Bill Title: Amends the Chicago Firefighter Article of the Illinois Pension Code. Authorizes the Board of Trustees of the Fund to lend securities owned by the Fund to a borrower upon such terms and conditions as may be mutually agreed upon. Requires the agreement to provide that during the period of the loan the Fund shall retain the right to receive, or collect from the borrower, all dividends, interest rights, or any distributions to which the Fund would have otherwise been entitled. Provides that the borrower shall deposit with the Fund, as collateral, cash equal to the market value of the securities at the time the loan is made and shall increase the amount of collateral if and when the Fund requests an additional amount because of subsequent increased market value of the securities. Provides that the period for which the securities may be loaned shall not exceed one year, and the loan agreement may specify earlier termination by either party upon mutually agreed conditions. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2016-08-12 - Public Act . . . . . . . . . 99-0786 [HB6298 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Elaine Nekritz [D]	Primary	Sponsored Bills	HD-057	FollowTheMoney	Ballotpedia	VoteSmart
Senator Daniel Biss [D]	Primary	Sponsored Bills	SD-009	FollowTheMoney	Ballotpedia	VoteSmart
Senator Heather Steans [D]	Cosponsor	Sponsored Bills	SD-007	FollowTheMoney	Ballotpedia	VoteSmart

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