Rep. Ron Sandack
Filed: 4/2/2014
 
 

 

 

 
09800HB4759ham001LRB098 18581 JWD 57741 a



1
AMENDMENT TO HOUSE BILL 4759 




2    AMENDMENT NO. ______. Amend House Bill 4759 on page 1, by 
3inserting the following after line 3:

 
4    "Section 2. The Deposit of State Moneys Act is amended  by 
5changing Section 16.3 as follows:
 



6    (15 ILCS 520/16.3)




7    Sec. 16.3. 
Consideration of financial institution's 
8commitment to its
community.

9    (a) In addition to any other
requirements of this Act, the 
10State Treasurer is authorized to consider the
financial

11institution's record and current level of financial commitment 
12to its local
community when deciding whether to deposit State 
13funds in that financial
institution.  The State Treasurer may 
14consider factors including, but not
necessarily limited to:


15        (1) for financial institutions subject to the federal 
16    Community
Reinvestment Act of
1977, the current and 
 
 
09800HB4759ham001- 2 -LRB098 18581 JWD 57741 a

1    historical ratings that the
financial institution has 
2    received, to the extent that those ratings are
publicly 
3    available, under the federal Community Reinvestment Act of 
4    1977;


5        (2) any changes in ownership, management, policies, or 
6    practices of the
financial
institution that may affect the 
7    level of the financial institution's commitment
to its 
8    community;


9        (3) the financial impact that the withdrawal or denial 
10    of
deposits of State funds might have on the financial 
11    institution; and


12        (4) the
financial impact to the State as a result of 
13    withdrawing State
funds or refusing to deposit additional 
14    State funds in the
financial institution.

15    (b) Nothing in this Section shall be construed as 
16authorizing the State
Treasurer to conduct an examination or 
17investigation of a financial institution
or to receive 
18information that is not publicly available and the disclosure 
19of
which is otherwise prohibited by law or to require a 
20financial institution to provide a product or service in this 
21State that the financial institution does not otherwise provide 
22in this State.

23(Source: P.A. 93-251, eff. 7-1-04.)".