Illinois General Assembly - Bill Status for HB4495

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Bill Status of HB4495 93rd General Assembly

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Short Description: PUBLIC FUNDS-INVESTMENT

House Sponsors
Rep. Joseph M. Lyons - Bill Mitchell - Thomas Holbrook

Senate Sponsors
(Sen. Terry Link)

Last Action

Date	Chamber	Action
7/16/2004	House	Public Act . . . . . . . . . 93-0756

Statutes Amended In Order of Appearance

30 ILCS 235/6.5 new

Synopsis As Introduced
Amends the Public Funds Investment Act. Provides that whenever a public agency invests public funds in an interest-bearing savings account, interest-bearing certificate of deposit, or interest-bearing time deposit, the statutory requirements pertaining to the eligibility of a bank to receive or hold public deposits or to the pledging of collateral by a bank to secure public deposits do not apply to any bank receiving or holding all or part of the invested public funds if (i) the public agency initiates the investment at or through a bank having its main office in Illinois and (ii) the invested public funds are at all time fully insured by an agency or instrumentality of the federal government. Effective immediately.

House Committee Amendment No. 1
Provides that certain statutory requirements pertaining to the eligibility of a bank to receive or hold public deposits or to the pledging of collateral by a bank to secure public deposits do not apply to any bank receiving or holding the funds if (i) the public agency initiates the investment at or through a bank located in Illinois (instead of having its main office in Illinois) and (ii) the funds are federally insured. Effective immediately.

	Fiscal Note (Office of Banks and Real Estate)
	No fiscal impact.

Actions

Date	Chamber	Action
2/3/2004	House	Filed with the Clerk by Rep. Joseph M. Lyons
2/3/2004	House	First Reading
2/3/2004	House	Referred to Rules Committee
2/9/2004	House	Added Chief Co-Sponsor Rep. Bill Mitchell
2/19/2004	House	Assigned to Financial Institutions Committee
3/3/2004	House	House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
3/3/2004	House	House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
3/3/2004	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 018-000-000
3/3/2004	House	Placed on Calendar 2nd Reading - Short Debate
3/3/2004	House	Added Chief Co-Sponsor Rep. Thomas Holbrook
3/19/2004	House	Fiscal Note Filed
3/23/2004	House	Second Reading - Short Debate
3/23/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/24/2004	House	Third Reading - Short Debate - Passed 115-000-001
3/25/2004	Senate	Arrive in Senate
3/25/2004	Senate	Placed on Calendar Order of First Reading March 26, 2004
3/26/2004	Senate	Chief Senate Sponsor Sen. Terry Link
3/26/2004	Senate	First Reading
3/26/2004	Senate	Referred to Rules
4/15/2004	Senate	Assigned to Financial Institutions
4/22/2004	Senate	Do Pass Financial Institutions; 008-000-000
4/22/2004	Senate	Placed on Calendar Order of 2nd Reading April 27, 2004
4/29/2004	Senate	Second Reading
4/29/2004	Senate	Placed on Calendar Order of 3rd Reading May 4, 2004
5/5/2004	Senate	Third Reading - Passed; 057-000-000
5/5/2004	House	Passed Both Houses
6/3/2004	House	Sent to the Governor
7/16/2004	House	Governor Approved
7/16/2004	House	Effective Date July 16, 2004
7/16/2004	House	Public Act . . . . . . . . . 93-0756

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