Illinois Senate Bill 3346 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
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

Sen. Antonio Munoz [D]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2020-05-15	Senate	Rule 2-10 Third Reading/Passage Deadline Established As May 31, 2020
2020-05-07	Senate	Rule 2-10 Third Reading/Passage Deadline Established As May 29, 2020
2020-04-30	Senate	Rule 2-10 Third Reading/Passage Deadline Established As May 22, 2020
2020-04-23	Senate	Rule 2-10 Third Reading/Passage Deadline Established As May 15, 2020
2020-04-12	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
2020-03-25	Senate	Rule 2-10 Third Reading/Passage Deadline Established As May 7, 2020
2020-03-13	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2020-03-13	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz
2020-03-05	Senate	Placed on Calendar Order of 3rd Reading March 18, 2020
2020-03-05	Senate	Second Reading
2020-03-04	Senate	Placed on Calendar Order of 2nd Reading March 5, 2020
2020-03-04	Senate	Do Pass Financial Institutions; 007-000-000
2020-02-25	Senate	Assigned to Financial Institutions
2020-02-14	Senate	Referred to Assignments
2020-02-14	Senate	First Reading
2020-02-14	Senate	Filed with Secretary by Sen. Antonio Muñoz

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=3346&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB3346.htm
Amendment	https://www.ilga.gov/legislation/101/SB/10100SB3346sam001.htm