Illinois General Assembly - Bill Status for HB0277
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 Bill Status of HB0277  93rd General Assembly

Short Description:  STATE FUNDS REINVEST REQUIREMT

House Sponsors
Rep. Eddie Washington - Constance A. Howard - Arthur L. Turner - Karen A. Yarbrough - Robert W. Churchill, Cynthia Soto, William Delgado, Calvin L. Giles, Lou Lang, Annazette Collins, William Davis, Monique D. Davis, Karen May, Patricia Bailey, Marlow H. Colvin, Lovana Jones, Charles E. Jefferson, Michael K. Smith, Robert F. Flider, Wyvetter H. Younge, Barbara Flynn Currie, David E. Miller, Julie Hamos, Elaine Nekritz and Robin Kelly

Senate Sponsors
(Sen. Terry Link)

Last Action
DateChamber Action
  7/22/2003HousePublic Act . . . . . . . . . 93-0251

Statutes Amended In Order of Appearance
15 ILCS 520/1.5 new
15 ILCS 520/16.5 new
30 ILCS 235/8 new


Synopsis As Introduced
Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that if a depositary is subject to the Community Reinvestment Act of 1977, the depositary must have a rating of satisfactory or better in order to be eligible for the deposit of State moneys or public funds. Requires the State Treasurer to review complaints alleging violation of fair lending standards. Provides for the State Treasurer to remove from the list of depositaries those depositaries the State Treasurer finds to have committed violations of fair lending standards.

House Committee Amendment No. 1
Deletes reference to:
15 ILCS 520/1.5 new
Adds reference to:
15 ILCS 520/16.3 new
15 ILCS 520/16.4 new
30 ILCS 235/9 new
30 ILCS 235/10 new

Replaces everything after the enacting clause. Provides that to be eligible for the deposit of State moneys under the Deposit of State Moneys Act or the deposit of public funds under the Public Funds Investment Act, small financial institutions must have a rating of satisfactory or better under the federal Community Reinvestment Act of 1977 provisions applicable to small financial institutions and large financial institutions must have a rating of satisfactory or better under the federal Community Reinvestment Act of 1977 provisions applicable to large financial institutions. Provides for the State Treasurer to examine public records of financial regulatory agencies to ascertain whether depositaries have violated fair lending laws. Provides for the State Treasurer to disclose the findings of the examination to public agencies.

House Committee Amendment No. 2
Deletes reference to:
15 ILCS 520/16.4 new
15 ILCS 520/16.5 new
30 ILCS 235/9 new
30 ILCS 235/10 new

Replaces everything after the enacting clause. Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer and public agencies may consider a financial institution's commitment to its community when deciding where to deposit State moneys and public funds. Effective July 1, 2004.

House Floor Amendment No. 3
Replaces everything after the enacting clause. Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer and public agencies are authorized to consider a financial institution's commitment to its community when deciding where to deposit State moneys and public funds. Effective July 1, 2004.

 Fiscal Note (Illinois State Treasurer)
 House Bill 277 will not have an effect on the State Treasurer's budget.

