Summary as Introduced
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.
Staff Analysis
The bill amends the Illinois Power Agency Act and the Public Utilities Act to modify several clean energy and utility programs. It authorizes limited additional funding for the Illinois Solar for All Program through May 31, 2028, lowers the geothermal system size threshold that triggers prevailing wage requirements, and revises eligibility and compensation limits for distributed energy storage rebates.
The bill also changes the process for resolving disputes between qualified energy facility developers and units of local government. Under the amended language, the Illinois Commerce Commission may issue a siting certificate if it determines that a proposed facility complies with applicable State siting laws and that the local government has failed to adopt a siting or zoning ordinance that complies with State law, provided the developer gives the local government at least 60 business days' notice of the alleged noncompliance before filing a petition with the Commission. The bill takes effect on June 1, 2026.