Illinois General Assembly - Bill Status for HB2477

Amends the Illinois Credit Union Act. Provides that the failure of an out-of-state credit union to register with the Secretary of Financial and Professional Regulation shall not impair the collectability of a loan made to a resident of this State. Provides that, for a renewal, refinancing, or restructuring of an existing loan at the credit union that is secured by an interest or equity in real estate, a new appraisal of the collateral shall not be required when (i) no new moneys are advanced other than funds necessary to cover reasonable closing costs, or (ii) there has been no obvious or material change in market conditions or physical aspects of the real estate that threatens the adequacy of the credit union's real estate collateral protection after the transaction, even with the advancement of new moneys. Provides that a credit union may act as a representative of and enter into an agreement with credit unions or other organizations for the purposes of providing implementation and administrative support services related to the use of debit cards, payroll debit cards, and other prepaid debit cards and credit cards. Effective immediately.

Provides that the Department of Financial and Professional Regulation reserves the right to require an appraisal under a specified provision of the Act whenever the Department believes it is necessary to address safety and soundness concerns.

Replaces everything after the enacting clause. Reinserts the language of the engrossed bill with the following changes; amends the Illinois Credit Union Act, the Illinois Banking Act, and the Savings Bank Act; provides that a credit union's board of directors may authorize a savings promotion raffle; provides that, if authorized by its board of directors, a State bank may conduct a savings promotion raffle; provides that the savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn; defines a "savings promotion raffle"; makes conforming changes in the Raffles and Poker Runs Act and the Criminal Code of 2012; amends the Raffles and Poker Runs Act; provides that "raffle" does not include a savings promotion raffle authorized under the Illinois Banking Act, the Savings Bank Act, the Illinois Credit Union Act, the National Bank Act, or the Home Owners' Loan Act.

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