CREDIT UNION ACT-VARIOUS Senate SponsorsSen. John G. Mulroe and Antonio Muñoz House Sponsors(Rep. Robert Rita-Camille Y. Lilly-Michael P. McAuliffe-Anthony DeLuca-C.D. Davidsmeyer, Mike Murphy, Tim Butler, Michael J. Zalewski, Norine K. Hammond, Ryan Spain, Dan Ugaste, Lawrence Walsh, Jr., Robert Martwick, John C. D'Amico, Kelly M. Burke, Natalie A. Manley, Martin J. Moylan, Frances Ann Hurley, André Thapedi, William Davis, Sara Feigenholtz, Jay Hoffman, Monica Bristow, Rita Mayfield, Kelly M. Cassidy and Amy Grant) 8/23/2019SenatePublic Act . . . . . . . . . 101-0567 205 ILCS 305/10.2 new205 ILCS 305/15from Ch. 17, par. 4416205 ILCS 305/23from Ch. 17, par. 4424205 ILCS 305/44from Ch. 17, par. 4445205 ILCS 305/51from Ch. 17, par. 4452205 ILCS 305/57.1205 ILCS 305/59from Ch. 17, par. 4460205 ILCS 305/63from Ch. 17, par. 4464Amends the Illinois Credit Union Act. Provides that if the Act requires information to be written or delivered in writing, an electronic record or delivery satisfies the rule of law. Provides that if the Act requires a policy, record, notice, or other document or information to be mailed or otherwise furnished or disclosed by a credit union, electronic distribution or delivery satisfies the rule of law. Provides that a policy adopted by the board may delegate expulsion authority to senior management officials of the credit union. Provides that a member expelled by a senior management official may seek reinstatement by appealing the action within 30 days of expulsion to the board of directors, and that the board may affirm, disaffirm, or modify the action, and the board's decision is final. Provides that a credit union may invest in securities, obligations, or other instruments of or issued by entities properly registered with or licensed by the Department of Financial and Professional Regulation. Increases a credit union's aggregate loan amount and the total amount of funds not used in loans to members that may be invested in shares and stocks of Credit Union Service Organizations to 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union. Modifies a credit union's investment limit in shares or stocks of Credit Union Service Organizations to not exceed 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Makes other changes. Effective immediately.Senate Floor Amendment No. 1 Deletes reference to:205 ILCS 305/44Adds reference to:205 ILCS 305/44.1 newReplaces provisions regarding the reporting and turnover provisions of the Revised Uniform Unclaimed Property Act relating to credit unions with a provision allowing a credit union to deduct a dormancy charge or escheat fee from property delivered to the administrator under the Revised Uniform Unclaimed Property Act.Senate Floor Amendment No. 2 Requires that credit unions annually disclose director remuneration to the membership. Provides that the disclosure shall contain: (i) the amount paid to each director and (ii) the amount paid to the directors as a group. Deletes language authorizing credit unions to invest in securities of entities licensed by the Department of Financial and Professional Regulation, including entities licensed under the Residential Mortgage License Act of 1987, the Consumer Installment Loan Act, and the Sales Finance Agency Act. Corrects a typographical error.House Committee Amendment No. 1 Deletes reference to:205 ILCS 305/51from Ch. 17, par. 4452Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Provides that the Department of Financial and Professional Regulation shall, by rule, establish maximum rates of reasonable compensation for directors and committee members that are generally applicable to credit unions considering factors the Department may establish from time to time, including, but not limited to, total assets, nonprofit cooperative structure, and the best interests of members. Deletes language providing that with approval of the board of directors, a credit union may make loans to credit union organizations if the aggregate amount of all such loans outstanding does not exceed the greater of 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Deletes language providing that funds not used in loans to members may be invested in shares or stocks of credit union service organizations in the total amount not exceeding the greater of 10% (instead of 3%) of the unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Effective immediately. 