98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0957

 

Introduced 1/25/2013, by Rep. La Shawn K. Ford

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 225/1.5 new

    Amends the Public Funds Deposit Act. Provides that a depository institution that intends to close, relocate, or consolidate a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community must comply with certain advance notice and hearing requirements. Provides for the State Treasurer to hold a public hearing and determine whether it is in the best interests of the State to allow the closing, relocation, or consolidation. If the institution does not abide with a determination by the State Treasurer adverse to the institution's intent, then it may not receive or retain deposits of public funds. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Funds Deposit Act is amended by
5adding Section 1.5 as follows:
 
6    (30 ILCS 225/1.5 new)
7    Sec. 1.5. Branch closure, relocation, or consolidation.
8    (a) No depository institution shall receive or retain
9deposits of public funds as permitted by this Act unless it
10complies with this Section.
11    (b) Before it closes, relocates, or consolidates a branch
12location that impacts a low-income, moderate-income, or
13economically depressed urban or rural community in this State,
14the institution must do both of the following:
15        (1) provide the State Treasurer with 90 days' advance
16    notice in writing of an intent to close, relocate, or
17    consolidate; and
18        (2) publish 90 days' advance notice in a newspaper of
19    general circulation within the affected area of an intent
20    to close, relocate, or consolidate.
21    (c) If the State Treasurer determines that the closing,
22relocation, or consolidation could have an adverse impact in
23the affected area, then the State Treasurer shall hold a public

 

 

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1hearing in the affected area at least 15 days before any
2closing, relocation, or consolidation. The State Treasurer
3shall give adequate notice of the hearing to the community and
4to the institution. Advocates for the community shall be
5allowed to present their objections at the hearing.
6    (d) Within 5 days after the hearing, the State Treasurer
7shall notify the community and the institution whether the
8State Treasurer determines that it is in the best interests of
9the State to allow the closing, relocation, or consolidation to
10occur. If the institution does not abide with a determination
11by the State Treasurer that is not in the best interests to
12allow the closing, relocation, or consolidation, then the
13institution shall thereafter not receive or retain public funds
14under this Act.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.