DEPOSIT OF PUBLIC MONEYS Senate SponsorsSen. Terry Link-Dan Rutherford, Mattie Hunter, Larry D. Woolard, Wendell E. Jones-Jacqueline Y. Collins, Susan Garrett, Dave Syverson, Carol Ronen, William R. Haine, Iris Y. Martinez, Kathleen L. Wojcik, M. Maggie Crotty-Jeffrey M. Schoenberg-Kimberly A. Lightford, Don Harmon, Barack Obama and Martin A. Sandoval House Sponsors(Rep. Barbara Flynn Currie-Monique D. Davis-William B. Black-John A. Fritchey-Frank Aguilar, Karen A. Yarbrough, Mary E. Flowers, Sandra M. Pihos, Joe Dunn and Marlow H. Colvin) 8/20/2003SenatePublic Act . . . . . . . . . 93-0561 15 ILCS 520/11from Ch. 130, par. 3015 ILCS 520/11.1from Ch. 130, par. 30.130 ILCS 225/1from Ch. 102, par. 3430 ILCS 230/2cfrom Ch. 127, par. 173a30 ILCS 235/6from Ch. 85, par. 906Amends the Deposit of State Moneys Act, the Public Funds Deposit Act, the State Officers and Employees Money Disposition Act, and the Public Funds Investment Act. Provides that a treasurer or custodian of public funds may accept, as security for public funds deposited into a bank (i) certain securities authorized by certain provisions of the Deposit of State Moneys Act, the Public Funds Investment Act, or the Public Funds Deposit Act, and (ii) certificates issued by a financial institution with assets of $15,000,000 (instead of $30,000,000) or more. Authorizes a public agency, when depositing public funds, to enter into an agreement with financial institutions requiring that any non-insured funds be collateralized by certain classes of securities. Makes other changes. Effective immediately.Fiscal Note (Dept of Commerce and Community Affairs) SB 1784 does not have a fiscal impact on DCCA. At this time, DCCA has insufficient information to calculate the fiscal impact of this legislation on units of local government which fall within the definition of "public agency" in 30 ILCS 235/1.Fiscal Note (Treasurer of the State of Illinois) This bill will have no impact on the State Treasurer's budget for the first full year of the bill. The Treasurer does not consider it prudent to accept these additional types of collateral for public moneys. As a result, the Treasurer would not take advantage of the additional authority provided for in the bill.House Amendment No. 1 Adds reference to:New Act205 ILCS 5/2from Ch. 17, par. 302205 ILCS 5/5from Ch. 17, par. 311205 ILCS 5/13.6 new205 ILCS 5/17from Ch. 17, par. 324205 ILCS 205/1007.55from Ch. 17, par. 7301-7.55205 ILCS 205/1008from Ch. 17, par. 7301-8205 ILCS 635/1-4from Ch. 17, par. 2321-4205 ILCS 635/2-4from Ch. 17, par. 2322-4205 ILCS 635/2-6from Ch. 17, par. 2322-6205 ILCS 635/3-2from Ch. 17, par. 2323-2205 ILCS 635/3-5from Ch. 17, par. 2323-5205 ILCS 635/4-5from Ch. 17, par. 2324-5205 ILCS 635/4-8.1 new205 ILCS 635/4-8.2 new205 ILCS 635/Art. 7 heading205 ILCS 635/7-1 new805 ILCS 180/1-25805 ILCS 180/5-5805 ILCS 180/5-55805 ILCS 180/37-5805 ILCS 180/37-35815 ILCS 120/2from Ch. 17, par. 852815 ILCS 120/3from Ch. 17, par. 853815 ILCS 120/5from Ch. 17, par. 855815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262ZDeletes everything. Creates the High Risk Home Loan Act to protect borrowers who enter into high risk home loans from abuses that occur in the credit marketplace. Provides guidelines for lenders in the transferring, dealing in, offering, or making of a high risk home loan. Provides for enforcement by the Department of Financial Institutions and the Office of Banks and Real Estate. Preempts home rule. Amends the Deposit of State Moneys Act, the Public Funds Deposit Act, the State Officers and Employees Money Disposition Act, and the Public Funds Investment Act. Provides that a treasurer or custodian of public funds may accept, as security for public funds deposited into a bank (i) certain securities and (ii) certificates issued by a financial institution with assets of $15,000,000 (instead of $30,000,000) or more. Authorizes a public agency, when depositing public funds, to enter into an agreement with financial institutions requiring that any non-insured funds be collateralized by certain classes of securities. Makes other changes. Amends the Illinois Banking Act, the Savings Bank Act, and the Limited Liability Company Act to allow banks and savings banks to operate as limited liability companies. In the Illinois Banking Act, provides that a State bank may amend its charter for the purpose of authorizing its board of directors to issue preferred stock; to increase, decrease, or change the par value of shares of its