98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4759
 
Introduced , by Rep. Ron Sandack
 
SYNOPSIS AS INTRODUCED:
 

 



30 ILCS 235/8

     Amends the Public Funds Investment Act. Provides that a financial institution shall not be required to provide a product or service that it does not already provide. Effective immediately.
  


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A BILL FOR
 

  
HB4759LRB098 18581 JWD 53722 b


  
1    AN ACT concerning finance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Public Funds Investment Act is amended  by 
5changing Section 8 as follows:
 



6    (30 ILCS 235/8)




7    Sec. 8. 
Consideration of financial institution's 
8commitment to its
community.

9    (a) In addition to any
other requirements of this Act, a 
10public agency is authorized to consider the
financial 
11institution's record and current level of financial commitment 
12to its
local community when deciding whether to deposit public 
13funds in that
financial institution.  The public agency may 
14consider 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 
 
 
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1    community;


2        (3) the financial impact that the withdrawal or
denial 
3    of deposits of public funds might have on the financial 
4    institution;


5        (4) the financial impact to the public agency as a 
6    result of withdrawing
public
funds or refusing to deposit 
7    additional public funds in the financial
institution; and


8        (5) any
additional burden on the resources of the 
9    public agency that might result from
ceasing to maintain 
10    deposits of public funds at the financial institution under

11    consideration.

12    (b) Nothing in this Section shall be construed as 
13authorizing the public
agency to conduct an examination or 
14investigation of a financial institution or
to receive 
15information that is not publicly available and the disclosure 
16of
which is otherwise prohibited by law or to require a 
17financial institution to provide a product or service in this 
18State that the financial institution does not otherwise provide 
19in this State.

20(Source: P.A. 93-251, eff. 7-1-04.)

 
 
21    Section 99. Effective date. This Act takes effect upon 
22becoming law.