Bill Text: IL HB3781 | 2011-2012 | 97th General Assembly | Introduced
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. 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB3781 Detail]
Download: Illinois-2011-HB3781-Introduced.html
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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Public Funds Deposit Act is amended by | ||||||||||||||||||||||||
5 | adding Section 1.5 as follows:
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6 | (30 ILCS 225/1.5 new) | ||||||||||||||||||||||||
7 | Sec. 1.5. Branch closure, relocation, or consolidation. | ||||||||||||||||||||||||
8 | (a) No depository institution shall receive or retain | ||||||||||||||||||||||||
9 | deposits of public funds as permitted by this Act unless it | ||||||||||||||||||||||||
10 | complies with this Section. | ||||||||||||||||||||||||
11 | (b) Before it closes, relocates, or consolidates a branch | ||||||||||||||||||||||||
12 | location that impacts a low-income, moderate-income, or | ||||||||||||||||||||||||
13 | economically depressed urban or rural community in this State, | ||||||||||||||||||||||||
14 | the institution must do both of the following: | ||||||||||||||||||||||||
15 | (1) provide the State Treasurer with 90 days' advance | ||||||||||||||||||||||||
16 | notice in writing of an intent to close, relocate, or | ||||||||||||||||||||||||
17 | consolidate; and | ||||||||||||||||||||||||
18 | (2) publish 90 days' advance notice in a newspaper of | ||||||||||||||||||||||||
19 | general circulation within the affected area of an intent | ||||||||||||||||||||||||
20 | to close, relocate, or consolidate. | ||||||||||||||||||||||||
21 | (c) If the State Treasurer determines that the closing, | ||||||||||||||||||||||||
22 | relocation, or consolidation could have an adverse impact in | ||||||||||||||||||||||||
23 | the affected area, then the State Treasurer shall hold a public |
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1 | hearing in the affected area at least 15 days before any | ||||||
2 | closing, relocation, or consolidation. The State Treasurer | ||||||
3 | shall give adequate notice of the hearing to the community and | ||||||
4 | to the institution. Advocates for the community shall be | ||||||
5 | allowed to present their objections at the hearing. | ||||||
6 | (d) Within 5 days after the hearing, the State Treasurer | ||||||
7 | shall notify the community and the institution whether the | ||||||
8 | State Treasurer determines that it is in the best interests of | ||||||
9 | the State to allow the closing, relocation, or consolidation to | ||||||
10 | occur. If the institution does not abide with a determination | ||||||
11 | by the State Treasurer that is not in the best interests to | ||||||
12 | allow the closing, relocation, or consolidation, then the | ||||||
13 | institution shall thereafter not receive or retain public funds | ||||||
14 | under this Act.
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15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law.
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