Illinois HB1437 amends the State Treasurer Act to allow the establishment of a non-profit investment pool and electronic payment processing program.
HB1437 amends the State Treasurer Act to authorize the State Treasurer to establish and administer a non-profit investment pool and an electronic payment processing program. This initiative aims to supplement and enhance investment opportunities and secure electronic payment options for not-for-profit corporations in Illinois. The Treasurer can receive funds from tax-exempt not-for-profit corporations for holding and investing. The bill also mandates the adoption of rules for the efficient administration of the pool, including minimum deposit amounts and retention periods.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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