Illinois General Assembly - Full Text of SB3235
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Full Text of SB3235  103rd General Assembly



SB3235 EnrolledLRB103 37444 RTM 67566 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Commission on Equity and Inclusion Act is
5amended by changing Section 40-10 as follows:
6    (30 ILCS 574/40-10)
7    Sec. 40-10. Powers and duties. In addition to the other
8powers and duties which may be prescribed in this Act or
9elsewhere, the Commission shall have the following powers and
11        (1) The Commission shall have a role in all State and
12    university procurement by facilitating and streamlining
13    communications between the Business Enterprise Council for
14    Minorities, Women, and Persons with Disabilities, the
15    purchasing entities, the Chief Procurement Officers, and
16    others.
17        (2) The Commission may create a scoring evaluation for
18    State agency directors, public university presidents and
19    chancellors, and public community college presidents. The
20    scoring shall be based on the following 3 principles: (i)
21    increasing capacity; (ii) growing revenue; and (iii)
22    enhancing credentials. These principles should be the
23    foundation of the agency compliance plan required under



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1    Section 6 of the Business Enterprise for Minorities,
2    Women, and Persons with Disabilities Act.
3        (3) The Commission shall exercise the authority and
4    duties provided to it under Section 5-7 of the Illinois
5    Procurement Code.
6        (4) The Commission, working with State agencies, shall
7    provide support for diversity in State hiring.
8        (5) The Commission shall oversee the implementation of
9    diversity training of the State workforce.
10        (6) Each January, and as otherwise frequently as may
11    be deemed necessary and appropriate by the Commission, the
12    Commission shall propose and submit to the Governor and
13    the General Assembly legislative changes to increase
14    inclusion and diversity in State government.
15        (7) The Commission shall have oversight over the
16    following entities:
17            (A) the Illinois African-American Family
18        Commission;
19            (B) the Illinois Latino Family Commission;
20            (C) the Asian American Family Commission;
21            (D) the Illinois Muslim American Advisory Council;
22            (E) the Illinois African-American Fair Contracting
23        Commission created under Executive Order 2018-07; and
24            (F) the Business Enterprise Council for
25        Minorities, Women, and Persons with Disabilities.
26        (8) The Commission shall adopt any rules necessary for



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1    the implementation and administration of the requirements
2    of this Act.
3        (9) The Commission shall exercise the authority and
4    duties provided to it under Section 45-57 of the Illinois
5    Procurement Code.
6        (10) The Commission is responsible for completing
7    studies as required by Section 35-15 of the Illinois
8    Community Reinvestment Act.
9(Source: P.A. 101-657, eff. 1-1-22; 102-29, eff. 6-25-21;
10102-671, eff. 11-30-21.)
11    Section 10. The Illinois Community Reinvestment Act is
12amended by changing Sections 35-5 and 35-15 as follows:
13    (205 ILCS 735/35-5)
14    Sec. 35-5. Definitions. As used in this Act:
15    "Commission" means the Commission on Equity and Inclusion.
16    "Covered financial institution" means a bank chartered
17under the Illinois Banking Act, a savings bank chartered under
18the Illinois Savings Bank Act, a credit union incorporated
19under the Illinois Credit Union Act, an entity licensed under
20the Illinois Residential Mortgage License Act of 1987 which
21lent or originated 50 or more residential mortgage loans in
22the previous calendar year, and any other financial
23institution under the jurisdiction of the Department as
24designated by rule by the Secretary.



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1    "Department" means the Department of Financial and
2Professional Regulation.
3    "Division of Banking" means the Division of Banking within
4the Department.
5    "Division of Financial Institutions" means the Division of
6Financial Institutions within the Department.
7    "Secretary" means the Secretary of Financial and
8Professional Regulation, or his or her designee, including the
9Director of the Division of Banking or the Director of the
10Division of Financial Institutions.
11(Source: P.A. 101-657, eff. 3-23-21.)
12    (205 ILCS 735/35-15)
13    Sec. 35-15. Examinations.
14    (a) The Secretary shall have the authority to examine each
15covered financial institution for compliance with this Act, in
16consultation with State and federal regulators with an
17appropriate regulatory interest, for and in compliance with
18applicable State and federal fair lending laws, including, but
19not limited to, the Illinois Human Rights Act, the federal
20Equal Credit Opportunity Act, and the federal Home Mortgage
21Disclosure Act, as often as the Secretary deems necessary and
22proper. The Secretary may adopt rules with respect to the
23frequency and manner of examination including the imposition
24of examination fees. The Secretary shall appoint a suitable
25person to perform such examination. The Secretary and his or



