Illinois General Assembly - Bill Status for HB 1792

Amends the Illinois Credit Union Act. Provides that the par value of shares of a credit union must be at least $1 (rather than $5). Provides that the board of credit union advisors shall meet at least once each calendar year (rather than once each 6 months). Provides that credit union members may vote on questions and in elections by secure electronic record if approved by the board of directors. Changes the definition of "compliance review committee". Changes the limit on the amount of loans a credit union may make to individual members and how those limitations are set. Provides that a credit union or network credit union may create and use descriptive and brand references to promote and market its identity, services, and products to its members. Provides that corporate bonds identified as investment grade by at least one nationally recognized statistical rating organization may be invested by the credit union with funds not used in loans provided that certain criteria are satisfied. Provides that credit unions may invest funds not used in loans to aid in the credit union's management of its assets, liabilities, and liquidity in the purchase of an investment interest in a pool of loans, in whole or in part and without regard to the membership of the borrowers, from other depository institutions and financial type institutions, including mortgage banks, finance companies, insurance companies, and other loan sellers. Provides that each divisional credit union may (rather than shall) have an advisory board of directors and the advisory board of directors may (rather than the board of directors shall) appoint a divisional credit union chief management official. Provides that a divisional credit union may determine to identify its advisory board as a committee and its divisional chief management official with a title it deems reasonable and appropriate. Makes other changes. Effective immediately.

Date	Chamber	Action
8/25/2017	House	Public Act . . . . . . . . . 100-0361

Date	Chamber	Action
2/1/2017	House	Filed with the Clerk by Rep. Lou Lang
2/2/2017	House	First Reading
2/2/2017	House	Referred to Rules Committee
2/14/2017	House	Assigned to Executive Committee
2/16/2017	House	Added Co-Sponsor Rep. Daniel J. Burke
2/22/2017	House	Added Co-Sponsor Rep. Chad Hays
3/8/2017	House	Added Co-Sponsor Rep. Robert Rita
3/9/2017	House	Re-assigned to Financial Institutions Committee
3/21/2017	House	Do Pass / Short Debate Financial Institutions Committee; 010-000-000
3/22/2017	House	Placed on Calendar 2nd Reading - Short Debate
3/23/2017	House	Second Reading - Short Debate
3/23/2017	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/7/2017	House	Third Reading - Short Debate - Passed 080-023-000
4/7/2017	House	Motion Filed to Reconsider Vote Rep. Barbara Flynn Currie
4/24/2017	House	Motion to Reconsider Vote - Withdrawn Rep. Barbara Flynn Currie
4/25/2017	Senate	Arrive in Senate
4/25/2017	Senate	Placed on Calendar Order of First Reading
4/25/2017	Senate	Chief Senate Sponsor Sen. David Koehler
4/25/2017	Senate	First Reading
4/25/2017	Senate	Referred to Assignments
5/2/2017	Senate	Assigned to Financial Institutions
5/10/2017	Senate	Do Pass Financial Institutions; 007-000-000
5/10/2017	Senate	Placed on Calendar Order of 2nd Reading May 11, 2017
5/12/2017	Senate	Second Reading
5/12/2017	Senate	Placed on Calendar Order of 3rd Reading May 15, 2017
5/26/2017	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2017
5/26/2017	Senate	Added as Alternate Co-Sponsor Sen. Dan McConchie
5/29/2017	Senate	Added as Alternate Chief Co-Sponsor Sen. Mattie Hunter
5/29/2017	Senate	Added as Alternate Co-Sponsor Sen. Laura M. Murphy
5/29/2017	Senate	Third Reading - Passed; 055-000-000
5/30/2017	House	Passed Both Houses
6/27/2017	House	Sent to the Governor
8/25/2017	House	Governor Approved
8/25/2017	House	Effective Date August 25, 2017
8/25/2017	House	Public Act . . . . . . . . . 100-0361