preferred stock; to increase, decrease, or change the preferences, qualifications, limitations, restrictions, or special or relative rights of its preferred stock, provided that the bank's capital is not diminished to the prejudice of the bank's creditors. Amends the Residential Mortgage License Act of 1987. Provides penalties for licensees who violate the averments accompanying a license or license-renewal application. Provides that applications for a renewal of a license must be received by the Commissioner of Banks and Real Estate 60 (instead of 45) days before the renewal date. Requires that annual audit reports be filed with the Commissioner within 90 days of the end of a licensee's fiscal year (instead of filed at the time of the annual renewal payment). Increases the net-worth requirement of licensees. Increases the maximum fine that may be imposed against a licensee for a violation of certain Sections of the Act from $10,000 to $25,000 for each violation. Requires loan originators to register with the Commissioner. Amends the Illinois Fairness in Lending Act. Prohibits equity stripping and loan flipping. Effective January 1, 2004.House Amendment No. 2 In the High Risk Home Loan Act, provides that the term "lender" does not include purchasers, assignees, or holders of high risk home loans. Sets forth restrictions on prepayment penalties for high risk home loans. Provides that borrowers may waive participation in the Mortgage Awareness Program. Makes changes concerning the liability of subsequent holders of high risk home loans. Deletes the home rule preemption. Makes other changes. In the Residential Mortgage License Act of 1987, deletes certain persons or entities as "exempt person or entity" that have a physical presence in Illinois. In the Illinois Fairness in Lending Act, makes a change in the definition of "equity stripping". Deletes the effective date.Fiscal Note (H-AM2) (Dept. of Financial Institutions) No fiscal impact.State Debt Impact Note (H-AM1) (Economic and Fiscal Commission) Would not affect the level of State indebtedness.State Debt Impact Note (H-AM2) (Economic and Fiscal Commission) Would not affect the level of State indebtedness.Housing Affordability Impact Note (H-AM2) (Housing Development Authority) Insufficient information to determine a fiscal effect.State Mandates Fiscal Note (H-AM 1) (Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #1) does not create a State Mandate under the State Mandates Act.State Mandates Fiscal Note (H-AM 2) (Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #2) does not create a State Mandate under the State Mandates Act.Home Rule Note (H-AM 1) (Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #1) pre-empts home rule authority.Home Rule Note (H-AM 2) (Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #2) pre-empts home rule authority.Judicial Note (H-AM1) (Administrative Office of the Ill. Courts) Would neither increase nor decrease the number of judges needed in the state.Judicial Note (H-AM2) (Administrative Office of the Ill. Courts) Would neither increase nor decrease the number of judges needed in the state.Home Rule Note (H-AM 2)(Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #2) does not pre-empt home rule authority.Fiscal Note (H-AM 1 ) (Office of Banks and Real Estate) If SB 1784 as amended were to become law, the Office of Banks and Real Estate would be required to register all "Loan Originators" working for Residential Mortgage Licensees in Illinois. Analysis of the industry by the Office estimates that 20,000 Loan Originators currently operate in the State (this number is derived from the 1,800 Residential Mortgage Licensees the Office of Banks and Real Estate regulates). This would require the hiring of 5 new employees, with office expenses, at a cost to the agency of $562,064.00.Fiscal Note (H-AM 2) (Office of Banks and Real Estate) There is no fiscal impact on the Office of Banks and Real Estate.House Amendment No. 3 Corrects a reference to the Home Ownership and Equity Protection Act of 1994.Fiscal Note (H-AM1) (Dept. of Financial Institutions) No fiscal impact.State Debt Impact Note (H-AM3) (Economic and Fiscal Commission) Would not affect the level of state indebtedness.Judicial Note (H-AM3) (Administrative Office of the Ill. Courts) Would neither increase nor decrease the number of judges needed in the state.Fiscal Note (H-AM 3) (Office of Banks and Real Estate) SB 1784 (HA # 3) has no fiscal impact on the Office of Banks and Real Estate.Fiscal