Bill Text: IL SB2857 | 2017-2018 | 100th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the State Treasurer Act. Provides that the State Treasurer may retain an administrative charge for both the costs of services associated with the deposit of moneys that are remitted directly to the State Treasurer and the investment or safekeeping of funds by the State Treasurer. Provides that administrative charges from the investment or safekeeping of funds by the State Treasurer shall be charged no more than monthly and the total amount charged per fiscal year shall not exceed $12,000,000 plus any amounts required as employer contributions under specified statutory Sections. Provides that moneys in the State Treasurer's Administrative Fund are subject to appropriation by the General Assembly. Amends the State Treasurer's Bank Services Trust Fund Act. Provides that moneys deposited in the State Treasurer's Bank Services Trust Fund shall be used by the State Treasurer to pay the cost of, among other banking services, operational expenses of the State Treasurer's Office related to the investment or safekeeping of funds under the Treasurer's control. Makes conforming changes. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Vetoed) 2018-11-28 - Bill Dead - Amendatory Veto [SB2857 Detail]
Download: Illinois-2017-SB2857-Engrossed.html
Bill Title: Amends the State Treasurer Act. Provides that the State Treasurer may retain an administrative charge for both the costs of services associated with the deposit of moneys that are remitted directly to the State Treasurer and the investment or safekeeping of funds by the State Treasurer. Provides that administrative charges from the investment or safekeeping of funds by the State Treasurer shall be charged no more than monthly and the total amount charged per fiscal year shall not exceed $12,000,000 plus any amounts required as employer contributions under specified statutory Sections. Provides that moneys in the State Treasurer's Administrative Fund are subject to appropriation by the General Assembly. Amends the State Treasurer's Bank Services Trust Fund Act. Provides that moneys deposited in the State Treasurer's Bank Services Trust Fund shall be used by the State Treasurer to pay the cost of, among other banking services, operational expenses of the State Treasurer's Office related to the investment or safekeeping of funds under the Treasurer's control. Makes conforming changes. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Vetoed) 2018-11-28 - Bill Dead - Amendatory Veto [SB2857 Detail]
Download: Illinois-2017-SB2857-Engrossed.html
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1 | AN ACT concerning State government.
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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 State Treasurer Act is amended by changing | ||||||
5 | Section 20 as follows:
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6 | (15 ILCS 505/20) | ||||||
7 | Sec. 20. State Treasurer administrative charge. The State | ||||||
8 | Treasurer may retain an administrative charge for both the | ||||||
9 | costs of services associated with the deposit of moneys that | ||||||
10 | are remitted directly to the State Treasurer and the investment | ||||||
11 | or safekeeping of funds by the State Treasurer . The | ||||||
12 | administrative charges charge collected under this Section | ||||||
13 | shall be deposited into the State Treasurer's Administrative | ||||||
14 | Fund. The amount of the administrative charges charge may be | ||||||
15 | determined by the State Treasurer . Administrative charges from | ||||||
16 | the deposit of moneys remitted directly to the State Treasurer | ||||||
17 | and shall not exceed 2% of the amount deposited. Administrative | ||||||
18 | charges from the investment or safekeeping of funds by the | ||||||
19 | State Treasurer shall be charged no more than monthly and the | ||||||
20 | total amount charged per fiscal year shall not exceed | ||||||
21 | $12,000,000 plus any amounts required as employer | ||||||
22 | contributions under Section 14-131 of the Illinois Pension Code | ||||||
23 | and Section 10 of the State Employees Group Insurance Act of |
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1 | 1971. | ||||||
2 | Administrative charges for the deposit of moneys This | ||||||
3 | Section shall apply to fines, fees, or other amounts remitted | ||||||
4 | directly to the State Treasurer by circuit clerks, county | ||||||
5 | clerks, and other entities for deposit into a fund in the State | ||||||
6 | treasury. Administrative charges for the deposit of moneys do | ||||||
7 | This Section does not apply to amounts remitted by State | ||||||
8 | agencies or certified collection specialists as defined in 74 | ||||||
9 | Ill. Admin. Code 1200.50. Administrative charges for the | ||||||
10 | deposit of moneys This Section shall apply only to any form of | ||||||
11 | fines, fees, or other collections created on or after August | ||||||
12 | 15, 2014 ( the effective date of Public Act 98-965) this | ||||||
13 | amendatory Act of the 98th General Assembly .
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14 | Moneys in the State Treasurer's Administrative Fund are | ||||||
15 | subject to appropriation by the General Assembly. | ||||||
16 | (Source: P.A. 98-965, eff. 8-15-14.)
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17 | Section 10. The State Treasurer's Bank Services Trust Fund | ||||||
18 | Act is amended by changing Section 10 as follows:
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19 | (30 ILCS 212/10)
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20 | Sec. 10. Creation of Fund. There is hereby created in the | ||||||
21 | State
treasury a special fund to be known as the State | ||||||
22 | Treasurer's Bank Services
Trust Fund. Moneys deposited in the | ||||||
23 | Fund shall be used by the
State
Treasurer to pay the cost of | ||||||
24 | the following banking services: processing
of payments of |
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1 | taxes, fees, and other moneys due the State; transactional, | ||||||
2 | technological, consultant, and legal service charges , and | ||||||
3 | other operational expenses of the State Treasurer's Office | ||||||
4 | related to the investment or safekeeping of funds under the | ||||||
5 | Treasurer's
control; and the cost of paying bondholders and | ||||||
6 | legal services under the State's general
obligation bond | ||||||
7 | program.
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8 | (Source: P.A. 98-909, eff. 8-15-14.)
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9 | Section 99. Effective date. This Act takes effect upon | ||||||
10 | becoming law.
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