Synopsis As Introduced Amends the Deposit of State Moneys Act. Provides that a bank or savings and loan association is disqualified as a State depository upon making a loan to certain entities doing business in or with the government of Sudan until such time as the United Nations determines that the government of Sudan has taken sufficient and demonstrable steps to end human rights abuses in that nation. Amends the Illinois Pension Code. Prohibits the investment or deposit from the retirement system or pension fund to certain entities doing business in or with the government of Sudan until such time as the United Nations determines that the government of Sudan has taken sufficient and demonstrable steps to end human rights abuses in that nation. Effective immediately.
Deletes everything after the enacting clause. Amends the Deposit of State Moneys Act. Provides that the State Treasurer may not deposit any funds or otherwise transact any business with any financial institution unless an expressly authorized officer of that financial institution certifies that the financial institution has not, during any time following the effective date, loaned to or invested in certain entities involved with the Republic of Sudan. Amends the Illinois Pension Code. Provides that a fiduciary with respect to a retirement system or pension fund established under that Code shall not, directly or through a fund manager, transact any business with any company unless an expressly authorized officer of that company certifies that the company has not engaged in certain activities concerning the Republic of Sudan. Amends the Uniform Deceptive Trade Practices Act. Provides that any person regulated by the Division of Financial Institutions of the Department of Financial and Professional Regulation or by the United States Securities Exchange Commission engages in a deceptive trade practice when, in the course of his or her business, vocation, or occupation, that person represents that he or she does not support nations that sponsor terrorism, if that person has, at any time following the effective date, issued a credit or loan to, purchased bonds or commercial paper issued by, invested in, agreed to tender goods or services to, or agreed to obtain goods or services from certain nations identified by the United States as a terrorism sponsoring nation or certain entities doing business with those nations. Effective 7 months after becoming law.
Pension Note (Commission on Gov't Forecasting and Accountability)
Senate Bill 23 would not have a fiscal impact.
Fiscal Note (S-AM1) (State Treasurer)
SB 23, as amended, would have a minimal fiscal impact based on administrative and/or clerical costs associated with the bill's implementation.