The Office of the Illinois State Treasurer (Treasurer) this week issued a Request for Proposals (RFP) for banking services for cash processing of medical and recreational cannabis tax payments. According to the RFP, the Treasurer seeks a successful Respondent (Contractor) to provide efficient and cost-effective banking services for the cash payments of taxes collected by the State of Illinois Department of Revenue (IDOR) for recreational adult use cannabis and medical cannabis permitted under Illinois law. Financial institutions that respond to this RFP shall submit their responses before 1 p.m. June 4, 2025.

The Contractor must be authorized to do business in Illinois as an Illinois bank or a national bank with a presence in Illinois. In addition, the Contractor must be a member of the Federal Reserve System, have access to all services as a member bank, and quality as a depository for public funds. At the time the Contractor submits its Proposal, or prior to that time, if required by law, the Contractor must have all required licenses, bonding, facilities, equipment and trained personnel necessary to perform the work specified in this RFP.

The Contractor shall enter into a contract with the Treasurer (Agreement) for an initial term of four years. Upon expiration of this term, the Treasurer may elect to extend the Agreement of additional periods agreed upon by the parties, not to exceed a total term of ten years, including the initial four years. The RFP breaks down into seven parts, including an Overview, Background, Scope Of Work, Proposal, RFP Schedule and Process, Evaluation Process and Criteria, and Contractual Terms.

All Proposals must be submitted within the prescribed format to facilitate objective review. Any Proposal that materially deviates from this format will be rejected without further consideration of its content. Proposals that contain false or misleading statements or that provide references that do not support an attribute or condition claimed by the Respondent may also be rejected. Narratives should provide a concise description of capabilities to satisfy the requirements of the RFP. Emphasis should be on clarity, brevity, and completeness of response.

The Treasurer’s Chief Procurement Officer (“CPO”) is the sole point of contact concerning this RFP. Respondents should submit questions about the intent or content of the RFP and request clarification of any and all procedures used for this procurement prior to the submission of a Proposal. Respondents must submit their questions in writing by e-mail to the CPO, Christopher Flynn, at cflynn@illinoistreasurer.gov by 1 p.m. May 19, 2025.

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