99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
Introduced 2/18/2015, by Rep. Monique D. Davis
SYNOPSIS AS INTRODUCED:
205 ILCS 5/47.5 new
205 ILCS 305/9.5 new
Amends the Illinois Banking Act and the Illinois Credit Union Act.
Requires financial institutions and credit unions to maintain and submit a
record of applications for credit from women-owned businesses,
minority-owned businesses, or small businesses. Provides requirements for
the maintenance and collection of those records. Authorizes the Department
of Financial and Professional Regulation to adopt rules necessary to
implement the provisions. Provides that the provisions shall be operative
only until the
effective date of the federal regulations implementing
specified provision of the federal Dodd-Frank Wall
Street Reform and
Consumer Protection Act. Effective immediately.
A BILL FOR
|HB2542||LRB099 09938 MGM 30156 b|
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Banking Act is amended by adding
Section 47.5 as follows:
(205 ILCS 5/47.5 new)
Records and report; women-owned business,
minority-owned business, and small business.
(a) The purpose of this Section is to facilitate the
enforcement of fair lending laws and enable communities,
governmental entities, and creditors to identify business and
community development needs and opportunities of women-owned
businesses, minority-owned businesses, and small businesses.
For the purposes of this Section, "women-owned business",
"minority-owned business", and "small business" have the
meanings as given to those terms in the Dodd-Frank Wall
Reform and Consumer Protection Act.
(b) Subject to the requirements of this Section, for any
application to a financial institution for credit, the
financial institution shall:
(1) inquire whether the business is a women-owned
business, minority-owned business, or small business,
without regard to whether the application is received in