Bill Status of SB 388   95th General Assembly

Short Description:  CHILDREN SAVINGS ACCOUNT ACT

Senate Sponsors
Sen. Jacqueline Y. Collins-William Delgado-Dale A. Righter-Kimberly A. Lightford-Chris Lauzen, Mattie Hunter, Matt Murphy, Randall M. Hultgren, Martin A. Sandoval, Pamela J. Althoff and Michael Noland

House Sponsors
(Rep. Marlow H. Colvin)


Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

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.

Senate Floor Amendment No. 1
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. Changes references from "Department of Commerce and Economic Opportunity" to "Office of the State Treasurer". 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
  2/7/2007SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  2/7/2007SenateFirst Reading
  2/7/2007SenateReferred to Rules
  2/21/2007SenateAdded as Chief Co-Sponsor Sen. William Delgado
  2/21/2007SenateAssigned to Financial Institutions
  3/1/2007SenateAdded as Chief Co-Sponsor Sen. Dale A. Righter
  3/2/2007SenatePostponed - Financial Institutions
  3/8/2007SenateDo Pass Financial Institutions; 009-000-000
  3/8/2007SenatePlaced on Calendar Order of 2nd Reading March 13, 2007
  3/8/2007SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford
  3/13/2007SenateSecond Reading
  3/13/2007SenatePlaced on Calendar Order of 3rd Reading March 14, 2007
  3/23/2007SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
  3/23/2007SenateSenate Floor Amendment No. 1 Referred to Rules
  3/27/2007SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen
  3/27/2007SenateSenate Floor Amendment No. 1 Rules Refers to Financial Institutions
  3/28/2007SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000
  3/28/2007SenateAdded as Co-Sponsor Sen. Mattie Hunter
  3/29/2007SenateAdded as Co-Sponsor Sen. Matt Murphy
  3/29/2007SenateAdded as Co-Sponsor Sen. Randall M. Hultgren
  3/29/2007SenateRecalled to Second Reading
  3/29/2007SenateSenate Floor Amendment No. 1 Adopted; Collins
  3/29/2007SenatePlaced on Calendar Order of 3rd Reading
  3/29/2007SenateAdded as Co-Sponsor Sen. Martin A. Sandoval
  3/29/2007SenateThird Reading - Passed; 058-000-000
  3/30/2007HouseArrived in House
  3/30/2007HousePlaced on Calendar Order of First Reading
  4/10/2007HouseChief House Sponsor Rep. Marlow H. Colvin
  4/10/2007SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  4/16/2007HouseFirst Reading
  4/16/2007HouseReferred to Rules Committee
  4/19/2007SenateAdded as Co-Sponsor Sen. Michael Noland
  4/30/2007HouseAssigned to Financial Institutions Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007
  5/31/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009SenateSession Sine Die

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