Actions 
DateChamber Action
  1/23/2003HouseFiled with the Clerk by Rep. Eddie Washington
  1/23/2003HouseFirst Reading
  1/23/2003HouseReferred to Rules Committee
  1/23/2003HouseAdded Chief Co-Sponsor Rep. Constance A. Howard
  1/23/2003HouseAdded Chief Co-Sponsor Rep. Arthur L. Turner
  1/23/2003HouseAdded Chief Co-Sponsor Rep. Karen A. Yarbrough
  1/23/2003HouseAdded Chief Co-Sponsor Rep. Robert W. Churchill
  1/29/2003HouseAssigned to State Government Administration Committee
  1/30/2003HouseAdded Co-Sponsor Rep. Cynthia Soto
  1/30/2003HouseAdded Co-Sponsor Rep. William Delgado
  1/30/2003HouseAdded Co-Sponsor Rep. Calvin L. Giles
  1/30/2003HouseAdded Co-Sponsor Rep. Lou Lang
  1/30/2003HouseAdded Co-Sponsor Rep. Annazette Collins
  1/30/2003HouseAdded Co-Sponsor Rep. William Davis
  1/30/2003HouseAdded Co-Sponsor Rep. Monique D. Davis
  1/30/2003HouseAdded Co-Sponsor Rep. Karen May
  1/30/2003HouseAdded Co-Sponsor Rep. Patricia Bailey
  1/30/2003HouseAdded Co-Sponsor Rep. Marlow H. Colvin
  1/30/2003HouseAdded Co-Sponsor Rep. Art Tenhouse
  1/30/2003HouseAdded Co-Sponsor Rep. Lovana Jones
  1/30/2003HouseAdded Co-Sponsor Rep. Charles E. Jefferson
  1/30/2003HouseAdded Co-Sponsor Rep. Michael K. Smith
  1/30/2003HouseAdded Co-Sponsor Rep. Robert F. Flider
  1/30/2003HouseAdded Co-Sponsor Rep. Wyvetter H. Younge
  2/4/2003HouseAdded Co-Sponsor Rep. Barbara Flynn Currie
  2/4/2003HouseAdded Co-Sponsor Rep. David E. Miller
  2/27/2003HouseAdded Co-Sponsor Rep. Julie Hamos
  2/27/2003HouseAdded Co-Sponsor Rep. Elaine Nekritz
  3/6/2003HouseHouse Committee Amendment No. 1 Filed with Clerk by State Government Administration Committee
  3/6/2003HouseHouse Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote
  3/6/2003HouseMotion Do Pass as Amended - Lost State Government Administration Committee; 004-004-001
  3/6/2003HouseRemains in State Government Administration Committee
  3/13/2003HouseHouse Committee Amendment No. 2 Filed with Clerk by State Government Administration Committee
  3/13/2003HouseHouse Committee Amendment No. 2 Adopted in State Government Administration Committee; by Voice Vote
  3/13/2003HouseDo Pass as Amended / Short Debate State Government Administration Committee; 010-000-001
  3/13/2003HousePlaced on Calendar 2nd Reading - Short Debate
  3/18/2003HouseSecond Reading - Short Debate
  3/18/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/20/2003HouseRecalled to Second Reading - Short Debate
  3/20/2003HouseHeld on Calendar Order of Second Reading - Short Debate
  3/21/2003HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Eddie Washington
  3/21/2003HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  3/21/2003HouseAdded Co-Sponsor Rep. Robin Kelly
  3/25/2003HouseHouse Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000
  3/25/2003HouseFiscal Note Filed
  3/25/2003HouseHouse Floor Amendment No. 3 Adopted by Voice Vote
  3/25/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/26/2003HouseThird Reading - Short Debate - Passed 112-002-003
  3/27/2003SenateArrive in Senate
  3/27/2003SenatePlaced on Calendar Order of First Reading April 2, 2003
  3/27/2003SenateChief Senate Sponsor Sen. Terry Link
  4/2/2003SenateFirst Reading
  4/2/2003SenateReferred to Rules
  4/10/2003SenateAssigned to Financial Institutions
  5/1/2003SenateDo Pass Financial Institutions; 005-003-001
  5/1/2003SenatePlaced on Calendar Order of 2nd Reading May 6, 2003
  5/6/2003SenateSecond Reading
  5/6/2003SenatePlaced on Calendar Order of 3rd Reading May 7, 2003
  5/9/2003SenateThird Reading - Passed; 042-016-000
  5/9/2003HousePassed Both Houses
  6/6/2003HouseSent to the Governor
  7/1/2003HouseEffective Date July 1, 2004
  7/22/2003HouseGovernor Approved
  7/22/2003HousePublic Act . . . . . . . . . 93-0251

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