HB4462 | Illinois 2021-2022 | FINANCE-CREDIT UNION/VARIOUS

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On May 13, 2022 in the House:

Governor Approved
Effective Date May 13, 2022; - Some Provisions Effective January 1, 2023
Public Act . . . . . . . . . 102-0774

On April 28, 2022 in the House:

Sent to the Governor

On March 31, 2022 in the House:

Passed Both Houses

On March 31, 2022 in the Senate:

Third Reading - Passed; 053-000-000

On March 29, 2022 in the Senate:

Second Reading
Placed on Calendar Order of 3rd Reading March 30, 2022

On March 23, 2022 in the Senate:

Do Pass Financial Institutions; 008-000-000
Placed on Calendar Order of 2nd Reading

On March 16, 2022 in the Senate:

Assigned to Financial Institutions

On March 7, 2022 in the Senate:

Arrive in Senate
Placed on Calendar Order of First Reading
Chief Senate Sponsor Sen. Antonio Muñoz
First Reading
Referred to Assignments

On March 4, 2022 in the House:

House Floor Amendment No. 2 Adopted
Placed on Calendar Order of 3rd Reading - Short Debate
House Floor Amendment No. 1 Tabled Pursuant to Rule 40
Third Reading - Short Debate - Passed 104-000-000

On March 3, 2022 in the House:

House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions Committee; 009-000-000

On March 2, 2022 in the House:

House Floor Amendment No. 2 Rules Refers to Financial Institutions Committee
Second Reading - Short Debate
Held on Calendar Order of Second Reading - Short Debate

On March 1, 2022 in the House:

House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman
House Floor Amendment No. 2 Referred to Rules Committee

On February 23, 2022 in the House:

House Floor Amendment No. 1 Rules Refers to Financial Institutions Committee

On February 22, 2022 in the House:

House Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
House Floor Amendment No. 1 Referred to Rules Committee

On February 16, 2022 in the House:

Placed on Calendar 2nd Reading - Short Debate

On February 15, 2022 in the House:

Do Pass / Short Debate Financial Institutions Committee; 009-000-000

On February 9, 2022 in the House:

Assigned to Financial Institutions Committee

On January 21, 2022 in the House:

First Reading
Referred to Rules Committee

On January 11, 2022 in the House:

Filed with the Clerk by Rep. Jay Hoffman

House Amendment 002

In provisions concerning service to target markets, provides that the Secretary of Financial and Professional Regulation may, in his or her sole discretion, approve the written business plan, disapprove the business plan, or require the credit union to modify the business plan to seek approval of the target market as an occupational, community, or associational common bond or common bonds. Provides that the credit union must be advised in writing of the findings of the Secretary in support of the determination and the specific and reasonable time period in which to file a modified plan, and that if the Secretary approves the business plan the credit union shall be required to add the target market to its field of membership. In provisions concerning investment of funds, provides that a credit union may invest in shares, stocks, or member units of financial technology companies in a total amount not exceeding 2.5% of the net worth of the credit union so long as specified conditions are met. Provides that the 2.5% investment limit is increased to 5% of the net worth of the credit union if it has received a management rating of 1 under the CAMELS supervisory rating system at the time a specific investment is made and at all times during the term of the investment. Provides that the maximum interest rate that may be charged by a financial technology company applies to all consumer loans and consumer credit products. Removes provisions concerning meetings of directors. Makes other changes. Provides that the Act is effective immediately, except that specified provisions take effect January 1, 2023.