Note (H-AM 3) (Dept. of Financial Institutions) Senate Bill 1784, as amended by House Amendment #3, does not have a fiscal impact on the Department of Financial Institutions. Housing Affordability Impact Note (H-AM 1)(Housing Development Authority) While the passage of this legislation may prevent homebuyers and/or homeowners from entering in high risk home loans (predatory loans), there is insufficient information to calculate the amount of savings, by individual or the aggregate.Housing Affordability Impact Note (H-AM 3)(Housing Development Authority) While the passage of this legislation may prevent homebuyers and/or homeowners from entering in high risk home loans (predatory loans), there is insufficient information to calculate the amount of savings, by individual or the aggregate.State Mandates Fiscal Note (H-AM 3)(Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #3) does not create a State Mandate under the State Mandates Act.Home Rule Note (H-AM 3)(Dept of Commerce and Community Affairs) In the opinion of DCCA, SB 1784 (HA #3) does not pre-empt home rule authority. 2/20/2003SenateFiled with Secretary by Sen. Terry Link 2/20/2003SenateFirst Reading 2/20/2003SenateReferred to Rules 2/27/2003SenateAssigned to State Government 3/4/2003SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford 3/13/2003SenateDo Pass State Government; 006-000-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/18/2003SenateFiscal Note Requested by Sen. Dale E. Risinger 3/24/2003SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/25/2003SenateAdded as Co-Sponsor Sen. Larry D. Woolard 3/25/2003SenateFiscal Note Filed 3/26/2003SenateSecond Reading 3/26/2003SenatePlaced on Calendar Order of 3rd Reading March 27, 2003 3/26/2003SenateFiscal Note Filed from the Treasurer of the State of Illinois 3/27/2003SenateAdded as Co-Sponsor Sen. Wendell E. Jones 3/27/2003SenateThird Reading - Passed; 056-000-000 3/27/2003HouseArrived in House 3/27/2003HousePlaced on Calendar Order of First Reading 3/27/2003HouseChief House Sponsor Rep. Michael J. Madigan 3/27/2003HouseFirst Reading 3/27/2003HouseReferred to Rules Committee 4/2/2003HouseAlternate Chief Sponsor Changed to Rep. Barbara Flynn Currie 5/5/2003HouseCommittee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003 5/5/2003HouseAssigned to Executive Committee 5/21/2003HouseHouse Amendment No. 1 Filed with Clerk by Executive Committee 5/21/2003HouseHouse Amendment No. 1 Adopted in Executive Committee; by Voice Vote 5/21/2003HouseDo Pass as Amended / Short Debate Executive Committee; 007-004-000 5/21/2003HousePlaced on Calendar 2nd Reading - Short Debate 5/23/2003HouseThird Reading/Final Action Deadline Extended-9(b) May 31, 2003 5/27/2003SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 5/27/2003HouseHouse Amendment No. 2 Filed with Clerk by Rep. Barbara Flynn Currie 5/27/2003HouseHouse Amendment No. 2 Referred to Rules Committee 5/28/2003HouseFiscal Note Filed as amended by House Amendment No. 2 5/28/2003HouseState Debt Impact Note Filed as amended by House Amendment No. 2 5/28/2003HouseHouse Amendment No. 2 Rules Refers to Executive Committee 5/28/2003HouseState Debt Impact Note Filed as amended by House Amendment No. 1 5/28/2003HouseHousing Affordability Impact Note Filed as amended by House Amendment No. 2 5/28/2003HouseState Mandates Fiscal Note Filed as amended by House Amendment No. 1 5/28/2003HouseState Mandates Fiscal Note Filed as amended by House Amendment No. 2 5/28/2003HouseHome Rule Note Filed as amended by House Amendment No. 1 5/28/2003HouseHome Rule Note Filed as amended by House Amendment No. 2 5/29/2003HouseJudicial Note Filed as amended by House Amendment No. 1 5/29/2003HouseJudicial Note Filed as amended by House Amendment No. 2 5/29/2003HouseHome Rule Note Filed as amended by House Amendment No. 2 - revised 5/29/2003HouseFiscal Note Filed as amended by House Amendment No. 1 5/29/2003HouseFiscal Note Filed as amended by House Amendment No. 2 5/29/2003HouseHouse Amendment No. 2 Recommends Be Adopted Executive Committee; 008-002-001 5/29/2003HouseHouse Amendment No. 3 Filed with Clerk by Rep. Barbara Flynn Currie 5/29/2003HouseHouse Amendment No. 3 Referred to Rules Committee 5/29/2003HouseAdded Alternate Chief Co-Sponsor Rep. Karen A. Yarbrough 5/29/2003HouseFiscal Note Filed as amended by House Amendment No. 1 5/29/2003HouseAdded Alternate Chief Co-Sponsor Rep. Marlow H. Colvin 5/29/2003HouseHouse Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000 5/29/2003HouseState