Full Text of HB2406 98th General Assembly
HB2406ham002 98TH GENERAL ASSEMBLY | Rep. Monique D. Davis Filed: 3/12/2013
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| 1 | | AMENDMENT TO HOUSE BILL 2406
| 2 | | AMENDMENT NO. ______. Amend House Bill 2406 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Banking Act is amended by adding | 5 | | Section 47.5 as follows: | 6 | | (205 ILCS 5/47.5 new) | 7 | | Sec. 47.5. Records and report; women-owned business, | 8 | | minority-owned business, and small business. | 9 | | (a) The purpose of this Section is to facilitate the | 10 | | enforcement of fair lending laws and enable communities, | 11 | | governmental entities, and creditors to identify business and | 12 | | community development needs and opportunities of women-owned | 13 | | businesses, minority-owned businesses, and small businesses. | 14 | | For the purposes of this Section, "women-owned business", | 15 | | "minority-owned business", and "small business" have the | 16 | | meanings as given to those terms in the Dodd-Frank Wall
Street |
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| 1 | | Reform and Consumer Protection Act. | 2 | | (b) Subject to the requirements of this Section, for any | 3 | | application to a financial institution for credit, the | 4 | | financial institution shall: | 5 | | (1) inquire whether the business is a women-owned | 6 | | business, minority-owned business, or small business, | 7 | | without regard to whether the application is received in | 8 | | person, by mail, by telephone, by electronic mail or other | 9 | | form of electronic transmission, or by any other means, and | 10 | | whether the application is in response to a solicitation by | 11 | | the financial institution; and | 12 | | (2) maintain a record of the responses to the inquiries | 13 | | separately from the application and accompanying | 14 | | information on forms supplied by the Department. | 15 | | Any applicant for credit may refuse to provide any | 16 | | information requested pursuant to this subsection (b) in | 17 | | connection with any application for credit. | 18 | | (c) Where feasible, no loan underwriter or other officer or | 19 | | employee of a financial institution, or any affiliate of a | 20 | | financial institution, involved in making any determination | 21 | | concerning an application for credit shall have access to any | 22 | | information provided by the applicant pursuant to a request | 23 | | under subsection (b) in connection with an application. | 24 | | If a financial institution determines that a loan | 25 | | underwriter or other officer, employee, or affiliate of a | 26 | | financial institution involved in making any determination |
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| 1 | | concerning an application for credit should have access to any | 2 | | information provided by the applicant pursuant to a request | 3 | | under subsection (b), the financial institution shall provide | 4 | | notice to the applicant of the access of the underwriter to the | 5 | | information, along with notice that the financial institution | 6 | | may not discriminate on the basis of the information. | 7 | | (d) Each financial institution shall compile and maintain a | 8 | | record of the information provided by any loan applicant | 9 | | pursuant to a request under subsection (b) on forms supplied by | 10 | | the Department. | 11 | | Information compiled and maintained under subsection (b) | 12 | | shall be itemized in order to clearly and conspicuously | 13 | | disclose: | 14 | | (1) the number of the application and the date on which | 15 | | the application was received; | 16 | | (2) the type and purpose of the loan or other credit | 17 | | being applied for; | 18 | | (3) the amount of the credit or credit limit applied | 19 | | for and the amount of the credit transaction or the credit | 20 | | limit approved for the applicant; | 21 | | (4) the type of action taken with respect to the | 22 | | application and the date of the action; | 23 | | (5) the census tract in which the principal place of | 24 | | business of the women-owned business, minority-owned | 25 | | business, or small business loan applicant is located; | 26 | | (6) the gross annual revenue of the business in the |
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| 1 | | last fiscal year of the women-owned business, | 2 | | minority-owned business, or small business loan applicant | 3 | | preceding the date of the application; | 4 | | (7) the race, sex, and ethnicity of the principal | 5 | | owners of the business; and | 6 | | (8) any additional data that the Department determines | 7 | | would aid in fulfilling the purposes of this Section. | 8 | | (e) In compiling and maintaining any record of information | 9 | | under this Section, a financial institution shall not include | 10 | | in the record the name, specific address (other than the census | 11 | | tract required by paragraph (5) of subsection (d)), telephone | 12 | | number, electronic mail address, or any other personally | 13 | | identifiable information concerning any individual who is, or | 14 | | is connected with, the women-owned business, minority-owned | 15 | | business, or small business loan applicant. | 16 | | (f) The data required to be compiled and maintained under | 17 | | this Section by the financial institution shall be submitted | 18 | | annually to the Department. If the financial institution has | 19 | | not received any credit applications from women-owned, | 20 | | minority-owned, or small businesses, the financial institution | 21 | | shall not be required to submit an annual report as required | 22 | | under this Section. | 23 | | (h) The Department shall adopt rules necessary to implement | 24 | | this Section. | 25 | | (i) This Section shall be operative only until the
| 26 | | effective date of the federal regulations implementing
