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Public Act 103-0959 Public Act 0959 103RD GENERAL ASSEMBLY | Public Act 103-0959 | SB3235 Enrolled | LRB103 37444 RTM 67566 b |
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| AN ACT concerning regulation. | Be it enacted by the People of the State of Illinois, | represented in the General Assembly: | Section 5. The Commission on Equity and Inclusion Act is | amended by changing Section 40-10 as follows: | (30 ILCS 574/40-10) | Sec. 40-10. Powers and duties. In addition to the other | powers and duties which may be prescribed in this Act or | elsewhere, the Commission shall have the following powers and | duties: | (1) The Commission shall have a role in all State and | university procurement by facilitating and streamlining | communications between the Business Enterprise Council for | Minorities, Women, and Persons with Disabilities, the | purchasing entities, the Chief Procurement Officers, and | others. | (2) The Commission may create a scoring evaluation for | State agency directors, public university presidents and | chancellors, and public community college presidents. The | scoring shall be based on the following 3 principles: (i) | increasing capacity; (ii) growing revenue; and (iii) | enhancing credentials. These principles should be the | foundation of the agency compliance plan required under |
| Section 6 of the Business Enterprise for Minorities, | Women, and Persons with Disabilities Act. | (3) The Commission shall exercise the authority and | duties provided to it under Section 5-7 of the Illinois | Procurement Code. | (4) The Commission, working with State agencies, shall | provide support for diversity in State hiring. | (5) The Commission shall oversee the implementation of | diversity training of the State workforce. | (6) Each January, and as otherwise frequently as may | be deemed necessary and appropriate by the Commission, the | Commission shall propose and submit to the Governor and | the General Assembly legislative changes to increase | inclusion and diversity in State government. | (7) The Commission shall have oversight over the | following entities: | (A) the Illinois African-American Family | Commission; | (B) the Illinois Latino Family Commission; | (C) the Asian American Family Commission; | (D) the Illinois Muslim American Advisory Council; | (E) the Illinois African-American Fair Contracting | Commission created under Executive Order 2018-07; and | (F) the Business Enterprise Council for | Minorities, Women, and Persons with Disabilities. | (8) The Commission shall adopt any rules necessary for |
| the implementation and administration of the requirements | of this Act. | (9) The Commission shall exercise the authority and | duties provided to it under Section 45-57 of the Illinois | Procurement Code. | (10) The Commission is responsible for completing | studies as required by Section 35-15 of the Illinois | Community Reinvestment Act. | (Source: P.A. 101-657, eff. 1-1-22; 102-29, eff. 6-25-21; | 102-671, eff. 11-30-21.) | Section 10. The Illinois Community Reinvestment Act is | amended by changing Sections 35-5 and 35-15 as follows: | (205 ILCS 735/35-5) | Sec. 35-5. Definitions. As used in this Act: | "Commission" means the Commission on Equity and Inclusion. | "Covered financial institution" means a bank chartered | under the Illinois Banking Act, a savings bank chartered under | the Illinois Savings Bank Act, a credit union incorporated | under the Illinois Credit Union Act, an entity licensed under | the Illinois Residential Mortgage License Act of 1987 which | lent or originated 50 or more residential mortgage loans in | the previous calendar year, and any other financial | institution under the jurisdiction of the Department as | designated by rule by the Secretary. |
| "Department" means the Department of Financial and | Professional Regulation. | "Division of Banking" means the Division of Banking within | the Department. | "Division of Financial Institutions" means the Division of | Financial Institutions within the Department. | "Secretary" means the Secretary of Financial and | Professional Regulation, or his or her designee, including the | Director of the Division of Banking or the Director of the | Division of Financial Institutions. | (Source: P.A. 101-657, eff. 3-23-21.) | (205 ILCS 735/35-15) | Sec. 35-15. Examinations. | (a) The Secretary shall have the authority to examine each | covered financial institution for compliance with this Act, in | consultation with State and federal regulators with an | appropriate regulatory interest, for and in compliance with | applicable State and federal fair lending laws, including, but | not limited to, the Illinois Human Rights Act, the federal | Equal Credit Opportunity Act, and the federal Home Mortgage | Disclosure Act, as often as the Secretary deems necessary and | proper. The Secretary may adopt rules with respect to the | frequency and manner of examination including the imposition | of examination fees. The Secretary shall appoint a suitable | person to perform such examination. The Secretary and his or |
