Bill Status of SB 3145   102nd General Assembly

Short Description:  FINANCE-CREDIT UNION/VARIOUS

Senate Sponsors
Sen. Don Harmon and David Koehler

Last Action  View All Actions

DateChamber Action
  1/10/2023SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 305/16.5 new
205 ILCS 305/19from Ch. 17, par. 4420
205 ILCS 305/20from Ch. 17, par. 4421
205 ILCS 305/29from Ch. 17, par. 4430
205 ILCS 305/34from Ch. 17, par. 4435
205 ILCS 305/39from Ch. 17, par. 4440
205 ILCS 305/42from Ch. 17, par. 4443
205 ILCS 305/59from Ch. 17, par. 4460

Synopsis As Introduced
Amends the Illinois Credit Union Act. Sets forth provisions concerning credit unions that serve target markets. In provisions concerning election or appointment of officials, provides that the board of directors may appoint, from among the members of the credit union, a nominating committee of 3 or more persons, and that the nominating committee may recruit, evaluate, and nominate eligible candidates for each position to be filled in the election of directors or to be filled by appointment of the board of directors for the remainder of the unexpired term of a director. Sets forth provisions concerning the nominating committee. In provisions concerning meetings of directors, provides that upon approval by the Secretary of Financial and Professional Regulation of an amendment to the bylaws of the credit union, the board of directors may hold meetings on a quarterly basis. In provisions concerning duties of the supervisory committee, sets forth provisions concerning accounting principles for specified credit unions. In provisions concerning special purpose share accounts and charitable donation accounts, provides that a credit union may establish one or more donor-advised fund accounts. Sets forth provisions concerning transfers from a donor-advised fund account, distributions by a foundation receiving donor-advised funds from a credit union, and transfers by a credit union from its donor-advised fund account to a foundation. In provisions concerning shares in trust, provides that shares may be issued in the name of an individual or corporate representative under the Illinois Probate Act of 1975 for or in respect of a nonmember of a credit union if the representative is an individual who is a member of the credit union. In provisions concerning investment of funds, provides that funds not used in loans to members may be invested in shares, stocks, or units of financial technology companies in a total amount not exceeding 5% of the unimpaired capital and surplus of the credit union, so long as the investment complies with specified documentation and separate corporate existence requirements. Changes references from "secure electronic record" to "electronic record". Defines terms. Makes other changes.

Actions 
DateChamber Action
  1/12/2022SenateFiled with Secretary by Sen. Antonio Muņoz
  1/12/2022SenateFirst Reading
  1/12/2022SenateReferred to Assignments
  1/26/2022SenateAssigned to Financial Institutions
  2/7/2022SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muņoz
  2/7/2022SenateSenate Committee Amendment No. 1 Referred to Assignments
  2/9/2022SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  2/9/2022SenateSenate Committee Amendment No. 1 Postponed - Financial Institutions
  2/10/2022SenateDo Pass Financial Institutions; 007-000-000
  2/10/2022SenatePlaced on Calendar Order of 2nd Reading February 15, 2022
  2/18/2022SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Antonio Muņoz
  2/18/2022SenateSenate Floor Amendment No. 2 Referred to Assignments
  2/22/2022SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  2/22/2022SenateAdded as Co-Sponsor Sen. David Koehler
  2/23/2022SenateSenate Floor Amendment No. 2 Postponed - Financial Institutions
  2/24/2022SenateSecond Reading
  2/24/2022SenatePlaced on Calendar Order of 3rd Reading February 25, 2022
  2/25/2022SenateRule 2-10 Third Reading Deadline Established As March 11, 2022
  3/1/2022SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Antonio Muņoz
  3/1/2022SenateSenate Floor Amendment No. 3 Referred to Assignments
  3/8/2022SenateSenate Floor Amendment No. 3 Assignments Refers to Financial Institutions
  3/11/2022SenateRule 2-10 Third Reading Deadline Established As March 25, 2022
  3/25/2022SenateRule 3-9(a) / Re-referred to Assignments
  5/10/2022SenateSenate Committee Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments
  5/10/2022SenateSenate Floor Amendment No. 2 Pursuant to Senate Rule 3-9(b) / Referred to Assignments
  5/10/2022SenateSenate Floor Amendment No. 3 Pursuant to Senate Rule 3-9(b) / Referred to Assignments
  10/21/2022SenateChief Sponsor Changed to Sen. Don Harmon
  10/24/2022SenateChief Sponsor Changed to Sen. Don Harmon
  1/10/2023SenateSession Sine Die

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