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SB1301 - 104th General Assembly
FUNDS-COMMUNITY REINVESTMENT
Last Action
Senate Sponsors
Sen. Mattie Hunter - Mark L. Walker and Kimberly A. LightfordHouse Sponsors
(Rep. Kimberly Du Buclet - Camille Y. Lilly and Thaddeus Jones)Statutes Amended In Order of Appearance
15 ILCS 520/16.1from Ch. 130, par. 35.1
Synopsis As Introduced
Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer or any public agency may consider the current and historical ratings that a financial institution has received under the Illinois Community Reinvestment Act when deciding whether to deposit State or public funds in that financial institution. Provides that, effective January 1, 2026, no State or public funds may be deposited in a financial institution subject to the Illinois Community Reinvestment Act unless either (i) the institution has a current rating of satisfactory or outstanding under the Illinois Community Reinvestment Act or (ii) the Department of Financial and Professional Regulation has not yet completed its initial examination of the institution pursuant to the Illinois Community Reinvestment Act. Makes conforming changes. Effective January 1, 2026.
Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that State and public funds that have been deposited may not be withdrawn from a financial institution prior to the date of maturity solely on the basis of a less than satisfactory rating under the Illinois Community Reinvestment Act. Makes other changes. Effective January 1, 2026.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/28/2025 | Senate | Filed with Secretary by Sen. Mattie Hunter |
| 1/28/2025 | Senate | First Reading |
| 1/28/2025 | Senate | Referred to Assignments |
| 2/04/2025 | Senate | Assigned to Financial Institutions |
| 2/19/2025 | Senate | Postponed - Financial Institutions |
| 2/24/2025 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Mattie Hunter |
| 2/24/2025 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2/25/2025 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions |
| 2/26/2025 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2/26/2025 | Senate | Do Pass as Amended Financial Institutions; 008-000-000 |
| 2/26/2025 | Senate | Placed on Calendar Order of 2nd Reading February 27, 2025 |
| 2/26/2025 | Senate | Added as Chief Co-Sponsor Sen. Mark L. Walker |
| 3/05/2025 | Senate | Second Reading |
| 3/05/2025 | Senate | Placed on Calendar Order of 3rd Reading March 6, 2025 |
| 4/04/2025 | Senate | Added as Co-Sponsor Sen. Kimberly A. Lightford |
| 4/04/2025 | Senate | Placed on Calendar Order of 3rd Reading ** |
| 4/09/2025 | Senate | Placed on Calendar Order of 3rd Reading |
| 4/09/2025 | Senate | Third Reading - Passed; 056-000-000 |
| 4/09/2025 | House | Arrived in House |
| 4/09/2025 | House | Chief House Sponsor Rep. Kimberly Du Buclet |
| 4/09/2025 | House | First Reading |
| 4/09/2025 | House | Referred to Rules Committee |
| 4/17/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 4/29/2025 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 011-000-000 |
| 4/30/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 5/13/2025 | House | Second Reading - Short Debate |
| 5/13/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 5/21/2025 | House | Added Alternate Chief Co-Sponsor Rep. Camille Y. Lilly |
| 5/21/2025 | House | Third Reading - Short Debate - Passed 108-000-000 |
| 5/21/2025 | Senate | Passed Both Houses |
| 5/21/2025 | House | Added Alternate Co-Sponsor Rep. Thaddeus Jones |
| 6/18/2025 | Senate | Sent to the Governor |
| 8/01/2025 | Senate | Governor Approved |
| 8/01/2025 | Senate | Effective Date January 1, 2026 |
| 8/01/2025 | Senate | Public Act . . . . . . . . . 104-0092 |