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.)