IL HB2542

Amends the Illinois Banking Act to require financial institutions to inquire whether credit applicants are women-owned, minority-owned, or small businesses, and maintain separate records of responses on Department-supplied forms.

Requires financial institutions to compile and maintain detailed records including application numbers, loan types, amounts, census tract location, gross annual revenue, and race/sex/ethnicity of principal owners.

Prohibits loan underwriters and employees from accessing applicant demographic information where feasible, and requires notice if access is necessary, along with notice that discrimination based on this information is prohibited.

Imposes the same inquiry and record-keeping requirements on credit unions through amendments to the Illinois Credit Union Act.

Requires annual submission of compiled data to the Department unless no applications from women-owned, minority-owned, or small businesses were received; provision expires upon federal implementation of Dodd-Frank Act Section 1071 regulations.