Illinois Compiled Statutes 15 ILCS 520/1 – The State Treasurer shall deposit all moneys received by him or her …
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The State Treasurer shall deposit all moneys received by him or her on account of the State within five days after receiving the same in such financial institutions of the State as may be authorized to receive such deposits under the terms of this Act. The money so deposited shall be placed to the account of the State Treasurer.
No financial institution shall receive public funds as permitted by this Act, unless it has complied with the requirements established pursuant to this Act.
For purposes of this Act, the term “financial institution” shall be deemed to include a bank, a savings and loan association, a savings bank, a credit union, a minority depository institution as designated by the Federal Deposit Insurance Corporation, or a community development financial institution certified by the United States Treasury Community Development Financial Institutions Fund, which is operating in the State of Illinois.
The State Treasurer may require financial institutions to submit sworn statements of resources and liabilities that are required to be furnished to any regulatory or licensing entity, and reports of any examination prepared by or submitted to any regulatory or licensing entity. All records submitted by a financial institution pursuant to this Section shall remain confidential in accordance with applicable laws.
The State Treasurer may accept as security for public funds deposited in a financial institution any securities or other eligible collateral authorized by this Act. The State Treasurer is authorized to enter into an agreement with any financial institution, or trust company, or with any agency of the U.S. government relating to the deposit of such assets or securities. The State Treasurer shall be discharged from responsibility for any funds for which assets or securities are so deposited with him or her, and the funds for which securities are so deposited shall not be subject to any otherwise applicable limitation as to amount.
This Act shall govern the deposit of State moneys for all public funds under the custody or control of the State Treasurer.
No financial institution shall receive public funds as permitted by this Act, unless it has complied with the requirements established pursuant to this Act.
Terms Used In Illinois Compiled Statutes 15 ILCS 520/1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
For purposes of this Act, the term “financial institution” shall be deemed to include a bank, a savings and loan association, a savings bank, a credit union, a minority depository institution as designated by the Federal Deposit Insurance Corporation, or a community development financial institution certified by the United States Treasury Community Development Financial Institutions Fund, which is operating in the State of Illinois.
The State Treasurer may require financial institutions to submit sworn statements of resources and liabilities that are required to be furnished to any regulatory or licensing entity, and reports of any examination prepared by or submitted to any regulatory or licensing entity. All records submitted by a financial institution pursuant to this Section shall remain confidential in accordance with applicable laws.
The State Treasurer may accept as security for public funds deposited in a financial institution any securities or other eligible collateral authorized by this Act. The State Treasurer is authorized to enter into an agreement with any financial institution, or trust company, or with any agency of the U.S. government relating to the deposit of such assets or securities. The State Treasurer shall be discharged from responsibility for any funds for which assets or securities are so deposited with him or her, and the funds for which securities are so deposited shall not be subject to any otherwise applicable limitation as to amount.
This Act shall govern the deposit of State moneys for all public funds under the custody or control of the State Treasurer.