HB 5196

  • Illinois House Bill
  • 101st Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

State Money-Linked Deposit

Abstract

Amends the Deposit of State Moneys Act. Provides that the State Treasurer may allow an eligible financial institution (rather than a bank or savings and loan association) to become a State depository. Provides that State depositories may submit proposals or applications that may be approved or rejected by the State Treasurer. Provides that the State Treasurer may accept a proposal from an eligible financial institution which provides for a reduced rate of interest provided that the financial institution documents the use of deposited funds for specified economic development projects (currently, economic community development projects). Modifies provisions concerning proposals from an eligible financial institution that provides for interest earnings on deposits of State moneys to be held by the financial institution in a separate account that the State Treasurer may use to secure up to 10% of any specified home loan to Illinois citizens. Removes provisions concerning proposals for a reduced rate of interest with moneys to be expended for specified purposes. Makes conforming changes. Effective immediately.

Bill Sponsors (1)

Votes


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Actions


Jun 23, 2020

House

Rule 19(b) / Re-referred to Rules Committee

Mar 06, 2020

House

House Committee Amendment No. 1 Filed with Clerk by Rep. Lance Yednock

House

House Committee Amendment No. 1 Referred to Rules Committee

Mar 03, 2020

House

Assigned to Revenue & Finance Committee

Feb 18, 2020

House

Referred to Rules Committee

House

First Reading

Feb 14, 2020

House

Filed with the Clerk by Rep. Lance Yednock

Bill Text

Bill Text Versions Format
Introduced HTML

Related Documents

Document Format
House Amendment 001

Sources

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