HB 7 — COMMUNITY BANK OF IL ACT
Last action — Session Sine Die
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✓Introduced
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2In Committee
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3Passed House
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 98th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate the Community Bank of Illinois. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary 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 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 must contract with an independent certified public accounting firm for an annual audit of the Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.
Bill Text
- Introduced View text Current html
Action History
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Session Sine Die
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Rule 19(a) / Re-referred to Rules Committee
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Held on Calendar Order of Second Reading - Short Debate
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Second Reading - Short Debate
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Housing Affordability Impact Note Filed
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Fiscal Note Filed
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State Mandates Fiscal Note Filed
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Judicial Note Filed
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Judicial Note Requested by Rep. Dennis M. Reboletti
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Housing Affordability Impact Note Requested by Rep. Dennis M. Reboletti
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State Mandates Fiscal Note Requested by Rep. Dennis M. Reboletti
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Fiscal Note Requested by Rep. Dennis M. Reboletti
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Placed on Calendar 2nd Reading - Short Debate
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Do Pass / Short Debate Financial Institutions Committee; 008-005-000
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Assigned to Financial Institutions Committee
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Rule 19(a) / Re-referred to Rules Committee
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Assigned to Financial Institutions Committee
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Referred to Rules Committee
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First Reading
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Prefiled with Clerk by Rep. Mary E. Flowers
Sponsors
- Mary E. Flowers · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →0 sponsors · 1 co-sponsors · 182 not signed on
Sponsors (0)
None.
Co-sponsors (1)
- Mary E. Flowers
Not signed on (182)
182 members have not signed on to this bill.
Show all 182 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HB 7 do?
- Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate the Community Bank of Illinois. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary 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 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 must contract with an independent certified public accounting firm for an annual audit of the Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.
- Who sponsors HB 7?
- HB 7 is sponsored by Mary E. Flowers.
- What is the current status of HB 7?
- This bill died with 98th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HB 7?
- Track HB 7 free on One Click Politics — get push/email alerts when it moves.
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