Bill Status of SB 3346   101st General Assembly

Short Description:  CREDIT UNION ACT-VARIOUS

Senate Sponsors
Sen. Antonio Muñoz

Last Action  View All Actions

DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 305/20.5 new
205 ILCS 305/23from Ch. 17, par. 4424
205 ILCS 305/29from Ch. 17, par. 4430
205 ILCS 305/51from Ch. 17, par. 4452
205 ILCS 305/57from Ch. 17, par. 4458
205 ILCS 305/59from Ch. 17, par. 4460
205 ILCS 305/64.7

Synopsis As Introduced
Amends the Illinois Credit Union Act. Allows the board of directors of a credit union to appoint one or more associate directors to serve in an advisory capacity. Provides that an associate director shall not be deemed or considered to be a director for any purpose under the Act, and that the board of directors shall not delegate to associate directors any of the duties or responsibilities required to be performed by directors duly elected by members of a credit union. Provides that prior to appointing an associate director, the board of directors shall confirm that the person meets all of the requirements to serve as a director. Provides that the board of directors of a credit union or a network credit union shall require each associate director to sign a confidentiality and nondisclosure agreement. Makes changes concerning compensation for directors and committee members. Provides that upon prior written approval by the Secretary of Financial and Professional Regulation, the board of directors and the executive committee of a credit union may hold regular meetings less frequently than once each month but at least once each calendar quarter. Allows a surviving credit union to identify the merging credit union as a division, branch, unit, or other descriptive reference in the case of a merger. Changes the maximum percentage of the unimpaired capital and surplus of a credit union that may be loaned to credit union organizations, and the maximum percentage of the unimpaired capital and surplus of a credit union that may be invested in shares or stocks of a credit union service organization. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/14/2020SenateFiled with Secretary by Sen. Antonio Muñoz
  2/14/2020SenateFirst Reading
  2/14/2020SenateReferred to Assignments
  2/25/2020SenateAssigned to Financial Institutions
  3/4/2020SenateDo Pass Financial Institutions; 007-000-000
  3/4/2020SenatePlaced on Calendar Order of 2nd Reading March 5, 2020
  3/5/2020SenateSecond Reading
  3/5/2020SenatePlaced on Calendar Order of 3rd Reading March 18, 2020
  3/13/2020SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz
  3/13/2020SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/25/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 7, 2020
  4/12/2020SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  4/23/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 15, 2020
  4/30/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 22, 2020
  5/7/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 29, 2020
  5/15/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 31, 2020
  1/13/2021SenateSession Sine Die

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