Illinois HB5314 allows the State Treasurer to create a non-profit investment pool and electronic payment program for not-for-profit corporations.
HB5314 amends the State Treasurer Act to authorize the State Treasurer to establish a non-profit investment pool and an electronic payment processing program. The pool aims to enhance investment opportunities and secure electronic payment options for not-for-profit corporations in Illinois. The Treasurer can receive funds from eligible not-for-profit corporations for holding and investing. The bill mandates that administrative expenses of the pool be paid from its earnings, with any excess interest credited to participating corporations.
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