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Sen. Antonio Muņoz
Filed: 2/7/2022
| | 10200SB3145sam001 | | LRB102 22843 BMS 35848 a |
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| 1 | | AMENDMENT TO SENATE BILL 3145
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3145 on page 1, |
| 3 | | line 5, by deleting "29,"; and
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| 4 | | on page 2, line 1, after "union", by inserting "in accordance |
| 5 | | with the terms of its written business plan submitted to the |
| 6 | | Secretary under subsection (e)"; and
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| 7 | | by deleting line 8 on page 11 through line 3 on page 13; and
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| 8 | | on page 17, line 4, after "Board", by inserting ", or the |
| 9 | | regulatory basis of accounting identified in subsection (5)"; |
| 10 | | and
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| 11 | | on page 17, line 15, after "losses", by inserting "and |
| 12 | | complies with the Department's rule addressing loan loss |
| 13 | | accounting procedures in 38 Ill. Adm. Code Section 190.70"; |
| 14 | | and
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| | 10200SB3145sam001 | - 2 - | LRB102 22843 BMS 35848 a |
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| 1 | | on page 28, by replacing lines 1 through 7 with the following: |
| 2 | | "(15) In shares, stocks, or member units of financial |
| 3 | | technology companies in the total amount not exceeding 25% of |
| 4 | | the net worth of the credit union, so long as the credit union |
| 5 | | is well capitalized as defined under applicable supervisory |
| 6 | | capital classification criteria at the time a specific |
| 7 | | investment is made and the credit union's liability is limited |
| 8 | | to the amount of its investment based upon the separate |
| 9 | | corporate existence of the financial technology company. The |
| 10 | | credit union shall procure a written legal opinion addressing |
| 11 | | traditional factors for piercing the corporate veil and |
| 12 | | advising that the financial technology company is established |
| 13 | | in a manner that limits potential exposure of the credit union |
| 14 | | to no more than the loss of funds invested in the financial |
| 15 | | technology company. The legal opinion shall be provided by |
| 16 | | independent legal counsel of the credit union. Before |
| 17 | | investing in the financial technology company, the credit |
| 18 | | union shall enter into a written investment agreement with the |
| 19 | | financial technology company and the agreement shall contain |
| 20 | | the clauses set forth in the Department's rule relating to |
| 21 | | investments in credit union service corporations in 38 Ill. |
| 22 | | Adm. Code Section 190.5(e)."; and
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| 23 | | on page 30, immediately below line 2, by inserting the |
| 24 | | following:
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