| her appointees may examine the entire books, records, | documents, and operations of each covered financial | institution, its parent company, and its subsidiaries, | affiliates, or agents, and may examine any of the covered | financial institution's, its parent company's or its | subsidiaries', affiliates', or agents' officers, directors, | employees, and agents under oath. Any document or record | prepared or obtained in connection with or relating to any | such examination, and any record prepared or obtained by the | Secretary to the extent that the record summarizes or contains | information derived from any document or record described in | this subsection (a), shall not be disclosed to the public | unless otherwise provided by this Act. | (b) Upon the completion of the examination of a covered | financial institution under this Section, the Secretary shall | prepare a written evaluation of the covered financial | institution's record of performance relative to this Act. Each | written evaluation required under this subsection (b) shall | have a public section, which shall include no less information | than would be disclosed in a written evaluation under the | federal Community Reinvestment Act, and a confidential | section. The Secretary shall give the covered financial | institution an opportunity to comment on the evaluation, and | then shall make the public section of the written evaluation | open to public inspection upon request. The written evaluation | shall include, but is not limited to: |
| (1) the assessment factors utilized to determine the | covered financial institution's descriptive rating; | (2) the Secretary's conclusions with respect to each | such assessment factor; | (3) a discussion of the facts supporting such | conclusions; | (4) the covered financial institution's descriptive | rating and the basis therefor; and | (5) a summary of public comments. | (c) Based upon the examination, the covered financial | institution shall be assigned one of the following ratings: | (1) outstanding record of performance in meeting its | community financial services needs; | (2) satisfactory record of performance in meeting its | community financial services needs; | (3) needs to improve record of performance in meeting | its community services needs; or | (4) substantial noncompliance in meeting its community | financial services needs. | (d) Notwithstanding the foregoing provisions of this | Section, the Secretary may establish an alternative | examination procedure for any covered financial institution, | which, as of the most recent examination, has been assigned a | rating of outstanding or satisfactory for its record of | performance in meeting its community financial services needs. | (e) The Commission shall conduct studies to: |
| (1) identify and delineate geographies in Illinois | exhibiting significant disparities by protected classes as | identified by the Human Rights Act with respect to: | (A) access to financial products or services, | including, but not limited to, physical branches of | covered financial institutions; and | (B) lending and investments by covered financial | institutions; | | (2) identify policies, procedures, patterns, or | practices that have or may have a disparate impact or | discriminatory effect; and | (3) identify opportunities for establishing and | growing Banking Development Districts in geographic | locations where there are the greatest underbanked and | unbanked populations and opportunities for partnerships | between depository institutions and local communities. | (f) The Secretary may implement the findings and other | results from such studies into the examination process through | rules adopted in accordance with the Illinois Administrative | Procedure Act. | (g) Any costs incurred by the Commission in conducting | such studies shall be subject to appropriation and not funded | by the examination fees paid by covered financial institutions | under subsection (a). | (h) The Commission shall provide reports of its findings | and shall furnish copies of the reports to the General |
| Assembly and the Secretary. | (i) The results of every study performed under this Act | shall be publicly available on the websites of the Commission | and the Department. | (j) The Commission may contract with a qualified person or | entity to design and conduct the studies authorized under | subsection (e). | (Source: P.A. 101-657, eff. 3-23-21.) | Section 99. Effective date. This Act takes effect January | 1, 2025. |
Effective Date: 1/1/2025
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