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| Public Act 101-0427 | ||||
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Comptroller Act is amended by adding | ||||
Section 23.11 as follows: | ||||
(15 ILCS 405/23.11 new) | ||||
Sec. 23.11. Illinois Bank On Initiative; Commission. | ||||
(a) The Illinois Bank On Initiative is created to increase | ||||
the use of Certified Financial Products and reduce reliance on | ||||
alternative financial products. | ||||
(b) The Illinois Bank On Initiative shall be administered | ||||
by the Comptroller, and he or she shall be responsible for | ||||
ongoing activities of the Initiative, including, but not | ||||
limited to, the following: | ||||
(1) authorizing financial products as Certified | ||||
Financial Products; | ||||
(2) maintaining on the Comptroller's website a list of | ||||
Certified Financial Products and associated financial | ||||
institutions; | ||||
(3) maintaining on the Comptroller's website the | ||||
minimum requirements of Certified Financial Products; and | ||||
(4) implementing an outreach strategy to facilitate | ||||
access to Certified Financial Products. | ||||
(c) The Illinois Bank On Initiative Commission is created, | ||
and shall be chaired by the Comptroller, or his or her | ||
designee, and consist of the following members appointed by the | ||
Comptroller: (1) 4 local elected officials from geographically | ||
diverse regions in this State, at least 2 of whom represent all | ||
or part of a census tract with a median household income of | ||
less than 150% of the federal poverty level; (2) 3 members | ||
representing financial institutions, one of whom represents a | ||
statewide banking association exclusively representing banks | ||
with assets below $20,000,000,000, one of whom represents a | ||
statewide banking association representing banks of all asset | ||
sizes, and one of whom represents a statewide association | ||
representing credit unions; (3) 4 members representing | ||
community and social service groups; and (4) 2 federal or State | ||
financial regulators. | ||
Members of the Commission shall serve 4 year terms. The | ||
Commission shall serve the Comptroller in an advisory capacity, | ||
and shall be responsible for advising the Comptroller regarding | ||
the implementation and promotion of the Illinois Bank On | ||
Initiative, but may at any time, by request of the Comptroller | ||
or on its own initiative, submit to the Comptroller any | ||
recommendations concerning the operation of any participating | ||
financial institutions, outreach efforts, or other business | ||
coming before the Commission. Members of the Commission shall | ||
serve without compensation, but shall be reimbursed for | ||
reasonable travel and mileage costs. | ||
(d) Beginning in October 2020, and for each year | ||
thereafter, the Comptroller and the Commission shall annually | ||
prepare and make available on the Comptroller's website a | ||
report concerning the progress of the Illinois Bank On | ||
Initiative. | ||
(e) The Comptroller may adopt rules necessary to implement | ||
this Section. | ||
(f) For the purposes of this Section: | ||
"Certified Financial Product" means a financial product | ||
offered by a financial institution that meets minimum | ||
requirements as established by the Comptroller. | ||
"Financial institution" means a bank, savings bank, or | ||
credit union chartered or organized under the laws of the State | ||
of Illinois, another state, or the United States of America | ||
that is: | ||
(1) adequately capitalized as determined by its | ||
prudential regulator; and | ||
(2) insured by the Federal Deposit Insurance | ||
Corporation, National Credit Union Administration, or | ||
other approved insurer.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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