HB 2043

Abstract

Amends the Illinois Credit Union Act. Provides that societies, associations, clubs, partnerships, corporations, and limited liability companies in which one or more (rather than the majority) of the members, partners, or shareholders are individuals who are eligible for credit union membership may be admitted to membership in a credit union in the same manner and under the same conditions as individuals. Provides that the board of directors may appoint an individual as a registered agent for the credit union. Provides that any process, notice, or demand required or permitted by law to be served upon the credit union may be served upon the registered agent appointed by the credit union. Sets forth requirements for identification, change of registration, and resignation of registered agents for a credit union. Provides that compliance review documents and the deliberations of the board of directors are privileged and confidential and are not subject to discovery or admissible in evidence in any civil action. Provides that loan limits shall not be subject to reduction by rules (rather than loan limits shall be subject to rules). Makes other changes. Effective immediately. House Committee Amendment No. 1 Deletes reference to: 205 ILCS 305/59 from Ch. 17, par. 4460 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that any members, partners, or shareholders who are ineligible for membership in the credit union shall not become eligible by virtue of the eligibility of the entity in which they hold an ownership interest. Provides that a credit union that has appointed a registered agent shall post on its website the name of its registered agent, the address of its principal place of business, and that the appointment was authorized by action of the board of directors. Provides that a registered agent may resign at any time by submitting written notice to the credit union at its principal place of business (rather than by submitting written notice to the Department). Provides that meetings, minutes of meetings, and reports of the board of directors shall be subject to the confidentiality and redaction standards set forth in the provisions. Removes language providing that the Department of Financial and Professional Regulation shall maintain a registry of credit unions that have appointed a registered agent. Removes provisions concerning privileged information. Removes provisions concerning investment of funds. Effective immediately. Senate Committee Amendment No. 1 Provides that compliance review documents may be disclosed by the Secretary of Financial and Professional Regulation or a credit union to any person or entity to whom confidential supervisory information may be disclosed pursuant to specified provisions.