Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/58

(205 ILCS 305/58) (from Ch. 17, par. 4459)

Sec. 58. Share insurance.

(1) Each credit union operating in this State shall insure its share
accounts with the NCUA, under 12 U.S.C. 1781 to 1790 or with such other insurers as may be jointly
approved by the Secretary of Financial and Professional Regulation and the Director of
Insurance.  Each approved insurer shall be found to be financially sound and to
employ approved actuarial practices.  The Secretary shall determine that a firm
commitment to insure share accounts has been issued before a charter may be
granted for a new credit union.

(2) A credit union which has been denied a commitment of insurance of
accounts shall either dissolve, merge with another credit union, or apply
in writing, within 30 days of denial, to the Secretary for additional time
to obtain an insurance commitment.  The Secretary may grant up to 24 months
additional time upon satisfactory evidence that the credit union is making
a substantial effort to achieve the conditions precedent to issuance of the
commitment.

(3) The Secretary shall cooperate with the NCUA  or other approved insurers
by furnishing copies of financial and examination reports and other information
bearing on the financial condition of any credit union.

(Source: P.A. 97-133, eff. 1-1-12.)