Bill Texts: IL HB5497 | 2017-2018 | 100th General Assembly

Bill Title: Amends the Illinois Credit Union Act. Provides that a credit union may furnish the financial records of a member to an appropriate law enforcement authority upon written request from the law enforcement authority explaining a reasonable suspicion of an imminent threat to the personal security and safety of a member exists. Provides that a supervisory committee of a credit union with assets of $10,000,000 or more shall engage a certified public accountant or certified public accounting firm licensed by the Department of Financial and Professional Regulation to perform an annual external independent audit. Provides that a supervisory committee of a credit union with assets of $5,000,000 or more but less than $10,000,000 shall engage a certified public accountant or certified public accounting firm licensed by the Department to perform an annual external independent audit or an agreed-upon procedures report. Provides that the external independent audit report or agreed upon procedures report shall be delivered to the Secretary of Financial and Professional Regulation no later than 120 days after the end of the calendar or fiscal year. Provides that funds not used in loans to the credit union's members may be invested to aid in the credit union's management or in the purchase and assumption of assets held by other financial institutions. Makes other changes. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Passed) 2018-08-10 - Public Act . . . . . . . . . 100-0778 [HB5497 Detail]

Bill Drafts

RevisionDateFormatSourceView
Chaptered2018-08-13HTML/TextLinkView
Enrolled2018-05-21HTML/TextLinkView
Engrossed2018-04-20HTML/TextLinkView
Introduced2018-02-16HTML/TextLinkView

Amendments

AmendmentDateDispositionFormatSourceView
House Amendment 0012018-03-07ProposedHTML/TextLinkView

Supplemental Documents

TitleDescriptionDateFormatSourceView
No supplemental documents for Illinois HB5497 currently on file.

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