Illinois Governor Quinn signs S.B. 3217, Illinois Credit Union Act Amendments
July 27, 2012
Illinois Governor Pat Quinn this morning signed S.B. 3217, the Illinois Credit Union League's legislative initiative to amend the Illinois Credit Union Act.
Signing of the bill, now known as Public Act 97-0855, took place at the American Association of Credit Union Leagues' (AACUL) Summer meeting at the Peninsula Hotel in Chicago in front of 150 credit union leaders from across the country, including CEOs of the state credit union associations, senior association executives, and the executive board of the Credit Union National Association (CUNA).
During the Spring 2012 session of the Illinois General Assembly, the bill passed unanimously through both chambers (49-0 by the Illinois Senate on March 22, 2012 and 117-0 by the Illinois House on May 24, 2012). The bill clarifies that the surviving credit union in a merger is a successor-in-interest and may enforce mortgages and other loans acquired from the merging credit union. It also addresses (i) board authority to establish age eligibility voting standards, and (ii) membership status if a member doesn’t have at least one fully paid share.
Governor Quinn highlighted that he is a huge supporter of credit unions and actually belongs to three. He commended conference attendees for their service to their members and recognized that the credit union industry is a movement of which he is proud to be part. Quinn also encouraged credit unions to continue to provide low-cost financial alternatives to consumers and to be a part of the economic recovery. In closing, he signed S.B. 3217 and received a standing ovation from the attendees!
Present for the signing of S.B. 3217 by Illinois Governor Patrick Quinn (at center)
were Dan Plauda, ICUL President/Chief Executive Officer (at right) and
Keith Sias, ICUL Vice President, State Governmental Affairs.