Illinois General Assembly - Bill Status for SB3787
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 Bill Status of SB3787  102nd General Assembly


Short Description:  CREDIT UNIONS-BIENNIAL EXAM

Senate Sponsors
Sen. Don Harmon

House Sponsors
(Rep. Jonathan Carroll - Maurice A. West, II)

Last Action
DateChamber Action
  5/13/2022SenatePublic Act . . . . . . . . . 102-0858

Statutes Amended In Order of Appearance
205 ILCS 305/8from Ch. 17, par. 4409
205 ILCS 305/9from Ch. 17, par. 4410
205 ILCS 305/20from Ch. 17, par. 4421
205 ILCS 305/59from Ch. 17, par. 4460


Synopsis As Introduced
Amends the Illinois Credit Union Act. In provisions concerning reports and examinations, provides that one or more credit unions may be examined less frequently than biennially upon the Secretary of Financial and Professional Regulation's written statement. Provides that the Secretary's written statement shall include a finding that good cause exists; a finding that there is no reasonable expectation that harm to members will result; and, to the extent reasonable under the circumstances, identification of the affected credit unions and the expected frequency of examination. Provides that a written statement made pursuant to the provisions may be superseded by a subsequent statement. Provides that the Secretary is not required to conduct examinations that the Secretary would have been required to conduct but for a written statement. Provides that the written statement shall not be confidential supervisory information except to the extent it names or permits the identification of specific credit unions. Provides that the Secretary may accept an examination from the National Credit Union Administration or a private insurer instead of an examination conducted by the Department of Financial and Professional Regulation or by a public accountant registered by the Department. Provides that upon amendment of a credit union's bylaws (rather than upon amendment of a credit union's bylaws approved by the members), in all elections for directors, every member who is a natural person shall have the right to cast one vote in person, by proxy, or by secure electronic record if approved by the board of directors, for as many persons as there are directors to be elected. Changes a reference from "categories" to "investment grades". Makes other changes. Effective immediately.

Senate Floor Amendment No. 1
In provisions concerning reports and examinations, provides that the Secretary may accept an examination from the National Credit Union Administration or a private insurer of share deposits approved by the Secretary (rather than a private insurer) instead of an examination conducted by the Department or by a public accountant registered by the Department. Provides that the Secretary's acceptance of an examination from the National Credit Union Administration or an approved private insurer of share deposits shall only be permitted on an alternating basis with examinations that the Department of Financial and Professional Regulation or a registered public accountant conducts. Removes language providing that one or more credit unions may be examined less frequently upon the Secretary's written statement and that the Secretary's statement shall include specified information. Removes language providing that a Secretary's written statement may be superseded by a subsequent statement, that the Secretary is not required to conduct examinations that the Secretary would have been required to conduct but for a written statement, and that the written statement shall not be confidential supervisory information except to the extent it names or permits the identification of specific credit unions.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. John Connor
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments
  2/1/2022SenateAssigned to Financial Institutions
  2/10/2022SenateDo Pass Financial Institutions; 006-000-000
  2/10/2022SenatePlaced on Calendar Order of 2nd Reading February 15, 2022
  2/18/2022SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John Connor
  2/18/2022SenateSenate Floor Amendment No. 1 Referred to Assignments
  2/22/2022SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
  2/23/2022SenateSecond Reading
  2/23/2022SenatePlaced on Calendar Order of 3rd Reading February 24, 2022
  2/23/2022SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 007-000-000
  2/24/2022SenateRecalled to Second Reading
  2/24/2022SenateSenate Floor Amendment No. 1 Adopted; Connor
  2/24/2022SenatePlaced on Calendar Order of 3rd Reading
  2/24/2022SenateThird Reading - Passed; 053-000-000
  2/25/2022HouseArrived in House
  2/28/2022HouseChief House Sponsor Rep. Jonathan Carroll
  3/1/2022HouseFirst Reading
  3/1/2022HouseReferred to Rules Committee
  3/7/2022HouseAssigned to Financial Institutions Committee
  3/15/2022HouseDo Pass / Short Debate Financial Institutions Committee; 011-000-000
  3/16/2022HousePlaced on Calendar 2nd Reading - Short Debate
  3/23/2022HouseSecond Reading - Short Debate
  3/23/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/23/2022HouseAdded Alternate Chief Co-Sponsor Rep. Maurice A. West, II
  3/31/2022HouseThird Reading - Short Debate - Passed 112-000-000
  3/31/2022SenatePassed Both Houses
  4/29/2022SenateSent to the Governor
  4/30/2022SenateChief Sponsor Changed to Sen. Don Harmon
  5/13/2022SenateGovernor Approved
  5/13/2022SenateEffective Date May 13, 2022
  5/13/2022SenatePublic Act . . . . . . . . . 102-0858

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