Bill Text: IL HB2699 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.

Spectrum: Moderate Partisan Bill (Republican 8-1)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB2699 Detail]

Download: Illinois-2009-HB2699-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB2699 Introduced 2/24/2009, by Rep. Robert W. Pritchard - Elizabeth Coulson - Mike Fortner - Michael W. Tryon - Richard P. Myers, et al. SYNOPSIS AS INTRODUCED:
15 ILCS 520/16.4 new
Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.
LRB096 04734 RCE 14797 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB2699 LRB096 04734 RCE 14797 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Deposit of State Moneys Act is amended by
adding Section 16.4 as follows:
(15 ILCS 520/16.4 new)
Sec. 16.4. Deposit of State funds with financial
institutions making home loans.
(a) In addition to any other requirements of this Act, the
State Treasurer, by rule, shall implement and administer a
program requiring financial institutions to make mortgage
loans on residential property in order for that financial
institution to be eligible for investment of State funds in
that financial institution.
(b) The rules shall include, but not be limited to,
requiring financial institutions to meet all of the following
conditions:
(1) The financial institution must not reject
arbitrarily mortgage loans for residential properties
because of the location of the property.
(2) At least a minimum percentage, as determined by
rule, of the financial institution's total assets,
including without limitation assets under management, must

HB2699 - 2 - LRB096 04734 RCE 14797 b
be invested in residential mortgage loans. Minimum
percentages may vary based on the type of financial
institution and its location.
(3) The total amount of new residential loans made by
the financial institution in each calendar year must be at
least a minimum percentage, as determined by rule, of the
financial institution's total assets, including without
limitation assets under management. Minimum percentages
may vary based on the type of financial institution and its
location.
(4) Reporting and auditing requirements that ensure
that the financial institutions are complying with the
provisions of this Section.
(c) By March 1, 2010 and each year thereafter, the State
Treasurer shall report to the General Assembly concerning the
Treasurer's administration of this Section during the previous
calendar year.
(d) Nothing in this Section shall be construed as
authorizing the State Treasurer to conduct an examination or
investigation of a financial institution or to receive
information that is not publicly available and the disclosure
of which is otherwise prohibited by law.
Section 99. Effective date. This Act takes effect upon
becoming law.