IL HB0957

Amends the Public Funds Deposit Act to require depository institutions to comply with advance notice and hearing requirements before closing, relocating, or consolidating branch locations in low-income, moderate-income, or economically depressed communities.

Institutions must provide the State Treasurer with 90 days' written advance notice and publish 90 days' advance notice in a newspaper of general circulation in the affected area before any branch action.

State Treasurer must hold a public hearing in the affected area at least 15 days before the proposed closing, relocation, or consolidation if an adverse impact is determined, with adequate notice to both the community and institution.

State Treasurer must notify the community and institution within 5 days after the hearing whether closing, relocation, or consolidation is in the best interests of the State.

Institutions that do not comply with an adverse determination by the State Treasurer become ineligible to receive or retain deposits of public funds under the Act.