FINANCIAL INSTITUTIONS-STUDY Senate SponsorsSen. Christopher Belt-Karina Villa-Bill Cunningham-Lakesia Collins, Robert Peters, Ann Gillespie, Javier L. Cervantes, Adriane Johnson, Mike Simmons, Mattie Hunter, Linda Holmes, Napoleon Harris, III, Laura M. Murphy, Mary Edly-Allen, Ram Villivalam, Rachel Ventura-Kimberly A. Lightford and Emil Jones, III House Sponsors(Rep. Sonya M. Harper-Mark L. Walker-Debbie Meyers-Martin-Justin Slaughter-Abdelnasser Rashid, Carol Ammons and Cyril Nichols) 8/9/2024SenatePublic Act . . . . . . . . . 103-0959 205 ILCS 735/35-5205 ILCS 735/35-15Amends the Illinois Community Reinvestment Act. Provides that the Secretary of Financial and Professional Regulation shall retain qualified persons to design and conduct one or more disparity studies to prepare and report findings and conclusions to the Secretary to: (1) identify and delineate geographies in Illinois exhibiting significant disparities by protected characteristics with respect to: access to financial products or services, including, but not limited to, physical branches of covered financial institutions; and lending and investments by covered financial institutions; and (2) identify policies, procedures, patterns, or practices that have or may have disparate impact or discriminatory effects. Provides that the Secretary shall implement the findings, conclusions, and other results from the study into the examination process as detailed in rule. Provides that the Secretary shall update the disparity studies at least every 4 years, but may require it to be updated more frequently at the Secretary's discretion. Provides that the Secretary may use specified fees to pay for the disparity studies, as necessary. Defines the term "protected characteristic". Effective immediately.Senate Committee Amendment No. 1 Provides that the Secretary of Financial and Professional Regulation shall implement the findings, conclusions, and other results of the study into the examination process through rules adopted in accordance with the Illinois Administrative Procedure Act.Senate Floor Amendment No. 4 Adds reference to:30 ILCS 574/40-10Replaces everything after the enacting clause. Amends the Illinois Community Reinvestment Act. Requires the Commission on Equity and Inclusion to conduct studies to: (1) identify and delineate geographies in Illinois exhibiting significant disparities by protected classes as identified by the Human Rights Act with respect to access to financial products or services and lending and investments by covered financial institutions; (2) identify policies, procedures, patterns, or practices that have or may have a disparate impact or discriminatory effect; and (3) identify opportunities for establishing and growing Banking Development Districts in geographic locations where there are the greatest underbanked and unbanked populations and opportunities for partnerships between depository institutions and local communities. Authorizes the Secretary of Financial and Professional Regulation to implement the findings and other results from such studies into the examination process through rules adopted in accordance with the Illinois Administrative Procedure Act. Provides that any costs incurred by the Commission in conducting such studies shall be subject to appropriation. Directs the Commission to provide reports of its findings and furnish copies of the reports to the General Assembly and the Secretary. Requires the results of every study performed under the Act to be publicly available on the websites of the Commission and the Department of Financial and Professional Regulation. Provides that the Commission may contract with a qualified person or entity to design and conduct the studies. Amends the Commission on Equity and Inclusion Act. Provides that the Commission is responsible for completing those studies under the Illinois Community Reinvestment Act. Effective January 1, 2025.Senate Floor Amendment No. 5 Provides that costs incurred by the Commission on Equity and Inclusion in conducting the studies required under the amendatory Act shall not be funded by the examination fees paid by covered financial institutions. 