Bill Text: IL HB0823 | 2017-2018 | 100th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Engrossed.html
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-Engrossed.html
| |||||||
| |||||||
| |||||||
1 | AN ACT concerning regulation.
| ||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||
3 | represented in the General Assembly:
| ||||||
4 | Section 5. The Division of Banking Act is amended by adding | ||||||
5 | Section 6.2 as follows:
| ||||||
6 | (20 ILCS 3205/6.2 new) | ||||||
7 | Sec. 6.2. Community reinvestment. The Division shall | ||||||
8 | review the federal Community Reinvestment Act performance | ||||||
9 | evaluations conducted by the primary federal regulator of any | ||||||
10 | financial institution regulated by the Division to monitor the | ||||||
11 | efforts State chartered banks are making to meet the credit | ||||||
12 | needs of the communities in which they serve, including | ||||||
13 | low-income and moderate-income neighborhoods, consistent with | ||||||
14 | safe and sound banking practices. | ||||||
15 | The Department may electronically publish an annual report | ||||||
16 | to provide the federal Community Reinvestment Act performance | ||||||
17 | evaluations of State chartered banks.
|