96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5153

 

Introduced 1/29/2010, by Rep. Eddie Washington

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 520/16.3

    Amends the Deposit of State Moneys Act. In provisions authorizing the State Treasurer to consider a financial institution's commitment to its community in deciding whether to deposit State funds in that institution, provides that the State Treasurer shall not deposit funds in the institution (i) if the current rating under the federal Community Reinvestment Act of 1977 is less than "outstanding" and (ii) unless the financial institution certifies that it does not make refund anticipation loans and does not make operating loans to payday lenders.


LRB096 19302 RCE 34693 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5153 LRB096 19302 RCE 34693 b

1     AN ACT concerning State investments.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Deposit of State Moneys Act is amended by
5 changing Section 16.3 as follows:
 
6     (15 ILCS 520/16.3)
7     Sec. 16.3. Consideration of financial institution's
8 commitment to its community.
9     (a) In addition to any other requirements of this Act, the
10 State Treasurer is authorized to consider the financial
11 institution's record and current level of financial commitment
12 to its local community when deciding whether to deposit State
13 funds in that financial institution. The State Treasurer may
14 consider factors including, but not necessarily limited to:
15         (1) for financial institutions subject to the federal
16     Community Reinvestment Act of 1977, the current and
17     historical ratings that the financial institution has
18     received, to the extent that those ratings are publicly
19     available, under the federal Community Reinvestment Act of
20     1977;
21         (2) any changes in ownership, management, policies, or
22     practices of the financial institution that may affect the
23     level of the financial institution's commitment to its

 

 

HB5153 - 2 - LRB096 19302 RCE 34693 b

1     community;
2         (3) the financial impact that the withdrawal or denial
3     of deposits of State funds might have on the financial
4     institution; and
5         (4) the financial impact to the State as a result of
6     withdrawing State funds or refusing to deposit additional
7     State funds in the financial institution.
8     (a-5) The State Treasurer shall not deposit funds in a
9 financial institution pursuant to this Section (i) if item (1)
10 of subsection (a) applies and the current rating under the
11 federal Community Reinvestment Act of 1977 is less than
12 "outstanding" and (ii) unless the financial institution
13 certifies that it does not make refund anticipation loans and
14 does not make operating loans to payday lenders.
15     (b) Nothing in this Section shall be construed as
16 authorizing the State Treasurer to conduct an examination or
17 investigation of a financial institution or to receive
18 information that is not publicly available and the disclosure
19 of which is otherwise prohibited by law.
20 (Source: P.A. 93-251, eff. 7-1-04.)