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Public Act 093-0251


 

Public Act 93-0251 of the 93rd General Assembly


Public Act 93-0251

HB0277 Enrolled                      LRB093 05884 JLS 05977 b

    AN ACT concerning the deposit of state moneys.

    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 16.3 as follows:

    (15 ILCS 520/16.3 new)
    Sec.   16.3.  Consideration  of  financial  institution's
commitment to its community.
    (a)  In addition to any other requirements of  this  Act,
the  State  Treasurer is authorized to consider the financial
institution's  record  and   current   level   of   financial
commitment  to  its  local community when deciding whether to
deposit State funds in that financial institution.  The State
Treasurer may consider factors including, but not necessarily
limited to:
         (1)  for  financial  institutions  subject  to   the
    federal  Community  Reinvestment Act of 1977, the current
    and historical ratings that the financial institution has
    received, to the extent that those ratings  are  publicly
    available,  under  the federal Community Reinvestment Act
    of 1977;
         (2)  any changes in ownership, management, policies,
    or practices of the financial institution that may affect
    the level of the financial  institution's  commitment  to
    its community;
         (3)  the  financial  impact  that  the withdrawal or
    denial of deposits of  State  funds  might  have  on  the
    financial institution; and
         (4)  the  financial  impact to the State as a result
    of  withdrawing  State  funds  or  refusing  to   deposit
    additional State funds in the financial institution.
    (b)  Nothing  in  this  Section  shall  be  construed  as
authorizing  the State Treasurer to conduct an examination or
investigation  of  a  financial  institution  or  to  receive
information that is not publicly available and the disclosure
of which is otherwise prohibited by law.

    Section 10.  The Public Funds Investment Act  is  amended
by adding Section 8 as follows:

    (30 ILCS 235/8 new)
    Sec.   8.  Consideration   of   financial   institution's
commitment to its community.
    (a)  In addition to any other requirements of this Act, a
public   agency  is  authorized  to  consider  the  financial
institution's  record  and   current   level   of   financial
commitment  to  its  local community when deciding whether to
deposit public funds  in  that  financial  institution.   The
public   agency  may  consider  factors  including,  but  not
necessarily limited to:
         (1)  for  financial  institutions  subject  to   the
    federal  Community  Reinvestment Act of 1977, the current
    and historical ratings that the financial institution has
    received, to the extent that those ratings  are  publicly
    available,  under  the federal Community Reinvestment Act
    of 1977;
         (2)  any changes in ownership, management, policies,
    or practices of the financial institution that may affect
    the level of the financial  institution's  commitment  to
    its community;
         (3)  the  financial  impact  that  the withdrawal or
    denial of deposits of public  funds  might  have  on  the
    financial institution;
         (4)  the  financial impact to the public agency as a
    result of withdrawing public funds or refusing to deposit
    additional public funds in the financial institution; and
         (5)  any additional burden on the resources  of  the
    public  agency that might result from ceasing to maintain
    deposits of public funds  at  the  financial  institution
    under consideration.
    (b)  Nothing  in  this  Section  shall  be  construed  as
authorizing  the  public  agency to conduct an examination or
investigation  of  a  financial  institution  or  to  receive
information that is not publicly available and the disclosure
of which is otherwise prohibited by law.

    Section 99.  Effective date.  This Act  takes  effect  on
July 1, 2004.

Effective Date: 07/01/04