SB2487 100TH GENERAL ASSEMBLY

LRB100 15605 XWW 30700 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2487

Introduced 1/31/2018, by Sen. Jacqueline Y. Collins

SYNOPSIS AS INTRODUCED:

30 ILCS 235/6.3 new
205 ILCS 5/47.5 new
205 ILCS 205/9008.5 new
205 ILCS 305/9.5 new

Amends the Public Funds Investment Act, the Illinois Banking Act, the Savings Bank Act, and the Illinois Credit Union Act. Requires any financial institution or other entity receiving public funds, State bank, savings bank, and credit union with assets of at least $100,000,000 to submit an annual report on its voluntary supplier diversity program to the Department of Financial and Professional Regulation. Sets forth provisions on what the report must include and how and when the report must be submitted. Provides that, for each report, the Department shall publish the results on its Internet website for 5 years after submission. Requires the Department to hold an annual supplier diversity workshop in February of 2019 and every February thereafter to discuss the reports with representatives of the financial institutions, State banks, savings banks, or credit unions and vendors. Provides that the Department shall prepare a template for voluntary supplier diversity reports. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Public Funds Investment Act is amended by adding Section 6.3 as follows:

(30 ILCS 235/6.3 new)

Sec. 6.3. Financial institutions supplier diversity report.

(a) Any financial institution or other entity receiving public funds subject to the provisions of this Act with assets of at least $100,000,000 shall submit a 2-page report on its voluntary supplier diversity program to the Department of Financial and Professional Regulation. The report shall set forth all of the following:

(1) The name, address, phone number, and e-mail address of the point of contact for the supplier diversity program (or the financial institution's procurement program if there is no supplier diversity program) for vendors to register with the program.

(2) Local and State certifications the financial institution accepts or recognizes for minority-owned, women-owned, or veteran-owned business status.

(3) On the second page, a narrative explaining the results of the report and the tactics to be employed to achieve the goals of its voluntary supplier diversity program.

(4) The voluntary goals, if any, for the calendar year for which the report is made in each category for the entire budget of the financial institution and the commodity codes or a description of particular goods and services for the area of procurement in which the financial institution expects most of those goals to focus on in that year.

Each financial institution is required to submit a searchable portable document format (PDF) report to the Department of Financial and Professional Regulation on or before November 15, 2018, and on or before November 15 every year thereafter, for the upcoming calendar year.

(b) For each report submitted under subsection (a) of this Section, the Department of Financial and Professional Regulation shall publish the results on its Internet website for 5 years after submission. The Department of Financial and Professional Regulation is not responsible for collecting the reports or for the content of the reports.

(c) The Department of Financial and Professional Regulation shall hold an annual financial institution supplier diversity workshop in February of 2019 and every February thereafter to discuss the reports with representatives of the financial institutions and vendors.

(d) The Department of Financial and Professional Regulation shall prepare a one-page template (not including the narrative section) for the voluntary supplier diversity reports.

(e) The Department of Financial and Professional Regulation may adopt such rules as it deems necessary to implement this Section.

Section 10. The Illinois Banking Act is amended by adding Section 47.5 as follows:

(205 ILCS 5/47.5 new)

Sec. 47.5. State bank supplier diversity report.

(a) Any State bank with assets of at least $100,000,000 shall submit a 2-page report on its voluntary supplier diversity program to the Department. The report shall set forth all of the following:

(1) The name, address, phone number, and e-mail address of the point of contact for the supplier diversity program (or the State bank's procurement program if there is no supplier diversity program) for vendors to register with the program.

(2) Local and State certifications the State bank accepts or recognizes for minority-owned, women-owned, or veteran-owned business status.

(3) On the second page, a narrative explaining the results of the report and the tactics to be employed to achieve the goals of its voluntary supplier diversity program.

(4) The voluntary goals, if any, for the calendar year for which the report is made in each category for the entire budget of the State bank and the commodity codes or a description of particular goods and services for the area of procurement in which the State bank expects most of those goals to focus on in that year.

