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Bill Status of HB3050 97th General Assembly
Short Description: IL CREDIT UNION-HEARING REQ
House Sponsors
Rep. Joseph M. Lyons - Brandon W. Phelps - Franco Coladipietro - Thomas Holbrook
Senate Sponsors
(Sen. David Koehler)
Last Action
| Date | Chamber | Action | | 7/14/2011 | House | Public Act . . . . . . . . . 97-0133 |
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that if a credit union requests a hearing in response to an order of a fine, the Secretary of Financial and Professional Regulation shall schedule a hearing within 30 days after the request and the order shall be stayed until the final administrative order is entered. Makes changes in provisions concerning reciprocity, the powers and duties of the Secretary, powers of a credit union, and vacancies in the board of directors. Makes other changes. Also makes technical changes concerning the capitalization of "articles of incorporation," "board of directors," "credit committee," "chairman," and other terms. Effective January 1, 2012.
House Committee Amendment No. 1
Further amends the Illinois Credit Union Act. In provisions throughout the Act that relate to rulemaking, replaces certain references to "the Secretary" with "the Secretary and the Director". Provides that the credit union shall register with the office (instead of the Secretary) prior to operating in the State, on a form specified by the Secretary. Makes other changes. Also makes technical changes.
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