103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2043

 

Introduced 2/7/2023, by Rep. Jay Hoffman

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 305/16  from Ch. 17, par. 4417
205 ILCS 305/20  from Ch. 17, par. 4421
205 ILCS 305/29  from Ch. 17, par. 4430
205 ILCS 305/48  from Ch. 17, par. 4449
205 ILCS 305/59  from Ch. 17, par. 4460

    Amends the Illinois Credit Union Act. Provides that societies, associations, clubs, partnerships, corporations, and limited liability companies in which one or more (rather than the majority) of the members, partners, or shareholders are individuals who are eligible for credit union membership may be admitted to membership in a credit union in the same manner and under the same conditions as individuals. Provides that the board of directors may appoint an individual as a registered agent for the credit union. Provides that any process, notice, or demand required or permitted by law to be served upon the credit union may be served upon the registered agent appointed by the credit union. Sets forth requirements for identification, change of registration, and resignation of registered agents for a credit union. Provides that compliance review documents and the deliberations of the board of directors are privileged and confidential and are not subject to discovery or admissible in evidence in any civil action. Provides that loan limits shall not be subject to reduction by rules (rather than loan limits shall be subject to rules). Makes other changes. Effective immediately.


LRB103 05826 BMS 50846 b

 

 

A BILL FOR

 

HB2043LRB103 05826 BMS 50846 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Credit Union Act is amended by
5changing Sections 16, 20, 29, 48, and 59 as follows:
 
6    (205 ILCS 305/16)  (from Ch. 17, par. 4417)
7    Sec. 16. Societies and associations. Societies,
8associations, clubs, partnerships, corporations, and limited
9liability companies in which one or more the majority of the
10members, partners, or shareholders are individuals who are
11eligible for credit union membership may be admitted to
12membership in a credit union in the same manner and under the
13same conditions as individuals, subject to such rules as the
14Secretary and the Director may promulgate hereunder.
15(Source: P.A. 97-133, eff. 1-1-12.)
 
16    (205 ILCS 305/20)  (from Ch. 17, par. 4421)
17    Sec. 20. Election or appointment of officials.
18    (1) The credit union shall be directed by a board of
19directors consisting of no less than 7 in number, to be elected
20at the annual meeting by and from the members. Directors shall
21hold office until the next annual meeting, unless their terms
22are staggered. Upon amendment of its bylaws, a credit union

 

 

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1may divide the directors into 2 or 3 classes with each class as
2nearly equal in number as possible. The term of office of the
3directors of the first class shall expire at the first annual
4meeting after their election, that of the second class shall
5expire at the second annual meeting after their election, and
6that of the third class, if any, shall expire at the third
7annual meeting after their election. At each annual meeting
8after the classification, the number of directors equal to the
9number of directors whose terms expire at the time of the
10meeting shall be elected to hold office until the second
11succeeding annual meeting if there are 2 classes or until the
12third succeeding annual meeting if there are 3 classes. A
13director shall hold office for the term for which he or she is
14elected and until his or her successor is elected and
15qualified.
16    (1.5) Except as provided in subsection (1.10), in all
17elections for directors, every member has the right to vote,
18in person, by proxy, or by electronic record if approved by the
19board of directors, the number of shares owned by him, or in
20the case of a member other than a natural person, the member's
21one vote, for as many persons as there are directors to be
22elected, or to cumulate such shares, and give one candidate as
23many votes as the number of directors multiplied by the number
24of his shares equals, or to distribute them on the same
25principle among as many candidates as he may desire and the
26directors shall not be elected in any other manner. Shares

 

 

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1held in a joint account owned by more than one member may be
2voted by any one of the members, however, the number of
3cumulative votes cast may not exceed a total equal to the
4number of shares multiplied by the number of directors to be
5elected. A majority of the shares entitled to vote shall be
6represented either in person or by proxy for the election of
7directors. Each director shall wholly take and subscribe to an
8oath that he will diligently and honestly perform his duties
9in administering the affairs of the credit union, that while
10he may delegate to another the performance of those
11administrative duties he is not thereby relieved from his
12responsibility for their performance, that he will not
13knowingly violate or permit to be violated any law applicable
14to the credit union, and that he is the owner of at least one
15share of the credit union.
16    (1.10) Upon amendment of a credit union's bylaws, in all
17elections for directors, every member who is a natural person
18shall have the right to cast one vote, regardless of the number
19of his or her shares, in person, by proxy, or by electronic
20record if approved by the board of directors, for as many
21persons as there are directors to be elected.
22    (1.15) If the board of directors has adopted a policy
23addressing age eligibility standards on voting, holding
24office, or petitioning the board, then a credit union may
25require (i) that members be at least 18 years of age by the
26date of the meeting in order to vote at meetings of the

