Bill Text: IL HB0957 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Public Funds Deposit Act. Provides that a depository institution that intends to close, relocate, or consolidate a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community must comply with certain advance notice and hearing requirements. Provides for the State Treasurer to hold a public hearing and determine whether it is in the best interests of the State to allow the closing, relocation, or consolidation. Provides that if the institution does not abide with a determination by the State Treasurer adverse to the institution's intent, then it may not receive or retain deposits of public funds. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2013-05-01 - Tabled [HB0957 Detail]

Download: Illinois-2013-HB0957-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB0957 Introduced , by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
30 ILCS 225/1.5 new
Amends the Public Funds Deposit Act. Provides that a depository institution that intends to close, relocate, or consolidate a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community must comply with certain advance notice and hearing requirements. Provides for the State Treasurer to hold a public hearing and determine whether it is in the best interests of the State to allow the closing, relocation, or consolidation. If the institution does not abide with a determination by the State Treasurer adverse to the institution's intent, then it may not receive or retain deposits of public funds. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Public Funds Deposit Act is amended by
adding Section 1.5 as follows:
(30 ILCS 225/1.5 new)
Sec. 1.5. Branch closure, relocation, or consolidation.
(a) No depository institution shall receive or retain
deposits of public funds as permitted by this Act unless it
complies with this Section.
(b) Before it closes, relocates, or consolidates a branch
location that impacts a low-income, moderate-income, or
economically depressed urban or rural community in this State,
the institution must do both of the following:
(1) provide the State Treasurer with 90 days' advance
notice in writing of an intent to close, relocate, or
consolidate; and
(2) publish 90 days' advance notice in a newspaper of
general circulation within the affected area of an intent
to close, relocate, or consolidate.
(c) If the State Treasurer determines that the closing,
relocation, or consolidation could have an adverse impact in
the affected area, then the State Treasurer shall hold a public

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hearing in the affected area at least 15 days before any
closing, relocation, or consolidation. The State Treasurer
shall give adequate notice of the hearing to the community and
to the institution. Advocates for the community shall be
allowed to present their objections at the hearing.
(d) Within 5 days after the hearing, the State Treasurer
shall notify the community and the institution whether the
State Treasurer determines that it is in the best interests of
the State to allow the closing, relocation, or consolidation to
occur. If the institution does not abide with a determination
by the State Treasurer that is not in the best interests to
allow the closing, relocation, or consolidation, then the
institution shall thereafter not receive or retain public funds
under this Act.
Section 99. Effective date. This Act takes effect upon
becoming law.