Illinois General Assembly - Full Text of HB0823
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Full Text of HB0823  100th General Assembly

HB0823 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0823

 

Introduced , by Rep. La Shawn K. Ford

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3205/6.2 new

    Amends the Division of Banking Act. Requires the Division of Banking to implement a program intended to encourage financial institutions to help meet the credit needs of the communities in which they serve, including low and moderate-income neighborhoods, consistent with safe and sound banking practices. Provides that the State shall not enter into a contract or renew a contract with a financial institution that does not participate in the program.


LRB100 06976 SMS 17027 b

 

 

A BILL FOR

 

HB0823LRB100 06976 SMS 17027 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Division of Banking Act is amended by adding
5Section 6.2 as follows:
 
6    (20 ILCS 3205/6.2 new)
7    Sec. 6.2. Community reinvestment. The Division shall
8implement a program intended to encourage financial
9institutions regulated by the Division to help meet the credit
10needs of the communities in which they serve, including low and
11moderate-income neighborhoods, consistent with safe and sound
12banking practices.
13    Notwithstanding any other provision of law, upon
14implementation of the program, the State shall not enter into a
15contract or renew a contract with a financial institution that
16does not participate in the program.