SB1539eng 99TH GENERAL ASSEMBLY

SB1539 Engrossed LRB099 10029 JLK 30250 b

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Deposit of State Moneys Act is amended by adding Section 6.1 as follows:

(15 ILCS 520/6.1 new)

Sec. 6.1. Submission of proposals. Nothing in this Act shall be construed as prohibiting a bank, savings bank, or credit union from submitting a proposal to the State Treasurer on the basis that it does not offer a product or service in this State, unless a specific requirement is noted in the public solicitation that is related to the product or service being solicited. Nothing in this Section is intended to limit the State Treasurer's discretion in the selection of a bank, savings bank, or credit union, as provided in this Act.

Section 10. The Public Funds Investment Act is amended by adding Section 6.1 as follows:

(30 ILCS 235/6.1 new)

Sec. 6.1. Submission of proposals. Nothing in this Act shall be construed as prohibiting a bank, savings bank, or credit union from submitting a proposal to a public agency on the basis that it does not offer a product or service in this State, unless a specific requirement is noted in the public solicitation that is related to the product or service being solicited. Nothing in this Section is intended to limit a public agency's discretion in the selection of a bank, savings bank, or credit union as provided in this Act.

Section 99. Effective date. This Act takes effect upon becoming law.