Debt Impact Note Filed as amended by House Amendment No. 3 5/29/2003HouseJudicial Note Filed as amended by House Amendment No. 3 5/29/2003HouseFiscal Note Filed as amended by House Amendment No. 3 5/29/2003HouseFiscal Note Filed as amended by House Amendment No. 3 5/29/2003HouseSecond Reading - Short Debate 5/29/2003HouseHeld on Calendar Order of Second Reading - Short Debate 5/29/2003HouseHousing Affordability Impact Note Filed as amended by House Amendment No. 1 5/29/2003HouseHousing Affordability Impact Note Filed as amended by House Amendment No. 3 5/29/2003HouseAdded Alternate Chief Co-Sponsor Rep. Eddie Washington 5/29/2003HouseState Mandates Fiscal Note Filed as amended by House Amendment No. 3 5/29/2003HouseHome Rule Note Filed as amended by House Amendment No. 3 5/29/2003HouseAdded Alternate Chief Co-Sponsor Rep. William B. Black 5/29/2003HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers 5/29/2003HouseAdded Alternate Co-Sponsor Rep. Sandra M. Pihos 5/29/2003HouseAdded Alternate Co-Sponsor Rep. Joe Dunn 5/29/2003HouseAdded Alternate Chief Co-Sponsor Rep. John A. Fritchey 5/29/2003HouseAdded Alternate Chief Co-Sponsor Rep. Frank Aguilar 5/29/2003HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough 5/29/2003HouseAdded Alternate Co-Sponsor Rep. Marlow H. Colvin 5/29/2003HouseHouse Amendment No. 2 Adopted by Voice Vote 5/29/2003HouseHouse Amendment No. 3 Adopted by Voice Vote 5/29/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/29/2003HouseAlternate Chief Co-Sponsor Changed to Rep. William B. Black 5/29/2003HouseAlternate Chief Co-Sponsor Changed to Rep. John A. Fritchey 5/29/2003HouseAlternate Chief Co-Sponsor Changed to Rep. Frank Aguilar 5/29/2003HouseAlternate Chief Co-Sponsor Changed to Rep. William B. Black 5/29/2003HouseAlternate Chief Co-Sponsor Changed to Rep. John A. Fritchey 5/29/2003HouseAlternate Chief Co-Sponsor Changed to Rep. Frank Aguilar 5/30/2003SenateAdded as Co-Sponsor Sen. Susan Garrett 5/30/2003SenateAdded as Co-Sponsor Sen. Dave Syverson 5/30/2003SenateAdded as Co-Sponsor Sen. Carol Ronen 5/30/2003HouseSponsor Removed Rep. Eddie Washington 5/30/2003HouseAdded Alternate Chief Co-Sponsor Rep. Karen A. Yarbrough 5/30/2003HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis 5/30/2003HouseThird Reading - Short Debate - Passed 094-000-023 5/30/2003HouseAdded Alternate Chief Co-Sponsor Rep. Monique D. Davis 5/30/2003HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough 5/30/2003SenateAdded as Co-Sponsor Sen. William R. Haine; as Amended 5/30/2003SenateAdded as Co-Sponsor Sen. Iris Y. Martinez 5/30/2003SenateAdded as Co-Sponsor Sen. Kathleen L. Wojcik 5/30/2003SenateAdded as Co-Sponsor Sen. M. Maggie Crotty 5/30/2003SenateSecretary's Desk - Concurrence House Amendment(s) 01,02,03 5/30/2003SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01,02,03 - May 31, 2003 5/30/2003SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Terry Link 5/30/2003SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 5/30/2003SenateHouse Amendment No. 2 Motion to Concur Filed with Secretary Sen. Terry Link 5/30/2003SenateHouse Amendment No. 2 Motion to Concur Referred to Rules 5/30/2003SenateHouse Amendment No. 3 Motion to Concur Filed with Secretary Sen. Terry Link 5/30/2003SenateHouse Amendment No. 3 Motion to Concur Referred to Rules 5/30/2003SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg 5/30/2003SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 5/30/2003SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Executive 5/30/2003SenateHouse Amendment No. 2 Motion to Concur Rules Referred to Executive 5/30/2003SenateHouse Amendment No. 3 Motion to Concur Rules Referred to Executive 5/30/2003SenateHouse Amendment No. 1 Motion to Concur Be Adopted Executive; 012-000-000 5/30/2003SenateHouse Amendment No. 2 Motion to Concur Be Adopted Executive; 012-000-000 5/30/2003SenateHouse Amendment No. 3 Motion to Concur Be Adopted Executive; 012-000-000 5/30/2003SenateAdded as Co-Sponsor Sen. Don Harmon 5/31/2003SenateAdded as Co-Sponsor Sen. Barack Obama 5/31/2003SenateAdded as Co-Sponsor Sen. Martin A. Sandoval 5/31/2003SenateHouse Amendment No. 1 Senate Concurs 059-000-000 5/31/2003SenateHouse Amendment No. 2 Senate Concurs 059-000-000 5/31/2003SenateHouse Amendment No. 3 Senate Concurs 059-000-000 5/31/2003SenatePassed Both Houses 6/27/2003SenateSent to the Governor 8/20/2003SenateGovernor Approved 8/20/2003SenateEffective Date January 1, 2004 8/20/2003SenatePublic Act . . . . . . . . . 93-0561