Bill Text: IL HB2043 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Reinserts the provisions of the introduced bill with the following changes. Provides that any members, partners, or shareholders who are ineligible for membership in the credit union shall not become eligible by virtue of the eligibility of the entity in which they hold an ownership interest. Provides that a credit union that has appointed a registered agent shall post on its website the name of its registered agent, the address of its principal place of business, and that the appointment was authorized by action of the board of directors. Provides that a registered agent may resign at any time by submitting written notice to the credit union at its principal place of business (rather than by submitting written notice to the Department). Provides that meetings, minutes of meetings, and reports of the board of directors shall be subject to the confidentiality and redaction standards set forth in the provisions. Removes language providing that the Department of Financial and Professional Regulation shall maintain a registry of credit unions that have appointed a registered agent. Removes provisions concerning privileged information. Removes provisions concerning investment of funds. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0289 [HB2043 Detail]

Download: Illinois-2023-HB2043-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2043 Introduced , by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED:
205 ILCS 305/16 from Ch. 17, par. 4417
205 ILCS 305/20 from Ch. 17, par. 4421
205 ILCS 305/29 from Ch. 17, par. 4430
205 ILCS 305/48 from Ch. 17, par. 4449
205 ILCS 305/59 from Ch. 17, par. 4460
Amends the Illinois Credit Union Act. Provides that societies, associations, clubs, partnerships, corporations, and limited liability companies in which one or more (rather than the majority) of the members, partners, or shareholders are individuals who are eligible for credit union membership may be admitted to membership in a credit union in the same manner and under the same conditions as individuals. Provides that the board of directors may appoint an individual as a registered agent for the credit union. Provides that any process, notice, or demand required or permitted by law to be served upon the credit union may be served upon the registered agent appointed by the credit union. Sets forth requirements for identification, change of registration, and resignation of registered agents for a credit union. Provides that compliance review documents and the deliberations of the board of directors are privileged and confidential and are not subject to discovery or admissible in evidence in any civil action. Provides that loan limits shall not be subject to reduction by rules (rather than loan limits shall be subject to rules). Makes other changes. Effective immediately.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Credit Union Act is amended by
changing Sections 16, 20, 29, 48, and 59 as follows:
(205 ILCS 305/16) (from Ch. 17, par. 4417)
Sec. 16. Societies and associations. Societies,
associations, clubs, partnerships, corporations, and limited
liability companies in which one or more the majority of the
members, partners, or shareholders are individuals who are
eligible for credit union membership may be admitted to
membership in a credit union in the same manner and under the
same conditions as individuals, subject to such rules as the
Secretary and the Director may promulgate hereunder.
(Source: P.A. 97-133, eff. 1-1-12.)
(205 ILCS 305/20) (from Ch. 17, par. 4421)
Sec. 20. Election or appointment of officials.
(1) The credit union shall be directed by a board of
directors consisting of no less than 7 in number, to be elected
at the annual meeting by and from the members. Directors shall
hold office until the next annual meeting, unless their terms
are staggered. Upon amendment of its bylaws, a credit union

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may divide the directors into 2 or 3 classes with each class as
nearly equal in number as possible. The term of office of the
directors of the first class shall expire at the first annual
meeting after their election, that of the second class shall
expire at the second annual meeting after their election, and
that of the third class, if any, shall expire at the third
annual meeting after their election. At each annual meeting
after the classification, the number of directors equal to the
number of directors whose terms expire at the time of the
meeting shall be elected to hold office until the second
succeeding annual meeting if there are 2 classes or until the
third succeeding annual meeting if there are 3 classes. A
director shall hold office for the term for which he or she is
elected and until his or her successor is elected and
qualified.
(1.5) Except as provided in subsection (1.10), in all
elections for directors, every member has the right to vote,
in person, by proxy, or by electronic record if approved by the
board of directors, the number of shares owned by him, or in
the case of a member other than a natural person, the member's
one vote, for as many persons as there are directors to be
elected, or to cumulate such shares, and give one candidate as
many votes as the number of directors multiplied by the number
of his shares equals, or to distribute them on the same
principle among as many candidates as he may desire and the
directors shall not be elected in any other manner. Shares

