IL HB1792 | 2017-2018 | 100th General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Enrolled on May 29 2017 - 75% progression
Action: 2017-06-27 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]

Summary

Amends the Illinois Credit Union Act. Provides that the par value of shares of a credit union must be at least $1 (rather than $5). Provides that the board of credit union advisors shall meet at least once each calendar year (rather than once each 6 months). Provides that credit union members may vote on questions and in elections by secure electronic record if approved by the board of directors. Changes the definition of "compliance review committee". Changes the limit on the amount of loans a credit union may make to individual members and how those limitations are set. Provides that a credit union or network credit union may create and use descriptive and brand references to promote and market its identity, services, and products to its members. Provides that corporate bonds identified as investment grade by at least one nationally recognized statistical rating organization may be invested by the credit union with funds not used in loans provided that certain criteria are satisfied. Provides that credit unions may invest funds not used in loans to aid in the credit union's management of its assets, liabilities, and liquidity in the purchase of an investment interest in a pool of loans, in whole or in part and without regard to the membership of the borrowers, from other depository institutions and financial type institutions, including mortgage banks, finance companies, insurance companies, and other loan sellers. Provides that each divisional credit union may (rather than shall) have an advisory board of directors and the advisory board of directors may (rather than the board of directors shall) appoint a divisional credit union chief management official. Provides that a divisional credit union may determine to identify its advisory board as a committee and its divisional chief management official with a title it deems reasonable and appropriate. Makes other changes. Effective immediately.

Tracking Information

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Title

CREDIT UNIONS-VARIOUS

Sponsors


Roll Calls

2017-05-29 - Senate - Third Reading in Senate (Y: 55 N: 0 NV: 4 Abs: 0) [PASS]
2017-04-07 - House - Third Reading in House (Y: 80 N: 23 NV: 2 Abs: 1) [PASS]

History

DateChamberAction
2017-06-27HouseSent to the Governor
2017-05-29HousePassed Both Houses
2017-05-29SenateThird Reading - Passed; 055-000-000
2017-05-29SenateAdded as Alternate Co-Sponsor Sen. Laura M. Murphy
2017-05-29SenateAdded as Alternate Chief Co-Sponsor Sen. Mattie Hunter
2017-05-26SenateAdded as Alternate Co-Sponsor Sen. Dan McConchie
2017-05-26SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
2017-05-12SenatePlaced on Calendar Order of 3rd Reading May 15, 2017
2017-05-12SenateSecond Reading
2017-05-10SenatePlaced on Calendar Order of 2nd Reading May 11, 2017
2017-05-10SenateDo Pass Financial Institutions; 007-000-000
2017-05-02SenateAssigned to Financial Institutions
2017-04-25SenateReferred to Assignments
2017-04-25SenateFirst Reading
2017-04-25SenateChief Senate Sponsor Sen. David Koehler
2017-04-25SenatePlaced on Calendar Order of First Reading
2017-04-25SenateArrive in Senate
2017-04-24HouseMotion to Reconsider Vote - Withdrawn Rep. Barbara Flynn Currie
2017-04-07HouseMotion Filed to Reconsider Vote Rep. Barbara Flynn Currie
2017-04-07HouseThird Reading - Short Debate - Passed 080-023-000
2017-03-23HousePlaced on Calendar Order of 3rd Reading - Short Debate
2017-03-23HouseSecond Reading - Short Debate
2017-03-22HousePlaced on Calendar 2nd Reading - Short Debate
2017-03-21HouseDo Pass / Short Debate Financial Institutions Committee; 010-000-000
2017-03-09HouseRe-assigned to Financial Institutions Committee
2017-03-08HouseAdded Co-Sponsor Rep. Robert Rita
2017-02-22HouseAdded Co-Sponsor Rep. Chad Hays
2017-02-16HouseAdded Co-Sponsor Rep. Daniel J. Burke
2017-02-14HouseAssigned to Executive Committee
2017-02-02HouseReferred to Rules Committee
2017-02-02HouseFirst Reading
2017-02-01HouseFiled with the Clerk by Rep. Lou Lang

Code Citations

ChapterArticleSectionCitation TypeStatute Text
20530511Amended CodeCitation Text
20530519Amended CodeCitation Text
2053052Amended CodeCitation Text
20530520Amended CodeCitation Text
20530534.1Amended CodeCitation Text
20530548Amended CodeCitation Text
20530553Amended CodeCitation Text
20530557Amended CodeCitation Text
20530559Amended CodeCitation Text
20530564.7Amended CodeCitation Text

Illinois State Sources


Bill Comments

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