Bill Title: Amends the Illinois Credit Union Act. Provides that the Department of Financial and Professional Regulation may assess a civil penalty against credit unions only when the Secretary of Financial and Professional Regulation reasonably determines, based on objective facts and an accurate assessment of applicable legal standards, that the credit union has committed a violation of the Act, any rule adopted in accordance with the Act, or any order of the Secretary issued pursuant to his or her authority under the Act or has engaged or participated in any unsafe or unsound practice, and that the violation or unsafe or unsound practice has directly resulted in a substantial and material financial loss or created a reasonable probability that a substantial and material financial loss will directly result, or that violation or unsafe or unsound practice constituted willful misconduct and a material breach of fiduciary duty of any director, officer, or committee member of the credit union. Provides that civil penalty orders are confidential supervisory information and shall be prohibited from disclosure to any person, except that once such an order is a final administrative decision of the Department and has been adjudicated to finality, a concise syllabus of the order may be posted on the Department's official website. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0400 [HB1572 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2013-08-19	HTML/Text	Link	View
Enrolled	2013-05-22	HTML/Text	Link	View
Engrossed	2013-04-10	HTML/Text	Link	View
Amended	2013-03-07	HTML/Text	Link	View
Introduced	2013-02-13	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB1572

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB1572 currently on file.

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