90th General Assembly
Summary of SB0538
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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


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