Sign Up
HB 4461 Illinois House · 95th Regular Session

CREDIT UNION ACT-MARKETING

Summary
Amends the Illinois Credit Union Act. Provides that under specified circumstances, a credit union may determine its historical loss rate using a defined period of time of less than 5 years in determining the appropriate balance in the allowance for loan losses account. Allows a credit union to sell to persons within its field of membership negotiable checks, to sell checks and money orders, and to receive international and domestic electronic fund transfers for such persons for a fee. Allows credit unions to make first mortgage real estate loans for more than the estimated market value or appraised value of the real estate securing the loans where secured in full or in part by the insurance or guarantee of the federal government, a state government, or any political subdivision of either. Adds provisions concerning credit contracts. Effective immediately.
Bill status failed 4 of 5 stages cleared
Introduction
May 2008
Committee Review
Jul 2008
House Passage
Apr 2008
Senate Passage
May 2008
Governor
Introduced May 1, 2008 Last action Jan 13, 2009
Floor votes · Senate May 29, 2008 · House Apr 30, 2008

How they voted

55–0
Passed · 2 other
Total votes 57
May 29, 2008
D Democratic35
34 Yea 1
97% Yea
R Republican22
21 Yea 1
95% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
42
Key actions
9
Committee
11
Amendments
5
Jul 1, 2008
Committee
Rule 19(b) / Re-referred to Rules Committee
lower
May 30, 2008
Lower · Passed
Senate Committee Amendment No. 1 Motion Filed Non-Concur Rep. Thomas Holbrook
lower
May 29, 2008
Introduced
Placed on Calendar Order of Concurrence Senate Amendment(s) 1
lower
May 29, 2008
Introduced
Arrived in House
lower
May 29, 2008
Senate · Passed
Senate Vote: pass (55-0-2)
senate
May 28, 2008
Upper · Passed
Do Pass as Amended Financial Institutions; 008-000-000
upper
May 28, 2008
Upper · Passed
Senate Committee Amendment No. 1 Adopted
upper
May 27, 2008
Upper · Passed
Senate Committee Amendment No. 1 Rules Refers to Financial Institutions
upper
May 23, 2008
Committee
Senate Committee Amendment No. 1 Referred to Rules
upper
May 23, 2008
Introduced
Senate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
upper
May 22, 2008
Committee
Assigned to Financial Institutions
upper
May 15, 2008
Upper · Passed
Rule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee
upper
May 1, 2008
Committee
Referred to Rules
upper
May 1, 2008
Introduced
Arrive in Senate
upper
Apr 30, 2008
House · Passed
House Vote: pass (106-0-9)
house
Apr 8, 2008
Lower · Passed
Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000
lower
Apr 8, 2008
Lower · Passed
House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
lower
Apr 8, 2008
Introduced
House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
lower
Apr 2, 2008
Committee
Assigned to Financial Institutions Committee
lower
Jan 18, 2008
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.