Vote Smart's Synopsis:

Vote to pass a bill that amends the Illinois Community Reinvestment Act and require certain studies.

Highlights:

• Amends the Illinois Community Reinvestment Act (Sec.1 ). 

• Specifies that the Secretary of Financial and Professional Regulation shall retain qualified persons to design and conduct one or more disparity studies to prepare and report findings and conclusions to the Secretary to (Sec. 1):

• identify and delineate geographies in Illinois exhibiting significant disparities by protected characteristics concerning access to financial products or services, including, but not limited to, physical branches of covered financial institutions; and lending and investments by covered financial institutions; and

• Identify policies, procedures, patterns, or practices that have or may have disparate impact or discriminatory effects. 

• Requires that the Secretary shall implement the findings, conclusions, and other results from the study into the examination process as detailed in the rule (Sec. 5). 

• Requires the Secretary shall update the disparity studies at least every 4 years, but may require it to be updated more frequently at the Secretary's discretion (Sec. 5).

• Specifies that the Secretary may use specified fees to pay for the disparity studies, as necessary, and defines the term "protected characteristic" (Sec. 5).

• Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the governor (Sec. 5).

Full Bill Text