2/15/2019SenateFiled with Secretary by Sen. John G. Mulroe 2/15/2019SenateFirst Reading 2/15/2019SenateReferred to Assignments 2/27/2019SenateAssigned to Financial Institutions 3/6/2019SenateDo Pass Financial Institutions; 009-000-000 3/6/2019SenatePlaced on Calendar Order of 2nd Reading 3/6/2019SenateSecond Reading 3/6/2019SenatePlaced on Calendar Order of 3rd Reading March 7, 2019 3/13/2019SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe 3/13/2019SenateSenate Floor Amendment No. 1 Referred to Assignments 3/14/2019SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions 3/20/2019SenateSenate Floor Amendment No. 1 Postponed - Financial Institutions 3/20/2019SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John G. Mulroe 3/20/2019SenateSenate Floor Amendment No. 2 Referred to Assignments 3/26/2019SenateAdded as Co-Sponsor Sen. Antonio Muñoz 3/26/2019SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions 3/27/2019SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000 3/27/2019SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000 4/4/2019SenateRecalled to Second Reading 4/4/2019SenateSenate Floor Amendment No. 1 Adopted; Mulroe 4/4/2019SenateSenate Floor Amendment No. 2 Adopted; Mulroe 4/4/2019SenatePlaced on Calendar Order of 3rd Reading 4/10/2019SenateThird Reading - Passed; 056-000-000 4/11/2019HouseArrived in House 4/11/2019HouseChief House Sponsor Rep. Robert Rita 4/11/2019HouseFirst Reading 4/11/2019HouseReferred to Rules Committee 5/15/2019HouseAdded Alternate Co-Sponsor Rep. Mike Murphy 5/15/2019HouseAdded Alternate Co-Sponsor Rep. Tim Butler 5/15/2019HouseAdded Alternate Co-Sponsor Rep. Michael J. Zalewski 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Norine K. Hammond 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Ryan Spain 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Dan Ugaste 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Lawrence Walsh, Jr. 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Robert Martwick 5/16/2019HouseAdded Alternate Co-Sponsor Rep. John C. D'Amico 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Kelly M. Burke 5/16/2019HouseAdded Alternate Co-Sponsor Rep. Natalie A. Manley 5/17/2019HouseAdded Alternate Chief Co-Sponsor Rep. Camille Y. Lilly 5/17/2019HouseAdded Alternate Chief Co-Sponsor Rep. Michael P. McAuliffe 5/17/2019HouseAdded Alternate Chief Co-Sponsor Rep. Anthony DeLuca 5/17/2019HouseAdded Alternate Chief Co-Sponsor Rep. C.D. Davidsmeyer 5/17/2019HouseAdded Alternate Co-Sponsor Rep. Martin J. Moylan 5/17/2019HouseAdded Alternate Co-Sponsor Rep. Frances Ann Hurley 5/17/2019HouseAdded Alternate Co-Sponsor Rep. André Thapedi 5/17/2019HouseAdded Alternate Co-Sponsor Rep. William Davis 5/17/2019HouseAdded Alternate Co-Sponsor Rep. Sara Feigenholtz 5/20/2019HouseAdded Alternate Co-Sponsor Rep. Jay Hoffman 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Monica Bristow 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Rita Mayfield 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Kelly M. Cassidy 5/21/2019HouseAdded Alternate Co-Sponsor Rep. Amy Grant 5/28/2019HouseAssigned to Financial Institutions Committee 5/28/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019 5/28/2019HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Robert Rita 5/28/2019HouseHouse Committee Amendment No. 1 Referred to Rules Committee 5/28/2019HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee 5/28/2019HouseMotion Filed to Suspend Rule 21 Financial Institutions Committee; Rep. Kathleen Willis 5/28/2019HouseMotion to Suspend Rule 21 - Prevailed 5/29/2019HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote 5/29/2019HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 009-000-000 5/29/2019HousePlaced on Calendar 2nd Reading - Short Debate 5/29/2019HouseSecond Reading - Short Debate 5/29/2019HouseHeld on Calendar Order of Second Reading - Short Debate 5/30/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/30/2019HouseThird Reading - Short Debate - Passed 088-027-000 5/30/2019SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/30/2019SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2019 5/30/2019SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. John G. Mulroe 5/30/2019SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/30/2019SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities 5/31/2019SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities; 006-000-000 5/31/2019SenateHouse Committee Amendment No. 1 Senate Concurs 058-000-000 5/31/2019SenateSenate Concurs 5/31/2019SenatePassed Both Houses 6/28/2019SenateSent to the Governor 8/23/2019SenateGovernor Approved 8/23/2019SenateEffective Date August 23, 2019 8/23/2019SenatePublic Act . . . . . . . . . 101-0567