Illinois House Bill 3698 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on August 20 2021 - 100% progression
Action: 2021-08-20 - Public Act . . . . . . . . . 102-0496
Text: Latest bill text (Chaptered) [HTML]

Amends the Illinois Credit Union Act. In provisions concerning service to the economically disadvantaged, provides that members of a targeted population may be admitted to membership in a credit union. Provides that notice of a meeting of credit union members may be posted on the credit union's website. Provides that unless expressly prohibited by the articles of incorporation or bylaws, the board of directors may provide by resolution that members may attend, participate in, act in, and vote at any annual meeting or special meeting through the use of a conference telephone or interactive technology, subject to specified conditions. Sets forth provisions concerning appointment of associate directors. In provisions concerning compensation of officials, provides that if the Department of Financial and Professional Regulation determines the payment of director or committee member compensation creates a safety and soundness issue for a credit union, the Department may take an enforcement action to reduce or suspend the compensation. Provides that the board of directors shall hold regular meetings at least once each month; however, upon approval of an amendment to the bylaws of the credit union, the board of directors may hold meetings less frequently than once each month but at least once each quarter. Provides that a credit union shall select an annual reporting period, complete an external audit report, agreed-upon procedures report, and internal audit report, and deliver copies to the Secretary of Financial and Professional Regulation no later than 120 days after the end of the annual reporting period. In provisions concerning loan programs and provisions concerning investment of funds, allows a credit union to make loans to or invest in credit union service organizations in a total amount not exceeding the greater of 6% (rather than 3%) of specified amounts. Provides that a surviving credit union may identify the merging credit union as a division, branch, unit, or other descriptive reference. Provides that the network credit union board of directors shall require each advisory board member to sign a confidentiality or non-disclosure agreement. Defines "target market". Makes other changes.

FINANCE-CREDIT UNIONS/VARIOUS

Rep. Jay Hoffman [D]

Rep. Anthony DeLuca [D]

Sen. Antonio Munoz [D]

2021-05-27 - Senate - Motion in Senate (Y: 57 N: 0 NV: 2 Abs: 0) [PASS]
2021-04-22 - House - Third Reading in House (Y: 114 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2021-08-20	House	Public Act . . . . . . . . . 102-0496
2021-08-20	House	Effective Date August 20, 2021
2021-08-20	House	Governor Approved
2021-06-23	House	Sent to the Governor
2021-05-27	House	Passed Both Houses
2021-05-27	Senate	Third Reading - Passed; 057-000-000
2021-05-24	Senate	Placed on Calendar Order of 3rd Reading ** May 25, 2021
2021-05-13	Senate	Placed on Calendar Order of 3rd Reading May 14, 2021
2021-05-13	Senate	Second Reading
2021-05-10	Senate	Placed on Calendar Order of 2nd Reading May 11, 2021
2021-05-10	Senate	Approved for Consideration Assignments
2021-04-23	Senate	Referred to Assignments
2021-04-23	Senate	First Reading
2021-04-23	Senate	Chief Senate Sponsor Sen. Antonio Muñoz
2021-04-23	Senate	Placed on Calendar Order of First Reading
2021-04-23	Senate	Arrive in Senate
2021-04-22	House	Added Chief Co-Sponsor Rep. Anthony DeLuca
2021-04-22	House	Third Reading - Short Debate - Passed 114-000-000
2021-04-22	House	Placed on Calendar Order of 3rd Reading - Short Debate
2021-04-22	House	House Floor Amendment No. 1 Adopted
2021-04-21	House	Held on Calendar Order of Second Reading - Short Debate
2021-04-21	House	Second Reading - Short Debate
2021-04-21	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000
2021-04-20	House	House Floor Amendment No. 1 Referred to Rules Committee
2021-04-20	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
2021-04-08	House	Placed on Calendar 2nd Reading - Short Debate
2021-03-23	House	Do Pass / Short Debate Financial Institutions Committee; 009-000-000
2021-03-16	House	Assigned to Financial Institutions Committee
2021-02-22	House	Referred to Rules Committee
2021-02-22	House	First Reading
2021-02-19	House	Filed with the Clerk by Rep. Jay Hoffman

Chapter	Article	Section	Citation Type	Statute Text
205	305	16.1	Amended Code	Citation Text
205	305	19	Amended Code	Citation Text
205	305	20.5	New Code	See Bill Text
205	305	23	Amended Code	Citation Text
205	305	29	Amended Code	Citation Text
205	305	34	Amended Code	Citation Text
205	305	51	Amended Code	Citation Text
205	305	57	Amended Code	Citation Text
205	305	59	Amended Code	Citation Text
205	305	64.7	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3698&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB3698.htm
Text	https://www.ilga.gov/legislation/102/HB/10200HB3698eng.htm
Text	https://www.ilga.gov/legislation/102/HB/10200HB3698enr.htm
Text	https://www.ilga.gov/legislation/publicacts/102/102-0496.htm
Amendment	https://www.ilga.gov/legislation/102/HB/10200HB3698ham001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/102/house/10200HB3698_04222021_063000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/102/senate/10200HB3698_05272021_006085.pdf