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held in a joint account owned by more than one member may be
voted by any one of the members, however, the number of
cumulative votes cast may not exceed a total equal to the
number of shares multiplied by the number of directors to be
elected. A majority of the shares entitled to vote shall be
represented either in person or by proxy for the election of
directors. Each director shall wholly take and subscribe to an
oath that he will diligently and honestly perform his duties
in administering the affairs of the credit union, that while
he may delegate to another the performance of those
administrative duties he is not thereby relieved from his
responsibility for their performance, that he will not
knowingly violate or permit to be violated any law applicable
to the credit union, and that he is the owner of at least one
share of the credit union.
(1.10) Upon amendment of a credit union's bylaws, in all
elections for directors, every member who is a natural person
shall have the right to cast one vote, regardless of the number
of his or her shares, in person, by proxy, or by electronic
record if approved by the board of directors, for as many
persons as there are directors to be elected.
(1.15) If the board of directors has adopted a policy
addressing age eligibility standards on voting, holding
office, or petitioning the board, then a credit union may
require (i) that members be at least 18 years of age by the
date of the meeting in order to vote at meetings of the

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members, sign nominating petitions, or sign petitions
requesting special meetings, and (ii) that members be at least
18 years of age by the date of election or appointment in order
to hold elective or appointive office.
(2) The board of directors shall appoint from among the
members of the credit union, a supervisory committee of not
less than 3 members at the organization meeting and within 30
days following each annual meeting of the members for such
terms as the bylaws provide. Members of the supervisory
committee may, but need not be, on the board of directors, but
shall not be officers of the credit union, members of the
credit committee, or the credit manager if no credit committee
has been appointed.
(3) The board of directors may appoint, from among the
members of the credit union, a credit committee consisting of
an odd number, not less than 3 for such terms as the bylaws
provide. Members of the credit committee may, but need not be,
directors or officers of the credit union, but shall not be
members of the supervisory committee.
(4) The board of directors may appoint from among the
members of the credit union a membership committee of one or
more persons. If appointed, the committee shall act upon all
applications for membership and submit a report of its actions
to the board of directors at the next regular meeting for
review. If no membership committee is appointed, credit union
management shall act upon all applications for membership and

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submit a report of its actions to the board of directors at the
next regular meeting for review.
(5) The board of directors may appoint, from among the
members of the credit union, a nominating committee of 3 or
more persons. Members of the nominating committee may, but
need not, be directors or officers of the credit union, but may
not be members of the supervisory committee. The appointment,
if made, shall be made in a timely manner to permit the
nominating committee to recruit, evaluate, and nominate
eligible candidates for each position to be filled in the
election of directors or, in the event of a vacancy in office,
to be filled by appointment of the board of directors for the
remainder of the unexpired term of the director creating the
vacancy. Factors the nominating committee may consider in
evaluating prospective candidates include whether a candidate
possesses or is willing to acquire through training the
requisite skills and qualifications to carry out the statutory
duties of a director. The board of directors may delegate to
the nominating committee the recruitment, evaluation, and
nomination of eligible candidates to serve on committees and
in executive officer positions.
(6) The board of directors may create one or more other
committees in addition to the committees identified in this
Section and appoint directors or such other persons as the
board designates to serve on the committee or committees. Any
such committee shall serve at the pleasure of the board of

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directors and it shall not act on behalf of the credit union or
bind it to any action, but it may make recommendations to the
board of directors.
(7)(a) The board of directors may appoint an individual as
a registered agent for the credit union. The name of the
registered agent appointed by the board of directors shall be
identified in the annual report filed by the credit union on
the annual report form supplied by the Department. The
business office of the registered agent shall be the same as
the principal place of business of the credit union. Any
process, notice, or demand required or permitted by law to be
served upon the credit union may be served upon the registered
agent appointed by the credit union.
(b) The Department shall maintain a registry of credit
unions that have appointed a registered agent. The
registry shall be posted on the Department's website and
shall include the name of each credit union that has
appointed a registered agent, the name of its registered
agent, and the address of its principal place of business.
(c) A credit union that has appointed a registered
agent may change its registered agent at any time by
submitting a statement to the Department setting forth the
following:
(i) the name of the credit union,
(ii) the address of its principal place of
business,