Each State bank is required to submit a searchable portable document format (PDF) report to the Department on or before November 15, 2018, and on or before November 15 every year thereafter, for the upcoming calendar year.

(b) For each report submitted under subsection (a) of this Section, the Department shall publish the results on its Internet website for 5 years after submission. The Department is not responsible for collecting the reports or for the content of the reports.

(c) The Department shall hold an annual bank supplier diversity workshop in February of 2019 and every February thereafter to discuss the reports with representatives of the State banks and vendors.

(d) The Department shall prepare a one-page template (not including the narrative section) for the voluntary supplier diversity reports.

(e) The Department may adopt such rules as it deems necessary to implement this Section.

Section 15. The Savings Bank Act is amended by adding Section 9008.5 as follows:

(205 ILCS 205/9008.5 new)

Sec. 9008.5. Savings bank supplier diversity report.

(a) Each savings bank operating under this Act with assets of at least $100,000,000 shall submit a 2-page report on its voluntary supplier diversity program to the Department. The report shall set forth all of the following:

(1) The name, address, phone number, and e-mail address of the point of contact for the supplier diversity program (or the savings bank's procurement program if there is no supplier diversity program) for vendors to register with the program.

(2) Local and State certifications the savings bank accepts or recognizes for minority-owned, women-owned, or veteran-owned business status.

(3) On the second page, a narrative explaining the results of the report and the tactics to be employed to achieve the goals of its voluntary supplier diversity program.

(4) The voluntary goals, if any, for the calendar year for which the report is made in each category for the entire budget of the savings bank and the commodity codes or a description of particular goods and services for the area of procurement in which the savings bank expects most of those goals to focus on in that year.

Each savings bank is required to submit a searchable portable document format (PDF) report to the Department on or before November 15, 2018, and on or before November 15 every year thereafter, for the upcoming calendar year.

(b) For each report submitted under subsection (a) of this Section, the Department shall publish the results on its Internet website for 5 years after submission. The Department is not responsible for collecting the reports or for the content of the reports.

(c) The Department shall hold an annual savings bank supplier diversity workshop in February of 2019 and every February thereafter to discuss the reports with representatives of the savings banks and vendors.

(d) The Department shall prepare a one-page template (not including the narrative section) for the voluntary supplier diversity reports.

(e) The Department may adopt such rules as it deems necessary to implement this Section.

Section 20. The Illinois Credit Union Act is amended by adding Section 9.5 as follows:

(205 ILCS 305/9.5 new)

Sec. 9.5. Credit union supplier diversity report.

(a) Each credit union operating under this Act with assets of at least $100,000,000 shall submit a 2-page report on its voluntary supplier diversity program to the Department. The report shall set forth all of the following:

(1) The name, address, phone number, and e-mail address of the point of contact for the supplier diversity program (or the credit union's procurement program if there is no supplier diversity program) for vendors to register with the program.

(2) Local and State certifications the credit union accepts or recognizes for minority-owned, women-owned, or veteran-owned business status.

(3) On the second page, a narrative explaining the results of the report and the tactics to be employed to achieve the goals of its voluntary supplier diversity program.

(4) The voluntary goals, if any, for the calendar year for which the report is made in each category for the entire budget of the credit union and the commodity codes or a description of particular goods and services for the area of procurement in which the credit union expects most of those goals to focus on in that year.

Each credit union is required to submit a searchable portable document format (PDF) report to the Department on or before November 15, 2018, and on or before November 15 every year thereafter, for the upcoming calendar year.

(b) For each report submitted under subsection (a) of this Section, the Department shall publish the results on its Internet website for 5 years after submission. The Department is not responsible for collecting the reports or for the content of the reports.

(c) The Department shall hold an annual credit union supplier diversity workshop in February of 2019 and every February thereafter to discuss the reports with representatives of the credit unions and vendors.

(d) The Department shall prepare a one-page template (not including the narrative section) for the voluntary supplier diversity reports.

(e) The Department may adopt such rules as it deems necessary to implement this Section.

Section 99. Effective date. This Act takes effect upon becoming law.