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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB6645
Introduced , by Rep. Brent Hassert - Ronald A. Wait - Renée Kosel - Rosemary Mulligan - Michael Tryon, et al. SYNOPSIS AS INTRODUCED: |
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Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB6645 |
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LRB095 20961 RCE 49968 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Deposit of State Moneys Act is amended by |
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| adding Section 16.4 as follows: |
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| (15 ILCS 520/16.4 new) |
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| Sec. 16.4. Deposit of State funds with financial |
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| institutions making home loans. |
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| (a) In addition to any other requirements of this Act, the |
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| State Treasurer, by rule, shall implement and administer a |
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| program requiring financial institutions to make mortgage |
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| loans on residential property in order for that financial |
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| institution to be eligible for investment of State funds in |
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| that financial institution. |
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| (b) The rules shall include, but not be limited to, |
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| requiring financial institutions to meet all of the following |
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| conditions: |
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| (1) The financial institution must not reject |
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| arbitrarily mortgage loans for residential properties |
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| because of the location of the property. |
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| (2) At least a minimum percentage, as determined by |
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| rule, of the financial institution's total assets, |
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| including without limitation assets under management, must |