IL HR0215

Creates the Return Illinois To Prosperity Commission to review and evaluate the creation of an Illinois State Bank.

Commission membership includes 2 General Assembly members (one as chair) and 2 public members appointed by House Speaker; 2 General Assembly members and 2 public members appointed by House Minority Leader; and representatives from Governor, State Treasurer, Department of Commerce and Economic Opportunity, Division of Financial Institutions, and Department of Revenue.

Proposed Illinois State Bank would purchase or guarantee loans from community banks and credit unions, provide secondary market for residential and other loans, make participation loans, serve as correspondent banker for Illinois-chartered banks, and issue bank stock loans.

State Bank mission would include increasing access to capital for agriculture and businesses, providing financial sector stability without competing with existing institutions, reducing state banking costs, and returning excess profits to the General Revenue Fund.

Commission must submit report with findings and recommendations to General Assembly and Governor by December 31, 2013, including analysis of Bank of North Dakota operations, other state banks, and projected costs and revenues for an Illinois State Bank.