House Bill HB5010 Introduced into the IL State Assembly to create a State (-owned) Bank of Illinois

http://www.ilga.gov • February 7, 2012

HB 5010: State Bank of Illinois

SPONSORS: Rep. William Davis

Creates the State Bank of Illinois Act. Establishes The State Bank of Illinois and the State Bank of Illinois Board. Sets forth the membership of the State Board. Provides that the State Board shall appoint an advisory board of directors. Provides that the State Bank may accept deposits of private funds and public funds. Sets forth the powers of the State Bank. Provides that all deposits in the State Bank are guaranteed by the State. Provides that, whenever any public funds are deposited into the State Bank, the public official who deposited the funds is exempt from liability for loss of the funds while they are deposited in the State Bank. Amends the Freedom of Information Act to provide that certain records of the State Bank are exempt from disclosure.

(b) The purposes of the State Bank are:
(1) to support the creation of jobs and broader economic development in this State by increasing access to capital for businesses and farms within this State in partnership with local financial institutions;
(2) to provide stability to the local financial sector, issue bank stock loans to financial institutions organized under the laws of this State, and not in anyway to compete with community banks, credit unions, or other financial institutions;
(3) to reduce the costs paid by this State for basic banking services; and
(4) to return profits, beyond those necessary to accomplish the mission and continued sound operation of the State Bank, to the State.

Status of the Bill is here.
Text of the Bill is here.

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