IL HJR0024

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

Commission composed of 4 House members (2 appointed by Speaker, 2 by Minority Leader), 4 Senate members (2 appointed by President, 2 by Minority Leader), 8 public members knowledgeable about banking and the state economy, and 5 executive branch designees (Governor, State Treasurer, Director of Commerce and Economic Opportunity, Secretary of Financial and Professional Regulation, Director of Revenue).

Proposed Illinois State Bank would purchase or guarantee loans from community banks, provide secondary mortgage markets, make participation loans with community banks, serve as a banker's bank for Illinois-chartered banks, and issue bank stock loans.

Commission must consider the Bank of North Dakota's operations, other states' state banks, operating costs and revenues, and long-term economic impact on job creation and state revenue by December 31, 2015.

Department of Financial and Professional Regulation provides administrative support; commission members serve without compensation but may be reimbursed for expenses.