Illinois General Assembly - Bill Status for HB 5755

Amends the Illinois Credit Union Act. Provides that amendments to the articles of incorporation of a credit union may be made with the approval of a majority (rather than two-thirds) of the members or at least two-thirds of the directors. Requires that a report of any amendments to the articles of incorporation adopted by the board of directors be made to the members at the next annual meeting. Removes a credit manager as a vacancy that can be filled by the board of directors through appointment. Provides that the credit committee, board of directors, or chief management official (rather than just the credit committee) may appoint a credit manager. Provides that if no credit committee has been appointed, the board of directors or chief management official (rather than just the board of directors) shall appoint a credit manager. Provides that a prepayment penalty does not include a waived, bona fide third-party charge that the credit union imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation of a closed-end credit transaction, a waived, bona fide third-party charge that the credit union imposes if the consumer terminates an open-end credit plan sooner than 36 months after account opening, or a yield maintenance fee imposed on a business transaction. Allows 2 or more credit unions that are merging to elect to request a network credit union designation for the surviving credit union. Sets forth provisions for network credit unions. Effective immediately.

In provisions concerning network credit unions, changes references of consumer to borrower. Provides that approval of a certificate of merger by the Secretary of Financial and Professional Regulation constitutes an amendment to the legal name of the surviving credit union. Provides that merging credit unions may be identified by other descriptive references that ensure the members understand they are dealing with one credit union rather than multiple credit unions. Corrects references to a business loan transaction and economies of scale.

Date	Chamber	Action
7/22/2016	House	Public Act . . . . . . . . . 99-0614

Date	Chamber	Action
2/10/2016	House	Filed with the Clerk by Rep. Lou Lang
2/11/2016	House	First Reading
2/11/2016	House	Referred to Rules Committee
3/23/2016	House	Assigned to Financial Institutions Committee
3/24/2016	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
3/24/2016	House	House Committee Amendment No. 1 Referred to Rules Committee
4/4/2016	House	House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
4/4/2016	House	House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
4/4/2016	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
4/5/2016	House	Placed on Calendar 2nd Reading - Short Debate
4/6/2016	House	Second Reading - Short Debate
4/6/2016	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/7/2016	House	Third Reading - Short Debate - Passed 115-000-000
4/7/2016	Senate	Arrive in Senate
4/7/2016	Senate	Placed on Calendar Order of First Reading April 12, 2016
4/7/2016	Senate	Chief Senate Sponsor Sen. David Koehler
4/12/2016	Senate	First Reading
4/12/2016	Senate	Referred to Assignments
4/27/2016	Senate	Assigned to Financial Institutions
5/5/2016	Senate	Do Pass Financial Institutions; 006-000-000
5/5/2016	Senate	Placed on Calendar Order of 2nd Reading May 10, 2016
5/10/2016	Senate	Second Reading
5/10/2016	Senate	Placed on Calendar Order of 3rd Reading May 11, 2016
5/25/2016	Senate	Third Reading - Passed; 057-000-000
5/25/2016	House	Passed Both Houses
6/23/2016	House	Sent to the Governor
7/22/2016	House	Governor Approved
7/22/2016	House	Effective Date July 22, 2016
7/22/2016	House	Public Act . . . . . . . . . 99-0614