Bill Text: IL HB0823 | 2017-2018 | 100th General Assembly | Chaptered
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 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Division of Banking Act is amended by adding | ||||
Section 6.2 as follows:
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(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.
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