Chicago City Wire

Kimberly Du Buclet introduced HB1700 in the Illinois House on Jan. 24, 2025, during the general assembly session 104, according to the Illinois General Assembly.

According to the Illinois General Assembly site, the legislature summarized the bill's official text as follows: "Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer or any public agency may consider the current and historical ratings that a financial institution has received under the Illinois Community Reinvestment Act when deciding whether to deposit State or public funds in that financial institution. Provides that, effective January 1, 2026, no State or public funds may be deposited in a financial institution subject to the Illinois Community Reinvestment Act unless either (i) the institution has a current rating of satisfactory or outstanding under the Illinois Community Reinvestment Act or (ii) the Department of Financial and Professional Regulation has not yet completed its initial examination of the institution pursuant to the Illinois Community Reinvestment Act. Makes conforming changes. Effective January 1, 2026."

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, this bill amends the Deposit of State Moneys Act and the Public Funds Investment Act to stipulate conditions under which state and public funds can be deposited in financial institutions. Effective January 1, 2022, it prohibits the deposit of state and public funds in institutions subject to the federal Community Reinvestment Act of 1977 if they do not have a rating of satisfactory or outstanding. From January 1, 2026, these restrictions will also apply to institutions under the Illinois Community Reinvestment Act unless rated satisfactory or outstanding or if the Department of Financial and Professional Regulation has not completed an initial examination. The bill allows the State Treasurer and public agencies to consider the institutions' community commitments and gives preference to those with outstanding ratings. It emphasizes relying on publicly available information and prohibits examinations of financial institutions beyond publicly available data, with the act taking effect on January 1, 2026.

Kimberly Du Buclet has proposed another three bills since the beginning of the 104th session.

Buclet graduated from the University of Illinois at Urbana-Champaign with a BS.

Kimberly Du Buclet is currently serving in the Illinois State House, representing the state's 5th House District. She replaced previous state representative Lamont Robinson Jr. in 2023.

Bills in Illinois follow a multi-step legislative process, beginning with introduction in either the House or Senate, followed by committee review, floor debates, and votes in both chambers before reaching the governor for approval or veto. The General Assembly operates on a biennial schedule, and while typically thousands of bills are introduced each session, only a fraction successfully pass through the process to become law.

You can read more about bills and other measures here.

Bill Number	Date Introduced	Short Description
HB1700	01/24/2025	Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Provides that the State Treasurer or any public agency may consider the current and historical ratings that a financial institution has received under the Illinois Community Reinvestment Act when deciding whether to deposit State or public funds in that financial institution. Provides that, effective January 1, 2026, no State or public funds may be deposited in a financial institution subject to the Illinois Community Reinvestment Act unless either (i) the institution has a current rating of satisfactory or outstanding under the Illinois Community Reinvestment Act or (ii) the Department of Financial and Professional Regulation has not yet completed its initial examination of the institution pursuant to the Illinois Community Reinvestment Act. Makes conforming changes. Effective January 1, 2026.
HB1372	01/15/2025	Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026.
HB1284	01/13/2025	Amends the Public Utilities Act and the Consumer Fraud and Deceptive Business Practices Act. Prohibits alternative retail electric and gas suppliers from paying incentive-based compensation to people engaged in in-person solicitation or telemarketing. Provides that certain tariffs may be filed by an electric utility with respect to electric utilities providing supply service through an electric aggregation program. Provides that an alternative retail electric utility supplier or alternative gas supplier shall not automatically renew a consumer's enrollment after the current term of the contract expires when the renewed contract provides that the consumer will be charged a rate higher than the current contract rate unless: (i) the alternative retail electric supplier or alternative gas supplier complies with specified notice and disclosure requirements; and (ii) the customer expressly consents to the contract renewal in writing or by electronic signature at least 30 days, but no more than 60 days, before the contract expires.
HB1158	01/09/2025	Amends the Metropolitan Water Reclamation District Act. Provides that bonds, notes, or other evidences of indebtedness for specified purposes shall be issued from time to time only in amounts as may be required for such purposes but the amount of such obligations issued during any one budget year shall not exceed $250,000,000 (rather than $150,000,000) plus the amount of any obligations authorized by the Act to be issued during the 3 budget years next preceding the year of issuance but which were not issued.