IL HB5476

Creates the Community Bank of Illinois, a state-owned banking system operated by the Department of Financial and Professional Regulation to promote agriculture, commerce, and industry.

Establishes a 7-member advisory board of directors appointed by the Governor, with at least 2 members from Illinois-owned banks and at least 1 from a state or federally chartered financial institution, serving 4-year terms.

Authorizes the Bank to make loans to farmers (up to 80% of agricultural real estate value), financial institutions, certificate of deposit holders, state instrumentalities, and others; purchase loan participations; invest in venture capital; and receive deposits from any source.

Requires all State funds and funds from state penal, educational, and industrial institutions to be deposited in the Community Bank of Illinois, with deposits guaranteed by the State and exempt from all state, county, and municipal taxes.

Mandates annual independent audits by the Auditor General and grants the Bank eminent domain powers to acquire property; allows the Bank to establish an Illinois higher education savings plan and a revolving loan fund for beginning farmers with interest rates 1% below the Bank's base rate for the first 5 years (maximum 6% annually).