96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB2699


 
Introduced 2/24/2009, by Rep. Robert W. Pritchard - Elizabeth Coulson - Mike Fortner - Michael W. Tryon - Richard P. Myers, et al.
 
SYNOPSIS AS INTRODUCED:
 		













15 ILCS 520/16.4 new










    Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.
















LRB096 04734 RCE 14797 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB2699

LRB096 04734 RCE 14797 b






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    AN ACT concerning finance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Deposit of State Moneys Act is amended  by 
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adding Section 16.4 as follows:
 
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    (15 ILCS 520/16.4  new)
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    Sec. 16.4. Deposit of State funds with financial 
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institutions making home loans.
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    (a) In addition to any other requirements of this Act, the 
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State Treasurer, by rule, shall implement and administer a 
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program requiring financial institutions to make mortgage 
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loans on residential property in order for that financial 
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institution to be eligible for investment of State funds in 
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that financial institution.
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    (b) The rules shall include, but not be limited to, 
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requiring financial institutions to meet all of the following 
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conditions:
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        (1) The financial institution must not reject 
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    arbitrarily mortgage loans for residential properties 
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    because of the location of the property.
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        (2) At least a minimum percentage, as determined by 
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    rule, of the financial institution's total assets, 
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    including without limitation assets under management, must 
 


 






HB2699
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LRB096 04734 RCE 14797 b




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    be invested in residential mortgage loans. Minimum 
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    percentages may vary based on the type of financial 
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    institution and its location.
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        (3) The total amount of new residential loans made by 
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    the financial institution in each calendar year must be at 
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    least a minimum percentage, as determined by rule, of the 
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    financial institution's total assets, including without 
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    limitation assets under management. Minimum percentages 
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    may vary based on the type of financial institution and its 
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    location.
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        (4) Reporting and auditing requirements that ensure 
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    that the financial institutions are complying with the 
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    provisions of this Section.
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    (c) By March 1, 2010 and each year thereafter, the State 
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Treasurer shall report to the General Assembly concerning the 
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Treasurer's administration of this Section during the previous 
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calendar year.
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    (d) Nothing in this Section shall be construed as 
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authorizing the State Treasurer to conduct an examination or 
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investigation of a financial institution or to receive 
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information that is not publicly available and the disclosure 
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of which is otherwise prohibited by law. 
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.