 

 

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1members, sign nominating petitions, or sign petitions
2requesting special meetings, and (ii) that members be at least
318 years of age by the date of election or appointment in order
4to hold elective or appointive office.
5    (2) The board of directors shall appoint from among the
6members of the credit union, a supervisory committee of not
7less than 3 members at the organization meeting and within 30
8days following each annual meeting of the members for such
9terms as the bylaws provide. Members of the supervisory
10committee may, but need not be, on the board of directors, but
11shall not be officers of the credit union, members of the
12credit committee, or the credit manager if no credit committee
13has been appointed.
14    (3) The board of directors may appoint, from among the
15members of the credit union, a credit committee consisting of
16an odd number, not less than 3 for such terms as the bylaws
17provide. Members of the credit committee may, but need not be,
18directors or officers of the credit union, but shall not be
19members of the supervisory committee.
20    (4) The board of directors may appoint from among the
21members of the credit union a membership committee of one or
22more persons. If appointed, the committee shall act upon all
23applications for membership and submit a report of its actions
24to the board of directors at the next regular meeting for
25review. If no membership committee is appointed, credit union
26management shall act upon all applications for membership and

 

 

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1submit a report of its actions to the board of directors at the
2next regular meeting for review.
3    (5) The board of directors may appoint, from among the
4members of the credit union, a nominating committee of 3 or
5more persons. Members of the nominating committee may, but
6need not, be directors or officers of the credit union, but may
7not be members of the supervisory committee. The appointment,
8if made, shall be made in a timely manner to permit the
9nominating committee to recruit, evaluate, and nominate
10eligible candidates for each position to be filled in the
11election of directors or, in the event of a vacancy in office,
12to be filled by appointment of the board of directors for the
13remainder of the unexpired term of the director creating the
14vacancy. Factors the nominating committee may consider in
15evaluating prospective candidates include whether a candidate
16possesses or is willing to acquire through training the
17requisite skills and qualifications to carry out the statutory
18duties of a director. The board of directors may delegate to
19the nominating committee the recruitment, evaluation, and
20nomination of eligible candidates to serve on committees and
21in executive officer positions.
22    (6) The board of directors may create one or more other
23committees in addition to the committees identified in this
24Section and appoint directors or such other persons as the
25board designates to serve on the committee or committees. Any
26such committee shall serve at the pleasure of the board of

 

 

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1directors and it shall not act on behalf of the credit union or
2bind it to any action, but it may make recommendations to the
3board of directors.
4    (7)(a) The board of directors may appoint an individual as
5a registered agent for the credit union. The name of the
6registered agent appointed by the board of directors shall be
7identified in the annual report filed by the credit union on
8the annual report form supplied by the Department. The
9business office of the registered agent shall be the same as
10the principal place of business of the credit union. Any
11process, notice, or demand required or permitted by law to be
12served upon the credit union may be served upon the registered
13agent appointed by the credit union.
14        (b) The Department shall maintain a registry of credit
15    unions that have appointed a registered agent. The
16    registry shall be posted on the Department's website and
17    shall include the name of each credit union that has
18    appointed a registered agent, the name of its registered
19    agent, and the address of its principal place of business.
20        (c) A credit union that has appointed a registered
21    agent may change its registered agent at any time by
22    submitting a statement to the Department setting forth the
23    following:
24            (i) the name of the credit union,
25            (ii) the address of its principal place of
26        business,

 

 

