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 Full Text Bill Status