Synopsis As Introduced Amends the Illinois Banking Act. Provides that all State banks shall include in their quarterly statement to the Secretary of Financial and Professional Regulation (i) a list of all loans given to minority owned businesses in the last quarter and (ii) the ethnicity of the majority of owners of those businesses. Effective immediately.
Replaces everything after the enacting clause. 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 Section 1071 of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act. Effective immediately.