IL HB1700

Requires the State Treasurer to request copies of both Illinois Community Reinvestment Act and federal Community Reinvestment Act of 1977 statements and examinations from financial institutions seeking to serve as state depositories

Effective January 1, 2026, prohibits depositing state or public funds in financial institutions subject to the Illinois Community Reinvestment Act unless they have a "satisfactory" or "outstanding" rating, or have not yet received their initial examination from the Department of Financial and Professional Regulation

Allows the State Treasurer and public agencies to give preference to financial institutions with "outstanding" ratings under both the federal and Illinois Community Reinvestment Acts when investing or depositing funds

Protects existing deposits by prohibiting withdrawal of funds before maturity solely based on a less than satisfactory Illinois Community Reinvestment Act rating

Amends both the Deposit of State Moneys Act and the Public Funds Investment Act to incorporate Illinois Community Reinvestment Act requirements alongside existing federal requirements