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1her appointees may examine the entire books, records,
2documents, and operations of each covered financial
3institution, its parent company, and its subsidiaries,
4affiliates, or agents, and may examine any of the covered
5financial institution's, its parent company's or its
6subsidiaries', affiliates', or agents' officers, directors,
7employees, and agents under oath. Any document or record
8prepared or obtained in connection with or relating to any
9such examination, and any record prepared or obtained by the
10Secretary to the extent that the record summarizes or contains
11information derived from any document or record described in
12this subsection (a), shall not be disclosed to the public
13unless otherwise provided by this Act.
14    (b) Upon the completion of the examination of a covered
15financial institution under this Section, the Secretary shall
16prepare a written evaluation of the covered financial
17institution's record of performance relative to this Act. Each
18written evaluation required under this subsection (b) shall
19have a public section, which shall include no less information
20than would be disclosed in a written evaluation under the
21federal Community Reinvestment Act, and a confidential
22section. The Secretary shall give the covered financial
23institution an opportunity to comment on the evaluation, and
24then shall make the public section of the written evaluation
25open to public inspection upon request. The written evaluation
26shall include, but is not limited to:



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1        (1) the assessment factors utilized to determine the
2    covered financial institution's descriptive rating;
3        (2) the Secretary's conclusions with respect to each
4    such assessment factor;
5        (3) a discussion of the facts supporting such
6    conclusions;
7        (4) the covered financial institution's descriptive
8    rating and the basis therefor; and
9        (5) a summary of public comments.
10    (c) Based upon the examination, the covered financial
11institution shall be assigned one of the following ratings:
12        (1) outstanding record of performance in meeting its
13    community financial services needs;
14        (2) satisfactory record of performance in meeting its
15    community financial services needs;
16        (3) needs to improve record of performance in meeting
17    its community services needs; or
18        (4) substantial noncompliance in meeting its community
19    financial services needs.
20    (d) Notwithstanding the foregoing provisions of this
21Section, the Secretary may establish an alternative
22examination procedure for any covered financial institution,
23which, as of the most recent examination, has been assigned a
24rating of outstanding or satisfactory for its record of
25performance in meeting its community financial services needs.
26    (e) The Commission shall conduct studies to:



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1        (1) identify and delineate geographies in Illinois
2    exhibiting significant disparities by protected classes as
3    identified by the Human Rights Act with respect to:
4            (A) access to financial products or services,
5        including, but not limited to, physical branches of
6        covered financial institutions; and
7            (B) lending and investments by covered financial
8        institutions;
9        (2) identify policies, procedures, patterns, or
10    practices that have or may have a disparate impact or
11    discriminatory effect; and
12        (3) identify opportunities for establishing and
13    growing Banking Development Districts in geographic
14    locations where there are the greatest underbanked and
15    unbanked populations and opportunities for partnerships
16    between depository institutions and local communities.
17    (f) The Secretary may implement the findings and other
18results from such studies into the examination process through
19rules adopted in accordance with the Illinois Administrative
20Procedure Act.
21    (g) Any costs incurred by the Commission in conducting
22such studies shall be subject to appropriation and not funded
23by the examination fees paid by covered financial institutions
24under subsection (a).
25    (h) The Commission shall provide reports of its findings
26and shall furnish copies of the reports to the General



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1Assembly and the Secretary.
2    (i) The results of every study performed under this Act
3shall be publicly available on the websites of the Commission
4and the Department.
5    (j) The Commission may contract with a qualified person or
6entity to design and conduct the studies authorized under
7subsection (e).
8(Source: P.A. 101-657, eff. 3-23-21.)
9    Section 99. Effective date. This Act takes effect January
101, 2025.