water commission in
accordance with Section 6z-27 of the State Finance Act. The
county water commission shall make available to the Auditor

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General its books and records and any other documentation,
whether in the possession of its trustees or other parties,
necessary to conduct the audit required. These audit
requirements apply only through July 1, 2007.
The Auditor General must conduct audits of the Rend Lake
Conservancy District as provided in Section 25.5 of the River
Conservancy Districts Act.
The Auditor General must conduct financial audits of the
Southeastern Illinois Economic Development Authority as
provided in Section 70 of the Southeastern Illinois Economic
Development Authority Act.
The Auditor General shall conduct a compliance audit in
accordance with subsections (d) and (f) of Section 30 of the
Innovation Development and Economy Act.
The Auditor General must contract with an independent
certified public accounting firm for an annual audit of the
Illinois State Bank as provided in Section 90 of the Illinois
State Bank Act.
(Source: P.A. 95-331, eff. 8-21-07; 96-31, eff. 6-30-09;
96-939, eff. 6-24-10.)
Section 905. The Eminent Domain Act is amended by adding
Section 15-5-49 as follows:
(735 ILCS 30/15-5-49 new)
Sec. 15-5-49. Eminent domain powers in new Acts. The

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following provisions of law may include express grants of the
power to acquire property by condemnation or eminent domain:
Illinois State Bank Act; The Illinois State Bank; for purposes
of the Act.