093_HB0277eng HB0277 Engrossed LRB093 05884 JLS 05977 b 1 AN ACT concerning the deposit of state moneys. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Deposit of State Moneys Act is amended by 5 adding Section 16.3 as follows: 6 (15 ILCS 520/16.3 new) 7 Sec. 16.3. Consideration of financial institution's 8 commitment to its community. 9 (a) In addition to any other requirements of this Act, 10 the State Treasurer is authorized to consider the financial 11 institution's record and current level of financial 12 commitment to its local community when deciding whether to 13 deposit State funds in that financial institution. The State 14 Treasurer may consider factors including, but not necessarily 15 limited to: 16 (1) for financial institutions subject to the 17 federal Community Reinvestment Act of 1977, the current 18 and historical ratings that the financial institution has 19 received, to the extent that those ratings are publicly 20 available, under the federal Community Reinvestment Act 21 of 1977; 22 (2) any changes in ownership, management, policies, 23 or practices of the financial institution that may affect 24 the level of the financial institution's commitment to 25 its community; 26 (3) the financial impact that the withdrawal or 27 denial of deposits of State funds might have on the 28 financial institution; and 29 (4) the financial impact to the State as a result 30 of withdrawing State funds or refusing to deposit 31 additional State funds in the financial institution. HB0277 Engrossed -2- LRB093 05884 JLS 05977 b 1 (b) Nothing in this Section shall be construed as 2 authorizing the State Treasurer to conduct an examination or 3 investigation of a financial institution or to receive 4 information that is not publicly available and the disclosure 5 of which is otherwise prohibited by law. 6 Section 10. The Public Funds Investment Act is amended 7 by adding Section 8 as follows: 8 (30 ILCS 235/8 new) 9 Sec. 8. Consideration of financial institution's 10 commitment to its community. 11 (a) In addition to any other requirements of this Act, a 12 public agency is authorized to consider the financial 13 institution's record and current level of financial 14 commitment to its local community when deciding whether to 15 deposit public funds in that financial institution. The 16 public agency may consider factors including, but not 17 necessarily limited to: 18 (1) for financial institutions subject to the 19 federal Community Reinvestment Act of 1977, the current 20 and historical ratings that the financial institution has 21 received, to the extent that those ratings are publicly 22 available, under the federal Community Reinvestment Act 23 of 1977; 24 (2) any changes in ownership, management, policies, 25 or practices of the financial institution that may affect 26 the level of the financial institution's commitment to 27 its community; 28 (3) the financial impact that the withdrawal or 29 denial of deposits of public funds might have on the 30 financial institution; 31 (4) the financial impact to the public agency as a 32 result of withdrawing public funds or refusing to deposit HB0277 Engrossed -3- LRB093 05884 JLS 05977 b 1 additional public funds in the financial institution; and 2 (5) any additional burden on the resources of the 3 public agency that might result from ceasing to maintain 4 deposits of public funds at the financial institution 5 under consideration. 6 (b) Nothing in this Section shall be construed as 7 authorizing the public agency to conduct an examination or 8 investigation of a financial institution or to receive 9 information that is not publicly available and the disclosure 10 of which is otherwise prohibited by law. 11 Section 99. Effective date. This Act takes effect on 12 July 1, 2004.