Illinois SB1301 amends laws to guide public fund deposits in financial institutions based on community reinvestment ratings.
Illinois SB1301 amends the Deposit of State Moneys Act and the Public Funds Investment Act to guide public fund deposits. Public agencies must consider a financial institution's community reinvestment ratings when deciding where to deposit funds. Effective January 1, 2026, no public funds can be deposited in institutions subject to the Illinois Community Reinvestment Act unless they have a satisfactory or outstanding rating or are under initial examination.
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