98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4759

 

Introduced , by Rep. Ron Sandack

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 235/8

    Amends the Public Funds Investment Act. Provides that a financial institution shall not be required to provide a product or service that it does not already provide. Effective immediately.


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A BILL FOR

 

HB4759LRB098 18581 JWD 53722 b

1    AN ACT concerning finance.
 
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
5changing Section 8 as follows:
 
6    (30 ILCS 235/8)
7    Sec. 8. Consideration of financial institution's
8commitment to its community.
9    (a) In addition to any other requirements of this Act, a
10public agency is authorized to consider the financial
11institution's record and current level of financial commitment
12to its local community when deciding whether to deposit public
13funds in that financial institution. The public agency may
14consider factors including, but not necessarily limited to:
15        (1) for financial institutions subject to the federal
16    Community Reinvestment Act of 1977, the current and
17    historical ratings that the financial institution has
18    received, to the extent that those ratings are publicly
19    available, under the federal Community Reinvestment Act of
20    1977;
21        (2) any changes in ownership, management, policies, or
22    practices of the financial institution that may affect the
23    level of the financial institution's commitment to its

 

 

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1    community;
2        (3) the financial impact that the withdrawal or denial
3    of deposits of public funds might have on the financial
4    institution;
5        (4) the financial impact to the public agency as a
6    result of withdrawing public funds or refusing to deposit
7    additional public funds in the financial institution; and
8        (5) any additional burden on the resources of the
9    public agency that might result from ceasing to maintain
10    deposits of public funds at the financial institution under
11    consideration.
12    (b) Nothing in this Section shall be construed as
13authorizing the public agency to conduct an examination or
14investigation of a financial institution or to receive
15information that is not publicly available and the disclosure
16of which is otherwise prohibited by law or to require a
17financial institution to provide a product or service in this
18State that the financial institution does not otherwise provide
19in this State.
20(Source: P.A. 93-251, eff. 7-1-04.)
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.