Section |
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| 1 | | 1071 of the federal Dodd-Frank Wall
Street Reform and Consumer | 2 | | Protection Act. | 3 | | Section 10. The Illinois Credit Union Act is amended by | 4 | | adding Section 9.5 as follows: | 5 | | (205 ILCS 305/9.5 new) | 6 | | Sec. 9.5. Records and report; women-owned business, | 7 | | minority-owned business, and small business. | 8 | | (a) The purpose of this Section is to facilitate the | 9 | | enforcement of fair lending laws and enable communities, | 10 | | governmental entities, and creditors to identify business and | 11 | | community development needs and opportunities of women-owned | 12 | | businesses, minority-owned businesses, and small businesses. | 13 | | For the purposes of this Section, "women-owned business", | 14 | | "minority-owned business", and "small business" have the | 15 | | meanings as given to those terms in the Dodd-Frank Wall
Street | 16 | | Reform and Consumer Protection Act. | 17 | | (b) Subject to the requirements of this Section, for any | 18 | | application to a credit union for credit, the credit union | 19 | | shall: | 20 | | (1) inquire whether the business is a women-owned | 21 | | business, minority-owned business, or small business, | 22 | | without regard to whether the application is received in | 23 | | person, by mail, by telephone, by electronic mail or other | 24 | | form of electronic transmission, or by any other means, and |
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| 1 | | whether the application is in response to a solicitation by | 2 | | the credit union; and | 3 | | (2) maintain a record of the responses to the inquiries | 4 | | separately from the application and accompanying | 5 | | information on forms supplied by the Department. | 6 | | Any applicant for credit may refuse to provide any | 7 | | information requested pursuant to this subsection (b) in | 8 | | connection with any application for credit. | 9 | | (c) Where feasible, no loan underwriter or other officer or | 10 | | employee of a credit union, or any affiliate of a credit union, | 11 | | involved in making any determination concerning an application | 12 | | for credit shall have access to any information provided by the | 13 | | applicant pursuant to a request under subsection (b) in | 14 | | connection with an application. | 15 | | If a credit union determines that a loan underwriter or | 16 | | other officer, employee, or affiliate of a credit union | 17 | | involved in making any determination concerning an application | 18 | | for credit should have access to any information provided by | 19 | | the applicant pursuant to a request under subsection (b), the | 20 | | credit union shall provide notice to the applicant of the | 21 | | access of the underwriter to the information, along with notice | 22 | | that the credit union may not discriminate on the basis of the | 23 | | information. | 24 | | (d) Each credit union shall compile and maintain a record | 25 | | of the information provided by any loan applicant pursuant to a | 26 | | request under subsection (b) on forms supplied by the |
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| 1 | | Department. | 2 | | Information compiled and maintained under subsection (b) | 3 | | shall be itemized in order to clearly and conspicuously | 4 | | disclose: | 5 | | (1) the number of the application and the date on which | 6 | | the application was received; | 7 | | (2) the type and purpose of the loan or other credit | 8 | | being applied for; | 9 | | (3) the amount of the credit or credit limit applied | 10 | | for and the amount of the credit transaction or the credit | 11 | | limit approved for the applicant; | 12 | | (4) the type of action taken with respect to the | 13 | | application and the date of the action; | 14 | | (5) the census tract in which the principal place of | 15 | | business of the women-owned business, minority-owned | 16 | | business, or small business loan applicant is located; | 17 | | (6) the gross annual revenue of the business in the | 18 | | last fiscal year of the women-owned business, | 19 | | minority-owned business, or small business loan applicant | 20 | | preceding the date of the application; | 21 | | (7) the race, sex, and ethnicity of the principal | 22 | | owners of the business; and | 23 | | (8) any additional data that the Department determines | 24 | | would aid in fulfilling the purposes of this Section. | 25 | | (e) In compiling and maintaining any record of information | 26 | | under this Section, a credit union shall not include in the |
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| 1 | | record the name, specific address (other than the census tract | 2 | | required by paragraph (5) of subsection (d)), telephone number, | 3 | | electronic mail address, or any other personally identifiable | 4 | | information concerning any individual who is, or is connected | 5 | | with, the women-owned business, minority-owned business, or | 6 | | small business loan applicant. | 7 | | (f) The data required to be compiled and maintained under | 8 | | this Section by the credit union shall be submitted annually to | 9 | | the Department. If the credit union has not received any credit | 10 | | applications from women-owned, minority-owned, or small | 11 | | businesses, the credit union shall not be required to submit an | 12 | | annual report as required under this Section. | 13 | | (h) The Department shall adopt rules necessary to implement | 14 | | this Section. | 15 | | (i) This Section shall be operative only until the
| 16 | | effective date of the federal regulations implementing
Section | 17 | | 1071 of the federal Dodd-Frank Wall
Street Reform and Consumer | 18 | | Protection Act.
| 19 | | Section 99. Effective date. This Act takes effect upon | 20 | | becoming law.".
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