Full Text of HB4570 100th General Assembly
HB4570 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB4570 Introduced , by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED: |
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15 ILCS 520/15 | from Ch. 130, par. 34 |
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Amends the Deposit of State Moneys Act. Disqualifies banks and savings and loan associations that have not achieved a federal Community Reinvestment Act rating ("CRA rating") of "outstanding record of meeting community credit needs" from serving as a depositary of State moneys upon their failure to establish, within 365 days after the effective date of the amendatory Act and each year thereafter, in each low-income and moderate-income geography that is located in those portions of their assessment areas that are in the State, at least one more automated teller machine ("ATM") or branch than they operated in that geography on the first day of the preceding calendar year and to maintain those facilities. Defines terms.
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| | A BILL FOR |
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| | | HB4570 | | LRB100 18253 RJF 33456 b |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Deposit of State Moneys Act is amended by | 5 | | changing Section 15 as follows:
| 6 | | (15 ILCS 520/15) (from Ch. 130, par. 34)
| 7 | | Sec. 15.
(a) A bank or savings and loan association | 8 | | approved as a
depositary shall cease to be an approved bank or | 9 | | savings and loan
association, and shall be disqualified by the | 10 | | State Treasurer:
| 11 | | (1) Upon its failure to post a suitable bond or deposit | 12 | | securities
with the State Treasurer;
| 13 | | (2) Upon its failure or refusal to pay over public | 14 | | moneys or any part
thereof;
| 15 | | (3) Upon its becoming insolvent or bankrupt, or being | 16 | | placed in the
hands of a receiver;
| 17 | | (4) Upon a showing of unsatisfactory financial | 18 | | condition through a
report made to, or an examination made | 19 | | by, the Comptroller of the Currency, the
Commissioner of | 20 | | Banks and Real Estate, or the Federal Home Loan Bank or its
| 21 | | successors.
| 22 | | (5) Upon its failure to establish, within 365 days | 23 | | after the effective date of this amendatory Act of the |
| | | HB4570 | - 2 - | LRB100 18253 RJF 33456 b |
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| 1 | | 100th General Assembly and each year thereafter, in each | 2 | | low-income and moderate-income geography that is located | 3 | | in that portion of its assessment area that is in the | 4 | | State, at least one more automated teller machine ("ATM") | 5 | | or branch than it operated in that geography on the first | 6 | | day of the preceding calendar year and to maintain those | 7 | | facilities, until achieving a federal Community | 8 | | Reinvestment Act rating ("CRA rating") of "outstanding | 9 | | record of meeting community credit needs". | 10 | | (b) No approved depositary shall be disqualified by the | 11 | | State
Treasurer solely by reason of its acquisition by another | 12 | | institution.
| 13 | | (c) For the purposes of this Section, the terms "automated | 14 | | teller machine", "branch", "geography", "low-income", and | 15 | | "moderate-income" have the meanings ascribed in 12 CFR 25.12, | 16 | | and the term "assessment area" means the area delineated under | 17 | | 12 CFR 228.41. | 18 | | (Source: P.A. 89-508, eff. 7-3-96.)
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