Bill Amendment: IL SB3235 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: FINANCIAL INSTITUTIONS-STUDY
Status: 2024-08-09 - Public Act . . . . . . . . . 103-0959 [SB3235 Detail]
Download: Illinois-2023-SB3235-Senate_Amendment_003.html
Bill Title: FINANCIAL INSTITUTIONS-STUDY
Status: 2024-08-09 - Public Act . . . . . . . . . 103-0959 [SB3235 Detail]
Download: Illinois-2023-SB3235-Senate_Amendment_003.html
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1 | AMENDMENT TO SENATE BILL 3235 | ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 3235 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Commission on Equity and Inclusion Act is | ||||||
5 | amended by changing Section 40-10 as follows:
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6 | (30 ILCS 574/40-10) | ||||||
7 | Sec. 40-10. Powers and duties. In addition to the other | ||||||
8 | powers and duties which may be prescribed in this Act or | ||||||
9 | elsewhere, the Commission shall have the following powers and | ||||||
10 | duties: | ||||||
11 | (1) The Commission shall have a role in all State and | ||||||
12 | university procurement by facilitating and streamlining | ||||||
13 | communications between the Business Enterprise Council for | ||||||
14 | Minorities, Women, and Persons with Disabilities, the | ||||||
15 | purchasing entities, the Chief Procurement Officers, and | ||||||
16 | others. |
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1 | (2) The Commission may create a scoring evaluation for | ||||||
2 | State agency directors, public university presidents and | ||||||
3 | chancellors, and public community college presidents. The | ||||||
4 | scoring shall be based on the following 3 principles: (i) | ||||||
5 | increasing capacity; (ii) growing revenue; and (iii) | ||||||
6 | enhancing credentials. These principles should be the | ||||||
7 | foundation of the agency compliance plan required under | ||||||
8 | Section 6 of the Business Enterprise for Minorities, | ||||||
9 | Women, and Persons with Disabilities Act. | ||||||
10 | (3) The Commission shall exercise the authority and | ||||||
11 | duties provided to it under Section 5-7 of the Illinois | ||||||
12 | Procurement Code. | ||||||
13 | (4) The Commission, working with State agencies, shall | ||||||
14 | provide support for diversity in State hiring. | ||||||
15 | (5) The Commission shall oversee the implementation of | ||||||
16 | diversity training of the State workforce. | ||||||
17 | (6) Each January, and as otherwise frequently as may | ||||||
18 | be deemed necessary and appropriate by the Commission, the | ||||||
19 | Commission shall propose and submit to the Governor and | ||||||
20 | the General Assembly legislative changes to increase | ||||||
21 | inclusion and diversity in State government. | ||||||
22 | (7) The Commission shall have oversight over the | ||||||
23 | following entities: | ||||||
24 | (A) the Illinois African-American Family | ||||||
25 | Commission; | ||||||
26 | (B) the Illinois Latino Family Commission; |
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1 | (C) the Asian American Family Commission; | ||||||
2 | (D) the Illinois Muslim American Advisory Council; | ||||||
3 | (E) the Illinois African-American Fair Contracting | ||||||
4 | Commission created under Executive Order 2018-07; and | ||||||
5 | (F) the Business Enterprise Council for | ||||||
6 | Minorities, Women, and Persons with Disabilities. | ||||||
7 | (8) The Commission shall adopt any rules necessary for | ||||||
8 | the implementation and administration of the requirements | ||||||
9 | of this Act. | ||||||
10 | (9) The Commission shall exercise the authority and | ||||||
11 | duties provided to it under Section 45-57 of the Illinois | ||||||
12 | Procurement Code. | ||||||
13 | (10) The Commission is responsible for completing | ||||||
14 | disparity studies as required by Section 35-15 of the | ||||||
15 | Illinois Community Reinvestment Act. | ||||||
16 | (Source: P.A. 101-657, eff. 1-1-22; 102-29, eff. 6-25-21; | ||||||
17 | 102-671, eff. 11-30-21.)
