Illinois HB5045 allows the State Treasurer to establish a non-profit investment pool and electronic payment processing program for not-for-profit.
Illinois HB5045 amends the State Treasurer Act to authorize the State Treasurer to create a non-profit investment pool and an electronic payment processing program. These initiatives aim to enhance investment opportunities and secure electronic payment options for not-for-profit corporations in Illinois. The Treasurer can invest funds in the pool similarly to State Treasury funds, subject to the same limitations. The Treasurer must also provide surety bonds for the benefit of participating not-for-profit corporations.
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