100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2487

 

Introduced 1/31/2018, by Sen. Jacqueline Y. Collins

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 235/6.3 new
205 ILCS 5/47.5 new
205 ILCS 205/9008.5 new
205 ILCS 305/9.5 new

    Amends the Public Funds Investment Act, the Illinois Banking Act, the Savings Bank Act, and the Illinois Credit Union Act. Requires any financial institution or other entity receiving public funds, State bank, savings bank, and credit union with assets of at least $100,000,000 to submit an annual report on its voluntary supplier diversity program to the Department of Financial and Professional Regulation. Sets forth provisions on what the report must include and how and when the report must be submitted. Provides that, for each report, the Department shall publish the results on its Internet website for 5 years after submission. Requires the Department to hold an annual supplier diversity workshop in February of 2019 and every February thereafter to discuss the reports with representatives of the financial institutions, State banks, savings banks, or credit unions and vendors. Provides that the Department shall prepare a template for voluntary supplier diversity reports. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Funds Investment Act is amended by
5adding Section 6.3 as follows:
 
6    (30 ILCS 235/6.3 new)
7    Sec. 6.3. Financial institutions supplier diversity
8report.
9    (a) Any financial institution or other entity receiving
10public funds subject to the provisions of this Act with assets
11of at least $100,000,000 shall submit a 2-page report on its
12voluntary supplier diversity program to the Department of
13Financial and Professional Regulation. The report shall set
14forth all of the following:
15        (1) The name, address, phone number, and e-mail address
16    of the point of contact for the supplier diversity program
17    (or the financial institution's procurement program if
18    there is no supplier diversity program) for vendors to
19    register with the program.
20        (2) Local and State certifications the financial
21    institution accepts or recognizes for minority-owned,
22    women-owned, or veteran-owned business status.
23        (3) On the second page, a narrative explaining the

 

 

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1    results of the report and the tactics to be employed to
2    achieve the goals of its voluntary supplier diversity
3    program.
4        (4) The voluntary goals, if any, for the calendar year
5    for which the report is made in each category for the
6    entire budget of the financial institution and the
7    commodity codes or a description of particular goods and
8    services for the area of procurement in which the financial
9    institution expects most of those goals to focus on in that
10    year.
11    Each financial institution is required to submit a
12searchable portable document format (PDF) report to the
13Department of Financial and Professional Regulation on or
14before November 15, 2018, and on or before November 15 every
15year thereafter, for the upcoming calendar year.
16    (b) For each report submitted under subsection (a) of this
17Section, the Department of Financial and Professional
18Regulation shall publish the results on its Internet website
19for 5 years after submission. The Department of Financial and
20Professional Regulation is not responsible for collecting the
21reports or for the content of the reports.
22    (c) The Department of Financial and Professional
23Regulation shall hold an annual financial institution supplier
24diversity workshop in February of 2019 and every February
25thereafter to discuss the reports with representatives of the
26financial institutions and vendors.

 

 

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1    (d) The Department of Financial and Professional
2Regulation shall prepare a one-page template (not including the
3narrative section) for the voluntary supplier diversity
4reports.
5    (e) The Department of Financial and Professional
6Regulation may adopt such rules as it deems necessary to
7implement this Section.
 
8    Section 10. The Illinois Banking Act is amended by adding
9Section 47.5 as follows:
 
10    (205 ILCS 5/47.5 new)
11    Sec. 47.5. State bank supplier diversity report.
12    (a) Any State bank with assets of at least $100,000,000
13shall submit a 2-page report on its voluntary supplier
14diversity program to the Department. The report shall set forth
15all of the following:
16        (1) The name, address, phone number, and e-mail address
17    of the point of contact for the supplier diversity program
18    (or the State bank's procurement program if there is no
19    supplier diversity program) for vendors to register with
20    the program.
21        (2) Local and State certifications the State bank
22    accepts or recognizes for minority-owned, women-owned, or
23    veteran-owned business status.
24        (3) On the second page, a narrative explaining the

 

 

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1    results of the report and the tactics to be employed to
2    achieve the goals of its voluntary supplier diversity
3    program.
4        (4) The voluntary goals, if any, for the calendar year
5    for which the report is made in each category for the
6    entire budget of the State bank and the commodity codes or
7    a description of particular goods and services for the area
8    of procurement in which the State bank expects most of
9    those goals to focus on in that year.
10    Each State bank is required to submit a searchable portable
11document format (PDF) report to the Department on or before
12November 15, 2018, and on or before November 15 every year
13thereafter, for the upcoming calendar year.
14    (b) For each report submitted under subsection (a) of this
15Section, the Department shall publish the results on its
16Internet website for 5 years after submission. The Department
17is not responsible for collecting the reports or for the
18content of the reports.
19    (c) The Department shall hold an annual bank supplier
20diversity workshop in February of 2019 and every February
21thereafter to discuss the reports with representatives of the
22State banks and vendors.
23    (d) The Department shall prepare a one-page template (not
24including the narrative section) for the voluntary supplier
25diversity reports.
26    (e) The Department may adopt such rules as it deems

 

 

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1necessary to implement this Section.
 
