Illinois Senate Bill 3687

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Engrossed on April 12 2024 - 50% progression
Action: 2024-04-24 - Assigned to Financial Institutions and Licensing Committee
Pending: House Financial Institutions and Licensing Committee
Hearing: Apr 30 @ 4:00 pm in Room 122B
Text: Latest bill text (Engrossed) [HTML]

Amends the Illinois Credit Union Act. Provides that a credit union regulated by the Department of Financial and Professional Regulation that is a covered financial institution under the Illinois Community Reinvestment Act shall pay an examination fee to the Department subject to the adopted by the Department. Provides that the aggregate of all credit union examination fees collected by the Department under the Illinois Community Reinvestment Act shall be paid and transferred promptly, accompanied by a detailed statement, into the State Treasury and shall be set apart in the Credit Union Community Reinvestment Act Fund. Provides the limits to the amounts of funds that a credit union may invest in the purchase of an investment interest in a pool of loans when the investment is greater than the net worth of the credit union. Provides that credit unions may invest funds in derivatives transactions to aid in the credit union's management of interest rate risk if certain specified conditions are satisfied. Makes changes to provisions concerning conflicts between bylaws adopted by the subscribers of a credit union and the Act. Makes changes to provisions concerning rules adopted by the Secretary of Financial and Professional Regulation and the Act. Makes other changes. Amends the State Finance Act. Creates the Credit Union Community Reinvestment Act Fund. Effective immediately.

CREDIT UNIONS-EXAMINATION FEES

Sen. David Koehler [D]

Sen. Omar Aquino [D]

Sen. Willie Preston [D]

Rep. Jay Hoffman [D]

2024-04-12 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2024-04-24	House	Assigned to Financial Institutions and Licensing Committee
2024-04-15	House	Referred to Rules Committee
2024-04-15	House	First Reading
2024-04-12	Senate	Added as Co-Sponsor Sen. Willie Preston
2024-04-12	Senate	Added as Co-Sponsor Sen. Omar Aquino
2024-04-12	House	Chief House Sponsor Rep. Jay Hoffman
2024-04-12	House	Arrived in House
2024-04-12	Senate	Third Reading - Passed; 058-000-000
2024-04-10	Senate	Placed on Calendar Order of 3rd Reading April 11, 2024
2024-04-10	Senate	Second Reading
2024-04-10	Senate	Senate Floor Amendment No. 1 Adopted
2024-04-10	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000
2024-04-09	Senate	Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
2024-04-01	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2024-04-01	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler
2024-03-13	Senate	Placed on Calendar Order of 2nd Reading March 14, 2024
2024-03-13	Senate	Do Pass Financial Institutions; 007-000-000
2024-03-06	Senate	Postponed - Financial Institutions
2024-02-28	Senate	Assigned to Financial Institutions
2024-02-09	Senate	Referred to Assignments
2024-02-09	Senate	First Reading
2024-02-09	Senate	Filed with Secretary by Sen. David Koehler

Chapter	Article	Section	Citation Type	Statute Text
205	305	12.5	New Code	See Bill Text
205	305	13	Amended Code	Citation Text
205	305	2	Amended Code	Citation Text
205	305	39	Amended Code	Citation Text
205	305	59	Amended Code	Citation Text
205	305	8	Amended Code	Citation Text
205	305	9	Amended Code	Citation Text
30	105	5.1015	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3687&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB3687.htm
Text	https://www.ilga.gov/legislation/103/SB/10300SB3687eng.htm
Amendment	https://www.ilga.gov/legislation/103/SB/10300SB3687sam001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/103/senate/10300SB3687_04122024_020000T.pdf