IL SB3687 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1034
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1034
Text: Latest bill text (Chaptered) [HTML]
Summary
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 rules 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.
Title
CREDIT UNIONS-EXAMINATION FEES
Sponsors
Roll Calls
2024-05-22 - House - Third Reading in House (Y: 110 N: 0 NV: 0 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-08-09 | Senate | Public Act . . . . . . . . . 103-1034 |
| 2024-08-09 | Senate | Effective Date August 9, 2024 |
| 2024-08-09 | Senate | Governor Approved |
| 2024-06-20 | Senate | Sent to the Governor |
| 2024-05-22 | Senate | Passed Both Houses |
| 2024-05-22 | House | Third Reading - Short Debate - Passed 110-000-000 |
| 2024-05-22 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-05-17 | House | Third Reading/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-16 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2024-05-16 | House | Second Reading - Short Debate |
| 2024-05-01 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-04-30 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 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 |
Code Citations
| 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 |
