Bill Status of HB4908  103rd General Assembly

Short Description:  NON-PROFIT INVESTMENT POOL

House Sponsors
Rep. Mark L. Walker

Last Action
DateChamber Action
  4/19/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
15 ILCS 505/10from Ch. 130, par. 10
15 ILCS 505/17.2 new
30 ILCS 237/10


Synopsis As Introduced
Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool to supplement and enhance investment opportunities otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Makes changes to provisions concerning the direct deposit of State payments. Amends the Accountability for the Investment of Public Funds Act. Provides that the Treasurer shall adopt rules for the efficient administration of the pool. Provides that each State agency shall make available on the Internet, and update at least monthly, no later than the end of each month (rather than by the 15th of the month), sufficient information concerning the investment of any public funds held by that State agency to identify specified information. Effective immediately.

House Committee Amendment No. 1
Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payments processing program (rather than a non-profit investment pool). Provides that the Treasurer may receive funds paid into the non-profit investment pool by a not-for-profit corporation that is exempt from taxation under Section 501(c)(3) or 501(c)(12) of the Internal Revenue Code (rather than Section 501(c) of the Internal Revenue Code). Corrects a grammatical error.

 Fiscal Note (Office of the Treasurer)
 The Treasurer’s Office does not anticipate the need for additional staff for the investment pool for 501(c) non-profit organizations. The costs for the investment pool will be paid for entirely by fees. Start-up costs will be absorbed by the existing budget. No dollar amount estimate is possible but is believed to be minimal.

Actions 
DateChamber Action
  2/6/2024HouseFiled with the Clerk by Rep. Mark L. Walker
  2/7/2024HouseFirst Reading
  2/7/2024HouseReferred to Rules Committee
  3/5/2024HouseReferred to State Government Administration Committee
  3/5/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker
  3/5/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/12/2024HouseHouse Committee Amendment No. 1 Rules Refers to State Government Administration Committee
  3/13/2024HouseHouse Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote
  3/13/2024HouseDo Pass as Amended / Short Debate State Government Administration Committee; 006-003-000
  3/14/2024HousePlaced on Calendar 2nd Reading - Short Debate
  3/20/2024HouseFiscal Note Requested by Rep. Ryan Spain
  3/25/2024HouseFiscal Note Filed
  4/17/2024HouseSecond Reading - Short Debate
  4/17/2024HouseHeld on Calendar Order of Second Reading - Short Debate
  4/19/2024HouseRule 19(a) / Re-referred to Rules Committee