Bill Text: IL HB0823 | 2017-2018 | 100th General Assembly | Chaptered

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Passed) 2017-08-24 - Public Act . . . . . . . . . 100-0304 [HB0823 Detail]

Download: Illinois-2017-HB0823-Chaptered.html

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Public Act 100-0304
HB0823 Enrolled LRB100 06976 SMS 17027 b
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.