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(iii) the name of its existing registered agent,
(iv) the name of its successor registered agent,
and
(v) that the change was authorized by action of
the board of directors.
(d) A registered agent may resign at any time by
submitting written notice thereof to the Department and by
sending a copy thereof to the credit union at its
principal place of business. The notice shall set forth
the following:
(i) the name of the credit union for which the
registered agent is acting,
(ii) the address of the principal place of
business of the credit union,
(iii) the name of the registered agent,
(iv) that the registered agent is resigning, and
(v) the effective date of the resignation, which
shall not be less than 30 days after the date of filing
of the notice.
(8) (6) The use of electronic records for member voting
pursuant to this Section shall employ a security procedure
that meets the attribution criteria set forth in Section 9 of
the Uniform Electronic Transactions Act.
(9) (7) As used in this Section, "electronic", "electronic
record", and "security procedure" have the meanings ascribed
to those terms in the Uniform Electronic Transactions Act. the

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(Source: P.A. 102-38, eff. 6-25-21; 102-687, eff. 12-17-21;
102-774, eff. 5-13-22; 102-858, eff. 5-13-22; revised 8-3-22.)
(205 ILCS 305/29) (from Ch. 17, par. 4430)
Sec. 29. Meetings of directors.
(1) The board of directors and the executive committee
shall meet as often as necessary, but one body must meet at
least monthly and the other at least quarterly, as prescribed
in the bylaws. Unless a greater number is required by the
bylaws, a majority of the whole board of directors shall
constitute a quorum. The act of a majority of the directors
present at a meeting at which a quorum is present shall be the
act of the board of directors unless the act of a greater
number is required by this Act, the credit union's articles of
incorporation or the bylaws.
(1.5) Notwithstanding anything to the contrary in
subsection (1), the board of directors of a credit union with a
composite rating of 1, 2, or 3 under the Uniform Financial
Institutions Rating System known as the CAMELS supervisory
rating system (or an equivalent rating under a comparable
rating system) may meet not less than 6 times annually, with at
least one meeting held during each fiscal quarter. This
meeting frequency schedule shall be available to an eligible
credit union irrespective of whether it has appointed an
executive committee pursuant to Section 28.
(2) Unless specifically prohibited by the articles of

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incorporation or bylaws, directors and committee members may
participate in and act at any meeting of the board or committee
through the use of a conference telephone or other
communications equipment by means of which all persons
participating in the meeting can communicate with each other.
Participation in the meeting shall constitute attendance and
presence in person at the meeting of the person or persons so
participating.
(3) Unless specifically prohibited by the articles of
incorporation or bylaws, any action required by this Act to be
taken at a meeting of the board of directors or a committee and
any other action that may be taken at a meeting of the board of
directors or a committee may be taken without a meeting if a
consent in writing setting forth the action taken is signed by
all the directors entitled to vote with respect to the subject
matter thereof, or by all members of the committee, as the case
may be. The consent shall be evidenced by one or more written
approvals, each of which sets forth the action taken and bears
the signatures of one or more directors or committee members.
All the approvals evidencing the consent shall be delivered to
the secretary to be filed in the corporate records of the
credit union. The action taken shall be effective when all the
directors or committee members have approved the consent
unless the consent specifies a different effective date. A
consent signed by all the directors or all the members of a
committee shall have the same effect as a unanimous vote, and