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1            (iii) the name of its existing registered agent,
2            (iv) the name of its successor registered agent,
3        and
4            (v) that the change was authorized by action of
5        the board of directors.
6        (d) A registered agent may resign at any time by
7    submitting written notice thereof to the Department and by
8    sending a copy thereof to the credit union at its
9    principal place of business. The notice shall set forth
10    the following:
11            (i) the name of the credit union for which the
12        registered agent is acting,
13            (ii) the address of the principal place of
14        business of the credit union,
15            (iii) the name of the registered agent,
16            (iv) that the registered agent is resigning, and
17            (v) the effective date of the resignation, which
18        shall not be less than 30 days after the date of filing
19        of the notice.
20    (8) (6) The use of electronic records for member voting
21pursuant to this Section shall employ a security procedure
22that meets the attribution criteria set forth in Section 9 of
23the Uniform Electronic Transactions Act.
24    (9) (7) As used in this Section, "electronic", "electronic
25record", and "security procedure" have the meanings ascribed
26to those terms in the Uniform Electronic Transactions Act. the

 

 

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1(Source: P.A. 102-38, eff. 6-25-21; 102-687, eff. 12-17-21;
2102-774, eff. 5-13-22; 102-858, eff. 5-13-22; revised 8-3-22.)
 
3    (205 ILCS 305/29)  (from Ch. 17, par. 4430)
4    Sec. 29. Meetings of directors.
5    (1) The board of directors and the executive committee
6shall meet as often as necessary, but one body must meet at
7least monthly and the other at least quarterly, as prescribed
8in the bylaws. Unless a greater number is required by the
9bylaws, a majority of the whole board of directors shall
10constitute a quorum. The act of a majority of the directors
11present at a meeting at which a quorum is present shall be the
12act of the board of directors unless the act of a greater
13number is required by this Act, the credit union's articles of
14incorporation or the bylaws.
15    (1.5) Notwithstanding anything to the contrary in
16subsection (1), the board of directors of a credit union with a
17composite rating of 1, 2, or 3 under the Uniform Financial
18Institutions Rating System known as the CAMELS supervisory
19rating system (or an equivalent rating under a comparable
20rating system) may meet not less than 6 times annually, with at
21least one meeting held during each fiscal quarter. This
22meeting frequency schedule shall be available to an eligible
23credit union irrespective of whether it has appointed an
24executive committee pursuant to Section 28.
25    (2) Unless specifically prohibited by the articles of

 

 

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1incorporation or bylaws, directors and committee members may
2participate in and act at any meeting of the board or committee
3through the use of a conference telephone or other
4communications equipment by means of which all persons
5participating in the meeting can communicate with each other.
6Participation in the meeting shall constitute attendance and
7presence in person at the meeting of the person or persons so
8participating.
9    (3) Unless specifically prohibited by the articles of
10incorporation or bylaws, any action required by this Act to be
11taken at a meeting of the board of directors or a committee and
12any other action that may be taken at a meeting of the board of
13directors or a committee may be taken without a meeting if a
14consent in writing setting forth the action taken is signed by
15all the directors entitled to vote with respect to the subject
16matter thereof, or by all members of the committee, as the case
17may be. The consent shall be evidenced by one or more written
18approvals, each of which sets forth the action taken and bears
19the signatures of one or more directors or committee members.
20All the approvals evidencing the consent shall be delivered to
21the secretary to be filed in the corporate records of the
22credit union. The action taken shall be effective when all the
23directors or committee members have approved the consent
24unless the consent specifies a different effective date. A
25consent signed by all the directors or all the members of a
26committee shall have the same effect as a unanimous vote, and

 

 

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1may be stated as such in any document filed with the director
2under this Act.
3    (4)(a) As used in this subsection:
4        "Affiliate" means an organization established to serve
5    the needs of credit unions, the business of which relates
6    to the daily operations of credit unions.
7        "Compliance review documents" means reports, meeting
8    minutes, and other documents prepared in connection with a
9    review or evaluation conducted by or for the board of
10    directors.
11        (b) This subsection applies to the board of directors
12    in relation to its functions to evaluate and seek to
13    improve any of the following:
14            (i) loan policies or underwriting standards;
15            (ii) asset quality;
16            (iii) financial reporting to federal or State
17        governmental or regulatory agencies; or
18            (iv) compliance with federal or State statutory or
19        regulatory requirements, including, without
20        limitation, the manner in which it performs its duties
21        under Section 30.
22        (c) Except as provided in paragraph (d), compliance
23    review documents and the deliberations of the board of
24    directors are privileged and confidential and are not
25    subject to discovery or admissible in evidence in any
26    civil action. Individuals acting under the direction of

