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 Bill Status of HB1792  100th General Assembly


Short Description:  CREDIT UNIONS-VARIOUS

House Sponsors
Rep. Lou Lang, Daniel J. Burke, Chad Hays and Robert Rita

Senate Sponsors
(Sen. David Koehler - Mattie Hunter, Dan McConchie and Laura M. Murphy)

Last Action
DateChamber Action
  8/25/2017HousePublic Act . . . . . . . . . 100-0361

Statutes Amended In Order of Appearance
205 ILCS 305/2from Ch. 17, par. 4403
205 ILCS 305/11from Ch. 17, par. 4412
205 ILCS 305/19from Ch. 17, par. 4420
205 ILCS 305/20from Ch. 17, par. 4421
205 ILCS 305/34.1
205 ILCS 305/48from Ch. 17, par. 4449
205 ILCS 305/53from Ch. 17, par. 4454
205 ILCS 305/57from Ch. 17, par. 4458
205 ILCS 305/59from Ch. 17, par. 4460
205 ILCS 305/64.7


Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that the par value of shares of a credit union must be at least $1 (rather than $5). Provides that the board of credit union advisors shall meet at least once each calendar year (rather than once each 6 months). Provides that credit union members may vote on questions and in elections by secure electronic record if approved by the board of directors. Changes the definition of "compliance review committee". Changes the limit on the amount of loans a credit union may make to individual members and how those limitations are set. Provides that a credit union or network credit union may create and use descriptive and brand references to promote and market its identity, services, and products to its members. Provides that corporate bonds identified as investment grade by at least one nationally recognized statistical rating organization may be invested by the credit union with funds not used in loans provided that certain criteria are satisfied. Provides that credit unions may invest funds not used in loans to aid in the credit union's management of its assets, liabilities, and liquidity in the purchase of an investment interest in a pool of loans, in whole or in part and without regard to the membership of the borrowers, from other depository institutions and financial type institutions, including mortgage banks, finance companies, insurance companies, and other loan sellers. Provides that each divisional credit union may (rather than shall) have an advisory board of directors and the advisory board of directors may (rather than the board of directors shall) appoint a divisional credit union chief management official. Provides that a divisional credit union may determine to identify its advisory board as a committee and its divisional chief management official with a title it deems reasonable and appropriate. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/1/2017HouseFiled with the Clerk by Rep. Lou Lang
  2/2/2017HouseFirst Reading
  2/2/2017HouseReferred to Rules Committee
  2/14/2017HouseAssigned to Executive Committee
  2/16/2017HouseAdded Co-Sponsor Rep. Daniel J. Burke
  2/22/2017HouseAdded Co-Sponsor Rep. Chad Hays
  3/8/2017HouseAdded Co-Sponsor Rep. Robert Rita
  3/9/2017HouseRe-assigned to Financial Institutions Committee
  3/21/2017HouseDo Pass / Short Debate Financial Institutions Committee; 010-000-000
  3/22/2017HousePlaced on Calendar 2nd Reading - Short Debate
  3/23/2017HouseSecond Reading - Short Debate
  3/23/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/7/2017HouseThird Reading - Short Debate - Passed 080-023-000
  4/7/2017HouseMotion Filed to Reconsider Vote Rep. Barbara Flynn Currie
  4/24/2017HouseMotion to Reconsider Vote - Withdrawn Rep. Barbara Flynn Currie
  4/25/2017SenateArrive in Senate
  4/25/2017SenatePlaced on Calendar Order of First Reading
  4/25/2017SenateChief Senate Sponsor Sen. David Koehler
  4/25/2017SenateFirst Reading
  4/25/2017SenateReferred to Assignments
  5/2/2017SenateAssigned to Financial Institutions
  5/10/2017SenateDo Pass Financial Institutions; 007-000-000
  5/10/2017SenatePlaced on Calendar Order of 2nd Reading May 11, 2017
  5/12/2017SenateSecond Reading
  5/12/2017SenatePlaced on Calendar Order of 3rd Reading May 15, 2017
  5/26/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/26/2017SenateAdded as Alternate Co-Sponsor Sen. Dan McConchie
  5/29/2017SenateAdded as Alternate Chief Co-Sponsor Sen. Mattie Hunter
  5/29/2017SenateAdded as Alternate Co-Sponsor Sen. Laura M. Murphy
  5/29/2017SenateThird Reading - Passed; 055-000-000
  5/29/2017HousePassed Both Houses
  6/27/2017HouseSent to the Governor
  8/25/2017HouseGovernor Approved
  8/25/2017HouseEffective Date August 25, 2017
  8/25/2017HousePublic Act . . . . . . . . . 100-0361

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