Bill Title: Amends the Illinois Community Reinvestment Act. Requires the Commission on Equity and Inclusion to conduct studies to: (1) identify and delineate geographies in Illinois exhibiting significant disparities by protected classes as identified by the Human Rights Act with respect to access to financial products or services and lending and investments by covered financial institutions; (2) identify policies, procedures, patterns, or practices that have or may have a disparate impact or discriminatory effect; and (3) identify opportunities for establishing and growing Banking Development Districts in geographic locations where there are the greatest underbanked and unbanked populations and opportunities for partnerships between depository institutions and local communities. Authorizes the Secretary of Financial and Professional Regulation to implement the findings and other results from such studies into the examination process through rules adopted in accordance with the Illinois Administrative Procedure Act. Provides that any costs incurred by the Commission in conducting such studies shall be subject to appropriation. Directs the Commission to provide reports of its findings and furnish copies of the reports to the General Assembly and the Secretary. Requires the results of every study performed under the Act to be publicly available on the websites of the Commission and the Department of Financial and Professional Regulation. Provides that the Commission may contract with a qualified person or entity to design and conduct the studies. Amends the Commission on Equity and Inclusion Act. Provides that the Commission is responsible for completing those studies under the Illinois Community Reinvestment Act. Effective January 1, 2025.

Spectrum: Partisan Bill (Democrat 25-0)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-0959 [SB3235 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2024-08-09	HTML/Text	Link	View
Enrolled	2024-05-23	HTML/Text	Link	View
Engrossed	2024-04-18	HTML/Text	Link	View
Introduced	2024-02-06	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
Senate Amendment 005	2024-04-17	Proposed	HTML/Text	Link	View
Senate Amendment 004	2024-04-15	Proposed	HTML/Text	Link	View
Senate Amendment 002	2024-04-05	Proposed	HTML/Text	Link	View
Senate Amendment 003	2024-04-05	Proposed	HTML/Text	Link	View
Senate Amendment 001	2024-03-06	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3235 currently on file.

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