SB 3217

Abstract

Amends the Illinois Credit Union Act. Changes the definition of "common bond" to include relatives by civil union. Provides that if a member fails to maintain one fully paid share, the credit union may permit the member to re-subscribe within 30 days after the member failed to maintain one fully paid share. Provides that, if the board of directors of a credit union has adopted a policy addressing age eligibility standards, then the credit union may require that members be at least 18 years of age by the date of the meeting in order to vote at meetings, sign nominating petitions, or sign petitions requesting special meetings and at least 18 years of age by the date of the election or appointment in order to hold elective or appointive office. Provides that a resulting credit union shall be considered the same business and corporate entity as each merging or consolidating credit union or as the converting credit union. Defines "resulting credit union". Effective immediately.