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Home > Illinois > SB1932
Chief Sponsor:

Mattie Hunter

Tagged in: Banking, Financial Institutions

Latest Update: Monday, December, 01st 2008

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TREASURER-FUNDS DEPOSIT/INVEST

Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Requires applicant financial institutions to submit a linked deposit and public investment plan that demonstrates how it will leverage State deposits and investments to create banking, lending, and investment opportunities within low-income and moderate-income communities, particularly those near its branches, and to disclose any direct, affiliate, or subsidiary relationship with or investment in any sub-prime lending intermediary. Requires the Treasurer to give notice of applications and allow for public comment. Requires a hearing if complaints are documented. Prohibits approval of an application if complaints are substantiated. Requires linked deposit agreements and evaluations of financial institutions to be posted on the Treasurer's website.
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Latest Actions
  • 01/25/2008 - Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  • 01/16/2008 - Filed with Secretary by Sen. Mattie Hunter
  • 01/16/2008 - First Reading
  • 01/16/2008 - Referred to Rules
Bill Text
File name Last Updated
SB1932 Bill Text Introduced PDF01/16/2008