Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(205 ILCS 305/7) (from Ch. 17, par. 4408)
Sec. 7. Reciprocity; out-of-state credit unions.
(1) A credit union organized
and duly chartered as a credit union in another state shall be permitted
to conduct business as a credit union in this State if and so long as a credit union chartered
under the laws of this State is permitted to do business in such other state,
provided that:
(a) The credit union shall register with the office |
| prior to operating in this State, on a form specified by the Secretary.
|
|
(b) The credit union may be required to pay a
|
| registration fee in accordance with rules promulgated by the Secretary and the Director.
|
|
(c) The credit union shall comply with rules
|
| promulgated by the Secretary concerning the operation of out-of-state credit unions in this State.
|
|
(d) The credit union shall not conduct business in
|
| Illinois on terms that are less restrictive than the standards applicable to its operation in its home chartering state. In every instance with respect to its activities and operations in Illinois, the credit union shall comply with applicable Illinois law.
|
|
(e) Permission to operate in the State may be revoked
|
| by the Secretary or the Director if the credit union engages in any activity in the State that would constitute (i) a violation of this Act or other applicable law, (ii) a violation of any rule adopted in accordance with this Act or other applicable law, (iii) a violation of any order of the Secretary or Director issued under his or her authority under this Act, or (iv) an unsafe or unsound practice in the discretion of the Secretary or Director.
|
|
(1.5) The failure of a credit union chartered in another state to register with the Secretary shall not impair the collectability of a loan made to a resident of this State.
(2) It is intended that the legal existence of credit unions chartered
under this Act be recognized beyond the limits
of this State and that, subject to any reasonable registration requirements,
any credit union transacting business outside of this State be granted the
protection of full faith and credit under Section 1 of Article IV of the
Constitution of the United States.
(Source: P.A. 99-149, eff. 1-1-16.)
|
