CREDT UNION-LINE OF CREDIT
Synopsis of Bill as introduced:
Amends the Illinois Credit Union Act. Provides that extensions
of credit made by credit unions, other than those secured by
residential real estate, need only comply with the Illinois Credit
Union Act. Provides that an advance under a line of credit
constitutes a loan. Effective immediately.
HOUSING AFFORDABILITY IMPACT NOTE
No fiscal effect on a single-family residence.
FISCAL NOTE (Dpt. Financial Institutions)
SB538 would have no fiscal impact on the Department.
STATE DEBT NOTE, ENGROSSED
SB538, engrossed, would not impact the level of State debt.
STATE MANDATES FISCAL NOTE (DCCA)
SB538 fails to create a State mandate.
HOME RULE NOTE
SB538 does not preempt home rule authority.
Last action on Bill: PUBLIC ACT.............................. 90-0222
Last action date: 97-07-25
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status