97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5300
 
Introduced 2/8/2012, by Rep. La Shawn K. Ford
 
SYNOPSIS AS INTRODUCED:
 

 
30 ILCS 225/1.5 new

     Amends the Public Funds Deposit Act. Provides that a depository institution that intends to close, relocate, or consolidate a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community must comply with certain advance notice and hearing requirements. Provides for the State Treasurer to hold a public hearing and determine whether it is in the best interests of the State to allow the closing, relocation, or consolidation. If the institution does not abide with a  determination by the State Treasurer adverse to the institution's intent, then it may not receive or retain deposits of public funds. Effective immediately.
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB5300LRB097 16011 PJG 61162 b


  
1    AN ACT concerning finance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Public Funds Deposit Act is amended  by 
5adding Section 1.5 as follows:
 
6    (30 ILCS 225/1.5 new)
7    Sec. 1.5. Branch closure, relocation, or consolidation.
8    (a) No depository institution shall receive or retain 
9deposits of public funds as permitted by this Act unless it 
10complies with this Section.
11    (b) Before it closes, relocates, or consolidates a branch 
12location that impacts a low-income, moderate-income, or 
13economically depressed urban or rural community in this State, 
14the institution must do both of the following:
15        (1) provide the State Treasurer with 90 days' advance 
16    notice in writing of an intent to close, relocate, or 
17    consolidate; and
18        (2) publish 90 days' advance notice in a newspaper of 
19    general circulation within the affected area of an intent 
20    to close, relocate, or consolidate.
21    (c) If the State Treasurer determines that the closing, 
22relocation, or consolidation could have an adverse impact in 
23the affected area, then the State Treasurer shall hold a public 
 
 
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1hearing in the affected area at least 15 days before any 
2closing, relocation, or consolidation. The State Treasurer 
3shall give adequate notice of the hearing to the community and 
4to the institution. Advocates for the community shall be 
5allowed to present their objections at the hearing.
6    (d) Within 5 days after the hearing, the State Treasurer 
7shall notify the community and the institution whether the 
8State Treasurer determines that it is in the best interests of 
9the State to allow the closing, relocation, or consolidation to 
10occur. If the institution does not abide with a determination 
11by the State Treasurer that is not in the best interests to 
12allow the closing, relocation, or consolidation, then the 
13institution shall thereafter not receive or retain public funds 
14under this Act. 
 
 
15    Section 99. Effective date. This Act takes effect upon 
16becoming law.