Bill Status of SB 173   94th General Assembly

Short Description:  CREDIT UNIONS-POWERS

Senate Sponsors
Sen. Terry Link

House Sponsors
(Rep. Angelo Saviano-Joseph M. Lyons-Thomas Holbrook-Kurt M. Granberg and Mike Boland)


Last Action  View All Actions

DateChamber Action
  7/8/2005SenatePublic Act . . . . . . . . . 94-0150

Statutes Amended In Order of Appearance
205 ILCS 305/13from Ch. 17, par. 4414
205 ILCS 305/42from Ch. 17, par. 4443
205 ILCS 305/47from Ch. 17, par. 4448
205 ILCS 305/70from Ch. 17, par. 4471

Synopsis As Introduced
Amends the Illinois Credit Union Act. Authorizes a credit union to: (i) make reasonable contributions to certain civic, charitable, religious, or service organizations and to fundraisers to benefit persons in the credit union's service area and (ii) to act as a trustee or custodian under health savings accounts and similar tax-advantaged plans established under the federal Internal Revenue Code. Provides that loan applications shall be made in the manner prescribed by the Credit Committee, credit manager, or loan officer (now, the applications are made in writing upon a prescribed form) and may be evidenced by an electronically stored or generated record. Provides that the signature on a loan application includes any symbol executed or adopted, or any security procedure employed or adopted, using electronic means or otherwise, by or on behalf of a person with intent to authenticate a record. Prohibits any individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited partnership, or joint venture that is not an authorized user from using any name or title that contains the words "credit union" or any abbreviation thereof. Authorizes the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation to impose a penalty of up to $10,000 for each violation. Effective immediately.

Actions 
DateChamber Action
  2/2/2005SenateFiled with Secretary by Sen. Terry Link
  2/2/2005SenateFirst Reading
  2/2/2005SenateReferred to Rules
  2/3/2005SenateAssigned to Financial Institutions
  2/24/2005SenateDo Pass Financial Institutions; 006-000-000
  2/24/2005SenatePlaced on Calendar Order of 2nd Reading March 1, 2005
  3/1/2005SenateSecond Reading
  3/1/2005SenatePlaced on Calendar Order of 3rd Reading March 2, 2005
  3/8/2005SenateThird Reading - Passed; 056-000-000
  3/8/2005HouseArrived in House
  3/8/2005HousePlaced on Calendar Order of First Reading
  3/10/2005HouseChief House Sponsor Rep. Angelo Saviano
  3/15/2005HouseAdded Alternate Chief Co-Sponsor Rep. Joseph M. Lyons
  3/15/2005HouseFirst Reading
  3/15/2005HouseReferred to Rules Committee
  4/5/2005HouseAssigned to Financial Institutions Committee
  4/11/2005HouseAdded Alternate Chief Co-Sponsor Rep. Thomas Holbrook
  4/26/2005HouseDo Pass / Short Debate Financial Institutions Committee; 026-000-000
  4/27/2005HousePlaced on Calendar 2nd Reading - Short Debate
  4/27/2005HouseAdded Alternate Co-Sponsor Rep. Mike Boland
  4/28/2005HouseSecond Reading - Short Debate
  4/28/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/4/2005HouseAdded Alternate Chief Co-Sponsor Rep. Kurt M. Granberg
  5/5/2005HouseThird Reading - Short Debate - Passed 114-000-001
  5/5/2005SenatePassed Both Houses
  6/3/2005SenateSent to the Governor
  7/8/2005SenateGovernor Approved
  7/8/2005SenateEffective Date July 8, 2005
  7/8/2005SenatePublic Act . . . . . . . . . 94-0150

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