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IL HB1573
Bill
Status
Introduced
2/11/2021
Primary Sponsor
Emanuel Welch
Click for details
AI Summary
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Amends the Deposit of State Moneys Act (15 ILCS 520/2) to make a technical correction regarding interest on deposits.
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Requires banks and savings and loan associations holding state money to pay interest on time deposit accounts when permitted by the Federal Reserve system.
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Specifies that all interest received or paid on state treasury money deposited in banks or savings and loan associations belongs to the State of Illinois.
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Directs that interest received on deposits held by the State Treasurer shall be credited as provided in Section 4.1 of the State Finance Act.
Legislative Description
STATE GOVERNMENT-TECH
Last Action
Rule 19(a) / Re-referred to Rules Committee
4/11/2022
Committee Referrals
Rules4/23/2021
Executive3/2/2021
Rules2/17/2021
Full Bill Text
No bill text available