HB0089 - Community Bank of Illinois Act

• Creates The Community Bank of Illinois, a state-owned bank operated by the Department of Financial and Professional Regulation to promote agriculture, commerce, and industry.

• Establishes a 7-member advisory board 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 real estate value), financial institutions, state instrumentalities, and for education, rural development, and agricultural purposes; can also purchase mortgage loans and participate in loan syndications.

• Requires all state funds and institutional funds to be deposited in the Community Bank of Illinois; all deposits are guaranteed by the state and exempt from state, county, and municipal taxes.

• Amends the Illinois State Auditing Act to require the Auditor General to contract with an independent certified public accounting firm for annual audits of the bank.