Bill Status of SB 3687   103rd General Assembly

Short Description:  CREDIT UNIONS-EXAMINATION FEES

Senate Sponsors
Sen. David Koehler, Omar Aquino and Willie Preston

House Sponsors
(Rep. Jay Hoffman)


Last Action  View All Actions

DateChamber Action
  8/9/2024SenatePublic Act . . . . . . . . . 103-1034

Statutes Amended In Order of Appearance
30 ILCS 105/5.1015 new
205 ILCS 305/2from Ch. 17, par. 4403
205 ILCS 305/8from Ch. 17, par. 4409
205 ILCS 305/9from Ch. 17, par. 4410
205 ILCS 305/12.5 new
205 ILCS 305/13from Ch. 17, par. 4414
205 ILCS 305/39from Ch. 17, par. 4440
205 ILCS 305/59from Ch. 17, par. 4460

Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that a credit union regulated by the Department of Financial and Professional Regulation that is a covered financial institution under the Illinois Community Reinvestment Act shall pay an examination fee to the Department subject to the rules adopted by the Department. Provides that the aggregate of all credit union examination fees collected by the Department under the Illinois Community Reinvestment Act shall be paid and transferred promptly, accompanied by a detailed statement, into the State Treasury and shall be set apart in the Credit Union Community Reinvestment Act Fund. Provides the limits to the amounts of funds that a credit union may invest in the purchase of an investment interest in a pool of loans when the investment is greater than the net worth of the credit union. Provides that credit unions may invest funds in derivatives transactions to aid in the credit union's management of interest rate risk if certain specified conditions are satisfied. Makes changes to provisions concerning conflicts between bylaws adopted by the subscribers of a credit union and the Act. Makes changes to provisions concerning rules adopted by the Secretary of Financial and Professional Regulation and the Act. Makes other changes. Amends the State Finance Act. Creates the Credit Union Community Reinvestment Act Fund. Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
30 ILCS 105/5.1015 new
205 ILCS 305/9
205 ILCS 305/12.5 new
Adds reference to:
205 ILCS 305/12from Ch. 17, par. 4413

Removes changes to provisions concerning certain reports and examinations. Removes provisions concerning Community Reinvestment Act examination fees. Further amends the Credit Union Act. Provides that the aggregate of all fees collected from credit unions pursuant to the Illinois Community Reinvestment Act shall be paid promptly after they are received, accompanied by a detailed statement thereof, into the State treasury and shall be set apart in the Credit Union Fund. Provides that at the conclusion of each fiscal year, beginning in fiscal year 2025, the Department of Financial and Professional Regulation shall separately identify the direct administrative and operational expenses and allocable indirect costs of the Credit Union Section of the Department incidental to conducting the examinations required or authorized by the Illinois Community Reinvestment Act. Provides that the receipt of deposits from any state other than Illinois, or any agency or political subdivision thereof, shall not exceed the total limit of the greater of 50% of paid-in and unimpaired capital and surplus or $3,000,000 and shall otherwise comply with specified federal regulations. Removes language specifying limits on the purchase of certain investment interest in a pool of loans.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. David Koehler
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/28/2024SenateAssigned to Financial Institutions
  3/6/2024SenatePostponed - Financial Institutions
  3/13/2024SenateDo Pass Financial Institutions; 007-000-000
  3/13/2024SenatePlaced on Calendar Order of 2nd Reading March 14, 2024
  4/1/2024SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler
  4/1/2024SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/9/2024SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
  4/10/2024SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000
  4/10/2024SenateSenate Floor Amendment No. 1 Adopted
  4/10/2024SenateSecond Reading
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading April 11, 2024
  4/12/2024SenateThird Reading - Passed; 058-000-000
  4/12/2024HouseArrived in House
  4/12/2024HouseChief House Sponsor Rep. Jay Hoffman
  4/12/2024SenateAdded as Co-Sponsor Sen. Omar Aquino
  4/12/2024SenateAdded as Co-Sponsor Sen. Willie Preston
  4/15/2024HouseFirst Reading
  4/15/2024HouseReferred to Rules Committee
  4/24/2024HouseAssigned to Financial Institutions and Licensing Committee
  4/30/2024HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
  5/1/2024HousePlaced on Calendar 2nd Reading - Short Debate
  5/16/2024HouseSecond Reading - Short Debate
  5/16/2024HouseHeld on Calendar Order of Second Reading - Short Debate
  5/17/2024HouseThird Reading/Final Action Deadline Extended-9(b) May 24, 2024
  5/22/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/22/2024HouseThird Reading - Short Debate - Passed 110-000-000
  5/22/2024SenatePassed Both Houses
  6/20/2024SenateSent to the Governor
  8/9/2024SenateGovernor Approved
  8/9/2024SenateEffective Date August 9, 2024
  8/9/2024SenatePublic Act . . . . . . . . . 103-1034

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