 

 

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1    the board of directors shall not be required to testify in
2    any civil action about the contents of any compliance
3    review document, conclusions of the board of directors, or
4    the actions taken by the board of directors. An affiliate
5    of a credit union, a credit union regulatory agency, and
6    the insurer of credit union share accounts shall have
7    access to compliance review documents; however, (i) the
8    documents remain confidential and are not subject to
9    discovery from such entity and (ii) delivery of compliance
10    review documents to an affiliate or pursuant to the
11    requirements of a credit union regulatory agency or an
12    insurer of credit union share accounts do not constitute a
13    waiver of the privilege granted in this Section.
14        (d) This Section does not apply to any civil or
15    administrative action initiated by a credit union
16    regulatory agency or an insurer of credit union share
17    accounts.
18        (e) This Section shall not be construed to limit the
19    discovery or admissibility in any civil action of any
20    documents other than compliance review documents.
21        (f) Any report required under this Act to be furnished
22    to the board of directors by the membership committee,
23    credit committee, or any other committee may be submitted
24    in a summary format that redacts personally identifiable
25    information as defined under applicable State and federal
26    law.

 

 

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1(Source: P.A. 89-603, eff. 8-2-96.)
 
2    (205 ILCS 305/48)  (from Ch. 17, par. 4449)
3    Sec. 48. Loan limit. Within any limitations set forth in a
4policy adopted by the board of directors, a credit union may
5place a limit upon the aggregate amount to be loaned to or
6cosigned for by any one member provided that no loan shall be
7made to any member in an aggregate amount in excess of 10% of
8the credit union's unimpaired capital and surplus. Such loan
9limits shall not be subject to reduction by rules adopted by
10the Secretary.
11(Source: P.A. 100-361, eff. 8-25-17.)
 
12    (205 ILCS 305/59)  (from Ch. 17, par. 4460)
13    Sec. 59. Investment of funds.
14    (a) Funds not used in loans to members may be invested,
15pursuant to subsection (7) of Section 30 of this Act, and
16subject to Departmental rules and regulations:
17        (1) In securities, obligations or other instruments of
18    or issued by or fully guaranteed as to principal and
19    interest by the United States of America or any agency
20    thereof or in any trust or trusts established for
21    investing directly or collectively in the same;
22        (2) In obligations of any state of the United States,
23    the District of Columbia, the Commonwealth of Puerto Rico,
24    and the several territories organized by Congress, or any

 

 

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1    political subdivision thereof; however, a credit union may
2    not invest more than 10% of its unimpaired capital and
3    surplus in the obligations of one issuer, exclusive of
4    general obligations of the issuer, and investments in
5    municipal securities must be limited to securities rated
6    in one of the 4 highest rating investment grades by a
7    nationally recognized statistical rating organization;
8        (3) In certificates of deposit or passbook type
9    accounts issued by a state or national bank, mutual
10    savings bank or savings and loan association; provided
11    that such institutions have their accounts insured by the
12    Federal Deposit Insurance Corporation or the Federal
13    Savings and Loan Insurance Corporation; but provided,
14    further, that a credit union's investment in an account in
15    any one institution may exceed the insured limit on
16    accounts;
17        (4) In shares, classes of shares or share certificates
18    of other credit unions, including, but not limited to,
19    corporate credit unions; provided that such credit unions
20    have their members' accounts insured by the NCUA or other
21    approved insurers, and that if the members' accounts are
22    so insured, a credit union's investment may exceed the
23    insured limit on accounts;
24        (5) In shares of a cooperative society organized under
25    the laws of this State or the laws of the United States in
26    the total amount not exceeding 10% of the unimpaired

 

 

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1    capital and surplus of the credit union; provided that
2    such investment shall first be approved by the Department;
3        (6) In obligations of the State of Israel, or
4    obligations fully guaranteed by the State of Israel as to
5    payment of principal and interest;
6        (7) In shares, stocks or obligations of other
7    financial institutions in the total amount not exceeding
8    5% of the unimpaired capital and surplus of the credit
9    union;
10        (8) In federal funds and bankers' acceptances;
11        (9) In shares or stocks of Credit Union Service
12    Organizations in the total amount not exceeding the
13    greater of 6% of the unimpaired capital and surplus of the
14    credit union or the amount authorized for federal credit
15    unions;
16        (10) In corporate bonds identified as investment grade
17    by at least one nationally recognized statistical rating
18    organization, provided that:
19            (i) the board of directors has established a
20        written policy that addresses corporate bond
21        investment procedures and how the credit union will
22        manage credit risk, interest rate risk, liquidity
23        risk, and concentration risk; and
24            (ii) the credit union has documented in its
25        records that a credit analysis of a particular
26        investment and the issuing entity was conducted by the

