Summary as Introduced
Amends the Illinois Administrative Procedure Act. Makes a technical change in a Section concerning the Joint Committee on Administrative Rules.
Staff Analysis
HB 1293 (HFA 3)Replaces everything after the enacting clause. Creates the Money Laundering in Real Estate Task Force Act. Establishes the Money Laundering in Real Estate Task Force and directs the Task Force to, among other things, assess the exposure of real estate sectors in Illinois to illicit Russian money. Amends the Election Code. Creates the Illinois Elections and Infrastructure Integrity Task Force to evaluate and make recommendations to prepare for and prevent foreign interference in elections in advance of the 2024 election and all future elections in the State and to prepare for and prevent potential cyberattacks on State infrastructure. Amends the Illinois Administrative Procedure Act. Grants the Department of Human Services emergency rulemaking powers with respect to its refugee resettlement program in the case of an imminent, large-scale refugee resettlement event. Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Prohibits the investment of State moneys and public funds in certain investments or institutions tied to Russia or Belarus. Amends the Illinois State Police Law of the Civil Administrative Code of Illinois. Provides that the Division of Criminal Investigation shall conduct investigations of any property-related crimes, such as money laundering, involving individuals or entities listed on a specified sanctions list. Amends the Illinois Pension Code. Provides that the State-funded retirement systems shall not invest moneys in Russian or Belarusian sovereign debt, Russian or Belarusian government-backed securities, any investment instrument issued by an entity that is domiciled or has its principal place of business in Russia or Belarus, or any investment instrument issued by a company that is subject to Russian Harmful Foreign Activities Sanctions, and no retirement system shall invest or deposit State moneys in any bank that is domiciled or has its principal place of business in Russia or Belarus. Provides that as soon as practicable after the effective date of the amendatory Act, each State-funded retirement system shall instruct its investment advisors to sell, redeem, divest, or withdraw all direct holdings of Russian or Belarusian sovereign debt and direct holdings of Russian or Belarusian government-backed securities from the retirement system's assets under management in an orderly and fiduciarily responsible manner. Requires the Illinois Investment Policy Board to make its best efforts to identify all companies that are domiciled or have their principal place of business in Russia or Belarus and companies subject to Russian harmful foreign activities sanctions and to include those companies in the list of restricted companies. Makes other changes. Amends the Board of Higher Education Act. Provides that the Board of Higher Education shall require a public institution of higher education to disclose to the Board any endowment or other donation given to the institution from a source associated with any individual or entity listed on the sanctions list maintained by the U.S. Department of Treasury's Office of Foreign Asset Control or any company that is domiciled or has its principal place of business in Russia or Belarus and is on the list of restricted companies developed by the Illinois Investment Policy Board. Effective immediately.
HB 1293 (HFA 4) In provisions establishing the membership of the Illinois Elections and Infrastructure Integrity Task Force, provides that one member shall be the president of a statewide association representing county clerks and recorders (rather than reporters) and adds the Attorney General or the Attorney General's designee to the Task Force.
HB 1293 (HFA 5) Replaces everything after the enacting clause. Creates the Money Laundering in Real Estate Task Force Act. Establishes the Money Laundering in Real Estate Task Force and directs the Task Force to, among other things, assess the exposure of real estate sectors in Illinois to illicit Russian money. Amends the Election Code. Creates the Illinois Elections and Infrastructure Integrity Task Force to evaluate and make recommendations to prepare for and prevent foreign interference in elections in advance of the 2024 election and all future elections in the State and to prepare for and prevent potential cyberattacks on State infrastructure. Amends the Illinois Administrative Procedure Act. Grants the Department of Human Services emergency rulemaking powers with respect to its refugee resettlement program in the case of an imminent, large-scale refugee resettlement event. Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Prohibits the investment of State moneys and public funds in certain investments or institutions tied to Russia or Belarus. Amends the Illinois State Police Law of the Civil Administrative Code of Illinois. Provides that the Division of Criminal Investigation shall conduct investigations of any property-related crimes, such as money laundering, involving individuals or entities listed on a specified sanctions list. Amends the Illinois Pension Code. Provides that the State-funded retirement systems shall not invest moneys in Russian or Belarusian sovereign debt, Russian or Belarusian government-backed securities, any investment instrument issued by an entity that is domiciled or has its principal place of business in Russia or Belarus, or any investment instrument issued by a company that is subject to Russian Harmful Foreign Activities Sanctions, and no retirement system shall invest or deposit State moneys in any bank that is domiciled or has its principal place of business in Russia or Belarus. Provides that as soon as practicable after the effective date of the amendatory Act, each State-funded retirement system shall instruct its investment advisors to sell, redeem, divest, or withdraw all direct holdings of Russian or Belarusian sovereign debt and direct holdings of Russian or Belarusian government-backed securities from the retirement system's assets under management in an orderly and fiduciarily responsible manner. Requires the Illinois Investment Policy Board to make its best efforts to identify all companies that are domiciled or have their principal place of business in Russia or Belarus and companies subject to Russian harmful foreign activities sanctions and to include those companies in the list of restricted companies. Makes other changes. Amends the Board of Higher Education Act. Provides that the Board of Higher Education shall require a public institution of higher education to disclose to the Board any endowment or other donation given to the institution from a source associated with any individual or entity listed on the sanctions list maintained by the U.S. Department of Treasury's Office of Foreign Asset Control or any company that is domiciled or has its principal place of business in Russia or Belarus and is on the list of restricted companies developed by the Illinois Investment Policy Board. Effective immediately.