Bill Status of HB4628  102nd General Assembly


House Sponsors
Rep. Jonathan Carroll

Last Action
DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 305/8from Ch. 17, par. 4409
205 ILCS 305/9from Ch. 17, par. 4410
205 ILCS 305/20from Ch. 17, par. 4421
205 ILCS 305/59from Ch. 17, par. 4460

Synopsis As Introduced
Amends the Illinois Credit Union Act. In provisions concerning reports and examinations, provides that one or more credit unions may be examined less frequently than biennially upon the Secretary of Financial and Professional Regulation's written statement. Provides that the Secretary's written statement shall include a finding that good cause exists; a finding that there is no reasonable expectation that harm to members will result; and, to the extent reasonable under the circumstances, identification of the affected credit unions and the expected frequency of examination. Provides that a written statement made pursuant to the provisions may be superseded by a subsequent statement. Provides that the Secretary is not required to conduct examinations that the Secretary would have been required to conduct but for a written statement. Provides that the written statement shall not be confidential supervisory information except to the extent it names or permits the identification of specific credit unions. Provides that the Secretary may accept an examination from the National Credit Union Administration or a private insurer instead of an examination conducted by the Department of Financial and Professional Regulation or by a public accountant registered by the Department. Provides that upon amendment of a credit union's bylaws (rather than upon amendment of a credit union's bylaws approved by the members), in all elections for directors, every member who is a natural person shall have the right to cast one vote in person, by proxy, or by secure electronic record if approved by the board of directors, for as many persons as there are directors to be elected. Changes a reference from "categories" to "investment grades". Makes other changes. Effective immediately.

DateChamber Action
  1/19/2022HouseFiled with the Clerk by Rep. Jonathan Carroll
  1/21/2022HouseFirst Reading
  1/21/2022HouseReferred to Rules Committee
  1/10/2023HouseSession Sine Die