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may be stated as such in any document filed with the director
under this Act.
(4)(a) As used in this subsection:
"Affiliate" means an organization established to serve
the needs of credit unions, the business of which relates
to the daily operations of credit unions.
"Compliance review documents" means reports, meeting
minutes, and other documents prepared in connection with a
review or evaluation conducted by or for the board of
directors.
(b) This subsection applies to the board of directors
in relation to its functions to evaluate and seek to
improve any of the following:
(i) loan policies or underwriting standards;
(ii) asset quality;
(iii) financial reporting to federal or State
governmental or regulatory agencies; or
(iv) compliance with federal or State statutory or
regulatory requirements, including, without
limitation, the manner in which it performs its duties
under Section 30.
(c) Except as provided in paragraph (d), compliance
review documents and the deliberations of the board of
directors are privileged and confidential and are not
subject to discovery or admissible in evidence in any
civil action. Individuals acting under the direction of

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the board of directors shall not be required to testify in
any civil action about the contents of any compliance
review document, conclusions of the board of directors, or
the actions taken by the board of directors. An affiliate
of a credit union, a credit union regulatory agency, and
the insurer of credit union share accounts shall have
access to compliance review documents; however, (i) the
documents remain confidential and are not subject to
discovery from such entity and (ii) delivery of compliance
review documents to an affiliate or pursuant to the
requirements of a credit union regulatory agency or an
insurer of credit union share accounts do not constitute a
waiver of the privilege granted in this Section.
(d) This Section does not apply to any civil or
administrative action initiated by a credit union
regulatory agency or an insurer of credit union share
accounts.
(e) This Section shall not be construed to limit the
discovery or admissibility in any civil action of any
documents other than compliance review documents.
(f) Any report required under this Act to be furnished
to the board of directors by the membership committee,
credit committee, or any other committee may be submitted
in a summary format that redacts personally identifiable
information as defined under applicable State and federal
law.

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(Source: P.A. 89-603, eff. 8-2-96.)
(205 ILCS 305/48) (from Ch. 17, par. 4449)
Sec. 48. Loan limit. Within any limitations set forth in a
policy adopted by the board of directors, a credit union may
place a limit upon the aggregate amount to be loaned to or
cosigned for by any one member provided that no loan shall be
made to any member in an aggregate amount in excess of 10% of
the credit union's unimpaired capital and surplus. Such loan
limits shall not be subject to reduction by rules adopted by
the Secretary.
(Source: P.A. 100-361, eff. 8-25-17.)
(205 ILCS 305/59) (from Ch. 17, par. 4460)
Sec. 59. Investment of funds.
(a) Funds not used in loans to members may be invested,
pursuant to subsection (7) of Section 30 of this Act, and
subject to Departmental rules and regulations:
(1) In securities, obligations or other instruments of
or issued by or fully guaranteed as to principal and
interest by the United States of America or any agency
thereof or in any trust or trusts established for
investing directly or collectively in the same;
(2) In obligations of any state of the United States,
the District of Columbia, the Commonwealth of Puerto Rico,
and the several territories organized by Congress, or any

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political subdivision thereof; however, a credit union may
not invest more than 10% of its unimpaired capital and
surplus in the obligations of one issuer, exclusive of
general obligations of the issuer, and investments in
municipal securities must be limited to securities rated
in one of the 4 highest rating investment grades by a
nationally recognized statistical rating organization;
(3) In certificates of deposit or passbook type
accounts issued by a state or national bank, mutual
savings bank or savings and loan association; provided
that such institutions have their accounts insured by the
Federal Deposit Insurance Corporation or the Federal
Savings and Loan Insurance Corporation; but provided,
further, that a credit union's investment in an account in
any one institution may exceed the insured limit on
accounts;
(4) In shares, classes of shares or share certificates
of other credit unions, including, but not limited to,
corporate credit unions; provided that such credit unions
have their members' accounts insured by the NCUA or other
approved insurers, and that if the members' accounts are
so insured, a credit union's investment may exceed the
insured limit on accounts;
(5) In shares of a cooperative society organized under
the laws of this State or the laws of the United States in
the total amount not exceeding 10% of the unimpaired