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18 | Section 10. The Illinois Community Reinvestment Act is | ||||||
19 | amended by changing Sections 35-5 and 35-15 as follows:
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20 | (205 ILCS 735/35-5) | ||||||
21 | Sec. 35-5. Definitions. As used in this Act: | ||||||
22 | "Commission" means the Commission on Equity and Inclusion. | ||||||
23 | "Covered financial institution" means a bank chartered | ||||||
24 | under the Illinois Banking Act, a savings bank chartered under |
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1 | the Illinois Savings Bank Act, a credit union incorporated | ||||||
2 | under the Illinois Credit Union Act, an entity licensed under | ||||||
3 | the Illinois Residential Mortgage License Act of 1987 which | ||||||
4 | lent or originated 50 or more residential mortgage loans in | ||||||
5 | the previous calendar year, and any other financial | ||||||
6 | institution under the jurisdiction of the Department as | ||||||
7 | designated by rule by the Secretary. | ||||||
8 | "Department" means the Department of Financial and | ||||||
9 | Professional Regulation. | ||||||
10 | "Division of Banking" means the Division of Banking within | ||||||
11 | the Department. | ||||||
12 | "Division of Financial Institutions" means the Division of | ||||||
13 | Financial Institutions within the Department. | ||||||
14 | "Protected characteristic" means any basis for which | ||||||
15 | discrimination is prohibited by law, including, but not | ||||||
16 | limited to, under the Illinois Human Rights Act, for which a | ||||||
17 | covered financial institution is examined for compliance under | ||||||
18 | this Act. "Protected characteristic" includes race, color, | ||||||
19 | religion, national origin, ancestry, age, sex, marital status, | ||||||
20 | order of protection status, disability, military status, | ||||||
21 | sexual orientation, pregnancy, or unfavorable discharge from | ||||||
22 | military service. | ||||||
23 | "Secretary" means the Secretary of Financial and | ||||||
24 | Professional Regulation, or his or her designee, including the | ||||||
25 | Director of the Division of Banking or the Director of the | ||||||
26 | Division of Financial Institutions. |
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1 | (Source: P.A. 101-657, eff. 3-23-21.)
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2 | (205 ILCS 735/35-15) | ||||||
3 | Sec. 35-15. Examinations. | ||||||
4 | (a) The Secretary shall have the authority to examine each | ||||||
5 | covered financial institution for compliance with this Act, in | ||||||
6 | consultation with State and federal regulators with an | ||||||
7 | appropriate regulatory interest, for and in compliance with | ||||||
8 | applicable State and federal fair lending laws, including, but | ||||||
9 | not limited to, the Illinois Human Rights Act, the federal | ||||||
10 | Equal Credit Opportunity Act, and the federal Home Mortgage | ||||||
11 | Disclosure Act, as often as the Secretary deems necessary and | ||||||
12 | proper. The Secretary may adopt rules with respect to the | ||||||
13 | frequency and manner of examination including the imposition | ||||||
14 | of examination fees. The Secretary shall appoint a suitable | ||||||
15 | person to perform such examination. The Secretary and his or | ||||||
16 | her appointees may examine the entire books, records, | ||||||
17 | documents, and operations of each covered financial | ||||||
18 | institution, its parent company, and its subsidiaries, | ||||||
19 | affiliates, or agents, and may examine any of the covered | ||||||
20 | financial institution's, its parent company's or its | ||||||
21 | subsidiaries', affiliates', or agents' officers, directors, | ||||||
22 | employees, and agents under oath. Any document or record | ||||||
23 | prepared or obtained in connection with or relating to any | ||||||
24 | such examination, and any record prepared or obtained by the | ||||||
25 | Secretary to the extent that the record summarizes or contains |
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1 | information derived from any document or record described in | ||||||
2 | this subsection (a), shall not be disclosed to the public | ||||||
3 | unless otherwise provided by this Act. | ||||||
4 | (b) Upon the completion of the examination of a covered | ||||||
