IL HB1572 | 2013-2014 | 98th General Assembly
Status
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]
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]
Summary
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.
Title
CREDIT UNION-CIVIL PENALTIES
Sponsors
Roll Calls
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]
2013-04-11 - House - Third Reading in House (Y: 112 N: 0 NV: 0 Abs: 1) [PASS]
History
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 |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
205 | 305 | 8 | Amended Code | Citation Text |