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capital and surplus of the credit union; provided that
such investment shall first be approved by the Department;
(6) In obligations of the State of Israel, or
obligations fully guaranteed by the State of Israel as to
payment of principal and interest;
(7) In shares, stocks or obligations of other
financial institutions in the total amount not exceeding
5% of the unimpaired capital and surplus of the credit
union;
(8) In federal funds and bankers' acceptances;
(9) In shares or stocks of Credit Union Service
Organizations in the total amount not exceeding the
greater of 6% of the unimpaired capital and surplus of the
credit union or the amount authorized for federal credit
unions;
(10) In corporate bonds identified as investment grade
by at least one nationally recognized statistical rating
organization, provided that:
(i) the board of directors has established a
written policy that addresses corporate bond
investment procedures and how the credit union will
manage credit risk, interest rate risk, liquidity
risk, and concentration risk; and
(ii) the credit union has documented in its
records that a credit analysis of a particular
investment and the issuing entity was conducted by the

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credit union, a third party on behalf of the credit
union qualified by education or experience to assess
the risk characteristics of corporate bonds, or a
nationally recognized statistical rating agency before
purchasing the investment and the analysis is updated
at least annually for as long as it holds the
investment;
(11) To aid in the credit union's management of its
assets, liabilities, and liquidity in the purchase of an
investment interest in a pool of loans, or a single loan
notwithstanding anything to the contrary in Section 51, in
whole or in part and without regard to the membership of
the borrowers, from other depository institutions and
financial type institutions, including mortgage banks,
finance companies, insurance companies, and other loan
sellers, subject to such safety and soundness standards,
limitations, and qualifications as the Department may
establish by rule or guidance from time to time;
(12) To aid in the credit union's management of its
assets, liabilities, and liquidity by receiving funds from
another financial institution as evidenced by certificates
of deposit, share certificates, or other classes of shares
issued by the credit union to the financial institution;
(13) In the purchase and assumption of assets held by
other financial institutions, with approval of the
Secretary and subject to any safety and soundness

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standards, limitations, and qualifications as the
Department may establish by rule or guidance from time to
time;
(14) In the shares, stocks, or obligations of
community development financial institutions as defined in
regulations issued by the U.S. Department of the Treasury
and minority depository institutions as defined by the
National Credit Union Administration; however the
aggregate amount of all such investments shall not at any
time exceed 5% of the paid-in and unimpaired capital and
surplus of the credit union; and
(15)(A) In shares, stocks, or member units of
financial technology companies in the total amount not
exceeding 2.5% of the net worth of the credit union, so
long as:
(i) the credit union would remain well capitalized
as defined by 12 CFR 702.102 if the credit union
reduced its net worth by the full investment amount at
the time the investment is made or at any point during
the time the investment is held by the credit union;
(ii) the credit union and the financial technology
company are operated in a manner that demonstrates to
the public the separate corporate existence of the
credit union and financial technology company; and
(iii) the credit union has received a composite
rating of 1 or 2 under the CAMELS supervisory rating

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system.
(B) The investment limit in subparagraph (A) of this
paragraph (15) is increased to 5% of the net worth of the
credit union, if it has received a management rating of 1
under the CAMELS supervisory rating system at the time a
specific investment is made and at all times during the
term of the investment. A credit union that satisfies the
criteria in subparagraph (A) of this paragraph (15) and
this subparagraph may request approval from the Secretary
for an exception to the 5% limit up to a limit of 10% of
the net worth of the credit union, subject to such safety
and soundness standards, limitations, and qualifications
as the Department may establish by rule or guidance from
time to time. The request shall be in writing and
substantiate the need for the higher limit, describe the
credit union's record of investment activity, and include
financial statements reflecting a sound fiscal history.
(C) Before investing in a financial technology
company, the credit union shall obtain a written legal
opinion as to whether the financial technology company is
established in a manner that will limit potential exposure
of the credit union to no more than the loss of funds
invested in the financial technology company and the legal
opinion shall:
(i) address factors that have led courts to
"pierce the corporate veil", such as inadequate