5 | financial institution under this Section, the Secretary shall | ||||||
6 | prepare a written evaluation of the covered financial | ||||||
7 | institution's record of performance relative to this Act. Each | ||||||
8 | written evaluation required under this subsection (b) shall | ||||||
9 | have a public section, which shall include no less information | ||||||
10 | than would be disclosed in a written evaluation under the | ||||||
11 | federal Community Reinvestment Act, and a confidential | ||||||
12 | section. The Secretary shall give the covered financial | ||||||
13 | institution an opportunity to comment on the evaluation, and | ||||||
14 | then shall make the public section of the written evaluation | ||||||
15 | open to public inspection upon request. The written evaluation | ||||||
16 | shall include, but is not limited to: | ||||||
17 | (1) the assessment factors utilized to determine the | ||||||
18 | covered financial institution's descriptive rating; | ||||||
19 | (2) the Secretary's conclusions with respect to each | ||||||
20 | such assessment factor; | ||||||
21 | (3) a discussion of the facts supporting such | ||||||
22 | conclusions; | ||||||
23 | (4) the covered financial institution's descriptive | ||||||
24 | rating and the basis therefor; and | ||||||
25 | (5) a summary of public comments. | ||||||
26 | (c) Based upon the examination, the covered financial |
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1 | institution shall be assigned one of the following ratings: | ||||||
2 | (1) outstanding record of performance in meeting its | ||||||
3 | community financial services needs; | ||||||
4 | (2) satisfactory record of performance in meeting its | ||||||
5 | community financial services needs; | ||||||
6 | (3) needs to improve record of performance in meeting | ||||||
7 | its community services needs; or | ||||||
8 | (4) substantial noncompliance in meeting its community | ||||||
9 | financial services needs. | ||||||
10 | (d) Notwithstanding the foregoing provisions of this | ||||||
11 | Section, the Secretary may establish an alternative | ||||||
12 | examination procedure for any covered financial institution, | ||||||
13 | which, as of the most recent examination, has been assigned a | ||||||
14 | rating of outstanding or satisfactory for its record of | ||||||
15 | performance in meeting its community financial services needs. | ||||||
16 | (e) The Commission, subject to appropriation, shall retain | ||||||
17 | qualified persons to design and conduct one or more disparity | ||||||
18 | studies to prepare and report findings and conclusions to the | ||||||
19 | members of the Commission and the Secretary to: | ||||||
20 | (1) identify and delineate geographies in Illinois | ||||||
21 | exhibiting significant disparities by protected | ||||||
22 | characteristics with respect to: | ||||||
23 | (A) access to financial products or services, | ||||||
24 | including, but not limited to, physical branches of | ||||||
25 | covered financial institutions; and | ||||||
26 | (B) lending and investments by covered financial |
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1 | institutions; and | ||||||
2 | (2) identify policies, procedures, patterns, or | ||||||
3 | practices that have or may have disparate impact or | ||||||
4 | discriminatory effects. | ||||||
5 | (f) The Commission shall consult with the Secretary in the | ||||||
6 | design, implementation, and dissemination of the disparity | ||||||
7 | studies, as well as for any other purpose deemed necessary by | ||||||
8 | the Commission and Secretary, to ensure that the disparity | ||||||
9 | studies are aligned with the purposes of this Act. | ||||||
10 | (g) The Secretary shall implement the findings, | ||||||
11 | conclusions, and other results from the study into the | ||||||
12 | examination process through rules adopted in accordance with | ||||||
13 | the Illinois Administrative Procedure Act. | ||||||
14 | (h) The Commission shall update the disparity studies at | ||||||
15 | least every 5 years, but may require the studies | ||||||
to be updated | |||||||
16 | more frequently at the Commission's discretion. | ||||||
17 | (i) The results of every disparity study performed under | ||||||
18 | this Act shall be publicly available on the websites of the | ||||||
19 | Commission and the Department. | ||||||
20 | (Source: P.A. 101-657, eff. 3-23-21.)
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