Bill Status of SB3119 102nd General Assembly
Short Description: FIN-CREDIT UNION BANK PURCHASE
Sen. Brian W. Stewart
| 1/11/2022||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that an acquiring credit union shall be liable for a fee equal to 10% of the book value of the assets or liabilities, whichever is greater, of a bank that has been purchased by the credit union. Provides that the provision applies to all banks, savings banks, savings and loan associations, and credit unions chartered or holding a certificate of authority to do business under the laws of this State or any other state or under the laws of the United States. Defines "book value of the assets or liabilities of a bank".