 

 

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1        credit union, a third party on behalf of the credit
2        union qualified by education or experience to assess
3        the risk characteristics of corporate bonds, or a
4        nationally recognized statistical rating agency before
5        purchasing the investment and the analysis is updated
6        at least annually for as long as it holds the
7        investment;
8        (11) To aid in the credit union's management of its
9    assets, liabilities, and liquidity in the purchase of an
10    investment interest in a pool of loans, or a single loan
11    notwithstanding anything to the contrary in Section 51, in
12    whole or in part and without regard to the membership of
13    the borrowers, from other depository institutions and
14    financial type institutions, including mortgage banks,
15    finance companies, insurance companies, and other loan
16    sellers, subject to such safety and soundness standards,
17    limitations, and qualifications as the Department may
18    establish by rule or guidance from time to time;
19        (12) To aid in the credit union's management of its
20    assets, liabilities, and liquidity by receiving funds from
21    another financial institution as evidenced by certificates
22    of deposit, share certificates, or other classes of shares
23    issued by the credit union to the financial institution;
24        (13) In the purchase and assumption of assets held by
25    other financial institutions, with approval of the
26    Secretary and subject to any safety and soundness

 

 

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1    standards, limitations, and qualifications as the
2    Department may establish by rule or guidance from time to
3    time;
4        (14) In the shares, stocks, or obligations of
5    community development financial institutions as defined in
6    regulations issued by the U.S. Department of the Treasury
7    and minority depository institutions as defined by the
8    National Credit Union Administration; however the
9    aggregate amount of all such investments shall not at any
10    time exceed 5% of the paid-in and unimpaired capital and
11    surplus of the credit union; and
12        (15)(A) In shares, stocks, or member units of
13    financial technology companies in the total amount not
14    exceeding 2.5% of the net worth of the credit union, so
15    long as:
16            (i) the credit union would remain well capitalized
17        as defined by 12 CFR 702.102 if the credit union
18        reduced its net worth by the full investment amount at
19        the time the investment is made or at any point during
20        the time the investment is held by the credit union;
21            (ii) the credit union and the financial technology
22        company are operated in a manner that demonstrates to
23        the public the separate corporate existence of the
24        credit union and financial technology company; and
25            (iii) the credit union has received a composite
26        rating of 1 or 2 under the CAMELS supervisory rating

 

 

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1        system.
2        (B) The investment limit in subparagraph (A) of this
3    paragraph (15) is increased to 5% of the net worth of the
4    credit union, if it has received a management rating of 1
5    under the CAMELS supervisory rating system at the time a
6    specific investment is made and at all times during the
7    term of the investment. A credit union that satisfies the
8    criteria in subparagraph (A) of this paragraph (15) and
9    this subparagraph may request approval from the Secretary
10    for an exception to the 5% limit up to a limit of 10% of
11    the net worth of the credit union, subject to such safety
12    and soundness standards, limitations, and qualifications
13    as the Department may establish by rule or guidance from
14    time to time. The request shall be in writing and
15    substantiate the need for the higher limit, describe the
16    credit union's record of investment activity, and include
17    financial statements reflecting a sound fiscal history.
18        (C) Before investing in a financial technology
19    company, the credit union shall obtain a written legal
20    opinion as to whether the financial technology company is
21    established in a manner that will limit potential exposure
22    of the credit union to no more than the loss of funds
23    invested in the financial technology company and the legal
24    opinion shall:
25            (i) address factors that have led courts to
26        "pierce the corporate veil", such as inadequate

 

 

