SB 3021

Abstract

Amends the Illinois Credit Union Act. Expands a credit union's general powers to sell to persons eligible for membership, negotiable checks, money orders, and similar money transfer instruments, cash checks and money orders, and receive electronic fund transfers for a fee. Increases access to credit union service to the economically disadvantaged. Provides that individuals earning a stated amount or whose annual household income falls at or below a stated amount may be admitted to membership in a credit union. Requires credit unions desiring to serve the economically disadvantaged to have a written business plan documenting the fact that the area or persons meet certain criteria, identifying the credit and depository needs of the area or persons, identifying the services to be delivered, and describing the manner in which the services will be delivered. Makes changes concerning the reimbursement, titles, qualifications, suspension or removal of a credit union's board of directors and executive officers. Effective immediately.