Illinois General Assembly - Bill Status for SB3021

Amends the Illinois Credit Union Act. Expands a credit union's general powers to sell to persons eligible for membership, negotiable checks, money orders, and similar money transfer instruments, cash checks and money orders, and receive electronic fund transfers for a fee. Increases access to credit union service to the economically disadvantaged. Provides that individuals earning a stated amount or whose annual household income falls at or below a stated amount may be admitted to membership in a credit union. Requires credit unions desiring to serve the economically disadvantaged to have a written business plan documenting the fact that the area or persons meet certain criteria, identifying the credit and depository needs of the area or persons, identifying the services to be delivered, and describing the manner in which the services will be delivered. Makes changes concerning the reimbursement, titles, qualifications, suspension or removal of a credit union's board of directors and executive officers. Effective immediately.

Deletes everything after the enacting clause. Amends the Illinois Credit Union Act with provisions substantially similar to those of the introduced bill, but with changes that include the following: (1) provides for credit union membership for persons who reside (instead of reside, work, worship, or attend school) in investment areas; (2) defines a credit union "facility" that may be maintained in an investment area; (3) deletes provisions concerning an individual's income; (4) deletes provisions allowing a credit union to engage in certain promotional activities for a limited period; (5) requires that a credit union's business plan document that an investment area (instead of the area and the persons) meet the eligibility criteria; and (6) requires a credit union to regularly review its business plan. Effective immediately.

Date	Chamber	Action
8/12/2004	Senate	Public Act . . . . . . . . . 93-0916

Date	Chamber	Action
2/6/2004	Senate	Filed with Secretary by Sen. Kimberly A. Lightford
2/6/2004	Senate	First Reading
2/6/2004	Senate	Referred to Rules
2/18/2004	Senate	Assigned to Financial Institutions
2/26/2004	Senate	Do Pass Financial Institutions; 006-003-000
2/26/2004	Senate	Placed on Calendar Order of 2nd Reading March 2, 2004
3/23/2004	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
3/23/2004	Senate	Senate Floor Amendment No. 1 Referred to Rules
3/24/2004	Senate	Senate Floor Amendment No. 1 Rules Refers to Financial Institutions
3/24/2004	Senate	Senate Floor Amendment No. 1 Be Adopted Financial Institutions; 009-000-000
3/24/2004	Senate	Added as Chief Co-Sponsor Sen. Dan Rutherford
3/24/2004	Senate	Second Reading
3/24/2004	Senate	Senate Floor Amendment No. 1 Adopted; Lightford
3/24/2004	Senate	Placed on Calendar Order of 3rd Reading March 25, 2004
3/26/2004	Senate	Added as Chief Co-Sponsor Sen. Mattie Hunter
3/26/2004	Senate	Third Reading - Passed; 057-000-000
3/26/2004	House	Arrived in House
3/26/2004	House	Placed on Calendar Order of First Reading
3/30/2004	House	Chief House Sponsor Rep. Robert Rita
3/30/2004	House	First Reading
3/30/2004	House	Referred to Rules Committee
3/31/2004	House	Alternate Chief Sponsor Changed to Rep. Joseph M. Lyons
3/31/2004	House	Added Alternate Chief Co-Sponsor Rep. Robert Rita
4/28/2004	House	Assigned to Financial Institutions Committee
4/28/2004	House	Added Alternate Chief Co-Sponsor Rep. Angelo Saviano
4/28/2004	House	Added Alternate Chief Co-Sponsor Rep. Michael P. McAuliffe
4/28/2004	House	Added Alternate Chief Co-Sponsor Rep. Ralph C. Capparelli
4/30/2004	House	Committee/3rd Reading Deadline Extended-Rule 9(b) May 31, 2004
5/6/2004	House	Do Pass / Short Debate Financial Institutions Committee; 012-000-000
5/6/2004	House	Placed on Calendar 2nd Reading - Short Debate
5/6/2004	House	Added Alternate Co-Sponsor Rep. Charles G. Morrow, III
5/6/2004	House	Added Alternate Co-Sponsor Rep. Thomas Holbrook
5/6/2004	House	Added Alternate Co-Sponsor Rep. Monique D. Davis
5/12/2004	House	Second Reading - Short Debate
5/12/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/17/2004	House	Third Reading - Short Debate - Passed 115-000-000
5/17/2004	Senate	Passed Both Houses
5/17/2004	House	Added Alternate Co-Sponsor Rep. Kathleen A. Ryg
6/15/2004	Senate	Sent to the Governor
8/12/2004	Senate	Governor Approved
8/12/2004	Senate	Effective Date August 12, 2004
8/12/2004	Senate	Public Act . . . . . . . . . 93-0916

	Deletes reference to:
	205 ILCS 305/13