Illinois General Assembly - Bill Status for SB1301
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 Bill Status of SB1301  104th General Assembly

Short Description:  FUNDS-COMMUNITY REINVESTMENT

Senate Sponsors
Sen. Mattie Hunter - Mark L. Walker

Last Action
DateChamber Action
  3/5/2025SenatePlaced on Calendar Order of 3rd Reading March 6, 2025

Statutes Amended In Order of Appearance
15 ILCS 520/16.1from Ch. 130, par. 35.1
15 ILCS 520/16.3
30 ILCS 235/8


Synopsis As Introduced
Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer or any public agency may consider the current and historical ratings that a financial institution has received under the Illinois Community Reinvestment Act when deciding whether to deposit State or public funds in that financial institution. Provides that, effective January 1, 2026, no State or public funds may be deposited in a financial institution subject to the Illinois Community Reinvestment Act unless either (i) the institution has a current rating of satisfactory or outstanding under the Illinois Community Reinvestment Act or (ii) the Department of Financial and Professional Regulation has not yet completed its initial examination of the institution pursuant to the Illinois Community Reinvestment Act. Makes conforming changes. Effective January 1, 2026.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that State and public funds that have been deposited may not be withdrawn from a financial institution prior to the date of maturity solely on the basis of a less than satisfactory rating under the Illinois Community Reinvestment Act. Makes other changes. Effective January 1, 2026.

Actions 
DateChamber Action
  1/28/2025SenateFiled with Secretary by Sen. Mattie Hunter
  1/28/2025SenateFirst Reading
  1/28/2025SenateReferred to Assignments
  2/4/2025SenateAssigned to Financial Institutions
  2/19/2025SenatePostponed - Financial Institutions
  2/24/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Mattie Hunter
  2/24/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
  2/25/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  2/26/2025SenateSenate Committee Amendment No. 1 Adopted
  2/26/2025SenateDo Pass as Amended Financial Institutions; 008-000-000
  2/26/2025SenatePlaced on Calendar Order of 2nd Reading February 27, 2025
  2/26/2025SenateAdded as Chief Co-Sponsor Sen. Mark L. Walker
  3/5/2025SenateSecond Reading
  3/5/2025SenatePlaced on Calendar Order of 3rd Reading March 6, 2025

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