Senate Sponsors: WALSH,T. House Sponsors: LANG-DURKIN Short description: 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 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status