2/6/2024SenateFiled with Secretary by Sen. Christopher Belt 2/6/2024SenateFirst Reading 2/6/2024SenateReferred to Assignments 2/6/2024SenateAdded as Co-Sponsor Sen. Bill Cunningham 2/6/2024SenateAdded as Chief Co-Sponsor Sen. Karina Villa 2/6/2024SenateSponsor Removed Sen. Bill Cunningham 2/7/2024SenateAdded as Co-Sponsor Sen. Lakesia Collins 2/7/2024SenateAdded as Chief Co-Sponsor Sen. Bill Cunningham 2/7/2024SenateSponsor Removed Sen. Lakesia Collins 2/13/2024SenateAdded as Chief Co-Sponsor Sen. Lakesia Collins 2/14/2024SenateAssigned to Executive 2/15/2024SenateAdded as Co-Sponsor Sen. Robert Peters 2/20/2024SenateAdded as Co-Sponsor Sen. Ann Gillespie 3/5/2024SenateAdded as Co-Sponsor Sen. Javier L. Cervantes 3/6/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Christopher Belt 3/6/2024SenateSenate Committee Amendment No. 1 Referred to Assignments 3/7/2024SenateAdded as Co-Sponsor Sen. Adriane Johnson 3/7/2024SenateAdded as Co-Sponsor Sen. Mike Simmons 3/11/2024SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/12/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Executive 3/13/2024SenateSenate Committee Amendment No. 1 Adopted 3/14/2024SenateDo Pass as Amended Executive; 010-003-000 3/14/2024SenatePlaced on Calendar Order of 2nd Reading March 20, 2024 3/14/2024SenateAdded as Co-Sponsor Sen. Linda Holmes 3/14/2024SenateAdded as Co-Sponsor Sen. Napoleon Harris, III 3/18/2024SenateAdded as Co-Sponsor Sen. Laura M. Murphy 4/5/2024SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Christopher Belt 4/5/2024SenateSenate Floor Amendment No. 2 Referred to Assignments 4/5/2024SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt 4/5/2024SenateSenate Floor Amendment No. 3 Referred to Assignments 4/9/2024SenateSenate Floor Amendment No. 2 Pursuant to Senate Rule 3-8 (b-1), the following amendments will remain in the Committee on Assignments 4/9/2024SenateSenate Floor Amendment No. 3 Assignments Refers to Executive 4/10/2024SenateSecond Reading 4/10/2024SenatePlaced on Calendar Order of 3rd Reading April 11, 2024 4/10/2024SenateSenate Floor Amendment No. 3 Postponed - Executive 4/12/2024SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford 4/12/2024SenateRule 2-10 Third Reading Deadline Established As April 19, 2024 4/15/2024SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. Christopher Belt 4/15/2024SenateSenate Floor Amendment No. 4 Referred to Assignments 4/16/2024SenateSenate Floor Amendment No. 4 Assignments Refers to Executive 4/16/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen 4/16/2024SenateAdded as Co-Sponsor Sen. Ram Villivalam 4/16/2024SenateAdded as Co-Sponsor Sen. Rachel Ventura 4/17/2024SenateSenate Floor Amendment No. 5 Filed with Secretary by Sen. Christopher Belt 4/17/2024SenateSenate Floor Amendment No. 5 Referred to Assignments 4/18/2024SenateSenate Floor Amendment No. 4 Recommend Do Adopt Executive; 009-002-000 4/18/2024SenateSenate Floor Amendment No. 5 Be Approved for Consideration Assignments 4/18/2024SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 4/18/2024SenateRecalled to Second Reading 4/18/2024SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4a 4/18/2024SenateSenate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4a 4/18/2024SenateSenate Floor Amendment No. 4 Adopted 4/18/2024SenateSenate Floor Amendment No. 5 Adopted 4/18/2024SenatePlaced on Calendar Order of 3rd Reading 4/18/2024SenateThird Reading - Passed; 039-019-000 4/18/2024HouseArrived in House 4/18/2024HouseChief House Sponsor Rep. Mark L. Walker 4/18/2024HouseFirst Reading 4/18/2024HouseReferred to Rules Committee 4/18/2024HouseAlternate Chief Sponsor Removed Rep. Mark L. Walker 4/19/2024HouseAdded Alternate Chief Co-Sponsor Rep. Sonya M. Harper 4/19/2024HouseAlternate Chief Co-Sponsor Removed Rep. Sonya M. Harper 4/30/2024HouseAssigned to Economic Opportunity & Equity Committee 4/30/2024HouseCommittee Deadline Extended-Rule 9(b) May 10, 2024 4/30/2024HouseChief House Sponsor Rep. Sonya M. Harper 4/30/2024HouseAdded Alternate Chief Co-Sponsor Rep. Mark L. Walker 5/2/2024HouseAdded Alternate Chief Co-Sponsor Rep. Debbie Meyers-Martin 5/2/2024HouseAdded Alternate Chief Co-Sponsor Rep. Carol Ammons 5/2/2024HouseAdded Alternate Chief Co-Sponsor Rep. Abdelnasser Rashid 5/2/2024HouseAlternate Chief Co-Sponsor Removed Rep. Carol Ammons 5/2/2024HouseAdded Alternate Chief Co-Sponsor Rep. Justin Slaughter 5/2/2024HouseAdded Alternate Co-Sponsor Rep. Carol Ammons 5/2/2024HouseAdded Alternate Co-Sponsor Rep. Cyril Nichols 5/8/2024HouseDo Pass / Short Debate Economic Opportunity & Equity Committee; 005-003-000 5/9/2024HousePlaced on Calendar 2nd Reading - Short Debate 5/13/2024HouseSecond Reading - Short Debate 5/13/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/14/2024SenateAdded as Co-Sponsor Sen. Emil Jones, III 5/17/2024HouseThird Reading/Final Action Deadline Extended-9(b) May 24, 2024 5/23/2024HouseThird Reading - Short Debate - Passed 073-038-000 5/23/2024SenatePassed Both Houses 6/21/2024SenateSent to the Governor 8/9/2024SenateGovernor Approved 8/9/2024SenateEffective Date January 1, 2025 8/9/2024SenatePublic Act . . . . . . . . . 103-0959