Illinois Senate Bill 1301

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 28 2025 - 25% progression
Action: 2025-01-28 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer or any public agency may consider the current and historical ratings that a financial institution has received under the Illinois Community Reinvestment Act when deciding whether to deposit State or public funds in that financial institution. Provides that, effective January 1, 2026, no State or public funds may be deposited in a financial institution subject to the Illinois Community Reinvestment Act unless either (i) the institution has a current rating of satisfactory or outstanding under the Illinois Community Reinvestment Act or (ii) the Department of Financial and Professional Regulation has not yet completed its initial examination of the institution pursuant to the Illinois Community Reinvestment Act. Makes conforming changes. Effective January 1, 2026.

FUNDS-COMMUNITY REINVESTMENT

Sen. Mattie Hunter [D]

Date	Chamber	Action
2025-01-28	Senate	Referred to Assignments
2025-01-28	Senate	First Reading
2025-01-28	Senate	Filed with Secretary by Sen. Mattie Hunter

Chapter	Article	Section	Citation Type	Statute Text
15	520	16.1	Amended Code	Citation Text
15	520	16.3	Amended Code	Citation Text
30	235	8	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1301&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Text	https://www.ilga.gov/legislation/104/SB/10400SB1301.htm