HB 1792

  • Illinois House Bill
  • 100th Regular Session
  • Introduced in House Apr 25, 2017
  • Passed House Apr 07, 2017
  • Passed Senate May 29, 2017
  • Became Law Aug 25, 2017

Credit Unions-Various

Abstract

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.

Bill Sponsors (3)

Votes


Actions


Aug 25, 2017

House

Effective Date August 25, 2017

House

Public Act . . . . . . . . . 100-0361

House

Governor Approved

Jun 27, 2017

House

Sent to the Governor

May 30, 2017

House

Passed Both Houses

May 29, 2017

Senate

Added as Alternate Co-Sponsor Sen. Laura M. Murphy

Senate

Third Reading - Passed; 055-000-000

Senate

Added as Alternate Chief Co-Sponsor Sen. Mattie Hunter

May 26, 2017

Senate

Rule 2-10 Third Reading Deadline Established As May 31, 2017

Senate

Added as Alternate Co-Sponsor Sen. Dan McConchie

May 12, 2017

Senate

Placed on Calendar Order of 3rd Reading May 15, 2017

Senate

Second Reading

May 10, 2017

Senate

Placed on Calendar Order of 2nd Reading May 11, 2017

Senate

Do Pass Financial Institutions; 007-000-000

May 02, 2017

Senate

Assigned to Financial Institutions

Apr 25, 2017

Senate

Chief Senate Sponsor Sen. David Koehler

Senate

Arrive in Senate

Senate

Placed on Calendar Order of First Reading

Senate

First Reading

Senate

Referred to Assignments

Apr 24, 2017

House

Motion to Reconsider Vote - Withdrawn Rep. Barbara Flynn Currie

Apr 07, 2017

House

Motion Filed to Reconsider Vote Rep. Barbara Flynn Currie

House

Third Reading - Short Debate - Passed 080-023-000

Mar 23, 2017

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Second Reading - Short Debate

Mar 22, 2017

House

Placed on Calendar 2nd Reading - Short Debate

Mar 21, 2017

House

Do Pass / Short Debate Financial Institutions Committee; 010-000-000

Mar 09, 2017

House

Re-assigned to Financial Institutions Committee

Mar 08, 2017

House

Added Co-Sponsor Rep. Robert Rita

Feb 22, 2017

House

Added Co-Sponsor Rep. Chad Hays

Feb 16, 2017

House

Added Co-Sponsor Rep. Daniel J. Burke

Feb 14, 2017

House

Assigned to Executive Committee

Feb 02, 2017

House

First Reading

House

Referred to Rules Committee

Feb 01, 2017

House

Filed with the Clerk by Rep. Lou Lang

Bill Text

Bill Text Versions Format
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Introduced HTML

Related Documents

Document Format
Public Act

Sources

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