Bill Status of HB 1572   98th General Assembly

Short Description:  CREDIT UNION-CIVIL PENALTIES

House Sponsors
Rep. Derrick Smith-Lou Lang

Senate Sponsors
(Sen. David Koehler)


Last Action  View All Actions

DateChamber Action
  8/16/2013HousePublic Act . . . . . . . . . 98-0400

Statutes Amended In Order of Appearance
205 ILCS 305/8from Ch. 17, par. 4409

Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that the Department of Financial and Professional Regulation may assess a civil penalty against credit unions only when the Secretary of Financial and Professional Regulation reasonably determines, based on objective facts and an accurate assessment of applicable legal standards, that the credit union has committed a violation of the Act, any rule adopted in accordance with the Act, or any order of the Secretary issued pursuant to his or her authority under the Act or has engaged or participated in any unsafe or unsound practice, and that the violation or unsafe or unsound practice has directly resulted in a substantial and material financial loss or created a reasonable probability that a substantial and material financial loss will directly result, or that violation or unsafe or unsound practice constituted willful misconduct and a material breach of fiduciary duty of any director, officer, or committee member of the credit union. Provides that civil penalty orders are confidential supervisory information and shall be prohibited from disclosure to any person, except that once such an order is a final administrative decision of the Department and has been adjudicated to finality, a concise syllabus of the order may be posted on the Department's official website. Effective immediately.

House Committee Amendment No. 1
Makes changes to a provision concerning the Secretary of Financial and Professional Regulation's powers and duties.

Actions 
DateChamber Action
  2/13/2013HouseFiled with the Clerk by Rep. Lou Lang
  2/14/2013HouseFirst Reading
  2/14/2013HouseReferred to Rules Committee
  2/25/2013HouseAssigned to Financial Institutions Committee
  3/7/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
  3/7/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/11/2013HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
  3/14/2013HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  3/14/2013HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 010-000-000
  3/15/2013HousePlaced on Calendar 2nd Reading - Short Debate
  4/8/2013HouseChief Sponsor Changed to Rep. Derrick Smith
  4/8/2013HouseAdded Chief Co-Sponsor Rep. Lou Lang
  4/10/2013HouseSecond Reading - Short Debate
  4/10/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/11/2013HouseThird Reading - Short Debate - Passed 112-000-000
  4/12/2013SenateArrive in Senate
  4/12/2013SenatePlaced on Calendar Order of First Reading
  4/12/2013SenateChief Senate Sponsor Sen. David Koehler
  4/12/2013SenateFirst Reading
  4/12/2013SenateReferred to Assignments
  4/23/2013SenateAssigned to Financial Institutions
  5/1/2013SenateDo Pass Financial Institutions; 008-000-000
  5/1/2013SenatePlaced on Calendar Order of 2nd Reading May 2, 2013
  5/7/2013SenateSecond Reading
  5/7/2013SenatePlaced on Calendar Order of 3rd Reading May 8, 2013
  5/21/2013SenateThird Reading - Passed; 055-000-000
  5/21/2013HousePassed Both Houses
  6/19/2013HouseSent to the Governor
  8/16/2013HouseGovernor Approved
  8/16/2013HouseEffective Date August 16, 2013
  8/16/2013HousePublic Act . . . . . . . . . 98-0400

Back To Top