102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1573

 

Introduced 2/17/2021, by Rep. Emanuel Chris Welch

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 520/2  from Ch. 130, par. 21

    Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning interest on deposits.


LRB102 03604 RJF 13617 b

 

 

A BILL FOR

 

HB1573LRB102 03604 RJF 13617 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Deposit of State Moneys Act is amended by
5changing Section 2 as follows:
 
6    (15 ILCS 520/2)  (from Ch. 130, par. 21)
7    Sec. 2. All banks or savings and and loan associations in
8which any such money is deposited shall be required to pay
9interest on time deposit accounts if members of the Federal
10Reserve system are permitted to pay interest on the particular
11class of deposit. All interest received or paid on account of
12money in the State treasury belonging to or for the use of the
13State so deposited in banks or savings and loan associations,
14shall be the property of the State of Illinois. If any moneys
15held by the State Treasurer shall be deposited in banks or
16savings and loan associations pursuant to the provisions of
17this Act, the interest received thereon shall be credited as
18provided in Section 4.1 of "An Act in relation to State
19finance".
20(Source: P.A. 84-1378.)