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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0823 Introduced , by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
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Amends the Division of Banking Act. Requires the Division of Banking to implement a program intended to encourage financial institutions to help meet the credit needs of the communities in which they serve, including low and moderate-income neighborhoods, consistent with safe and sound banking practices. Provides that the State shall not enter into a contract or renew a contract with a financial institution that does not participate in the program.
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| | A BILL FOR |
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| | HB0823 | | LRB100 06976 SMS 17027 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Division of Banking Act is amended by adding |
| 5 | | Section 6.2 as follows:
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| 6 | | (20 ILCS 3205/6.2 new) |
| 7 | | Sec. 6.2. Community reinvestment. The Division shall |
| 8 | | implement a program intended to encourage financial |
| 9 | | institutions regulated by the Division to help meet the credit |
| 10 | | needs of the communities in which they serve, including low and |
| 11 | | moderate-income neighborhoods, consistent with safe and sound |
| 12 | | banking practices. |
| 13 | | Notwithstanding any other provision of law, upon |
| 14 | | implementation of the program, the State shall not enter into a |
| 15 | | contract or renew a contract with a financial institution that |
| 16 | | does not participate in the program.
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