Illinois 2025-2026 Regular Session

Illinois House Bill HB1437 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	HB1437 EngrossedLRB104 08139 SPS 18185 b HB1437 Engrossed LRB104 08139 SPS 18185 b
2		-	HB1437 Engrossed LRB104 08139 SPS 18185 b
	1	+	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
	2	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1437 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
	3	+	15 ILCS 505/17.2 new 15 ILCS 505/17.2 new
	4	+	15 ILCS 505/17.2 new
	5	+	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.
	6	+	LRB104 08139 SPS 18185 b LRB104 08139 SPS 18185 b
	7	+	LRB104 08139 SPS 18185 b
	8	+	A BILL FOR
	9	+	HB1437LRB104 08139 SPS 18185 b HB1437 LRB104 08139 SPS 18185 b
	10	+	HB1437 LRB104 08139 SPS 18185 b
3	11		1 AN ACT concerning State government.
4	12		2 Be it enacted by the People of the State of Illinois,
5	13		3 represented in the General Assembly:
6	14		4 Section 5. The State Treasurer Act is amended by adding
7	15		5 Section 17.2 as follows:
8	16		6 (15 ILCS 505/17.2 new)
9	17		7 Sec. 17.2. Non-profit investment pool.
10	18		8 (a) The State Treasurer may establish and administer a
11	19		9 non-profit investment pool and an electronic payment
12	20		10 processing program to supplement and enhance investment
13	21		11 opportunities and secure electronic payment options otherwise
14	22		12 available to not-for-profit corporations in this State.
15	23		13 (b) The Treasurer may receive funds paid into the
16	24		14 non-profit investment pool by a not-for-profit corporation
17		-	15 that is exempt from taxation under Section 501(c)(3) or
18		-	16 501(c)(5) of the Internal Revenue ~~Code for the purpose of~~
19		-	17 holding and investing those funds. In ~~order to be eligible to~~
20		-	18 participate in the non-profit ~~investment pool, the~~
21		-	19 not-for-profit corporation shall provide ~~the Treasurer with a~~
22		-	20 copy of the most recent audited financial ~~statement or~~
23		-	21 charitable organization annual report filed with ~~the Attorney~~
24		-	22 General.
	25	+	15 that is exempt from taxation under Section 501(c)(3),
	26	+	16 501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue
	27	+	17 Code for the purpose of holding and investing those funds. In
	28	+	18 order to be eligible to participate in the non-profit
	29	+	19 investment pool, the not-for-profit corporation shall provide
	30	+	20 the Treasurer with a copy of the most recent audited financial
	31	+	21 statement or charitable organization annual report filed with
	32	+	22 the Attorney General.
25	33		23 (c) The Treasurer may invest the funds constituting the
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29		-	HB1437 Engrossed LRB104 08139 SPS 18185 b
	37	+	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1437 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
	38	+	15 ILCS 505/17.2 new 15 ILCS 505/17.2 new
	39	+	15 ILCS 505/17.2 new
	40	+	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.
	41	+	LRB104 08139 SPS 18185 b LRB104 08139 SPS 18185 b
	42	+	LRB104 08139 SPS 18185 b
	43	+	A BILL FOR
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32		-	HB1437 Engrossed- 2 -LRB104 08139 SPS 18185 b HB1437 Engrossed - 2 - LRB104 08139 SPS 18185 b
33		-	HB1437 Engrossed - 2 - LRB104 08139 SPS 18185 b
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	49	+	15 ILCS 505/17.2 new
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	53	+	LRB104 08139 SPS 18185 b
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	63	+	HB1437 LRB104 08139 SPS 18185 b
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	66	+	HB1437- 2 -LRB104 08139 SPS 18185 b HB1437 - 2 - LRB104 08139 SPS 18185 b
	67	+	HB1437 - 2 - LRB104 08139 SPS 18185 b
34	68		1 non-profit investment pool in the same manner, in the same
35	69		2 types of investments, and subject to the same limitations
36	70		3 provided for the investment of funds in the State Treasury.
37	71		4 The Treasurer shall develop, publish, and implement an
38	72		5 investment policy covering the management of funds in the
39	73		6 non-profit investment pool. The policy shall be published each
40	74		7 year as part of the audit of the non-profit investment pool by
41	75		8 the Auditor General, which shall be distributed to all
42	76		9 participants. The Treasurer shall notify all non-profit
43	77		10 investment pool participants in writing, and the Treasurer
44	78		11 shall publish in at least one newspaper of general circulation
45	79		12 in both Springfield and Chicago any changes to a previously
46	80		13 published investment policy at least 30 calendar days before
47	81		14 implementing the policy. Any investment policy adopted by the
48	82		15 Treasurer shall be reviewed, and updated if necessary, within
49	83		16 90 days after the installation of a new Treasurer.
50	84		17 (d) The Treasurer shall adopt rules for the efficient
51	85		18 administration of the non-profit investment pool, including
52	86		19 the minimum amounts that may be deposited in the non-profit
53	87		20 investment pool and the minimum period of time that deposits
54	88		21 shall be retained in the non-profit investment pool. The rules
55	89		22 shall provide for the administrative expenses of the
56	90		23 non-profit investment pool to be paid from its earnings and
57	91		24 for the interest earnings in excess of such expenses to be
58	92		25 credited or paid monthly to the not-for-profit corporations
59	93		26 participating in the non-profit investment pool in a manner
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65		-	HB1437 ~~Engrossed~~ - 2 - LRB104 08139 SPS 18185 b
	99	+	HB1437 - 2 - LRB104 08139 SPS 18185 b
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68		-	HB1437 Engrossed- 3 -LRB104 08139 SPS 18185 b HB1437 Engrossed - 3 - LRB104 08139 SPS 18185 b
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70		-	1 which equitably reflects the differing amounts of their
71		-	2 respective investments in the non-profit investment pool and
72		-	3 the differing periods of time for which the amounts were in the
73		-	4 custody of the non-profit investment pool.
74		-	5 (e) Upon creating a non-profit investment pool, the State
75		-	6 Treasurer shall give bond with 2 or more sufficient sureties,
76		-	7 payable to not-for-profit corporations that participate in the
77		-	8 non-profit investment pool for the benefit of the
78		-	9 not-for-profit corporations that have funds that are paid into
79		-	10 the non-profit investment pool for investment, in the penal
80		-	11 sum of $150,000, conditioned for the faithful discharge of the
81		-	12 State Treasurer's duties in relation to the non-profit
82		-	13 investment pool.
	102	+	HB1437- 3 -LRB104 08139 SPS 18185 b HB1437 - 3 - LRB104 08139 SPS 18185 b
	103	+	HB1437 - 3 - LRB104 08139 SPS 18185 b
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88		-	HB1437 ~~Engrossed~~ - 3 - LRB104 08139 SPS 18185 b
	109	+	HB1437 - 3 - LRB104 08139 SPS 18185 b