Bill Status of HB 4461   95th General Assembly

Short Description:  CREDIT UNION ACT-MARKETING

House Sponsors
Rep. Thomas Holbrook-Mike Boland-Daniel V. Beiser-Michael K. Smith-Patrick J Verschoore

Senate Sponsors
(Sen. William R. Haine-Kimberly A. Lightford)


Last Action  View All Actions

DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 305/34from Ch. 17, par. 4435
205 ILCS 305/42.1 new
205 ILCS 305/46from Ch. 17, par. 4447
205 ILCS 305/46.3 new

Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that under specified circumstances, a credit union may determine its historical loss rate using a defined period of time of less than 5 years in determining the appropriate balance in the allowance for loan losses account. Allows a credit union to sell to persons within its field of membership negotiable checks, to sell checks and money orders, and to receive international and domestic electronic fund transfers for such persons for a fee. Allows credit unions to make first mortgage real estate loans for more than the estimated market value or appraised value of the real estate securing the loans where secured in full or in part by the insurance or guarantee of the federal government, a state government, or any political subdivision of either. Adds provisions concerning credit contracts. Effective immediately.

House Amendment No. 1
Deletes reference to:
205 ILCS 305/46.3 new

Provides that there is no rulemaking authority under the amendatory Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion. Deletes a provision specifying that the Department of Financial and Professional Regulation shall adopt rules consistent with specified provisions. Provides that credit unions may make residential real estate mortgage loans on terms and conditions established by the United States Department of Agriculture through its Rural Development Housing and Community Facilities Program. Provides that the portion of any loan in excess of the appraised value of the real estate shall be allocable only to the guarantee fee required under the program. Deletes provisions concerning credit contracts.

Senate Committee Amendment No. 1
Removes language that provides that there is no rulemaking authority under the amendatory Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.

Actions 
DateChamber Action
  1/17/2008HouseFiled with the Clerk by Rep. Thomas Holbrook
  1/18/2008HouseFirst Reading
  1/18/2008HouseReferred to Rules Committee
  4/2/2008HouseFinal Action Deadline Extended-9(b) April 18, 2008
  4/2/2008HouseAssigned to Financial Institutions Committee
  4/8/2008HouseAdded Chief Co-Sponsor Rep. Mike Boland
  4/8/2008HouseAdded Chief Co-Sponsor Rep. Daniel V. Beiser
  4/8/2008HouseAdded Chief Co-Sponsor Rep. Michael K. Smith
  4/8/2008HouseHouse Amendment No. 1 Filed with Clerk by Financial Institutions Committee
  4/8/2008HouseHouse Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  4/8/2008HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
  4/8/2008HousePlaced on Calendar 2nd Reading - Short Debate
  4/16/2008HouseSecond Reading - Short Debate
  4/16/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/18/2008HouseFinal Action Deadline Extended-9(b) May 9, 2008
  4/30/2008HouseAdded Chief Co-Sponsor Rep. Patrick J Verschoore
  4/30/2008HouseThird Reading - Short Debate - Passed 109-000-001
  5/1/2008SenateArrive in Senate
  5/1/2008SenatePlaced on Calendar Order of First Reading
  5/1/2008SenateChief Senate Sponsor Sen. William R. Haine
  5/1/2008SenateFirst Reading
  5/1/2008SenateReferred to Rules
  5/15/2008SenateRule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee
  5/22/2008SenateAssigned to Financial Institutions
  5/22/2008SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2008
  5/23/2008SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  5/23/2008SenateSenate Committee Amendment No. 1 Referred to Rules
  5/27/2008SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions
  5/28/2008SenateSenate Committee Amendment No. 1 Adopted
  5/28/2008SenateDo Pass as Amended Financial Institutions; 008-000-000
  5/28/2008SenatePlaced on Calendar Order of 2nd Reading May 28, 2008
  5/28/2008SenateSecond Reading
  5/28/2008SenatePlaced on Calendar Order of 3rd Reading May 29, 2008
  5/28/2008SenateAdded as Alternate Chief Co-Sponsor Sen. Kimberly A. Lightford
  5/29/2008SenateThird Reading - Passed; 057-000-000
  5/29/2008HouseArrived in House
  5/29/2008HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/30/2008HouseSenate Committee Amendment No. 1 Motion Filed Non-Concur Rep. Thomas Holbrook
  7/1/2008HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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