Bill Text: IL HB4759 | 2013-2014 | 98th General Assembly | Amended
Bill Title: Amends the Public Funds Investment Act. Provides that a financial institution shall not be required to provide a product or service that it does not already provide. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Failed) 2014-12-03 - Session Sine Die [HB4759 Detail]
Download: Illinois-2013-HB4759-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 4759
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| 2 | AMENDMENT NO. ______. Amend House Bill 4759 on page 1, by | ||||||
| 3 | inserting the following after line 3:
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| 4 | "Section 2. The Deposit of State Moneys Act is amended by | ||||||
| 5 | changing Section 16.3 as follows:
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| 6 | (15 ILCS 520/16.3)
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| 7 | Sec. 16.3.
Consideration of financial institution's | ||||||
| 8 | commitment to its
community.
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| 9 | (a) In addition to any other
requirements of this Act, the | ||||||
| 10 | State Treasurer is authorized to consider the
financial
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| 11 | institution's record and current level of financial commitment | ||||||
| 12 | to its local
community when deciding whether to deposit State | ||||||
| 13 | funds in that financial
institution. The State Treasurer may | ||||||
| 14 | consider factors including, but not
necessarily limited to:
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| 15 | (1) for financial institutions subject to the federal | ||||||
| 16 | Community
Reinvestment Act of
1977, the current and | ||||||
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| 1 | historical ratings that the
financial institution has | ||||||
| 2 | received, to the extent that those ratings are
publicly | ||||||
| 3 | available, under the federal Community Reinvestment Act of | ||||||
| 4 | 1977;
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| 5 | (2) any changes in ownership, management, policies, or | ||||||
| 6 | practices of the
financial
institution that may affect the | ||||||
| 7 | level of the financial institution's commitment
to its | ||||||
| 8 | community;
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| 9 | (3) the financial impact that the withdrawal or denial | ||||||
| 10 | of
deposits of State funds might have on the financial | ||||||
| 11 | institution; and
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| 12 | (4) the
financial impact to the State as a result of | ||||||
| 13 | withdrawing State
funds or refusing to deposit additional | ||||||
| 14 | State funds in the
financial institution.
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| 15 | (b) Nothing in this Section shall be construed as | ||||||
| 16 | authorizing the State
Treasurer to conduct an examination or | ||||||
| 17 | investigation of a financial institution
or to receive | ||||||
| 18 | information that is not publicly available and the disclosure | ||||||
| 19 | of
which is otherwise prohibited by law or to require a | ||||||
| 20 | financial institution to provide a product or service in this | ||||||
| 21 | State that the financial institution does not otherwise provide | ||||||
| 22 | in this State.
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| 23 | (Source: P.A. 93-251, eff. 7-1-04.)".
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