Bill Status of HB 512   94th General Assembly

Short Description:  CNTY FUND DEPOSIT CREDIT UNION

House Sponsors
Rep. Joseph M. Lyons

Last Action  View All Actions

DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
55 ILCS 5/3-10009from Ch. 34, par. 3-10009
55 ILCS 5/3-11002from Ch. 34, par. 3-11002
55 ILCS 5/3-11003from Ch. 34, par. 3-11003
55 ILCS 5/3-11004from Ch. 34, par. 3-11004
55 ILCS 5/3-11006from Ch. 34, par. 3-11006
55 ILCS 5/3-11007from Ch. 34, par. 3-11007
55 ILCS 5/3-11009from Ch. 34, par. 3-11009
55 ILCS 5/3-11010from Ch. 34, par. 3-11010
55 ILCS 5/3-11011from Ch. 34, par. 3-11011
55 ILCS 5/3-11013from Ch. 34, par. 3-11013
55 ILCS 5/3-11018from Ch. 34, par. 3-11018

Synopsis As Introduced
Amends the Counties Code to provide that a county may deposit public moneys in a credit union, provided that the credit union complies with the Public Funds Investment Act; applies to counties having a population under 150,000 and counties having a population over 150,000. Substitutes Public Funds Investment Act reference for an outdated reference. Makes related changes. Effective immediately.

 Fiscal Note (Dept of Financial and Professional Regulation)
 Based on a review of House Bill 512, the Department of Financial and Professional Regulation does not believe this legislation will create a negative fiscal impact. An implementation issue could exist regarding whether the deposits are insured, and if so, only to the insurance limit. However, the agency feels this issue can be handled by current staff. Increased revenues could be expected in the Division of Financial Institutions as the administrative fees charged to Credit Unions are assessed based on asset size. However, a correlating reduction in revenue from Banks and Savings and Loans could also occur in the Division of Banks and Real Estate. As a result, it is expected that the impact on revenues would approximate a net wash. It is difficult to estimate this impact since the amount of funds that could change from Banks and Savings and Loans to Credit Unions is not known.

Actions 
DateChamber Action
  1/27/2005HouseFiled with the Clerk by Rep. Patrick J Verschoore
  1/27/2005HouseFirst Reading
  1/27/2005HouseReferred to Rules Committee
  2/3/2005HouseAssigned to Local Government Committee
  2/8/2005HouseChief Sponsor Changed to Rep. Joseph M. Lyons
  2/10/2005HouseFiscal Note Filed
  3/10/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007HouseSession Sine Die

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