SPRINGFIELD – State Senator Doris Turner (D-Springfield) championed a recently signed law to ensure unbanked communities can establish a more equitable opportunity for residents.
“There are millions of people around the country, who due to the barriers of account balances and minimum deposit requirements, do not have a reliable bank,” Turner said. “This law will allow for communities to take a stand and create the conditions that allow for a more equitable banking experience.”
Under Turner’s law, an Illinois Banking Development District program will be created to encourage the establishment of banking branches into communities where there is the greatest need for banking services.
New York State’s Banking Department started the Banking Development District program in 1997. Under the program, the state agency incentivizes banks to establish new branches in communities with little to no branches.
“Creating a reliable banking program in communities across the state will economically liberate people and allow them to participate in the financial process,” Turner said.
Senate Bill 5194 was signed into law on Friday and goes into effect on January 1, 2023.