Illinois General Assembly - Bill Status for HB3698
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 Bill Status of HB3698  102nd General Assembly


Short Description:  FINANCE-CREDIT UNIONS/VARIOUS

House Sponsors
Rep. Jay Hoffman - Anthony DeLuca

Senate Sponsors
(Sen. Antonio Muñoz)

Last Action
DateChamber Action
  4/23/2021SenateReferred to Assignments

Statutes Amended In Order of Appearance
205 ILCS 305/16.1
205 ILCS 305/19from Ch. 17, par. 4420
205 ILCS 305/20.5 new
205 ILCS 305/23from Ch. 17, par. 4424
205 ILCS 305/29from Ch. 17, par. 4430
205 ILCS 305/34from Ch. 17, par. 4435
205 ILCS 305/51from Ch. 17, par. 4452
205 ILCS 305/57from Ch. 17, par. 4458
205 ILCS 305/59from Ch. 17, par. 4460
205 ILCS 305/64.7


Synopsis As Introduced
Amends the Illinois Credit Union Act. In provisions concerning service to the economically disadvantaged, provides that members of a targeted population may be admitted to membership in a credit union. Provides that notice of a meeting of credit union members may be posted on the credit union's website. Provides that unless expressly prohibited by the articles of incorporation or bylaws, the board of directors may provide by resolution that members may attend, participate in, act in, and vote at any annual meeting or special meeting through the use of a conference telephone or interactive technology, subject to specified conditions. Sets forth provisions concerning appointment of associate directors. In provisions concerning compensation of officials, provides that if the Department of Financial and Professional Regulation determines the payment of director or committee member compensation creates a safety and soundness issue for a credit union, the Department may take an enforcement action to reduce or suspend the compensation. Provides that the board of directors shall hold regular meetings at least once each month; however, upon approval of an amendment to the bylaws of the credit union, the board of directors may hold meetings less frequently than once each month but at least once each quarter. Provides that a credit union shall select an annual reporting period, complete an external audit report, agreed-upon procedures report, and internal audit report, and deliver copies to the Secretary of Financial and Professional Regulation no later than 120 days after the end of the annual reporting period. In provisions concerning loan programs and provisions concerning investment of funds, allows a credit union to make loans to or invest in credit union service organizations in a total amount not exceeding the greater of 6% (rather than 3%) of specified amounts. Provides that a surviving credit union may identify the merging credit union as a division, branch, unit, or other descriptive reference. Provides that the network credit union board of directors shall require each advisory board member to sign a confidentiality or non-disclosure agreement. Defines "target market". Makes other changes.

House Floor Amendment No. 1
Deletes reference to:
205 ILCS 305/16.1
205 ILCS 305/29

Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Changes a reference from "agreed-upon procedures report" to "agreed-upon procedures engagement". Removes provisions concerning service to the economically disadvantaged and provisions concerning meetings of members of the board of directors of a credit union. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/19/2021HouseFiled with the Clerk by Rep. Jay Hoffman
  2/22/2021HouseFirst Reading
  2/22/2021HouseReferred to Rules Committee
  3/16/2021HouseAssigned to Financial Institutions Committee
  3/23/2021HouseDo Pass / Short Debate Financial Institutions Committee; 009-000-000
  4/8/2021HousePlaced on Calendar 2nd Reading - Short Debate
  4/20/2021HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
  4/20/2021HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/21/2021HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000
  4/21/2021HouseSecond Reading - Short Debate
  4/21/2021HouseHeld on Calendar Order of Second Reading - Short Debate
  4/22/2021HouseHouse Floor Amendment No. 1 Adopted
  4/22/2021HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/22/2021HouseThird Reading - Short Debate - Passed 114-000-000
  4/22/2021HouseAdded Chief Co-Sponsor Rep. Anthony DeLuca
  4/23/2021SenateArrive in Senate
  4/23/2021SenatePlaced on Calendar Order of First Reading
  4/23/2021SenateChief Senate Sponsor Sen. Antonio Muñoz
  4/23/2021SenateFirst Reading
  4/23/2021SenateReferred to Assignments

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