LYONS,JOSEPH-SAVIANO-DAVIS,STEVE-RUTHERFORD-BURKE AND CAPPARELLI. (WALSH,T-LIGHTFORD) 205 ILCS 305/1.1 from Ch. 17, par. 4402 205 ILCS 305/7 from Ch. 17, par. 4408 205 ILCS 305/9.1 new 205 ILCS 305/10.1 new 205 ILCS 305/13 from Ch. 17, par. 4414 205 ILCS 305/16 from Ch. 17, par. 4417 205 ILCS 305/20 from Ch. 17, par. 4421 205 ILCS 305/23 from Ch. 17, par. 4424 205 ILCS 305/27 from Ch. 17, par. 4428 205 ILCS 305/30 from Ch. 17, par. 4431 205 ILCS 305/42 from Ch. 17, par. 4443 Amends the Illinois Credit Union Act. Establishes requirements to be met by out of state credit unions seeking to conduct business in Illinois. Provides that reports of examination and other actions of regulatory agencies with respect to credit unions are confidential and may be disclosed only under certain circumstances. Authorizes credit unions to destroy records upon the expiration of a period of time established by the Director of Financial Institutions. Provides that in discharging their duties, credit union directors are entitled to rely in good faith upon advice from officers, employees, and other persons. Removes the requirement that a credit union obtain the approval of the Department of Financial Institutions before making loans to, investing in, or delegating management duties to a credit union organization. Removes certain limits on trustees. Authorizes credit unions to accept trusts under the Corporate Fiduciary Act. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 205 ILCS 305/8 from Ch. 17, par. 4409 205 ILCS 305/9 from Ch. 17, par. 4410 205 ILCS 305/61 from Ch. 17, par. 4462 Amends the Illinois Credit Union Act. Authorizes the Department of Financial Institutions to establish fees and impose penalties upon credit unions relating to the preparation and approval of documents and filings, for conducting examinations, and for taking supervisory actions. Provides that a credit union is in danger of insolvency if the Department is unable to ascertain the credit union's true financial condition upon examination. HOUSE AMENDMENT NO. 2. Deletes a provision authorizing a credit union to sell part of its assets or purchase part of the assets of another credit union. Provides that a "low-income" member is a member whose wages are less than 80% of the average wage for all earners or whose household income is less than 80% of the median household wage. Deletes provisions expanding eligibility for credit union membership. Deletes provisions authorizing credit unions to accept and execute trusts. SENATE AMENDMENT NO. 1. Excludes secondary capital from the calculation used to determine whether a credit union is in danger of insolvency. Continues the authority of the Director of Financial Institutions to require special examinations of and reports from credit unions that delegate substantially all managerial functions to a credit union organization. Authorizes disclosure of confidential information to law enforcement authorities when a credit union or the Director reasonably believes that the credit union has been a victim of a crime. Continues the requirement that a credit union obtain the approval of the Department of Financial Institutions before the credit union may delegate substantially all managerial responsibilities to a credit union organization. JAN-31-2002 H FILED WITH CLERK FEB-01-2002 H FIRST READING FEB-01-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-05-2002 H ASSIGNED TO COMMITTEE FIN INSTIT FEB-07-2002 H ADDED AS A JOINT SPONSOR SAVIANO FEB-07-2002 H ADDED AS A JOINT SPONSOR DAVIS,STEVE FEB-07-2002 H ADDED AS A JOINT SPONSOR RUTHERFORD FEB-07-2002 H ADDED AS A JOINT SPONSOR BURKE FEB-07-2002 H ADDED AS A CO-SPONSOR CAPPARELLI FEB-14-2002 H AMENDMENT NO. 01-FIN INSTIT H FEB-14-2002 H ADOPTED FEB-14-2002 H REMAINS IN COMMITTEE FIN INSTIT FEB-21-2002 H AMENDMENT NO. 02-FIN INSTIT H FEB-21-2002 H ADOPTED FEB-21-2002 H DO PASS AMENDED/SHORT DEBATE 017-000-000 HFIN FEB-21-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-20-2002 H SECOND READING-SHORT DEBATE MAR-20-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAR-21-2002 H THIRD READING/SHORT DEBATE/PASSED 092-018-003 APR-02-2002 S ARRIVE IN SENATE APR-02-2002 S PLACED CALENDAR ORDER OF FIRST READING 02-04-03 APR-03-2002 S CHIEF SPONSOR WALSH,T APR-04-2002 S FIRST READING APR-04-2002 S REFERRED TO SENATE RULES COMMITTEE RULES APR-11-2002 S ADDED AS A CHIEF CO-SPONSOR LIGHTFORD APR-17-2002 S ASSIGNED TO COMMITTEE FIN INST APR-25-2002 S AMENDMENT NO. 01-FINANC. INST. S APR-25-2002 S ADOPTED APR-25-2002 S DO PASS AS AMENDED 008-000-000 SFIC APR-25-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-05-06 MAY-07-2002 S SECOND READING MAY-07-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-05-08 MAY-08-2002 S THIRD READING - PASSED 056-000-000 MAY-08-2002 H ARRIVE IN HOUSE MAY-08-2002 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01 MAY-09-2002 H MOTION FILED CONCUR 01/LYONS,JOSEPH MAY-09-2002 H MOTION REFERRED TO HRUL MAY-09-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-15-2002 H FINAL PASSAGE DEADLINE EXTENDED-RULE 9(B) TO 5/31/02 MAY-15-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-30-2002 H MOTION TO CONCUR/SENATE AMENDMENT NO.(S) 01 MAY-30-2002 H RECOMMENDS BE ADOPTED HRUL/004-000-000 MAY-30-2002 H CALENDAR ORDER OF CONCURRENCE 01 MAY-31-2002 H HSE CONCURS IN SEN AMENDMENTS (NO.) 01/096-019-001 MAY-31-2002 H PASSED BOTH HOUSES JUN-28-2002 H SENT TO THE GOVERNOR JUL-01-2002 H GOVERNOR APPROVED JUL-01-2002 H EFFECTIVE DATE 02-07-01 JUL-01-2002 H PUBLIC ACT.............................. 92-0608 END OF INQUIRY Full Text Bill Summary