Rep. Eddie Washington
Filed: 3/18/2008
 
 

 




 

 		












09500HB2361ham001

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AMENDMENT TO HOUSE BILL 2361




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    AMENDMENT NO. ______. Amend House Bill 2361 by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Deposit of State Moneys Act is amended  by 
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changing Section 16.3 as follows:
 



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    (15 ILCS 520/16.3)




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    Sec. 16.3. Consideration of financial institution's 
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commitment to its
community.

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    (a) In addition to any other
requirements of this Act, the 
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State Treasurer is authorized to consider the
financial

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institution's record and current level of financial commitment 
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to its local
community when deciding whether to deposit State 
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funds in that financial
institution.  The State Treasurer may 
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consider factors including, but not
necessarily limited to:


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        (1) for financial institutions subject to the federal 
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    Community
Reinvestment Act of
1977, the current and 
 


 






09500HB2361ham001
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LRB095 00930 RCE 47891 a




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    historical ratings that the
financial institution has 
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    received, to the extent that those ratings are
publicly 
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    available, under the federal Community Reinvestment Act of 
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    1977;


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        (1) (2) any changes in ownership, management, 
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    policies, or practices of the
financial
institution that 
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    may affect the level of the financial institution's 
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    commitment
to its community;


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        (2) (3) the financial impact that the withdrawal or 
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    denial of
deposits of State funds might have on the 
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    financial institution; and


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        (3) (4) the
financial impact to the State as a result 
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    of withdrawing State
funds or refusing to deposit 
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    additional State funds in the
financial institution.

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    To qualify under this Section, a financial institution 
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subject to the federal Community
Reinvestment Act of
1977 must 
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(i) have an overall outstanding CRA rating on its most recent 
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performance evaluation, (ii) certify that it does not make 
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refund anticipation loans, and (iii) certify that it does not 
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fund payday lenders. 
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    (b) Nothing in this Section shall be construed as 
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authorizing the State
Treasurer to conduct an examination or 
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investigation of a financial institution
or to receive 
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information that is not publicly available and the disclosure 
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of
which is otherwise prohibited by law.

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(Source: P.A. 93-251, eff. 7-1-04.)".