Illinois General Assembly - Bill Status for SB3021
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 Bill Status of SB3021  93rd General Assembly

Short Description:  FIN REG-CREDIT UNIONS

Senate Sponsors
Sen. Kimberly A. Lightford - Dan Rutherford - Mattie Hunter

House Sponsors
(Rep. Joseph M. Lyons - Robert Rita - Angelo Saviano - Michael P. McAuliffe - Ralph C. Capparelli, Charles G. Morrow, III, Thomas Holbrook, Monique D. Davis and Kathleen A. Ryg)

Last Action
DateChamber Action
  8/12/2004SenatePublic Act . . . . . . . . . 93-0916

Statutes Amended In Order of Appearance
205 ILCS 305/13from Ch. 17, par. 4414
205 ILCS 305/16.1 new
205 ILCS 305/23from Ch. 17, par. 4424
205 ILCS 305/26from Ch. 17, par. 4427
205 ILCS 305/30from Ch. 17, par. 4431

Synopsis As Introduced
Amends the Illinois Credit Union Act. Expands a credit union's general powers to sell to persons eligible for membership, negotiable checks, money orders, and similar money transfer instruments, cash checks and money orders, and receive electronic fund transfers for a fee. Increases access to credit union service to the economically disadvantaged. Provides that individuals earning a stated amount or whose annual household income falls at or below a stated amount may be admitted to membership in a credit union. Requires credit unions desiring to serve the economically disadvantaged to have a written business plan documenting the fact that the area or persons meet certain criteria, identifying the credit and depository needs of the area or persons, identifying the services to be delivered, and describing the manner in which the services will be delivered. Makes changes concerning the reimbursement, titles, qualifications, suspension or removal of a credit union's board of directors and executive officers. Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
205 ILCS 305/13

Deletes everything after the enacting clause. Amends the Illinois Credit Union Act with provisions substantially similar to those of the introduced bill, but with changes that include the following: (1) provides for credit union membership for persons who reside (instead of reside, work, worship, or attend school) in investment areas; (2) defines a credit union "facility" that may be maintained in an investment area; (3) deletes provisions concerning an individual's income; (4) deletes provisions allowing a credit union to engage in certain promotional activities for a limited period; (5) requires that a credit union's business plan document that an investment area (instead of the area and the persons) meet the eligibility criteria; and (6) requires a credit union to regularly review its business plan. Effective immediately.

DateChamber Action
  2/6/2004SenateFiled with Secretary by Sen. Kimberly A. Lightford
  2/6/2004SenateFirst Reading
  2/6/2004SenateReferred to Rules
  2/18/2004SenateAssigned to Financial Institutions
  2/26/2004SenateDo Pass Financial Institutions; 006-003-000
  2/26/2004SenatePlaced on Calendar Order of 2nd Reading March 2, 2004
  3/23/2004SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
  3/23/2004SenateSenate Floor Amendment No. 1 Referred to Rules
  3/24/2004SenateSenate Floor Amendment No. 1 Rules Refers to Financial Institutions
  3/24/2004SenateSenate Floor Amendment No. 1 Be Adopted Financial Institutions; 009-000-000
  3/24/2004SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/24/2004SenateSecond Reading
  3/24/2004SenateSenate Floor Amendment No. 1 Adopted; Lightford
  3/24/2004SenatePlaced on Calendar Order of 3rd Reading March 25, 2004
  3/26/2004SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  3/26/2004SenateThird Reading - Passed; 057-000-000
  3/26/2004HouseArrived in House
  3/26/2004HousePlaced on Calendar Order of First Reading
  3/30/2004HouseChief House Sponsor Rep. Robert Rita
  3/30/2004HouseFirst Reading
  3/30/2004HouseReferred to Rules Committee
  3/31/2004HouseAlternate Chief Sponsor Changed to Rep. Joseph M. Lyons
  3/31/2004HouseAdded Alternate Chief Co-Sponsor Rep. Robert Rita
  4/28/2004HouseAssigned to Financial Institutions Committee
  4/28/2004HouseAdded Alternate Chief Co-Sponsor Rep. Angelo Saviano
  4/28/2004HouseAdded Alternate Chief Co-Sponsor Rep. Michael P. McAuliffe
  4/28/2004HouseAdded Alternate Chief Co-Sponsor Rep. Ralph C. Capparelli
  4/30/2004HouseCommittee/3rd Reading Deadline Extended-Rule 9(b) May 31, 2004
  5/6/2004HouseDo Pass / Short Debate Financial Institutions Committee; 012-000-000
  5/6/2004HousePlaced on Calendar 2nd Reading - Short Debate
  5/6/2004HouseAdded Alternate Co-Sponsor Rep. Charles G. Morrow, III
  5/6/2004HouseAdded Alternate Co-Sponsor Rep. Thomas Holbrook
  5/6/2004HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis
  5/12/2004HouseSecond Reading - Short Debate
  5/12/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/17/2004HouseThird Reading - Short Debate - Passed 115-000-000
  5/17/2004SenatePassed Both Houses
  5/17/2004HouseAdded Alternate Co-Sponsor Rep. Kathleen A. Ryg
  6/15/2004SenateSent to the Governor
  8/12/2004SenateGovernor Approved
  8/12/2004SenateEffective Date August 12, 2004
  8/12/2004SenatePublic Act . . . . . . . . . 93-0916

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