Amends the Office of Banks and Real Estate Act to change the powers of the Secretary of Financial and Professional Regulation to issue certain authorizations. Amends the Illinois Bank Examiners' Education Foundation Act to provide that the Foundation shall be governed by a Board of Trustees that consists of the members of the Board of Banks and Trust Companies. Amends the Illinois Banking Act. Deletes the definition of "State Banking Board". Changes provisions concerning the issuance of bank charters. Makes changes concerning notification of meetings of the board of directors. Provides that the Secretary (i) may prescribe the requirements to file applications electronically and (ii) may impose civil penalties in an amount not to exceed that amount a federal regulatory agency is authorized to charge under federal law (rather than $10,000) for violations of the Act. Creates a new Board of Banks and Trust Companies and specifies the appointment and terms of its members. Repeals provisions concerning the current Board of Banks and Trust Companies. Amends the Pawnbroker Regulation Act to make changes to the powers and duties of the Secretary. Amends the Corporate Fiduciary Act. Removes a provision requiring the Secretary to record certain information in the Office of the Secretary of State. Makes changes in provisions concerning certificates of authority. Makes changes in provisions concerning the orders issued by the Secretary. Makes changes in provisions concerning the statement of condition by a corporate fiduciary. Amends the Foreign Bank Representative Office Act to make a change to the definition of "foreign bank". Repeals the Financial Institution Activity Reporting Act. Changes some references in various Acts from (1) the Commissioner of Banks and Real Estate to the Secretary of Financial and Professional Regulation and (2) the State Banking Board to the Board of Banks and Trust Companies. Makes other changes. Effective January 1, 2009.
Sponsored bills
Amends the School Construction Law. Defines "school district" to mean a school district, special charter district, or joint agreement. Provides that, for purposes of determining a joint agreement's eligibility for an entity included in a school construction project grant or a school maintenance project grant, a joint agreement shall be deemed eligible if one or more of its member school districts satisfy the grant index criteria. Provides that the amount of a school construction project grant to an eligible joint agreement shall be determined on a case-by-case basis, based on the needs of the joint agreement in its entirety (instead of using the grant index to calculate the amount). Effective immediately.
Amends the School Code. Makes a technical change in a Section concerning regional superintendents of schools.
Creates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Allows the State Board to establish a Financial Oversight Panel without a petition from a district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; the issuance of bonds; a tax levy; a debt service fund; a debt service reserve fund; bond anticipation notes; tax anticipation warrants; reports; a Panel audit; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code and other Acts. Effective immediately.
Amends the School Construction Law. Defines "school district" to mean a school district, special charter district, or joint agreement. Provides that, for purposes of determining a joint agreement's eligibility for an entity included in a school construction project grant or a school maintenance project grant, a joint agreement shall be deemed eligible if one or more of its member school districts satisfy the grant index criteria. Provides that the amount of a school construction project grant to an eligible joint agreement shall be determined on a case-by-case basis, based on the needs of the joint agreement in its entirety (instead of using the grant index to calculate the amount). Effective immediately.
Amends the Illinois Income Tax Act. Allows an income tax credit in an amount equal to the premium costs paid for a qualified long term care insurance contract covering the individual taxpayer or the taxpayer's spouse, parent, or dependent. Provides that the credit may not exceed $1,000 or the taxpayer's liability, whichever is less. Prohibits the carry forward of an excess tax credit to a succeeding year's tax liability. Exempts the credit from the sunset provisions. Effective immediately.
Amends the School Code. Provides that any individual, with exceptions, who begins serving as a superintendent in this State on or after July 1, 2008 and has not previously served as a school district superintendent in this State shall participate in a new superintendent mentoring program, established by the State Board of Education, for the duration of his or her first 2 school years as a superintendent. Contains provisions concerning program requirements, who may apply to be a mentor, mentoring training, assignment of a mentor by a provider selected by the State Board, identification of areas for improvement, a survey of progress, an annual report to the State Board, and a verification form. Provides that mentors of certified staff are protected from suit. Effective immediately.
Amends the School Code. Makes a technical change in a Section concerning the Continued Reading Improvement Block Grant Program.
Amends the School Code. Provides that the State Board of Education and the Board of Higher Education shall work in collaboration to support school leadership preparation statewide, including without limitation support for a systematic approach to school leadership preparation, partnerships between school districts and preparation programs, and preparation program selectivity and rigor.
Amends the School Code. Makes a technical change in a Section concerning boards of education.