104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1437 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED: 15 ILCS 505/17.2 new Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Provides that the Treasurer shall adopt rules for the efficient administration of the pool. LRB104 08139 SPS 18185 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1437 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED: 15 ILCS 505/17.2 new 15 ILCS 505/17.2 new Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Provides that the Treasurer shall adopt rules for the efficient administration of the pool. LRB104 08139 SPS 18185 b LRB104 08139 SPS 18185 b A BILL FOR
104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1437 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
15 ILCS 505/17.2 new 15 ILCS 505/17.2 new
15 ILCS 505/17.2 new
Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Provides that the Treasurer shall adopt rules for the efficient administration of the pool.
LRB104 08139 SPS 18185 b LRB104 08139 SPS 18185 b
LRB104 08139 SPS 18185 b
A BILL FOR
HB1437LRB104 08139 SPS 18185 b HB1437 LRB104 08139 SPS 18185 b
HB1437 LRB104 08139 SPS 18185 b
1 AN ACT concerning State government.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Treasurer Act is amended by adding
5 Section 17.2 as follows:
6 (15 ILCS 505/17.2 new)
7 Sec. 17.2. Non-profit investment pool.
8 (a) The State Treasurer may establish and administer a
9 non-profit investment pool and an electronic payment
10 processing program to supplement and enhance investment
11 opportunities and secure electronic payment options otherwise
12 available to not-for-profit corporations in this State.
13 (b) The Treasurer may receive funds paid into the
14 non-profit investment pool by a not-for-profit corporation
15 that is exempt from taxation under Section 501(c)(3),
16 501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue
17 Code for the purpose of holding and investing those funds. In
18 order to be eligible to participate in the non-profit
19 investment pool, the not-for-profit corporation shall provide
20 the Treasurer with a copy of the most recent audited financial
21 statement or charitable organization annual report filed with
22 the Attorney General.
23 (c) The Treasurer may invest the funds constituting the
104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1437 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
15 ILCS 505/17.2 new 15 ILCS 505/17.2 new
15 ILCS 505/17.2 new
Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Provides that the Treasurer shall adopt rules for the efficient administration of the pool.
LRB104 08139 SPS 18185 b LRB104 08139 SPS 18185 b
LRB104 08139 SPS 18185 b
A BILL FOR
15 ILCS 505/17.2 new
LRB104 08139 SPS 18185 b
HB1437 LRB104 08139 SPS 18185 b
HB1437- 2 -LRB104 08139 SPS 18185 b HB1437 - 2 - LRB104 08139 SPS 18185 b
HB1437 - 2 - LRB104 08139 SPS 18185 b
1 non-profit investment pool in the same manner, in the same
2 types of investments, and subject to the same limitations
3 provided for the investment of funds in the State Treasury.
4 The Treasurer shall develop, publish, and implement an
5 investment policy covering the management of funds in the
6 non-profit investment pool. The policy shall be published each
7 year as part of the audit of the non-profit investment pool by
8 the Auditor General, which shall be distributed to all
9 participants. The Treasurer shall notify all non-profit
10 investment pool participants in writing, and the Treasurer
11 shall publish in at least one newspaper of general circulation
12 in both Springfield and Chicago any changes to a previously
13 published investment policy at least 30 calendar days before
14 implementing the policy. Any investment policy adopted by the
15 Treasurer shall be reviewed, and updated if necessary, within
16 90 days after the installation of a new Treasurer.
17 (d) The Treasurer shall adopt rules for the efficient
18 administration of the non-profit investment pool, including
19 the minimum amounts that may be deposited in the non-profit
20 investment pool and the minimum period of time that deposits
21 shall be retained in the non-profit investment pool. The rules
22 shall provide for the administrative expenses of the
23 non-profit investment pool to be paid from its earnings and
24 for the interest earnings in excess of such expenses to be
25 credited or paid monthly to the not-for-profit corporations
26 participating in the non-profit investment pool in a manner
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HB1437 - 3 - LRB104 08139 SPS 18185 b
HB1437 - 3 - LRB104 08139 SPS 18185 b