Illinois General Assembly - Bill Status for HB 5342

Amends the Illinois Credit Union Act. Defines "charitable donation account" and provides that a credit union may establish one or more charitable donation accounts that must comply with the requirements of the Act. Further provides that the investments and purchases to fund a charitable donation account are not subject to the investment limitations of the Act and that the aggregate book value of the investments in all charitable donation accounts shall not exceed 5% of the credit union's net worth. Adds provisions establishing the procedural requirements of the Department of Financial and Professional Regulation's examination process and prescribes the requirements of the Department's examination reports. Provides that each member of the board of directors of a credit union shall have a working familiarity with basic finance and accounting practices consistent with the size and complexity of the credit union they serve. Further provides that members of the supervisory committee of a credit union shall receive training related to their duties under the Act and establishes the acceptable forms of such training. Provides that, for a renewal, refinancing, or restructuring of an existing loan that is secured by an interest in real estate, a new appraisal of the collateral shall not be required under certain circumstances. Additionally provides that a credit union may act as a representative of and enter into an agreement with other credit unions or organizations for certain purposes. Generally effective immediately, but some provisions take effect on January 1, 2015.

Replaces everything after the enacting clause. Amends the Illinois Credit Union Act. Defines "charitable donation account" and provides that a credit union may establish one or more charitable donation accounts that must comply with the requirements of the Act. Further provides that the investments and purchases to fund a charitable donation account are not subject to the investment limitations of the Act and that the aggregate book value of the investments in all charitable donation accounts shall not exceed 5% of the credit union's net worth. Provides that the Secretary of Financial and Professional Regulation shall adopt rules that ensure consistency and due process in the examination process. Further provides that the Secretary may establish guidelines that define the scope of the examination process and that clarify examination items to be resolved. Provides that each member of the board of directors of a credit union shall have a working familiarity with basic finance and accounting practices consistent with the size and complexity of the credit union they serve. Further provides that members of the supervisory committee of a credit union shall receive training related to their duties under the Act and establishes the acceptable forms of such training. Provides that, for a renewal, refinancing, or restructuring of an existing loan that is secured by an interest in real estate, a new appraisal of the collateral shall not be required under certain circumstances. Additionally provides that a credit union may act as a representative of and enter into an agreement with other credit unions or organizations for certain purposes. Effective immediately.

Amends the Illinois Banking Act. In provisions regarding the powers and duties of the Secretary of Financial and Professional Regulation, provides that the Secretary shall adopt rules that ensure consistency and due process in the examinations of State banks. Further provides that the Secretary may establish guidelines that define the scope of the examination process and clarify examination items to be resolved and that the rules, formal guidance, interpretive letters, or opinions furnished to State banks by the Secretary may be relied upon by the State banks. Amends the Savings Bank Act. In provisions regarding the Secretary's authority to conduct examinations of savings banks, provides that the Secretary shall adopt rules that ensure consistency and due process in the examination process. Further provides that the Secretary may establish guidelines that define the scope of the examination process and clarify examination items to be resolved and that the rules, formal guidance, interpretive letters, or opinions furnished to savings banks by the Secretary may be relied upon by the savings banks.

Date	Chamber	Action
7/24/2014	House	Public Act . . . . . . . . . 98-0784

Date	Chamber	Action
2/10/2014	House	Filed with the Clerk by Rep. Lou Lang
2/10/2014	House	First Reading
2/10/2014	House	Referred to Rules Committee
2/13/2014	House	Added Co-Sponsor Rep. Rich Brauer
2/20/2014	House	Assigned to Financial Institutions Committee
2/21/2014	House	Added Chief Co-Sponsor Rep. David R. Leitch
2/21/2014	House	Chief Co-Sponsor Changed to Rep. David R. Leitch
2/21/2014	House	Added Chief Co-Sponsor Rep. Michael Unes
2/26/2014	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
2/26/2014	House	House Committee Amendment No. 1 Referred to Rules Committee
3/3/2014	House	House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
3/4/2014	House	House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
3/4/2014	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
3/5/2014	House	Placed on Calendar 2nd Reading - Short Debate
3/19/2014	House	Second Reading - Short Debate
3/19/2014	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/21/2014	House	Third Reading - Short Debate - Passed 109-000-001
3/21/2014	Senate	Arrive in Senate
3/21/2014	Senate	Placed on Calendar Order of First Reading March 25, 2014
3/27/2014	Senate	Chief Senate Sponsor Sen. David Koehler
3/27/2014	Senate	First Reading
3/27/2014	Senate	Referred to Assignments
4/4/2014	Senate	Added as Alternate Co-Sponsor Sen. Antonio Muñoz
4/30/2014	Senate	Assigned to Financial Institutions
5/7/2014	Senate	Do Pass Financial Institutions; 007-000-000
5/7/2014	Senate	Placed on Calendar Order of 2nd Reading May 8, 2014
5/8/2014	Senate	Second Reading
5/8/2014	Senate	Placed on Calendar Order of 3rd Reading May 12, 2014
5/22/2014	Senate	Added as Alternate Chief Co-Sponsor Sen. Linda Holmes
5/23/2014	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2014
5/26/2014	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Linda Holmes
5/26/2014	Senate	Senate Floor Amendment No. 1 Referred to Assignments
5/27/2014	Senate	Senate Floor Amendment No. 1 Be Approved for Consideration Assignments
5/28/2014	Senate	Recalled to Second Reading
5/28/2014	Senate	Senate Floor Amendment No. 1 Adopted; Holmes
5/28/2014	Senate	Placed on Calendar Order of 3rd Reading
5/28/2014	Senate	Added as Alternate Chief Co-Sponsor Sen. Pamela J. Althoff
5/28/2014	Senate	Third Reading - Passed; 056-000-000
5/28/2014	House	Arrived in House
5/28/2014	House	Placed on Calendar Order of Concurrence Senate Amendment(s) 1
5/28/2014	House	Senate Floor Amendment No. 1 Motion Filed Concur Rep. Lou Lang
5/28/2014	House	Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
5/29/2014	House	Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
5/30/2014	House	Senate Floor Amendment No. 1 House Concurs 108-000-001
5/30/2014	House	House Concurs
5/30/2014	House	Passed Both Houses
6/27/2014	House	Sent to the Governor
7/24/2014	House	Governor Approved
7/24/2014	House	Effective Date July 24, 2014
7/24/2014	House	Public Act . . . . . . . . . 98-0784

	Adds reference to:
	205 ILCS 5/48