CREDIT UNION-EXAMINATIONS House SponsorsRep. Lou Lang-David R. Leitch-Michael Unes and Rich Brauer Senate Sponsors(Sen. David Koehler and Antonio Muņoz-Linda Holmes-Pamela J. Althoff) 7/24/2014HousePublic Act . . . . . . . . . 98-0784 205 ILCS 305/1.1from Ch. 17, par. 4402205 ILCS 305/9from Ch. 17, par. 4410205 ILCS 305/30from Ch. 17, par. 4431205 ILCS 305/34from Ch. 17, par. 4435205 ILCS 305/39from Ch. 17, par. 4440205 ILCS 305/46from Ch. 17, par. 4447205 ILCS 305/57.1 new Amends the Illinois Credit Union Act. Defines "charitable donation account" and provides that a credit union may establish one or more charitable donation accounts that must comply with the requirements of the Act. Further provides that the investments and purchases to fund a charitable donation account are not subject to the investment limitations of the Act and that the aggregate book value of the investments in all charitable donation accounts shall not exceed 5% of the credit union's net worth. Adds provisions establishing the procedural requirements of the Department of Financial and Professional Regulation's examination process and prescribes the requirements of the Department's examination reports. Provides that each member of the board of directors of a credit union shall have a working familiarity with basic finance and accounting practices consistent with the size and complexity of the credit union they serve. Further provides that members of the supervisory committee of a credit union shall receive training related to their duties under the Act and establishes the acceptable forms of such training. Provides that, for a renewal, refinancing, or restructuring of an existing loan that is secured by an interest in real estate, a new appraisal of the collateral shall not be required under certain circumstances. Additionally provides that a credit union may act as a representative of and enter into an agreement with other credit unions or organizations for certain purposes. Generally effective immediately, but some provisions take effect on January 1, 2015.House Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Illinois Credit Union Act. Defines "charitable donation account" and provides that a credit union may establish one or more charitable donation accounts that must comply with the requirements of the Act. Further provides that the investments and purchases to fund a charitable donation account are not subject to the investment limitations of the Act and that the aggregate book value of the investments in all charitable donation accounts shall not exceed 5% of the credit union's net worth. Provides that the Secretary of Financial and Professional Regulation shall adopt rules that ensure consistency and due process in the examination process. Further provides that the Secretary may establish guidelines that define the scope of the examination process and that clarify examination items to be resolved. Provides that each member of the board of directors of a credit union shall have a working familiarity with basic finance and accounting practices consistent with the size and complexity of the credit union they serve. Further provides that members of the supervisory committee of a credit union shall receive training related to their duties under the Act and establishes the acceptable forms of such training. Provides that, for a renewal, refinancing, or restructuring of an existing loan that is secured by an interest in real estate, a new appraisal of the collateral shall not be required under certain circumstances. Additionally provides that a credit union may act as a representative of and enter into an agreement with other credit unions or organizations for certain purposes. Effective immediately.Senate Floor Amendment No. 1 Adds reference to:205 ILCS 5/48205 ILCS 205/9004from Ch. 17, par. 7309-4Amends the Illinois Banking Act. In provisions regarding the powers and duties of the Secretary of Financial and Professional Regulation, provides that the Secretary shall adopt rules that ensure consistency and due process in the examinations of State banks. Further provides that the Secretary may establish guidelines that define the scope of the examination process and clarify examination items to be resolved and that the rules, formal guidance, interpretive letters, or opinions furnished to State banks by the Secretary may be relied upon by the State banks. Amends the Savings Bank Act. In provisions regarding the Secretary's authority to conduct examinations of savings banks, provides that the Secretary shall adopt rules that ensure consistency and due process in the examination process. Further provides that the Secretary may establish guidelines that define the scope of the examination process and clarify examination items to be resolved and that the rules, formal guidance, interpretive letters, or opinions furnished to savings banks by the Secretary may be relied upon by the savings banks. 2/10/2014HouseFiled with the Clerk by Rep. Lou Lang 2/10/2014HouseFirst Reading 2/10/2014HouseReferred to Rules Committee 2/13/2014HouseAdded Co-Sponsor Rep. Rich Brauer 2/20/2014HouseAssigned to Financial Institutions Committee 2/21/2014HouseAdded Chief Co-Sponsor Rep. David R. Leitch 2/21/2014HouseChief Co-Sponsor Changed to Rep. David R. Leitch 2/21/2014HouseAdded Chief Co-Sponsor Rep. Michael Unes 2/26/2014HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang 2/26/2014HouseHouse Committee Amendment No. 1 Referred to Rules Committee 3/3/2014HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee 3/4/2014HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote 3/4/2014HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000 3/5/2014HousePlaced on Calendar 2nd Reading - Short Debate 3/19/2014HouseSecond Reading - Short Debate 3/19/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/21/2014HouseThird Reading - Short Debate - Passed 109-000-001 3/21/2014SenateArrive in Senate 3/21/2014SenatePlaced on Calendar Order of First Reading March 25, 2014 3/27/2014SenateChief Senate Sponsor Sen. David Koehler 3/27/2014SenateFirst Reading 3/27/2014SenateReferred to Assignments 4/4/2014SenateAdded as Alternate Co-Sponsor Sen. Antonio Muņoz 4/30/2014SenateAssigned to Financial Institutions 5/7/2014SenateDo Pass Financial Institutions; 007-000-000 5/7/2014SenatePlaced on Calendar Order of 2nd Reading May 8, 2014 5/8/2014SenateSecond Reading 5/8/2014SenatePlaced on Calendar Order of 3rd Reading May 12, 2014 5/22/2014SenateAdded as Alternate Chief Co-Sponsor Sen. Linda Holmes 5/23/2014SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2014 5/26/2014SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Linda Holmes 5/26/2014SenateSenate Floor Amendment No. 1 Referred to Assignments 5/27/2014SenateSenate Floor Amendment No. 1 Be Approved for Consideration Assignments 5/28/2014SenateRecalled to Second Reading 5/28/2014SenateSenate Floor Amendment No. 1 Adopted; Holmes 5/28/2014SenatePlaced on Calendar Order of 3rd Reading 5/28/2014SenateAdded as Alternate Chief Co-Sponsor Sen. Pamela J. Althoff 5/28/2014SenateThird Reading - Passed; 056-000-000 5/28/2014HouseArrived in House 5/28/2014HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1 5/28/2014HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Lou Lang 5/28/2014HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee 5/29/2014HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000 5/30/2014HouseSenate Floor Amendment No. 1 House Concurs 108-000-001 5/30/2014HouseHouse Concurs 5/30/2014HousePassed Both Houses 6/27/2014HouseSent to the Governor 7/24/2014HouseGovernor Approved 7/24/2014HouseEffective Date July 24, 2014 7/24/2014HousePublic Act . . . . . . . . . 98-0784