2    Section 15. The Savings Bank Act is amended by adding
3Section 9008.5 as follows:
 
4    (205 ILCS 205/9008.5 new)
5    Sec. 9008.5. Savings bank supplier diversity report.
6    (a) Each savings bank operating under this Act with assets
7of at least $100,000,000 shall submit a 2-page report on its
8voluntary supplier diversity program to the Department. The
9report shall set forth all of the following:
10        (1) The name, address, phone number, and e-mail address
11    of the point of contact for the supplier diversity program
12    (or the savings bank's procurement program if there is no
13    supplier diversity program) for vendors to register with
14    the program.
15        (2) Local and State certifications the savings bank
16    accepts or recognizes for minority-owned, women-owned, or
17    veteran-owned business status.
18        (3) On the second page, a narrative explaining the
19    results of the report and the tactics to be employed to
20    achieve the goals of its voluntary supplier diversity
21    program.
22        (4) The voluntary goals, if any, for the calendar year
23    for which the report is made in each category for the
24    entire budget of the savings bank and the commodity codes

 

 

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1    or a description of particular goods and services for the
2    area of procurement in which the savings bank expects most
3    of those goals to focus on in that year.
4    Each savings bank is required to submit a searchable
5portable document format (PDF) report to the Department on or
6before November 15, 2018, and on or before November 15 every
7year thereafter, for the upcoming calendar year.
8    (b) For each report submitted under subsection (a) of this
9Section, the Department shall publish the results on its
10Internet website for 5 years after submission. The Department
11is not responsible for collecting the reports or for the
12content of the reports.
13    (c) The Department shall hold an annual savings bank
14supplier diversity workshop in February of 2019 and every
15February thereafter to discuss the reports with
16representatives of the savings banks and vendors.
17    (d) The Department shall prepare a one-page template (not
18including the narrative section) for the voluntary supplier
19diversity reports.
20    (e) The Department may adopt such rules as it deems
21necessary to implement this Section.
 
22    Section 20. The Illinois Credit Union Act is amended by
23adding Section 9.5 as follows:
 
24    (205 ILCS 305/9.5 new)

 

 

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1    Sec. 9.5. Credit union supplier diversity report.
2    (a) Each credit union operating under this Act with assets
3of at least $100,000,000 shall submit a 2-page report on its
4voluntary supplier diversity program to the Department. The
5report shall set forth all of the following:
6        (1) The name, address, phone number, and e-mail address
7    of the point of contact for the supplier diversity program
8    (or the credit union's procurement program if there is no
9    supplier diversity program) for vendors to register with
10    the program.
11        (2) Local and State certifications the credit union
12    accepts or recognizes for minority-owned, women-owned, or
13    veteran-owned business status.
14        (3) On the second page, a narrative explaining the
15    results of the report and the tactics to be employed to
16    achieve the goals of its voluntary supplier diversity
17    program.
18        (4) The voluntary goals, if any, for the calendar year
19    for which the report is made in each category for the
20    entire budget of the credit union and the commodity codes
21    or a description of particular goods and services for the
22    area of procurement in which the credit union expects most
23    of those goals to focus on in that year.
24    Each credit union is required to submit a searchable
25portable document format (PDF) report to the Department on or
26before November 15, 2018, and on or before November 15 every

 

 

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1year thereafter, for the upcoming calendar year.
2    (b) For each report submitted under subsection (a) of this
3Section, the Department shall publish the results on its
4Internet website for 5 years after submission. The Department
5is not responsible for collecting the reports or for the
6content of the reports.
7    (c) The Department shall hold an annual credit union
8supplier diversity workshop in February of 2019 and every
9February thereafter to discuss the reports with
10representatives of the credit unions and vendors.
11    (d) The Department shall prepare a one-page template (not
12including the narrative section) for the voluntary supplier
13diversity reports.
14    (e) The Department may adopt such rules as it deems
15necessary to implement this Section.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.