Lou Lang
- Democratic
Amends the Illinois Credit Union Act. Defines "charitable donation account" and provides that a credit union may establish one or more charitable donation accounts that must comply with the requirements of the Act. Further provides that the investments and purchases to fund a charitable donation account are not subject to the investment limitations of the Act and that the aggregate book value of the investments in all charitable donation accounts shall not exceed 5% of the credit union's net worth. Adds provisions establishing the procedural requirements of the Department of Financial and Professional Regulation's examination process and prescribes the requirements of the Department's examination reports. Provides that each member of the board of directors of a credit union shall have a working familiarity with basic finance and accounting practices consistent with the size and complexity of the credit union they serve. Further provides that members of the supervisory committee of a credit union shall receive training related to their duties under the Act and establishes the acceptable forms of such training. Provides that, for a renewal, refinancing, or restructuring of an existing loan that is secured by an interest in real estate, a new appraisal of the collateral shall not be required under certain circumstances. Additionally provides that a credit union may act as a representative of and enter into an agreement with other credit unions or organizations for certain purposes. Generally effective immediately, but some provisions take effect on January 1, 2015.
Public Act . . . . . . . . . 98-0784
Effective Date July 24, 2014
Governor Approved
Sent to the Governor
Senate Floor Amendment No. 1 House Concurs 108-000-001
Passed Both Houses
House Concurs
Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
Arrived in House
Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
Senate Floor Amendment No. 1 Motion Filed Concur Rep. Lou Lang
Placed on Calendar Order of Concurrence Senate Amendment(s) 1
Third Reading - Passed; 056-000-000
Added as Alternate Chief Co-Sponsor Sen. Pamela J. Althoff
Placed on Calendar Order of 3rd Reading
Senate Floor Amendment No. 1 Adopted; Holmes
Recalled to Second Reading
Senate Floor Amendment No. 1 Be Approved for Consideration Assignments
Senate Floor Amendment No. 1 Referred to Assignments
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Linda Holmes
Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2014
Added as Alternate Chief Co-Sponsor Sen. Linda Holmes
Placed on Calendar Order of 3rd Reading May 12, 2014
Second Reading
Placed on Calendar Order of 2nd Reading May 8, 2014
Do Pass Financial Institutions; 007-000-000
Assigned to Financial Institutions
Added as Alternate Co-Sponsor Sen. Antonio Muñoz
Chief Senate Sponsor Sen. David Koehler
Referred to Assignments
First Reading
Arrive in Senate
Placed on Calendar Order of First Reading March 25, 2014
Third Reading - Short Debate - Passed 109-000-001
Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate
Placed on Calendar 2nd Reading - Short Debate
House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
House Committee Amendment No. 1 Referred to Rules Committee
House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
Chief Co-Sponsor Changed to Rep. David R. Leitch
Added Chief Co-Sponsor Rep. Michael Unes
Added Chief Co-Sponsor Rep. David R. Leitch
Assigned to Financial Institutions Committee
Added Co-Sponsor Rep. Rich Brauer
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Lou Lang
Bill Text Versions | Format |
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Introduced | HTML |
Engrossed | HTML |
Enrolled | HTML |
Document | Format |
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Public Act | |
Senate Amendment 001 | |
House Amendment 001 |
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