Full Text of SB1932 95th General Assembly
SB1932 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB1932
Introduced 1/16/2008, by Sen. Mattie Hunter SYNOPSIS AS INTRODUCED: |
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15 ILCS 520/16.4 new |
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30 ILCS 235/6.1 new |
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Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Requires applicant financial institutions to submit a linked deposit and public investment plan that demonstrates how it will leverage State deposits and investments to create banking, lending, and investment opportunities within low-income and moderate-income communities, particularly those near its branches, and to disclose any direct, affiliate, or subsidiary relationship with or investment in any sub-prime lending intermediary. Requires the Treasurer to give notice of applications and allow for public comment. Requires a hearing if complaints are documented. Prohibits approval of an application if complaints are substantiated. Requires linked deposit agreements and evaluations of financial institutions to be posted on the Treasurer's website.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB1932 |
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LRB095 18671 RCE 44763 b |
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| AN ACT concerning public funds.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Deposit of State Moneys Act is amended by | 5 |
| adding Section 16.4 as follows: | 6 |
| (15 ILCS 520/16.4 new) | 7 |
| Sec. 16.4. Deposit and investment plans; public comment; | 8 |
| website information. | 9 |
| (a) Before the State Treasurer may consider an application | 10 |
| from a financial institution to become or continue to be a | 11 |
| depository of State money, the financial institution must (i) | 12 |
| submit a linked deposit and public investment plan that | 13 |
| demonstrates how it will leverage State deposits and | 14 |
| investments to create banking, lending, and investment | 15 |
| opportunities within low-income and moderate-income | 16 |
| communities, particularly those near its branches and (ii) must | 17 |
| disclose any direct, affiliate, or subsidiary relationship | 18 |
| with or investment in any sub-prime lending intermediary. | 19 |
| (b) Before the State Treasurer may approve an application | 20 |
| from a financial institution to become or continue to be a | 21 |
| depository of State money, the State Treasurer must give notice | 22 |
| on the Treasurer's website and in one or more newspapers of | 23 |
| general circulation in the applicable areas that the Treasurer |
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SB1932 |
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LRB095 18671 RCE 44763 b |
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| proposes to approve the application after a 30-day period | 2 |
| during which the Treasurer will receive public comments. If, | 3 |
| within the 30-day period, objections are raised based on | 4 |
| documented complaints of fair housing, predatory lending, | 5 |
| disinvestment, or limited access to financial services, then | 6 |
| the Treasurer must give adequate public notice of and hold a | 7 |
| hearing at a location convenient to the community. If, at the | 8 |
| public hearing, a significant complaint is substantiated, then | 9 |
| the Treasurer shall not approve the application. | 10 |
| (c) The State Treasurer must post on the Treasurer's | 11 |
| website all linked deposit agreements and evaluations of | 12 |
| financial institutions that are depositories of State money. | 13 |
| Section 10. The Public Funds Investment Act is amended by | 14 |
| adding Section 6.1 as follows: | 15 |
| (30 ILCS 235/6.1 new) | 16 |
| Sec. 6.1. Deposit and investment plans; public comment; | 17 |
| website information. | 18 |
| (a) Before the State Treasurer may consider an application | 19 |
| from a financial institution to become or continue to be an | 20 |
| agent for the investment of public funds, the financial | 21 |
| institution must (i) submit a linked deposit and public | 22 |
| investment plan that demonstrates how it will leverage State | 23 |
| deposits and investments to create banking, lending, and | 24 |
| investment opportunities within low-income and moderate-income |
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SB1932 |
- 3 - |
LRB095 18671 RCE 44763 b |
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| 1 |
| communities, particularly those near its branches and (ii) must | 2 |
| disclose any direct, affiliate, or subsidiary relationship | 3 |
| with or investment in any sub-prime lending intermediary. | 4 |
| (b) Before the State Treasurer may approve an application | 5 |
| from a financial institution to become or continue to be an | 6 |
| agent for the investment of public funds, the State Treasurer | 7 |
| must give notice on the Treasurer's website and in one or more | 8 |
| newspapers of general circulation in the applicable areas that | 9 |
| the Treasurer proposes to approve the application after a | 10 |
| 30-day period during which the Treasurer will receive public | 11 |
| comments. If, within the 30-day period, objections are raised | 12 |
| based on documented complaints of fair housing, predatory | 13 |
| lending, disinvestment, or limited access to financial | 14 |
| services, then the Treasurer must give adequate public notice | 15 |
| of and hold a hearing at a location convenient to the | 16 |
| community. If, at the public hearing, a significant complaint | 17 |
| is substantiated, then the Treasurer shall not approve the | 18 |
| application. | 19 |
| (c) The State Treasurer must post on the Treasurer's | 20 |
| website all linked deposit agreements and evaluations of | 21 |
| financial institutions that are agents for the investment of | 22 |
| public funds.
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