92nd General Assembly
Summary of HB4357
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House Sponsors:
LYONS,JOSEPH-SAVIANO-DAVIS,STEVE-RUTHERFORD-BURKE AND CAPPARELLI.

Senate Sponsors:
WALSH,T-LIGHTFORD

Short description: 
CREDIT UNIONS DISCLOSURES                                                  

Synopsis of Bill as introduced:
        Amends the Illinois Credit Union Act. Establishes requirements to      
   be met by out of state credit unions seeking to  conduct  business  in      
   Illinois.  Provides  that  reports of examination and other actions of      
   regulatory agencies with respect to credit unions are confidential and      
   may be disclosed only under certain circumstances.  Authorizes  credit      
   unions  to  destroy  records  upon  the expiration of a period of time      
   established by the Director of Financial Institutions.  Provides  that      
   in  discharging  their  duties, credit union directors are entitled to      
   rely in good faith upon advice from  officers,  employees,  and  other      
   persons.  Removes  the  requirement  that  a  credit  union obtain the      
   approval of the Department of  Financial  Institutions  before  making      
   loans  to,  investing  in, or delegating management duties to a credit      
   union organization. Removes certain  limits  on  trustees.  Authorizes      
   credit  unions  to  accept  trusts  under the Corporate Fiduciary Act.      
   Effective immediately.                                                      
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          205 ILCS 305/8                  from Ch. 17, par. 4409               
          205 ILCS 305/9                  from Ch. 17, par. 4410               
          205 ILCS 305/61                 from Ch. 17, par. 4462               
        Amends the Illinois Credit Union Act.  Authorizes the  Department      
   of  Financial Institutions to establish fees and impose penalties upon      
   credit unions relating to the preparation and  approval  of  documents      
   and  filings,  for conducting examinations, and for taking supervisory      
   actions.  Provides that a credit union is in danger of  insolvency  if      
   the  Department  is  unable  to  ascertain  the  credit  union's  true      
   financial condition upon examination.                                       
        HOUSE AMENDMENT NO. 2.                                                 
        Deletes a provision authorizing a credit union to  sell  part  of      
   its  assets  or  purchase  part of the assets of another credit union.      
   Provides that a "low-income" member is a member whose wages  are  less      
   than 80% of the average wage for all earners or whose household income      
   is  less  than  80%  of the median household wage.  Deletes provisions      
   expanding eligibility for credit union membership.  Deletes provisions      
   authorizing credit unions to accept and execute trusts.                     
        SENATE AMENDMENT NO. 1.                                                
        Excludes secondary capital from the calculation used to determine      
   whether a credit union is  in  danger  of  insolvency.  Continues  the      
   authority of the Director of Financial Institutions to require special      
   examinations   of   and  reports  from  credit  unions  that  delegate      
   substantially all managerial functions to a credit union organization.      
   Authorizes disclosure of confidential information to  law  enforcement      
   authorities  when  a  credit union or the Director reasonably believes      
   that the credit union has been a victim  of  a  crime.  Continues  the      
   requirement  that a credit union obtain the approval of the Department      
   of  Financial  Institutions  before  the  credit  union  may  delegate      
   substantially  all  managerial  responsibilities  to  a  credit  union      
   organization.                                                               
 
Last action on Bill: PUBLIC ACT.............................. 92-0608

   Last action date: JUL-01-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   1


   END OF INQUIRY 



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