IL HB5806 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on July 1 2020 - 25% progression
Action: 2020-09-14 - Added Co-Sponsor Rep. Marcus C. Evans, Jr.
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Public Funds Investment Act. Provides that when investing or depositing public funds, each public agency shall invest or deposit such funds with or in financial institutions that have a board of directors consisting of at least 20% persons of color. Provides that a financial institution that does not have a board of directors consisting of at least 20% persons of color may increase or modify its board membership. Provides that any public agency investing or depositing public funds shall divest any previously invested or deposited funds from any financial institution failing to meet specified requirements by January 1, 2021. Defines "persons of color". Makes conforming changes. Effective immediately.

Tracking Information

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Title

PUBLIC FUNDS-GOVT INVESTMENT

Sponsors


History

DateChamberAction
2020-09-14HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
2020-08-31HouseAdded Chief Co-Sponsor Rep. Anna Moeller
2020-07-01HouseFiled with the Clerk by Rep. Emanuel Chris Welch

Code Citations

ChapterArticleSectionCitation TypeStatute Text
302357Amended CodeCitation Text
302357.5New CodeSee Bill Text

Illinois State Sources


Bill Comments

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