Illinois House Bill 4887 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 13 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Credit Union Act. Allows the board of directors of a credit union to appoint one or more associate directors to serve in an advisory capacity. Provides that an associate director shall not be deemed or considered to be a director for any purpose under the Act, and that the board of directors shall not delegate to associate directors any of the duties or responsibilities required to be performed by directors duly elected by members of a credit union. Provides that prior to appointing an associate director, the board of directors shall confirm that the person meets all of the requirements to serve as a director. Provides that the board of directors of a credit union or a network credit union shall require each associate director to sign a confidentiality and nondisclosure agreement. Makes changes concerning compensation for directors and committee members. Provides that upon prior written approval by the Secretary of Financial and Professional Regulation, the board of directors and the executive committee of a credit union may hold regular meetings less frequently than once each month but at least once each calendar quarter. Allows a surviving credit union to identify the merging credit union as a division, branch, unit, or other descriptive reference in the case of a merger. Changes the maximum percentage of the unimpaired capital and surplus of a credit union that may be loaned to credit union organizations, and the maximum percentage of the unimpaired capital and surplus of a credit union that may be invested in shares or stocks of a credit union service organization. Makes other changes. Effective immediately.

CREDIT UNION ACT-VARIOUS

Rep. Jay Hoffman [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-03-13	House	House Committee Amendment No. 1 Referred to Rules Committee
2020-03-13	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
2020-03-03	House	Assigned to Financial Institutions Committee
2020-02-18	House	Referred to Rules Committee
2020-02-18	House	First Reading
2020-02-13	House	Filed with the Clerk by Rep. Jay Hoffman

Chapter	Article	Section	Citation Type	Statute Text
205	305	20.5	New Code	See Bill Text
205	305	23	Amended Code	Citation Text
205	305	29	Amended Code	Citation Text
205	305	51	Amended Code	Citation Text
205	305	57	Amended Code	Citation Text
205	305	59	Amended Code	Citation Text
205	305	64.7	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4887&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB4887.htm
Amendment	https://www.ilga.gov/legislation/101/HB/10100HB4887ham001.htm