92nd General Assembly
Summary of HB3008
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House Sponsors:
LYONS,JOSEPH-DAVIS,STEVE-DURKIN-MAUTINO-SAVIANO AND DELGADO.

Senate Sponsors:
WALSH,T

Short description: 
CREDIT UNIONS FEES-INVESTMENTS                                             

Synopsis of Bill as introduced:
        Amends the Illinois Credit Union Act.  Provides  that  income  on      
   money  in  the  Credit  Union  Fund shall be deposited into that Fund.      
   Authorizes credit unions to enter into loan participations with credit      
   union organizations.  Limits certain  investments  by  credit  unions.      
   Provides  that  regulatory  fees shall be paid on a current year basis      
   rather than for the  preceding  year.   Provides  that  when  receipts      
   collected  by  the  Department  under the Act exceed 150%, rather than      
   100%, of the Department's administrative and operational expenses  for      
   the  year,  the excess shall be credited against credit union fees for      
   the  subsequent  year.    Authorizes   the   Director   of   Financial      
   Institutions  to  establish  fees  that  credit unions may charge when      
   responding to a subpoena.  Effective immediately.                           
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          205 ILCS 305/1.1                                                     
          Adds reference to:                                                   
          205 ILCS 305/70                 from Ch. 17, par. 4471               
        Replaces  everything  after  the  enacting  clause.   Amends  the      
   Illinois Credit Union Act.  Provides  that  income  on  money  in  the      
   Credit  Union  Fund  shall  be  deposited  into that Fund.  Authorizes      
   credit unions to enter into  loan  participations  with  credit  union      
   organizations.  Limits certain investments by credit unions.  Provides      
   that regulatory fees shall be paid on a current year basis rather than      
   for  the preceding year.  Provides that when receipts collected by the      
   Department under the  Act  exceed  150%,  rather  than  100%,  of  the      
   Department's administrative and operational expenses for the year, the      
   excess  shall be credited against credit union fees for the subsequent      
   year.  Authorizes the Director of Financial Institutions to  establish      
   fees  that  credit  unions  may  charge when responding to a subpoena.      
   Authorizes  credit  unions  to  disclose   customer   information   in      
   connection  with  services  or  products  made available by the credit      
   union and in connection with the sale  of  the  credit  union  or  its      
   assets.  Effective immediately.                                             
        HOUSE AMENDMENT NO. 2.                                                 
        Removes authority of credit unions to participate in  loans  with      
   credit  union  organizations.   Provides  that a credit union may only      
   originate loans to its  own  members.   Removes  grant  of  additional      
   authority of a credit union to purchase and sell loans.                     
 
Last action on Bill: PUBLIC ACT.............................. 92-0293

   Last action date: AUG-09-2001

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


   END OF INQUIRY 



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