Bill Title: Amends the Illinois Credit Union Act. Defines "charitable donation account" and provides that a credit union may establish one or more charitable donation accounts that must comply with the requirements of the Act. Further provides that the investments and purchases to fund a charitable donation account are not subject to the investment limitations of the Act and that the aggregate book value of the investments in all charitable donation accounts shall not exceed 5% of the credit union's net worth. Adds provisions establishing the procedural requirements of the Department of Financial and Professional Regulation's examination process and prescribes the requirements of the Department's examination reports. Provides that each member of the board of directors of a credit union shall have a working familiarity with basic finance and accounting practices consistent with the size and complexity of the credit union they serve. Further provides that members of the supervisory committee of a credit union shall receive training related to their duties under the Act and establishes the acceptable forms of such training. Provides that, for a renewal, refinancing, or restructuring of an existing loan that is secured by an interest in real estate, a new appraisal of the collateral shall not be required under certain circumstances. Additionally provides that a credit union may act as a representative of and enter into an agreement with other credit unions or organizations for certain purposes. Generally effective immediately, but some provisions take effect on January 1, 2015.

Spectrum: Bipartisan Bill

Status: (Passed) 2014-07-24 - Public Act . . . . . . . . . 98-0784 [HB5342 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 David Leitch [R]	Cosponsor	Sponsored Bills	HD-073	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Unes [R]	Cosponsor	Sponsored Bills	HD-091	FollowTheMoney	Ballotpedia	VoteSmart
Representative Rich Brauer [R]	Cosponsor	Sponsored Bills	HD-087	FollowTheMoney	Ballotpedia	VoteSmart
Senator David Koehler [D]	Primary	Sponsored Bills	SD-046	FollowTheMoney	Ballotpedia	VoteSmart
Senator Linda Holmes [D]	Cosponsor	Sponsored Bills	SD-042	FollowTheMoney	Ballotpedia	VoteSmart
Senator Pamela Althoff [R]	Cosponsor	Sponsored Bills	SD-032	FollowTheMoney	Ballotpedia	VoteSmart
Senator Antonio Munoz [D]	Cosponsor	Sponsored Bills	SD-001	FollowTheMoney	Ballotpedia	VoteSmart

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