Bill Title: Amends the Illinois Credit Union Act. Provides that if the Act requires information to be written or delivered in writing, an electronic record or delivery satisfies the rule of law. Provides that if the Act requires a policy, record, notice, or other document or information to be mailed or otherwise furnished or disclosed by a credit union, electronic distribution or delivery satisfies the rule of law. Provides that a policy adopted by the board may delegate expulsion authority to senior management officials of the credit union. Provides that a member expelled by a senior management official may seek reinstatement by appealing the action within 30 days of expulsion to the board of directors, and that the board may affirm, disaffirm, or modify the action, and the board's decision is final. Provides that a credit union may invest in securities, obligations, or other instruments of or issued by entities properly registered with or licensed by the Department of Financial and Professional Regulation. Increases a credit union's aggregate loan amount and the total amount of funds not used in loans to members that may be invested in shares and stocks of Credit Union Service Organizations to 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union. Modifies a credit union's investment limit in shares or stocks of Credit Union Service Organizations to not exceed 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Makes other changes. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 20-8)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0567 [SB1813 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator John Mulroe [D]	Primary	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Senator Antonio Munoz [D]	Cosponsor	Sponsored Bills	SD-001	FollowTheMoney	Ballotpedia	VoteSmart
Representative Robert Rita [D]	Primary	Sponsored Bills	HD-028	FollowTheMoney	Ballotpedia	VoteSmart
Representative Camille Lilly [D]	Cosponsor	Sponsored Bills	HD-078	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael McAuliffe [R]	Cosponsor	Sponsored Bills	HD-020	FollowTheMoney	Ballotpedia	VoteSmart
Representative Anthony DeLuca [D]	Cosponsor	Sponsored Bills	HD-080	FollowTheMoney	Ballotpedia	VoteSmart
Representative Christopher Davidsmeyer [R]	Cosponsor	Sponsored Bills	HD-100	FollowTheMoney	Ballotpedia	VoteSmart
Representative Mike Murphy [R]	Cosponsor	Sponsored Bills	HD-099	FollowTheMoney	Ballotpedia	VoteSmart
Representative Timothy Butler [R]	Cosponsor	Sponsored Bills	HD-087	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Zalewski [D]	Cosponsor	Sponsored Bills	HD-023	FollowTheMoney	Ballotpedia	VoteSmart
Representative Norine Hammond [R]	Cosponsor	Sponsored Bills	HD-094	FollowTheMoney	Ballotpedia	VoteSmart
Representative Ryan Spain [R]	Cosponsor	Sponsored Bills	HD-073	FollowTheMoney	Ballotpedia	VoteSmart
Representative Dan Ugaste [R]	Cosponsor	Sponsored Bills	HD-065	FollowTheMoney	Ballotpedia	VoteSmart
Representative Lawrence Walsh [D]	Cosponsor	Sponsored Bills	HD-086	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Martwick [D]	Cosponsor	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Representative John D'Amico [D]	Cosponsor	Sponsored Bills	HD-015	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kelly Burke [D]	Cosponsor	Sponsored Bills	HD-036	FollowTheMoney	Ballotpedia	VoteSmart
Representative Natalie Manley [D]	Cosponsor	Sponsored Bills	HD-098	FollowTheMoney	Ballotpedia	VoteSmart
Representative Martin Moylan [D]	Cosponsor	Sponsored Bills	HD-055	FollowTheMoney	Ballotpedia	VoteSmart
Representative Frances Hurley [D]	Cosponsor	Sponsored Bills	HD-035	FollowTheMoney	Ballotpedia	VoteSmart
Representative Andre Thapedi [D]	Cosponsor	Sponsored Bills	HD-032	FollowTheMoney	Ballotpedia	VoteSmart
Representative William Davis [D]	Cosponsor	Sponsored Bills	HD-030	FollowTheMoney	Ballotpedia	VoteSmart
Senator Sara Feigenholtz [D]	Cosponsor	Sponsored Bills	SD-006	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jay Hoffman [D]	Cosponsor	Sponsored Bills	HD-113	FollowTheMoney	Ballotpedia	VoteSmart
Representative Monica Bristow [D]	Cosponsor	Sponsored Bills	HD-111	FollowTheMoney	Ballotpedia	VoteSmart
Representative Rita Mayfield [D]	Cosponsor	Sponsored Bills	HD-060	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kelly Cassidy [D]	Cosponsor	Sponsored Bills	HD-014	FollowTheMoney	Ballotpedia	VoteSmart
Representative Amy Grant [R]	Cosponsor	Sponsored Bills	HD-047	FollowTheMoney	Ballotpedia	VoteSmart

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