HB0007 - Community Bank of Illinois Act

• Creates the Community Bank of Illinois to be operated by the Department of Financial and Professional Regulation for purposes of encouraging agriculture, commerce, and industry.

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

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

• Authorizes the Bank to make various types of loans including to farmers (up to 80% of real estate value), certificate of deposit holders, entities receiving federal loan guarantees, and educational loan participants, plus invest in venture capital and purchase mortgage loans.

• Requires the Auditor General to contract with an independent certified public accounting firm for annual audits of the Bank and grants the Bank eminent domain power to acquire property.