Illinois General Assembly - Bill Status for HB 1288

Amends the Illinois Credit Union Act. Provides that a credit union organized under the laws of Illinois may elect to adopt an assumed corporate name that is not impermissible under applicable law. Establishes the requirements for a credit union to operate under an assumed corporate name. Provides additional criteria that the Director of the Illinois Department of Financial Institutions may use to direct and supervise all the administrative and technical activities of the Illinois Department of Financial Institutions. Contains provisions concerning the rules of office for Directors. Allows a credit union to purchase certain instruments that evidence an indebtedness of its members or of members of another credit union (now, a credit union may only purchase certain instruments of its members). Prohibits those other than an authorized user, without permission, from using the name of or a name similar to the name of an existing credit union when marketing or soliciting business from members or prospective members and provides penalties against those who violate the provision. Effective immediately.

Deletes provisions permitting a credit union organized under the laws of Illinois to elect to adopt an assumed corporate name that is not impermissible under applicable law. Changes language concerning the qualifications of examiners. Deletes provisions concerning the election of Directors. Changes language with respect to allowing a credit union to purchase certain instruments that evidence an indebtedness of the members of another credit union. Changes references from the Supervisor of the Credit Union Section to the Director of the Division of Financial Institutions.

Date	Chamber	Action
8/13/2007	House	Public Act . . . . . . . . . 95-0098

Date	Chamber	Action
2/15/2007	House	Filed with the Clerk by Rep. Thomas Holbrook
2/20/2007	House	First Reading
2/20/2007	House	Referred to Rules Committee
2/22/2007	House	Assigned to Financial Institutions Committee
3/6/2007	House	House Amendment No. 1 Filed with Clerk by Financial Institutions Committee
3/6/2007	House	House Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
3/6/2007	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
3/7/2007	House	Placed on Calendar 2nd Reading - Short Debate
3/7/2007	House	Added Chief Co-Sponsor Rep. Joseph M. Lyons
3/13/2007	House	Second Reading - Short Debate
3/13/2007	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/22/2007	House	Third Reading - Short Debate - Passed 113-000-000
3/27/2007	Senate	Arrive in Senate
3/27/2007	Senate	Placed on Calendar Order of First Reading March 28, 2007
3/27/2007	Senate	Chief Senate Sponsor Sen. William R. Haine
3/28/2007	Senate	First Reading
3/28/2007	Senate	Referred to Rules
3/30/2007	Senate	Assigned to Financial Institutions
4/20/2007	Senate	Do Pass Financial Institutions; 006-000-000
4/20/2007	Senate	Placed on Calendar Order of 2nd Reading April 24, 2007
4/20/2007	Senate	Added as Alternate Chief Co-Sponsor Sen. Dan Rutherford
5/3/2007	Senate	Second Reading
5/3/2007	Senate	Placed on Calendar Order of 3rd Reading May 8, 2007
5/16/2007	Senate	Third Reading - Passed; 057-000-000
5/16/2007	House	Passed Both Houses
6/14/2007	House	Sent to the Governor
8/13/2007	House	Governor Approved
8/13/2007	House	Effective Date August 13, 2007
8/13/2007	House	Public Act . . . . . . . . . 95-0098

	Deletes reference to:
	205 ILCS 305/4.1 new