ILCS » Chapter 15 · Act 520
Illinois Compiled Statutes

15 ILCS 520/1 (2026)

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

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(15 ILCS 520/1) (from Ch. 130, par. 20)
    Sec. 1. 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.
(Source: P.A. 102-297, eff. 8-6-21.)

    
Notes of Decisions
Cited in 1 case, 2009–2009 · leading case: Cwik v. Topinka, 905 N.E.2d 300 (Ill. App. Ct. 1st Dist. 2009).
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Cwik v. Topinka, 905 N.E.2d 300 (Ill. App. Ct. 1st Dist. 2009). “15 ILCS 520/1 (West 2004). Any interest received “shall be the property of the State of Illinois.”
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