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Public Act 103-0959


 

Public Act 0959 103RD GENERAL ASSEMBLY

 


 
Public Act 103-0959
 
SB3235 EnrolledLRB103 37444 RTM 67566 b

    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