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1        capitalization, lack of separate corporate identity,
2        common boards of directors and employees, control of
3        one entity over another, and lack of separate books
4        and records; and
5            (ii) be provided by independent legal counsel of
6        the credit union.
7        (D) Before investing in the financial technology
8    company, the credit union shall enter into a written
9    investment agreement with the financial technology company
10    and the agreement shall contain the following clauses:
11            (i) the financial technology company will: (I)
12        provide the Department with access to the books and
13        records of the financial technology company relating
14        to the investment made by the credit union, with the
15        costs of examining those records borne by the credit
16        union in accordance with the per diem rate established
17        by the Department by rule; (II) follow generally
18        accepted accounting principles; and (III) provide the
19        credit union with its financial statements on at least
20        a quarterly basis and certified public accountant
21        audited financial statements on an annual basis; and
22            (ii) the financial technology company and credit
23        union agree to terminate their contractual
24        relationship: (I) upon 90 days' written notice to the
25        parties by the Secretary that the safety and soundness
26        of the credit union is threatened pursuant to the

 

 

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1        Department's cease and desist and suspension authority
2        in Sections 8 and 61; (II) upon 30 days' written notice
3        to the parties if the credit union's net worth ratio
4        falls below the level that classifies it as well
5        capitalized well-capitalized as defined by 12 CFR
6        702.102; and (III) immediately upon the parties'
7        receipt of written notice from the Secretary when the
8        Secretary reasonably concludes, based upon specific
9        facts set forth in the notice to the parties, that the
10        credit union will suffer immediate, substantial, and
11        irreparable injury or loss if it remains a party to the
12        investment agreement.
13        (E) The termination of the investment agreement
14    between the financial technology company and credit union
15    shall in no way operate to relieve the financial
16    technology company from repaying the investment or other
17    obligation due and owing the credit union at the time of
18    termination.
19        (F) Any financial technology company in which a credit
20    union invests pursuant to this paragraph (15) that
21    directly or indirectly originates, purchases, facilitates,
22    brokers, or services loans to consumers in Illinois shall
23    not charge an interest rate that exceeds the applicable
24    maximum rate established by the Board of the National
25    Credit Union Administration pursuant to 12 CFR
26    701.21(c)(7)(iii)-(iv). The maximum interest rate

 

 

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1    described in this subparagraph that may be charged by a
2    financial technology company applies to all consumer loans
3    and consumer credit products.
4    (b) As used in this Section:
5    "Political subdivision" includes, but is not limited to,
6counties, townships, cities, villages, incorporated towns,
7school districts, educational service regions, special road
8districts, public water supply districts, fire protection
9districts, drainage districts, levee districts, sewer
10districts, housing authorities, park districts, and any
11agency, corporation, or instrumentality of a state or its
12political subdivisions, whether now or hereafter created and
13whether herein specifically mentioned or not.
14    "Financial institution" includes any bank, savings bank,
15savings and loan association, or credit union established
16under the laws of the United States, this State, or any other
17state.
18    "Financial technology company" includes any corporation,
19partnership, limited liability company, or other entity
20organized under the laws of Illinois, another state, or the
21United States of America:
22        (1) that the principal business of which is the
23    provision of financial products or financial services, or
24    both, that:
25            (i) currently relate or may prospectively relate
26        to the daily operations of credit unions;

 

 

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1            (ii) are of current or prospective benefit to the
2        members of credit unions; or
3            (iii) are of current or prospective benefit to
4        consumers eligible for membership in credit unions;
5        and
6        (2) that applies technological interventions,
7    including, without limitation, specialized software or
8    algorithm processes, products, or solutions, to improve
9    and automate the delivery and use of those financial
10    products or financial services.
11    (c) A credit union investing to fund an employee benefit
12plan obligation is not subject to the investment limitations
13of this Act and this Section and may purchase an investment
14that would otherwise be impermissible if the investment is
15directly related to the credit union's obligation under the
16employee benefit plan and the credit union holds the
17investment only for so long as it has an actual or potential
18obligation under the employee benefit plan.
19    (d) If a credit union acquires loans from another
20financial institution or financial-type institution pursuant
21to this Section, the credit union shall be authorized to
22provide loan servicing and collection services in connection
23with those loans.
24(Source: P.A. 101-567, eff. 8-23-19; 102-496, eff. 8-20-21;
25102-774, eff. 5-13-22; 102-858, eff. 5-13-22; revised 8-3-22.)
 
26    Section 99. Effective date. This Act takes effect upon

 

 

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1becoming law.