Illinois General Assembly - Bill Status for SB1534
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 Bill Status of SB1534  102nd General Assembly


Short Description:  FINANCE-CREDIT UNIONS/VARIOUS

Senate Sponsors
Sen. Antonio Muñoz

House Sponsors
(Rep. Jay Hoffman)

Last Action
DateChamber Action
  6/2/2021HouseRule 19(a) / Re-referred to Rules Committee

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.

Senate 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
  2/26/2021SenateFiled with Secretary by Sen. Antonio Muñoz
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/9/2021SenateAssigned to Financial Institutions
  4/15/2021SenateDo Pass Financial Institutions; 008-000-000
  4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021
  4/16/2021SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz
  4/16/2021SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/20/2021SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
  4/21/2021SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 007-000-000
  4/22/2021SenatePlaced on Calendar Order of 2nd Reading
  4/22/2021SenateSenate Floor Amendment No. 1 Adopted; Munoz
  4/22/2021SenateSecond Reading
  4/22/2021SenatePlaced on Calendar Order of 3rd Reading April 23, 2021
  4/23/2021SenateThird Reading - Passed; 057-000-000
  4/26/2021HouseArrived in House
  4/26/2021HouseChief House Sponsor Rep. Jay Hoffman
  4/27/2021HouseFirst Reading
  4/27/2021HouseReferred to Rules Committee
  5/4/2021HouseAssigned to Financial Institutions Committee
  5/11/2021HouseDo Pass / Consent Calendar Financial Institutions Committee; 008-000-000
  5/12/2021HousePlaced on Calendar 2nd Reading - Consent Calendar
  5/13/2021HouseSecond Reading - Consent Calendar
  5/13/2021HouseHeld on Calendar Order of Second Reading - Consent Calendar
  5/14/2021HousePlaced on Calendar Order of 3rd Reading - Consent Calendar
  5/18/2021HouseRemoved from Consent Calendar Status Rep. Greg Harris
  5/18/2021HouseHeld on Calendar Order of Second Reading - Short Debate
  5/28/2021HouseFinal Action Deadline Extended-9(b) May 31, 2021
  6/2/2021HouseRule 19(a) / Re-referred to Rules Committee

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