Governor signs ICUL bills into law
Since last Friday, August 10, 2007, Illinois Governor Rod Blagojevich has signed three ICUL-initiated legislative measures into law. These include:
H.B. 352, amending Section 20 of the Illinois Credit Union Act (ICUA). The bill provides that upon amendment of a credit union's bylaws approved by the members, 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 or by proxy, for as many persons as there are Directors to be elected. Before being signed into law, the measure unanimously passed the House on February 8, 2007 117-0 and passed the Senate on May 15, 2007 on a vote of 54-01. House sponsors included: Reps. Thomas Holbrook, Lisa M. Dugan, Daniel V. Beiser, Michael K. Smith and Patrick J Verschoore. On the Senate side, the sponsor was Sen. Terry Link. The measure was signed by the Governor on August 10, 2007 as Public Act 95-0052.
H.B 623, amending Section 59 of the ICUA. The measure provides that a credit union investing to fund an employee benefit plan obligation is not subject to the investment limitations of the Illinois Credit Union Act 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. Effective immediately. The bill unanimously passed the House on March 1, 2007 114-0, and unanimously passed the Senate on May 16, 2007 58-0. House Sponsors on the bill were: Reps. Michael K. Smith, Aaron Schock, Thomas Holbrook, Patrick J Verschoore, Kurt M. Granberg, Joseph M. Lyons and Monique D. Davis. Senate Sponsors were: Sens. David Koehler and Michael Noland. The measure was signed by the Governor on August 13, 2007 as Public Act 95-0124.
H.B. 1288, codifying several technical enchancements to the ICUA. They include:
- An amendment to Section 8, Director’s Powers and Duties, to mandate that DFI ensure its examiners are properly trained and receive necessary continuing education to carry out their duties;
- An amendment to Section 22, Vacancies, to clarify when a board vacancy exists and a successor director’s term commences;
- An amendment to Section 30 and Section 46, Duties of Directors, to authorize each credit union board, at its option, to delegate the authority of setting loan and dividend rates and hiring employees to the credit union’s chief management official (who, in turn, may further delegate);
- An amendment to Section 51, Other Loan Programs, to authorize credit unions to purchase the indebtedness of members of other credit unions for asset and liability management purposes; and
- An amendment to Section 70 to prohibit other persons or foreign credit unions from using the name of an existing Illinois credit union to market and/or solicit business.
House Sponsors included: Reps. Thomas Holbrook and Joseph M. Lyons. Senate Sponsors were Sens. William R. Haine and Dan Rutherford. The bill unanimously passed the House on March 22, 2007 113-0, and unanimously passed the Senate on May 16, 2007 57-0. The measure was signed by the Governor on August 13, 2007 as Public Act 95-0098.