IL HB1784

Amends the Deposit of State Moneys Act to allow the State Treasurer to accept reduced-interest proposals from eligible institutions that document use of deposited funds for community development projects, with preference for institutions in high unemployment communities (defined as municipalities with unemployment rates higher than the state average).

Allows the State Treasurer to accept reduced-interest proposals from eligible institutions that agree to expend an amount equal to the interest reduction for preservation of Cahokia Mounds.

Allows the State Treasurer to accept reduced-interest proposals from eligible institutions that agree to expend an amount equal to the interest reduction for senior centers.

Permits the State Treasurer to hold interest earnings in a separate account that can secure up to 10% of home loans, refinancing, or mortgage assistance for Illinois borrowers, including those facing financial hardship from job loss, illness, divorce, or other circumstances beyond their control.

Specifies that agreements between the State Treasurer and institutions may not require gifts of money or services to third parties, though institutions may contract with third parties to carry out agreement terms.