SB1301 amends the Deposit of State Moneys Act and the Public Funds Investment Act to restrict public and state fund deposits in financial.
SB1301 amends the Deposit of State Moneys Act and the Public Funds Investment Act to restrict the deposit of public and state funds in financial institutions. Effective January 1, 2022, no public funds can be deposited in a financial institution subject to the federal Community Reinvestment Act unless it has a current rating of satisfactory or outstanding. Effective January 1, 2026, no state or public funds can be deposited in a financial institution subject to the Illinois Community Reinvestment Act unless it has a current rating of satisfactory or outstanding or the Department of Financial.
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