Illinois House Bill 5196 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 14 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

STATE MONEY-LINKED DEPOSIT

Rep. Lance Yednock [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-03-06	House	House Committee Amendment No. 1 Referred to Rules Committee
2020-03-06	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Lance Yednock
2020-03-03	House	Assigned to Revenue & Finance Committee
2020-02-18	House	Referred to Rules Committee
2020-02-18	House	First Reading
2020-02-14	House	Filed with the Clerk by Rep. Lance Yednock

Chapter	Article	Section	Citation Type	Statute Text
15	520	7	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5196&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB5196.htm
Amendment	https://www.ilga.gov/legislation/101/HB/10100HB5196ham001.htm