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capitalization, lack of separate corporate identity,
common boards of directors and employees, control of
one entity over another, and lack of separate books
and records; and
(ii) be provided by independent legal counsel of
the credit union.
(D) Before investing in the financial technology
company, the credit union shall enter into a written
investment agreement with the financial technology company
and the agreement shall contain the following clauses:
(i) the financial technology company will: (I)
provide the Department with access to the books and
records of the financial technology company relating
to the investment made by the credit union, with the
costs of examining those records borne by the credit
union in accordance with the per diem rate established
by the Department by rule; (II) follow generally
accepted accounting principles; and (III) provide the
credit union with its financial statements on at least
a quarterly basis and certified public accountant
audited financial statements on an annual basis; and
(ii) the financial technology company and credit
union agree to terminate their contractual
relationship: (I) upon 90 days' written notice to the
parties by the Secretary that the safety and soundness
of the credit union is threatened pursuant to the

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Department's cease and desist and suspension authority
in Sections 8 and 61; (II) upon 30 days' written notice
to the parties if the credit union's net worth ratio
falls below the level that classifies it as well
capitalized well-capitalized as defined by 12 CFR
702.102; and (III) immediately upon the parties'
receipt of written notice from the Secretary when the
Secretary reasonably concludes, based upon specific
facts set forth in the notice to the parties, that the
credit union will suffer immediate, substantial, and
irreparable injury or loss if it remains a party to the
investment agreement.
(E) The termination of the investment agreement
between the financial technology company and credit union
shall in no way operate to relieve the financial
technology company from repaying the investment or other
obligation due and owing the credit union at the time of
termination.
(F) Any financial technology company in which a credit
union invests pursuant to this paragraph (15) that
directly or indirectly originates, purchases, facilitates,
brokers, or services loans to consumers in Illinois shall
not charge an interest rate that exceeds the applicable
maximum rate established by the Board of the National
Credit Union Administration pursuant to 12 CFR
701.21(c)(7)(iii)-(iv). The maximum interest rate

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described in this subparagraph that may be charged by a
financial technology company applies to all consumer loans
and consumer credit products.
(b) As used in this Section:
"Political subdivision" includes, but is not limited to,
counties, townships, cities, villages, incorporated towns,
school districts, educational service regions, special road
districts, public water supply districts, fire protection
districts, drainage districts, levee districts, sewer
districts, housing authorities, park districts, and any
agency, corporation, or instrumentality of a state or its
political subdivisions, whether now or hereafter created and
whether herein specifically mentioned or not.
"Financial institution" includes any bank, savings bank,
savings and loan association, or credit union established
under the laws of the United States, this State, or any other
state.
"Financial technology company" includes any corporation,
partnership, limited liability company, or other entity
organized under the laws of Illinois, another state, or the
United States of America:
(1) that the principal business of which is the
provision of financial products or financial services, or
both, that:
(i) currently relate or may prospectively relate
to the daily operations of credit unions;

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(ii) are of current or prospective benefit to the
members of credit unions; or
(iii) are of current or prospective benefit to
consumers eligible for membership in credit unions;
and
(2) that applies technological interventions,
including, without limitation, specialized software or
algorithm processes, products, or solutions, to improve
and automate the delivery and use of those financial
products or financial services.
(c) A credit union investing to fund an employee benefit
plan obligation is not subject to the investment limitations
of this Act and this Section and may purchase an investment
that would otherwise be impermissible if the investment is
directly related to the credit union's obligation under the
employee benefit plan and the credit union holds the
investment only for so long as it has an actual or potential
obligation under the employee benefit plan.
(d) If a credit union acquires loans from another
financial institution or financial-type institution pursuant
to this Section, the credit union shall be authorized to
provide loan servicing and collection services in connection
with those loans.
(Source: P.A. 101-567, eff. 8-23-19; 102-496, eff. 8-20-21;
102-774, eff. 5-13-22; 102-858, eff. 5-13-22; revised 8-3-22.)
Section 99. Effective date. This Act takes effect upon

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becoming law.