Illinois General Assembly - Bill Status for HB5497
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 Bill Status of HB5497  101st General Assembly

Short Description:  CREDIT UNION-AUDIT/EMAIL

House Sponsors
Rep. Robert Martwick - Michael P. McAuliffe - Patricia R. Bellock

Senate Sponsors
(Sen. John G. Mulroe - Cristina Castro and Mattie Hunter)

Last Action
DateChamber Action
  8/10/2018HousePublic Act . . . . . . . . . 100-0778

Statutes Amended In Order of Appearance
205 ILCS 305/10from Ch. 17, par. 4411
205 ILCS 305/34from Ch. 17, par. 4435
205 ILCS 305/59from Ch. 17, par. 4460


Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that a credit union may furnish the financial records of a member to an appropriate law enforcement authority upon written request from the law enforcement authority explaining a reasonable suspicion of an imminent threat to the personal security and safety of a member exists. Provides that a supervisory committee of a credit union with assets of $10,000,000 or more shall engage a certified public accountant or certified public accounting firm licensed by the Department of Financial and Professional Regulation to perform an annual external independent audit. Provides that a supervisory committee of a credit union with assets of $5,000,000 or more but less than $10,000,000 shall engage a certified public accountant or certified public accounting firm licensed by the Department to perform an annual external independent audit or an agreed-upon procedures report. Provides that the external independent audit report or agreed upon procedures report shall be delivered to the Secretary of Financial and Professional Regulation no later than 120 days after the end of the calendar or fiscal year. Provides that funds not used in loans to the credit union's members may be invested to aid in the credit union's management or in the purchase and assumption of assets held by other financial institutions. Makes other changes. Effective immediately.

House Floor Amendment No. 1
Provides that a law enforcement authority's written request for the credit union to furnish financial records shall reflect that it has been authorized by a supervisory or managerial official of the law enforcement authority. Provides that a credit union providing information upon a law enforcement authority's written request shall not be liable for the disclosure of the information to the law enforcement authority. Changes references to "certified public accountant licensed by the Department" to "licensed certified public accountant" and references to "certified public accounting firm licensed by the Department" to "licensed certified public accounting firm".

Actions 
DateChamber Action
  2/16/2018HouseFiled with the Clerk by Rep. Lou Lang
  2/16/2018HouseFirst Reading
  2/16/2018HouseReferred to Rules Committee
  2/26/2018HouseAssigned to Financial Institutions Committee
  3/6/2018HouseDo Pass / Short Debate Financial Institutions Committee; 008-000-000
  3/7/2018HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Lou Lang
  3/7/2018HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/8/2018HousePlaced on Calendar 2nd Reading - Short Debate
  3/8/2018HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000
  4/18/2018HouseChief Sponsor Changed to Rep. Robert Martwick
  4/20/2018HouseSecond Reading - Short Debate
  4/20/2018HouseHouse Floor Amendment No. 1 Adopted
  4/20/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/23/2018HouseAdded Chief Co-Sponsor Rep. Michael P. McAuliffe
  4/23/2018HouseAdded Chief Co-Sponsor Rep. Patricia R. Bellock
  4/23/2018HouseThird Reading - Short Debate - Passed 087-024-000
  4/24/2018SenateArrive in Senate
  4/24/2018SenatePlaced on Calendar Order of First Reading
  4/24/2018SenateChief Senate Sponsor Sen. John G. Mulroe
  4/24/2018SenateFirst Reading
  4/24/2018SenateReferred to Assignments
  5/1/2018SenateAssigned to Financial Institutions
  5/9/2018SenateDo Pass Financial Institutions; 005-000-000
  5/9/2018SenatePlaced on Calendar Order of 2nd Reading May 10, 2018
  5/9/2018SenateAdded as Alternate Chief Co-Sponsor Sen. Cristina Castro
  5/15/2018SenateSecond Reading
  5/15/2018SenatePlaced on Calendar Order of 3rd Reading May 16, 2018
  5/21/2018SenateAdded as Alternate Co-Sponsor Sen. Mattie Hunter
  5/21/2018SenateThird Reading - Passed; 047-000-000
  5/21/2018HousePassed Both Houses
  6/19/2018HouseSent to the Governor
  8/10/2018HouseGovernor Approved
  8/10/2018HouseEffective Date August 10, 2018
  8/10/2018HousePublic Act . . . . . . . . . 100-0778

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