HB0019 - Community Bank of Illinois Act

• Creates The Community Bank of Illinois as 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 banks and 1 from a state or federally chartered financial institution.

• Authorizes the Bank to make loans to farmers (up to 80% of agricultural real estate value), financial institutions, state entities, and entities for education loans, with a revolving loan fund for beginning farmers offering fixed rates of 1% below base rate for first 5 years (maximum 6%).

• Requires all state funds and penal/educational institution funds to be deposited in the Bank; deposits are guaranteed by the State and exempt from state, county, and municipal taxes.

• Grants the Bank eminent domain powers and requires annual audits by the Auditor General through contracts with independent certified public accounting firms; amends the Illinois State Auditing Act and Eminent Domain Act accordingly.