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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB0823 Introduced , by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
20 ILCS 3205/6.2 new
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.
LRB100 06976 SMS 17027 b
A BILL FOR
HB0823 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
implement a program intended to encourage financial
institutions regulated by the Division 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.
Notwithstanding any other provision of law, upon
implementation of the program, the State shall not enter into a
contract or renew a contract with a financial institution that
does not participate in the program.