Illinois House Bill 5342 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on July 24 2014 - 100% progression
Action: 2014-07-24 - Public Act . . . . . . . . . 98-0784
Text: Latest bill text (Chaptered) [HTML]

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.

CREDIT UNION-EXAMINATIONS

Rep. Louis Lang [D]	Rep. David Leitch [R]	Rep. Michael Unes [R]	Rep. Rich Brauer [R]
Sen. David Koehler [D]	Sen. Linda Holmes [D]	Sen. Pamela Althoff [R]	Sen. Antonio Munoz [D]

2014-05-30 - House - Concurrence in House (Y: 108 N: 0 NV: 3 Abs: 2) [PASS]
2014-05-28 - Senate - Third Reading in Senate (Y: 56 N: 0 NV: 3 Abs: 0) [PASS]
2014-03-21 - House - Third Reading in House (Y: 109 N: 0 NV: 1 Abs: 1) [PASS]

Date	Chamber	Action
2014-07-24	House	Public Act . . . . . . . . . 98-0784
2014-07-24	House	Effective Date July 24, 2014
2014-07-24	House	Governor Approved
2014-06-27	House	Sent to the Governor
2014-05-30	House	Passed Both Houses
2014-05-30	House	House Concurs
2014-05-30	House	Senate Floor Amendment No. 1 House Concurs 108-000-001
2014-05-29	House	Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
2014-05-28	House	Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
2014-05-28	House	Senate Floor Amendment No. 1 Motion Filed Concur Rep. Lou Lang
2014-05-28	House	Placed on Calendar Order of Concurrence Senate Amendment(s) 1
2014-05-28	House	Arrived in House
2014-05-28	Senate	Third Reading - Passed; 056-000-000
2014-05-28	Senate	Added as Alternate Chief Co-Sponsor Sen. Pamela J. Althoff
2014-05-28	Senate	Placed on Calendar Order of 3rd Reading
2014-05-28	Senate	Senate Floor Amendment No. 1 Adopted; Holmes
2014-05-28	Senate	Recalled to Second Reading
2014-05-27	Senate	Senate Floor Amendment No. 1 Be Approved for Consideration Assignments
2014-05-26	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2014-05-26	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Linda Holmes
2014-05-23	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2014
2014-05-22	Senate	Added as Alternate Chief Co-Sponsor Sen. Linda Holmes
2014-05-08	Senate	Placed on Calendar Order of 3rd Reading May 12, 2014
2014-05-08	Senate	Second Reading
2014-05-07	Senate	Placed on Calendar Order of 2nd Reading May 8, 2014
2014-05-07	Senate	Do Pass Financial Institutions; 007-000-000
2014-04-30	Senate	Assigned to Financial Institutions
2014-04-04	Senate	Added as Alternate Co-Sponsor Sen. Antonio Muñoz
2014-03-27	Senate	Referred to Assignments
2014-03-27	Senate	First Reading
2014-03-27	Senate	Chief Senate Sponsor Sen. David Koehler
2014-03-21	Senate	Placed on Calendar Order of First Reading March 25, 2014
2014-03-21	Senate	Arrive in Senate
2014-03-21	House	Third Reading - Short Debate - Passed 109-000-001
2014-03-19	House	Placed on Calendar Order of 3rd Reading - Short Debate
2014-03-19	House	Second Reading - Short Debate
2014-03-05	House	Placed on Calendar 2nd Reading - Short Debate
2014-03-04	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
2014-03-04	House	House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
2014-03-03	House	House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
2014-02-26	House	House Committee Amendment No. 1 Referred to Rules Committee
2014-02-26	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
2014-02-21	House	Added Chief Co-Sponsor Rep. Michael Unes
2014-02-21	House	Chief Co-Sponsor Changed to Rep. David R. Leitch
2014-02-21	House	Added Chief Co-Sponsor Rep. David R. Leitch
2014-02-20	House	Assigned to Financial Institutions Committee
2014-02-13	House	Added Co-Sponsor Rep. Rich Brauer
2014-02-10	House	Referred to Rules Committee
2014-02-10	House	First Reading
2014-02-10	House	Filed with the Clerk by Rep. Lou Lang

Chapter	Article	Section	Citation Type	Statute Text
205	305	1.1	Amended Code	Citation Text
205	305	30	Amended Code	Citation Text
205	305	34	Amended Code	Citation Text
205	305	39	Amended Code	Citation Text
205	305	46	Amended Code	Citation Text
205	305	57.1	New Code	See Bill Text
205	305	9	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5342&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB5342.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB5342ham001.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB5342eng.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB5342sam001.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB5342enr.htm
Text	https://www.ilga.gov/legislation/publicacts/98/098-0784.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/98/house/09800HB5342_03212014_005000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/98/senate/09800HB5342_05282014_006000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/98/house/09800HB5342_05302014_025000C.pdf