SB1813 | Illinois 2019-2020 | CREDIT UNION ACT-VARIOUS

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On August 23, 2019 in the Senate:

Governor Approved
Effective Date August 23, 2019
Public Act . . . . . . . . . 101-0567

On June 28, 2019 in the Senate:

Sent to the Governor

On May 31, 2019 in the Senate:

House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities; 006-000-000
House Committee Amendment No. 1 Senate Concurs 058-000-000
Senate Concurs
Passed Both Houses

On May 30, 2019 in the Senate:

Secretary's Desk - Concurrence House Amendment(s) 1

On May 30, 2019 in the House:

Placed on Calendar Order of 3rd Reading - Short Debate
Third Reading - Short Debate - Passed 088-027-000

On May 30, 2019 in the Senate:

Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2019
House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. John G. Mulroe
House Committee Amendment No. 1 Motion to Concur Referred to Assignments
House Committee Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities

On May 29, 2019 in the House:

House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
Do Pass as Amended / Short Debate Financial Institutions Committee; 009-000-000
Placed on Calendar 2nd Reading - Short Debate
Second Reading - Short Debate
Held on Calendar Order of Second Reading - Short Debate

On May 28, 2019 in the House:

Assigned to Financial Institutions Committee
Final Action Deadline Extended-9(b) May 31, 2019
House Committee Amendment No. 1 Filed with Clerk by Rep. Robert Rita
House Committee Amendment No. 1 Referred to Rules Committee
House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
Motion Filed to Suspend Rule 21 Financial Institutions Committee; Rep. Kathleen Willis
Motion to Suspend Rule 21 - Prevailed

On April 11, 2019 in the House:

Arrived in House
Chief House Sponsor Rep. Robert Rita
First Reading
Referred to Rules Committee

On April 10, 2019 in the Senate:

Third Reading - Passed; 056-000-000

On April 4, 2019 in the Senate:

Recalled to Second Reading
Senate Floor Amendment No. 1 Adopted; Mulroe
Senate Floor Amendment No. 2 Adopted; Mulroe
Placed on Calendar Order of 3rd Reading

On March 27, 2019 in the Senate:

Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000
Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000

On March 26, 2019 in the Senate:

Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions

On March 20, 2019 in the Senate:

Senate Floor Amendment No. 1 Postponed - Financial Institutions
Senate Floor Amendment No. 2 Filed with Secretary by Sen. John G. Mulroe
Senate Floor Amendment No. 2 Referred to Assignments

On March 14, 2019 in the Senate:

Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions

On March 13, 2019 in the Senate:

Senate Floor Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe
Senate Floor Amendment No. 1 Referred to Assignments

On March 6, 2019 in the Senate:

Do Pass Financial Institutions; 009-000-000
Placed on Calendar Order of 2nd Reading
Second Reading
Placed on Calendar Order of 3rd Reading March 7, 2019

On February 27, 2019 in the Senate:

Assigned to Financial Institutions

On February 15, 2019 in the Senate:

Filed with Secretary by Sen. John G. Mulroe
First Reading
Referred to Assignments

House Amendment 001

Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Provides that the Department of Financial and Professional Regulation shall, by rule, establish maximum rates of reasonable compensation for directors and committee members that are generally applicable to credit unions considering factors the Department may establish from time to time, including, but not limited to, total assets, nonprofit cooperative structure, and the best interests of members. Deletes language providing that with approval of the board of directors, a credit union may make loans to credit union organizations if the aggregate amount of all such loans outstanding does not exceed the greater of 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Deletes language providing that funds not used in loans to members may be invested in shares or stocks of credit union service organizations in the total amount not exceeding the greater of 10% (instead of 3%) of the unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Effective immediately.

Senate Amendment 002

Requires that credit unions annually disclose director remuneration to the membership. Provides that the disclosure shall contain: (i) the amount paid to each director and (ii) the amount paid to the directors as a group. Deletes language authorizing credit unions to invest in securities of entities licensed by the Department of Financial and Professional Regulation, including entities licensed under the Residential Mortgage License Act of 1987, the Consumer Installment Loan Act, and the Sales Finance Agency Act. Corrects a typographical error.

Senate Amendment 001

Replaces provisions regarding the reporting and turnover provisions of the Revised Uniform Unclaimed Property Act relating to credit unions with a provision allowing a credit union to deduct a dormancy charge or escheat fee from property delivered to the administrator under the Revised Uniform Unclaimed Property Act.