CREDIT UNION-REGULATIONS House SponsorsRep. Thomas Holbrook-Joseph M. Lyons Senate Sponsors(Sen. William R. Haine-Dan Rutherford) 8/13/2007HousePublic Act . . . . . . . . . 95-0098 205 ILCS 305/4.1 new205 ILCS 305/8from Ch. 17, par. 4409205 ILCS 305/20from Ch. 17, par. 4421205 ILCS 305/22from Ch. 17, par. 4423205 ILCS 305/30from Ch. 17, par. 4431205 ILCS 305/46from Ch. 17, par. 4447205 ILCS 305/51from Ch. 17, par. 4452205 ILCS 305/70from Ch. 17, par. 4471 Amends the Illinois Credit Union Act. Provides that a credit union organized under the laws of Illinois may elect to adopt an assumed corporate name that is not impermissible under applicable law. Establishes the requirements for a credit union to operate under an assumed corporate name. Provides additional criteria that the Director of the Illinois Department of Financial Institutions may use to direct and supervise all the administrative and technical activities of the Illinois Department of Financial Institutions. Contains provisions concerning the rules of office for Directors. Allows a credit union to purchase certain instruments that evidence an indebtedness of its members or of members of another credit union (now, a credit union may only purchase certain instruments of its members). Prohibits those other than an authorized user, without permission, from using the name of or a name similar to the name of an existing credit union when marketing or soliciting business from members or prospective members and provides penalties against those who violate the provision. Effective immediately.House Amendment No. 1 Deletes reference to:205 ILCS 305/4.1 new205 ILCS 305/20Deletes provisions permitting a credit union organized under the laws of Illinois to elect to adopt an assumed corporate name that is not impermissible under applicable law. Changes language concerning the qualifications of examiners. Deletes provisions concerning the election of Directors. Changes language with respect to allowing a credit union to purchase certain instruments that evidence an indebtedness of the members of another credit union. Changes references from the Supervisor of the Credit Union Section to the Director of the Division of Financial Institutions. 2/15/2007HouseFiled with the Clerk by Rep. Thomas Holbrook 2/20/2007HouseFirst Reading 2/20/2007HouseReferred to Rules Committee 2/22/2007HouseAssigned to Financial Institutions Committee 3/6/2007HouseHouse Amendment No. 1 Filed with Clerk by Financial Institutions Committee 3/6/2007HouseHouse Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote 3/6/2007HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000 3/7/2007HousePlaced on Calendar 2nd Reading - Short Debate 3/7/2007HouseAdded Chief Co-Sponsor Rep. Joseph M. Lyons 3/13/2007HouseSecond Reading - Short Debate 3/13/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/22/2007HouseThird Reading - Short Debate - Passed 113-000-000 3/27/2007SenateArrive in Senate 3/27/2007SenatePlaced on Calendar Order of First Reading March 28, 2007 3/27/2007SenateChief Senate Sponsor Sen. William R. Haine 3/28/2007SenateFirst Reading 3/28/2007SenateReferred to Rules 3/30/2007SenateAssigned to Financial Institutions 4/20/2007SenateDo Pass Financial Institutions; 006-000-000 4/20/2007SenatePlaced on Calendar Order of 2nd Reading April 24, 2007 4/20/2007SenateAdded as Alternate Chief Co-Sponsor Sen. Dan Rutherford 5/3/2007SenateSecond Reading 5/3/2007SenatePlaced on Calendar Order of 3rd Reading May 8, 2007 5/16/2007SenateThird Reading - Passed; 057-000-000 5/16/2007HousePassed Both Houses 6/14/2007HouseSent to the Governor 8/13/2007HouseGovernor Approved 8/13/2007HouseEffective Date August 13, 2007 8/13/2007HousePublic Act . . . . . . . . . 95-0098