Illinois 98th Regular Session Status: In Committee 1 D cosponsors

HB 957 — PUBLIC FUNDS-BRANCH CLOSINGS

Last action — Tabled

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 98th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Public Funds Deposit Act. Provides that a depository institution that intends to close, relocate, or consolidate a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community must comply with certain advance notice and hearing requirements. Provides for the State Treasurer to hold a public hearing and determine whether it is in the best interests of the State to allow the closing, relocation, or consolidation. Provides that if the institution does not abide with a determination by the State Treasurer adverse to the institution's intent, then it may not receive or retain deposits of public funds. Effective immediately.

Bill Text

How this bill changes current law

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This bill establishes new notice and hearing requirements for depository institutions regarding branch closures, relocations, or consolidations affecting low and moderate-income communities.

  • 30 ILCS 225/1.5

    Sec. 1.5. Branch closure, relocation, or consolidation. (a) No depository institution shall receive or retain deposits of public funds as permitted by this Act unless it complies with this Section. (b) Before it closes, relocates, or consolidates a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community in this State, the institution must do both of the following: (1) provide the State Treasurer with 90 days' advance notice in writing of an intent to close, relocate, or consolidate; and (2) publish 90 days' advance notice in a newspaper of general circulation within the affected area of an intent to close, relocate, or consolidate. (c) If the State Treasurer determines that the closing, relocation, or consolidation could have an adverse impact in the affected area, then the State Treasurer shall hold a public hearing in the affected area at least 15 days before any closing, relocation, or consolidation. The State Treasurer shall give adequate notice of the hearing to the community and to the institution. Advocates for the community shall be allowed to present their objections at the hearing. (d) Within 5 days after the hearing, the State Treasurer shall notify the community and the institution whether the State Treasurer determines that it is in the best interests of the State to allow the closing, relocation, or consolidation to occur. If the institution does not abide with a determination by the State Treasurer that is not in the best interests to allow the closing, relocation, or consolidation, then the institution shall thereafter not receive or retain public funds under this Act.

    This section adds new requirements for advance notice and public hearings pertaining to branch changes of depository institutions in economically impacted areas.

Action History

  1. Tabled

  2. Rule 19(a) / Re-referred to Rules Committee

  3. Motion Filed - Table Bill/Resolution Pursuant to Rule 60(b), Rep. La Shawn K. Ford

  4. Assigned to Financial Institutions Committee

  5. Referred to Rules Committee

  6. First Reading

  7. Filed with the Clerk by Rep. La Shawn K. Ford

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

public-safety finance housing
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Frequently asked questions

What does HB 957 do?
Amends the Public Funds Deposit Act. Provides that a depository institution that intends to close, relocate, or consolidate a branch location that impacts a low-income, moderate-income, or economically depressed urban or rural community must comply with certain advance notice and hearing requirements. Provides for the State Treasurer to hold a public hearing and determine whether it is in the best interests of the State to allow the closing, relocation, or consolidation. Provides that if the institution does not abide with a determination by the State Treasurer adverse to the institution's intent, then it may not receive or retain deposits of public funds. Effective immediately.
Who sponsors HB 957?
HB 957 is sponsored by La Shawn K. Ford (Democrat).
What is the current status of HB 957?
This bill died with 98th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 957?
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