Illinois General Assembly - Bill Status for HB5196
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 Bill Status of HB5196  101st General Assembly


Short Description:  STATE MONEY-LINKED DEPOSIT

House Sponsors
Rep. Lance Yednock

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
15 ILCS 520/7from Ch. 130, par. 26


Synopsis As Introduced
Amends the Deposit of State Moneys Act. Provides that the State Treasurer may allow an eligible financial institution (rather than a bank or savings and loan association) to become a State depository. Provides that State depositories may submit proposals or applications that may be approved or rejected by the State Treasurer. Provides that the State Treasurer may accept a proposal from an eligible financial institution which provides for a reduced rate of interest provided that the financial institution documents the use of deposited funds for specified economic development projects (currently, economic community development projects). Modifies provisions concerning proposals from an eligible financial institution that provides for interest earnings on deposits of State moneys to be held by the financial institution in a separate account that the State Treasurer may use to secure up to 10% of any specified home loan to Illinois citizens. Removes provisions concerning proposals for a reduced rate of interest with moneys to be expended for specified purposes. Makes conforming changes. Effective immediately.

Actions 
DateChamber Action
  2/14/2020HouseFiled with the Clerk by Rep. Lance Yednock
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  3/3/2020HouseAssigned to Revenue & Finance Committee
  3/6/2020HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lance Yednock
  3/6/2020HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  6/23/2020HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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