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| 1 | AN ACT concerning finance.
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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 Public Funds Investment Act is amended by | ||||||
| 5 | changing Section 8 as follows:
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| 6 | (30 ILCS 235/8)
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| 7 | Sec. 8.
Consideration of financial institution's | ||||||
| 8 | commitment to its
community.
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| 9 | (a) In addition to any
other requirements of this Act, a | ||||||
| 10 | public agency 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 public | ||||||
| 13 | funds in that
financial institution. The public agency may | ||||||
| 14 | consider factors including, but
not necessarily limited to:
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| 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;
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| 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;
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| 2 | (3) the financial impact that the withdrawal or
denial | ||||||
| 3 | of deposits of public funds might have on the financial | ||||||
| 4 | institution;
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| 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
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| 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
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| 11 | consideration.
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| 12 | (b) Nothing in this Section shall be construed as | ||||||
| 13 | authorizing the public
agency to conduct an examination or | ||||||
| 14 | investigation of a financial institution or
to receive | ||||||
| 15 | information that is not publicly available and the disclosure | ||||||
| 16 | of
which is otherwise prohibited by law or to require a | ||||||
| 17 | financial institution to provide a product or service in this | ||||||
| 18 | State that the financial institution does not otherwise provide | ||||||
| 19 | in this State.
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| 20 | (Source: P.A. 93-251, eff. 7-1-04.)
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| 21 | Section 99. Effective date. This Act takes effect upon | ||||||
| 22 | becoming law.
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