IL SB3346 | 2019-2020 | 101st General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Credit Union Act. Allows the board of directors of a credit union to appoint one or more associate directors to serve in an advisory capacity. Provides that an associate director shall not be deemed or considered to be a director for any purpose under the Act, and that the board of directors shall not delegate to associate directors any of the duties or responsibilities required to be performed by directors duly elected by members of a credit union. Provides that prior to appointing an associate director, the board of directors shall confirm that the person meets all of the requirements to serve as a director. Provides that the board of directors of a credit union or a network credit union shall require each associate director to sign a confidentiality and nondisclosure agreement. Makes changes concerning compensation for directors and committee members. Provides that upon prior written approval by the Secretary of Financial and Professional Regulation, the board of directors and the executive committee of a credit union may hold regular meetings less frequently than once each month but at least once each calendar quarter. Allows a surviving credit union to identify the merging credit union as a division, branch, unit, or other descriptive reference in the case of a merger. Changes the maximum percentage of the unimpaired capital and surplus of a credit union that may be loaned to credit union organizations, and the maximum percentage of the unimpaired capital and surplus of a credit union that may be invested in shares or stocks of a credit union service organization. Makes other changes. Effective immediately.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

CREDIT UNION ACT-VARIOUS

Sponsors


History

DateChamberAction
2021-01-13SenateSession Sine Die
2020-05-15SenateRule 2-10 Third Reading/Passage Deadline Established As May 31, 2020
2020-05-07SenateRule 2-10 Third Reading/Passage Deadline Established As May 29, 2020
2020-04-30SenateRule 2-10 Third Reading/Passage Deadline Established As May 22, 2020
2020-04-23SenateRule 2-10 Third Reading/Passage Deadline Established As May 15, 2020
2020-04-12SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
2020-03-25SenateRule 2-10 Third Reading/Passage Deadline Established As May 7, 2020
2020-03-13SenateSenate Floor Amendment No. 1 Referred to Assignments
2020-03-13SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz
2020-03-05SenatePlaced on Calendar Order of 3rd Reading March 18, 2020
2020-03-05SenateSecond Reading
2020-03-04SenatePlaced on Calendar Order of 2nd Reading March 5, 2020
2020-03-04SenateDo Pass Financial Institutions; 007-000-000
2020-02-25SenateAssigned to Financial Institutions
2020-02-14SenateReferred to Assignments
2020-02-14SenateFirst Reading
2020-02-14SenateFiled with Secretary by Sen. Antonio Muñoz

Code Citations

ChapterArticleSectionCitation TypeStatute Text
20530520.5New CodeSee Bill Text
20530523Amended CodeCitation Text
20530529Amended CodeCitation Text
20530551Amended CodeCitation Text
20530557Amended CodeCitation Text
20530559Amended CodeCitation Text
20530564.7Amended CodeCitation Text

Illinois State Sources


Bill Comments

feedback