Public Act 0304 100TH GENERAL ASSEMBLY

HB0823 Enrolled LRB100 06976 SMS 17027 b

Public Act 100-0304

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Division of Banking Act is amended by adding Section 6.2 as follows:

(20 ILCS 3205/6.2 new)

Sec. 6.2. Community reinvestment. The Division shall review the federal Community Reinvestment Act performance evaluations conducted by the primary federal regulator of any financial institution regulated by the Division to monitor the efforts State chartered banks are making to meet the credit needs of the communities in which they serve, including low-income and moderate-income neighborhoods, consistent with safe and sound banking practices.

The Department may electronically publish an annual report to provide the federal Community Reinvestment Act performance evaluations of State chartered banks.

Effective Date: 1/1/2018