Thomas Holbrook
- Democratic
Primary
Amends the Illinois Credit Union Act. Provides that in determining the appropriate balance in the allowance for loan losses account, a credit union may determine its historical loss rate using a defined period of time of less than 5 years, provided that specified criteria are met. Provides that shares issued in trust may serve as the subscription to a share required under specified provisions for a trustee having the same social security number as the grantor. Contains provisions concerning marketing of services by a credit union. Provides that credit unions may make residential real estate mortgage loans on terms and conditions established by the United States Department of Agriculture through its Rural Development Housing and Community Facilities Program and that the portion of any loan in excess of the appraised value of the real estate shall be allocable only to the guarantee fee required under the program. Imposes conditions on any rulemaking authority. Effective immediately.
Governor Approved
Public Act . . . . . . . . . 96-0141
Effective Date August 7, 2009
Sent to the Governor
Added as Alternate Co-Sponsor Sen. Bill Brady
Passed Both Houses
Third Reading - Passed; 056-000-001
Placed on Calendar Order of 3rd Reading May 12, 2009
Second Reading
Do Pass Financial Institutions; 011-000-000
Added as Alternate Chief Co-Sponsor Sen. David Koehler
Placed on Calendar Order of 2nd Reading May 5, 2009
Assigned to Financial Institutions
First Reading
Referred to Assignments
Chief Senate Sponsor Sen. William R. Haine
Placed on Calendar Order of First Reading March 5, 2009
Arrive in Senate
Third Reading - Short Debate - Passed 070-034-000
Added Co-Sponsor Rep. Lisa M. Dugan
Placed on Calendar Order of 3rd Reading - Short Debate
Second Reading - Short Debate
Placed on Calendar 2nd Reading - Short Debate
Added Chief Co-Sponsor Rep. Bill Mitchell
Added Chief Co-Sponsor Rep. Daniel V. Beiser
Added Chief Co-Sponsor Rep. Patrick J. Verschoore
Added Chief Co-Sponsor Rep. Michael K. Smith
House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
Do Pass as Amended / Short Debate Financial Institutions Committee; 019-000-000
House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
Assigned to Financial Institutions Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Thomas Holbrook
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML |
| Engrossed | HTML |
| Enrolled | HTML |
| Document | Format |
|---|---|
| Public Act | |
| House Amendment 001 |
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