Lou Lang
- Democratic
Amends the Illinois Credit Union Act. Provides that the par value of shares of a credit union must be at least $1 (rather than $5). Provides that the board of credit union advisors shall meet at least once each calendar year (rather than once each 6 months). Provides that credit union members may vote on questions and in elections by secure electronic record if approved by the board of directors. Changes the definition of "compliance review committee". Changes the limit on the amount of loans a credit union may make to individual members and how those limitations are set. Provides that a credit union or network credit union may create and use descriptive and brand references to promote and market its identity, services, and products to its members. Provides that corporate bonds identified as investment grade by at least one nationally recognized statistical rating organization may be invested by the credit union with funds not used in loans provided that certain criteria are satisfied. Provides that credit unions may invest funds not used in loans to aid in the credit union's management of its assets, liabilities, and liquidity in the purchase of an investment interest in a pool of loans, in whole or in part and without regard to the membership of the borrowers, from other depository institutions and financial type institutions, including mortgage banks, finance companies, insurance companies, and other loan sellers. Provides that each divisional credit union may (rather than shall) have an advisory board of directors and the advisory board of directors may (rather than the board of directors shall) appoint a divisional credit union chief management official. Provides that a divisional credit union may determine to identify its advisory board as a committee and its divisional chief management official with a title it deems reasonable and appropriate. Makes other changes. Effective immediately.
Effective Date August 25, 2017
Public Act . . . . . . . . . 100-0361
Governor Approved
Sent to the Governor
Passed Both Houses
Added as Alternate Co-Sponsor Sen. Laura M. Murphy
Third Reading - Passed; 055-000-000
Added as Alternate Chief Co-Sponsor Sen. Mattie Hunter
Rule 2-10 Third Reading Deadline Established As May 31, 2017
Added as Alternate Co-Sponsor Sen. Dan McConchie
Placed on Calendar Order of 3rd Reading May 15, 2017
Second Reading
Placed on Calendar Order of 2nd Reading May 11, 2017
Do Pass Financial Institutions; 007-000-000
Assigned to Financial Institutions
Chief Senate Sponsor Sen. David Koehler
Arrive in Senate
Placed on Calendar Order of First Reading
First Reading
Referred to Assignments
Motion to Reconsider Vote - Withdrawn Rep. Barbara Flynn Currie
Motion Filed to Reconsider Vote Rep. Barbara Flynn Currie
Third Reading - Short Debate - Passed 080-023-000
Placed on Calendar Order of 3rd Reading - Short Debate
Second Reading - Short Debate
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Financial Institutions Committee; 010-000-000
Re-assigned to Financial Institutions Committee
Added Co-Sponsor Rep. Robert Rita
Added Co-Sponsor Rep. Chad Hays
Added Co-Sponsor Rep. Daniel J. Burke
Assigned to Executive Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Lou Lang
Bill Text Versions | Format |
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Enrolled | HTML |
Engrossed | HTML |
Introduced | HTML |
Document | Format |
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Public Act |
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