Illinois Senate Bill 2968 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
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). Removes provisions concerning proposals for a reduced rate of interest with moneys to be expended for specified purposes. 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. Modifies provisions concerning permitted investments. Allows the State Treasurer to make specified investments without the approval of the Governor. Expands the items upon which the State Treasurer may invest State moneys. Makes conforming and other changes. Effective immediately.

ST MONEY-DEPOSIT & INVESTMENT

Sen. Robert Peters [D]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2020-05-15	Senate	Rule 2-10 Third Reading/Passage Deadline Established As May 31, 2020
2020-05-07	Senate	Rule 2-10 Third Reading Deadline Established As May 29, 2020
2020-04-30	Senate	Rule 2-10 Third Reading Deadline Established As May 22, 2020
2020-04-23	Senate	Rule 2-10 Third Reading Deadline Established As May 15, 2020
2020-04-12	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
2020-03-25	Senate	Rule 2-10 Third Reading Deadline Established As May 7, 2020
2020-03-04	Senate	Placed on Calendar Order of 2nd Reading March 5, 2020
2020-03-04	Senate	Do Pass as Amended Financial Institutions; 007-000-000
2020-03-04	Senate	Senate Committee Amendment No. 1 Adopted
2020-03-03	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
2020-02-27	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2020-02-27	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Robert Peters
2020-02-11	Senate	Assigned to Financial Institutions
2020-02-04	Senate	Referred to Assignments
2020-02-04	Senate	First Reading
2020-02-04	Senate	Filed with Secretary by Sen. Robert Peters

Chapter	Article	Section	Citation Type	Statute Text
15	520	22.5	Amended Code	Citation Text
15	520	7	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2968&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB2968.htm
Amendment	https://www.ilga.gov/legislation/101/SB/10100SB2968sam001.htm