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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0504 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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15 ILCS 520/2 | from Ch. 130, par. 21 |
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Amends the Deposit of State Moneys Act. Makes a technical change in a Section
concerning interest on deposits.
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| | A BILL FOR |
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| | HB0504 | | LRB101 03057 RJF 48065 b |
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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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Deposit of State Moneys Act is amended by |
| 5 | | changing Section 2 as follows:
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| 6 | | (15 ILCS 520/2) (from Ch. 130, par. 21)
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| 7 | | Sec. 2.
All banks or savings and
and loan associations in |
| 8 | | which any such
money is deposited shall be required to
pay |
| 9 | | interest on time deposit accounts if members of the Federal |
| 10 | | Reserve
system are permitted to pay interest on the particular |
| 11 | | class of deposit.
All interest received or paid on account of |
| 12 | | money in the State treasury
belonging to or for the use of the |
| 13 | | State so deposited in banks or savings
and loan associations, |
| 14 | | shall be
the property of the State of Illinois. If any moneys |
| 15 | | held by the State
Treasurer shall be deposited in
banks or |
| 16 | | savings and loan associations pursuant to the provisions of
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| 17 | | this Act, the interest received thereon
shall be credited as |
| 18 | | provided in Section 4.1 of "An Act in relation to
State |
| 19 | | finance". |
| 20 | | (Source: P.A. 84-1378.)
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