IL SB1332

Creates the Illinois Bank On Initiative administered by the State Comptroller to increase use of Certified Financial Products and reduce reliance on alternative financial products

Comptroller authorizes and maintains a website list of Certified Financial Products that meet minimum requirements established by the Comptroller

Establishes an advisory Illinois Bank On Initiative Commission with 13 members including 4 local elected officials, 3 financial institution representatives, 4 community service group representatives, and 2 state or federal financial regulators, all serving 4-year terms

Commission members serve without compensation but receive reimbursement for reasonable travel and mileage costs

Comptroller and Commission must prepare and publish annual progress reports on the Initiative's website beginning in October 2020