Bill Title: Amends the Illinois Credit Union Act. Provides that the failure of an out-of-state credit union to register with the Secretary of Financial and Professional Regulation shall not impair the collectability of a loan made to a resident of this State. Provides that, for a renewal, refinancing, or restructuring of an existing loan at the credit union that is secured by an interest or equity in real estate, a new appraisal of the collateral shall not be required when (i) no new moneys are advanced other than funds necessary to cover reasonable closing costs, or (ii) there has been no obvious or material change in market conditions or physical aspects of the real estate that threatens the adequacy of the credit union's real estate collateral protection after the transaction, even with the advancement of new moneys. Provides that a credit union may act as a representative of and enter into an agreement with credit unions or other organizations for the purposes of providing implementation and administrative support services related to the use of debit cards, payroll debit cards, and other prepaid debit cards and credit cards. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Passed) 2015-07-28 - Public Act . . . . . . . . . 99-0149 [HB2477 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Louis Lang [D]	Primary	Sponsored Bills	HD-016	FollowTheMoney	Ballotpedia	VoteSmart
Representative Adam Brown [R]	Cosponsor	Sponsored Bills	HD-102	FollowTheMoney	Ballotpedia	VoteSmart
Representative Andre Thapedi [D]	Cosponsor	Sponsored Bills	HD-032	FollowTheMoney	Ballotpedia	VoteSmart
Senator David Koehler [D]	Primary	Sponsored Bills	SD-046	FollowTheMoney	Ballotpedia	VoteSmart
Senator Terry Link [D]	Cosponsor	Sponsored Bills	SD-030	FollowTheMoney	Ballotpedia	VoteSmart

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