Illinois House Bill 1572 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on August 16 2013 - 100% progression
Action: 2013-08-16 - Public Act . . . . . . . . . 98-0400
Text: Latest bill text (Chaptered) [HTML]

Amends the Illinois Credit Union Act. Provides that the Department of Financial and Professional Regulation may assess a civil penalty against credit unions only when the Secretary of Financial and Professional Regulation reasonably determines, based on objective facts and an accurate assessment of applicable legal standards, that the credit union has committed a violation of the Act, any rule adopted in accordance with the Act, or any order of the Secretary issued pursuant to his or her authority under the Act or has engaged or participated in any unsafe or unsound practice, and that the violation or unsafe or unsound practice has directly resulted in a substantial and material financial loss or created a reasonable probability that a substantial and material financial loss will directly result, or that violation or unsafe or unsound practice constituted willful misconduct and a material breach of fiduciary duty of any director, officer, or committee member of the credit union. Provides that civil penalty orders are confidential supervisory information and shall be prohibited from disclosure to any person, except that once such an order is a final administrative decision of the Department and has been adjudicated to finality, a concise syllabus of the order may be posted on the Department's official website. Effective immediately.

CREDIT UNION-CIVIL PENALTIES

Rep. Derrick Smith [D]

Rep. Louis Lang [D]

Sen. David Koehler [D]

2013-05-21 - Senate - Third Reading in Senate (Y: 55 N: 0 NV: 4 Abs: 0) [PASS]
2013-04-11 - House - Third Reading in House (Y: 112 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2013-08-16	House	Public Act . . . . . . . . . 98-0400
2013-08-16	House	Effective Date August 16, 2013
2013-08-16	House	Governor Approved
2013-06-19	House	Sent to the Governor
2013-05-21	House	Passed Both Houses
2013-05-21	Senate	Third Reading - Passed; 055-000-000
2013-05-07	Senate	Placed on Calendar Order of 3rd Reading May 8, 2013
2013-05-07	Senate	Second Reading
2013-05-01	Senate	Placed on Calendar Order of 2nd Reading May 2, 2013
2013-05-01	Senate	Do Pass Financial Institutions; 008-000-000
2013-04-23	Senate	Assigned to Financial Institutions
2013-04-12	Senate	Referred to Assignments
2013-04-12	Senate	First Reading
2013-04-12	Senate	Chief Senate Sponsor Sen. David Koehler
2013-04-12	Senate	Placed on Calendar Order of First Reading
2013-04-12	Senate	Arrive in Senate
2013-04-11	House	Third Reading - Short Debate - Passed 112-000-000
2013-04-10	House	Placed on Calendar Order of 3rd Reading - Short Debate
2013-04-10	House	Second Reading - Short Debate
2013-04-08	House	Added Chief Co-Sponsor Rep. Lou Lang
2013-04-08	House	Chief Sponsor Changed to Rep. Derrick Smith
2013-03-15	House	Placed on Calendar 2nd Reading - Short Debate
2013-03-14	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 010-000-000
2013-03-14	House	House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
2013-03-11	House	House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
2013-03-07	House	House Committee Amendment No. 1 Referred to Rules Committee
2013-03-07	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
2013-02-25	House	Assigned to Financial Institutions Committee
2013-02-14	House	Referred to Rules Committee
2013-02-14	House	First Reading
2013-02-13	House	Filed with the Clerk by Rep. Lou Lang

Chapter	Article	Section	Citation Type	Statute Text
205	305	8	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1572&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB1572.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB1572ham001.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB1572eng.htm
Text	https://www.ilga.gov/legislation/98/HB/09800HB1572enr.htm
Text	https://www.ilga.gov/legislation/publicacts/98/098-0400.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/98/house/09800HB1572_04112013_034000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/98/senate/09800HB1572_05212013_042000T.pdf