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91_HB1615
LRB9103308JSpr
1 AN ACT to amend the Illinois Credit Union Act by changing
2 Section 8.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Credit Union Act is amended by
6 changing Section 8 as follows:
7 (205 ILCS 305/8) (from Ch. 17, par. 4409)
8 Sec. 8. Director's powers and duties. Credit unions shall
9 be are regulated by the Department. The Director, in
10 executing the powers and discharging the duties vested by law
11 in the Department has the following powers and duties:
12 (1) To exercise the rights, powers and duties set forth
13 in this Act or any related Act.;
14 (2) To prescribe rules and regulations for the
15 administration of this Act. The provisions of "the Illinois
16 Administrative Procedure Act", as now or hereafter amended,
17 are hereby expressly adopted and incorporated herein as
18 though a part of this Act, and shall apply to all
19 administrative rules and procedures of the Department under
20 this Act.;
21 (3) To direct and supervise all the administrative and
22 technical activities of the Department including the
23 employment of a Credit Union Supervisor who shall have
24 knowledge in the theory and practice of, or experience in,
25 the operations or supervision of financial institutions,
26 preferably credit unions, and such other persons as are
27 necessary to carry out his functions.;
28 (4) To issue cease and desist orders when in the opinion
29 of the Director, a credit union is engaged or has engaged, or
30 the Director has reasonable cause to believe the credit union
31 is about to engage, in an unsafe or unsound practice, or is
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1 violating or has violated or the Director has reasonable
2 cause to believe is about to violate a law, rule or
3 regulation or any condition imposed in writing by the
4 Department.;
5 (5) To suspend from office and to prohibit from further
6 participation in any manner in the conduct of the affairs of
7 his credit union any director, officer or committee member
8 who has committed any violation of a law, rule, regulation or
9 of a cease and desist order or who has engaged or
10 participated in any unsafe or unsound practice in connection
11 with the credit union or who has committed or engaged in any
12 act, omission, or practice which constitutes a breach of his
13 fiduciary duty as such director, officer or committee member,
14 when the Director has determined that such action or actions
15 have resulted or will result in substantial financial loss or
16 other damage that seriously prejudices the interests of the
17 members.;
18 (6) Except for the fees established in this Act, to
19 prescribe, by rule and regulation, fees for filing reports
20 and other documents, furnishing transcripts, holding hearings
21 and investigating applications for permission to organize.;
22 (7) To destroy, in his discretion, any or all books and
23 records of any credit union in his possession or under his
24 control after the expiration of three years from the date of
25 cancellation of the charter of such credit unions.;
26 (8) To make investigations and to conduct research and
27 studies and to publish some of the problems of persons in
28 obtaining credit at reasonable rates of interest and of the
29 methods and benefits of cooperative saving and lending for
30 such persons.;
31 (9) To authorize, foster or establish experimental,
32 developmental, demonstration or pilot projects by public or
33 private organizations including credit unions which:
34 (a) promote more effective operation of credit
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1 unions so as to provide members an opportunity to use and
2 control their own money to improve their economic and
3 social conditions; or
4 (b) are in the best interests of credit unions,
5 their members and the people of the State of Illinois.
6 (10) To cooperate in studies, training or other
7 administrative activities with, but not limited to, the NCUA,
8 other state credit union regulatory agencies and industry
9 trade associations in order to promote more effective and
10 efficient supervision of Illinois chartered credit unions.
11 (Source: P.A. 88-570, eff. 8-5-94; revised 10-31-98.)