HB5010 - State Bank of Illinois Act

• Establishes The State Bank of Illinois as a state-owned financial institution governed by a Board consisting of the Governor (chair), State Treasurer, and Speaker of the House of Representatives.

• Authorizes the State Bank to accept deposits of public and private funds, make loans to financial institutions and businesses, purchase loan participations, and issue bank stock loans, with all deposits guaranteed by the State of Illinois.

• Requires the State Treasurer to deposit at least 30% of total state deposits initially, increasing to 75% by the fifth year of operation, and mandates the bank pay interest on public deposits at rates comparable to private depositories.

• Establishes a 7-member advisory board of directors representing financial, business, agricultural, and labor sectors to review operations and make recommendations to the State Board.

• Amends the Freedom of Information Act to exempt State Bank records including customer financial information, internal memoranda, and examination reports from public disclosure, similar to protections for other financial institutions.