Bill Status of HB 1662   95th General Assembly

Short Description:  CHILDREN SAVINGS ACCOUNT ACT

House Sponsors
Rep. Marlow H. Colvin-Elizabeth Hernandez-Cynthia Soto-Elizabeth Coulson, Mike Boland, Kenneth Dunkin, Robert W. Pritchard, Al Riley, Linda Chapa LaVia, Deborah L. Graham, Karen A. Yarbrough and William Davis

Senate Sponsors
(Sen. Jacqueline Y. Collins-Donne E. Trotter-Kimberly A. Lightford)


Last Action  View All Actions

DateChamber Action
  8/23/2007HousePublic Act . . . . . . . . . 95-0358

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Illinois Children's Savings Accounts Act. Creates a task force to review and make recommendations about children's savings account program options and to create a strategic implementation plan to create a savings account at birth for every child born in Illinois to Illinois residents. Provides the appointment criteria for members of the task force. Provides that the Department of Commerce and Economic Opportunity shall be responsible for administrative and logistical support of the task force. Provides the factors the task force shall consider in its recommendations for the design of the program. Requires the task force to hold at least 4 public meetings at various locations throughout the State. Requires the task force to make a written report of its findings and recommendations, including a strategic implementation plan for an Illinois children's savings account program, to the Department of Commerce and Economic Opportunity no later than September 1, 2008. Provides that on or before November 1, 2008, the Department shall present all reports issued by the task force to the Governor and the General Assembly. Effective immediately.

House Amendment No. 1
Changes language to include the State Treasurer or his or her designee as an ex-officio member of the Children's Savings Account Task Force. Changes references from the Department of Commerce and Economic Opportunity to the Office of the State Treasurer throughout the Act.

House Amendment No. 2
Removes language that provides that the strategic implementation plan to create a savings account at birth for every child born in Illinois to Illinois residents be seeded with an initial public deposit. Removes language providing that the task force shall consider a State-funded match for savings for low-income children residing in Illinois. Removes language that provides that the task force shall consider the feasibility of State match for deposits for children in low-income families.

House Amendment No. 4
Changes the maximum number of members on the Children's Savings Account Task Force from 25 to 30. Adds the State Treasurer or his or her designee as an ex-officio member of the task force. Adds language providing that representatives of the Office of the Governor and the Office of the State Treasurer shall serve as co-chairpersons of the task force and the Governor shall designate one of the public members to serve as a third co-chairperson. Provides that the Office of the State Treasurer (instead of the Department of Commerce and Economic Opportunity) shall be responsible for administrative and logistical support of the task force, including coordination of task force member appointments, distribution of meeting notices and minutes, coordination of meeting logistics, providing a staff liaison to the task force, facilitation of public meetings, and drafting and filing of the final report. Removes language providing that the task force shall consider a State-funded match for savings for low-income children residing in Illinois. Removes language that provides that the task force shall consider the feasibility of State match for deposits for children in low-income families.

Actions 
DateChamber Action
  2/22/2007HouseFiled with the Clerk by Rep. Marlow H. Colvin
  2/22/2007HouseFirst Reading
  2/22/2007HouseReferred to Rules Committee
  2/27/2007HouseAssigned to Financial Institutions Committee
  3/1/2007HouseAdded Chief Co-Sponsor Rep. Elizabeth Hernandez
  3/1/2007HouseAdded Chief Co-Sponsor Rep. Cynthia Soto
  3/9/2007HouseAdded Co-Sponsor Rep. Mike Boland
  3/15/2007HouseAdded Chief Co-Sponsor Rep. Elizabeth Coulson
  3/20/2007HouseHouse Amendment No. 1 Filed with Clerk by Financial Institutions Committee
  3/20/2007HouseHouse Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  3/20/2007HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 020-000-000
  3/21/2007HousePlaced on Calendar 2nd Reading - Short Debate
  3/22/2007HouseAdded Co-Sponsor Rep. Kenneth Dunkin
  3/27/2007HouseSecond Reading - Short Debate
  3/27/2007HouseHeld on Calendar Order of Second Reading - Short Debate
  3/29/2007HouseHouse Amendment No. 2 Filed with Clerk by Rep. Marlow H. Colvin
  3/29/2007HouseHouse Amendment No. 2 Referred to Rules Committee
  4/11/2007HouseHouse Amendment No. 3 Filed with Clerk by Rep. Marlow H. Colvin
  4/11/2007HouseHouse Amendment No. 3 Referred to Rules Committee
  4/16/2007HouseHouse Amendment No. 2 Recommends Be Adopted Rules Committee; 003-000-000
  4/24/2007HouseAdded Co-Sponsor Rep. Robert W. Pritchard
  4/24/2007HouseAdded Co-Sponsor Rep. Al Riley
  4/24/2007HouseHouse Amendment No. 4 Filed with Clerk by Rep. Marlow H. Colvin
  4/24/2007HouseHouse Amendment No. 4 Referred to Rules Committee
  4/25/2007HouseHouse Amendment No. 4 Recommends Be Adopted Rules Committee; 005-000-000
  4/25/2007HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  4/25/2007HouseAdded Co-Sponsor Rep. Deborah L. Graham
  4/25/2007HouseAdded Co-Sponsor Rep. Karen A. Yarbrough
  4/25/2007HouseAdded Co-Sponsor Rep. William Davis
  4/25/2007HouseHouse Amendment No. 2 Adopted by Voice Vote
  4/25/2007HouseHouse Amendment No. 4 Adopted by Voice Vote
  4/25/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/26/2007HouseThird Reading - Short Debate - Passed 116-000-000
  4/26/2007HouseHouse Amendment No. 3 Tabled Pursuant to Rule 40(a)
  5/1/2007SenateArrive in Senate
  5/1/2007SenatePlaced on Calendar Order of First Reading
  5/1/2007SenateChief Senate Sponsor Sen. Jacqueline Y. Collins
  5/1/2007SenateFirst Reading
  5/1/2007SenateReferred to Rules
  5/2/2007SenateAssigned to Financial Institutions
  5/15/2007SenateDo Pass Financial Institutions; 008-000-000
  5/15/2007SenatePlaced on Calendar Order of 2nd Reading May 16, 2007
  5/16/2007SenateSecond Reading
  5/16/2007SenatePlaced on Calendar Order of 3rd Reading May 17, 2007
  5/16/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Donne E. Trotter
  5/22/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford
  5/25/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007
  5/28/2007SenateThird Reading - Passed; 055-000-000
  5/28/2007HousePassed Both Houses
  6/26/2007HouseSent to the Governor
  8/23/2007HouseGovernor Approved
  8/23/2007HouseEffective Date August 23, 2007
  8/23/2007HousePublic Act . . . . . . . . . 95-0358

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