Bill Status of HB4972 102nd General Assembly
Short Description: TREASURER-COMM NOTE INVESTMENT
Rep. Eva-Dina Delgado
| 2/18/2022||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Treasurer Act. Provides that administrative charges from the investment or safekeeping of funds by the State Treasurer shall be charged no more than monthly and the total amount charged per fiscal year shall not exceed $14,500,000 (currently, $12,000,000) plus any amounts required as employer contributions. Provides that the State Treasurer may invest in a commercial note from a State vendor in the amount of 50% to 100% of any invoice to be paid by the Capital Development Board or a pay item with the Department of Transportation for work already completed. Provides further requirements concerning State Treasurer commercial note investment. Amends the Illinois Procurement Code. Provides that all construction contracts with the State for which the State Treasurer invests a commercial note shall require the prime contractor to designate an independent escrowee operating as a construction disbursement provider to receive funds directly from the Comptroller and that the construction disbursement provider shall provide a certified copy of each disbursement record to the contracting State agency. Amends the Title Insurance Act. In provisions concerning independent escrowees, provides that an independent escrowee may operate as a construction disbursement provider. Provides further requirements for independent escrowees that operate as a construction disbursement provider. Provides that an individual receiving wages or payment for labor under a disbursement shall be individually recorded to ensure all wages are paid.