Illinois 94th Regular Session Status: Enacted

SB 173 — CREDIT UNIONS-POWERS

Last action — Public Act . . . . . . . . . 94-0150

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 02, 2005. Enacted.

Prognosis

Likely to advance 72% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    0 primary, 2 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Illinois Credit Union Act. Authorizes a credit union to: (i) make reasonable contributions to certain civic, charitable, religious, or service organizations and to fundraisers to benefit persons in the credit union's service area and (ii) to act as a trustee or custodian under health savings accounts and similar tax-advantaged plans established under the federal Internal Revenue Code. Provides that loan applications shall be made in the manner prescribed by the Credit Committee, credit manager, or loan officer (now, the applications are made in writing upon a prescribed form) and may be evidenced by an electronically stored or generated record. Provides that the signature on a loan application includes any symbol executed or adopted, or any security procedure employed or adopted, using electronic means or otherwise, by or on behalf of a person with intent to authenticate a record. Prohibits any individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited partnership, or joint venture that is not an authorized user from using any name or title that contains the words "credit union" or any abbreviation thereof. Authorizes the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation to impose a penalty of up to $10,000 for each violation. Effective immediately.

Bill Text

What changed in the latest version

6 added · 6 removed

Plain-language change summary

In the latest version of Bill SB 173, certain lines of text that were previously included have been removed and replaced with new lines. These changes may be technical adjustments or clarifications, but the specific content isn't detailed here. This matters because it can affect how the bill is interpreted and implemented, potentially impacting the intended outcomes of the legislation. Keeping track of these changes is essential for understanding the final version of the bill and its implications.

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Latest
SB0173 Engrossed LRB094 06716 MKM 36815 b AN ACT concerning regulation.
SB0173 Enrolled LRB094 06716 MKM 36815 b AN ACT concerning regulation.
SB0173 Engrossed - 2 - LRB094 06716 MKM 36815 b (7) Discount and sell any obligations owed to the credit union;
SB0173 Enrolled - 2 - LRB094 06716 MKM 36815 b (7) Discount and sell any obligations owed to the credit union;
The term "low income members" shall mean those members who make less than 80% of the average for all wage earners as established by the Bureau of Labor Statistics or those members whose SB0173 Engrossed - 3 - LRB094 06716 MKM 36815 b annual household income falls at or below 80% of the median household income for the nation as established by the Census Bureau.
The term "low income members" shall mean those members who make less than 80% of the average for all wage earners as established by the Bureau of Labor Statistics or those members whose SB0173 Enrolled - 3 - LRB094 06716 MKM 36815 b annual household income falls at or below 80% of the median household income for the nation as established by the Census Bureau.
An individual trustee shall be a member of the credit union unless the person establishing the trust in respect to SB0173 Engrossed - 4 - LRB094 06716 MKM 36815 b which such shares are issued or each beneficiary of the trust is a member of the credit union and the name of each beneficiary is disclosed to the credit union.
An individual trustee shall be a member of the credit union unless the person establishing the trust in respect to SB0173 Enrolled - 4 - LRB094 06716 MKM 36815 b which such shares are issued or each beneficiary of the trust is a member of the credit union and the name of each beneficiary is disclosed to the credit union.
(a) All contributions of funds are initially made to a SB0173 Engrossed - 5 - LRB094 06716 MKM 36815 b share account in the credit union;
(a) All contributions of funds are initially made to a SB0173 Enrolled - 5 - LRB094 06716 MKM 36815 b share account in the credit union;
(a) No individual person, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, SB0173 Engrossed - 6 - LRB094 06716 MKM 36815 b limited partnership, or joint venture that is not an authorized user partnership, or corporation, except corporations organized under this Act, the credit union acts of other states, or under the Federal Credit Union Act, associations of such corporations, or subsidiaries of such associations, may use any name or title which contains the words "credit union" or any abbreviation thereof, and such use is a Class A Misdemeanor.
(a) No individual person, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, SB0173 Enrolled - 6 - LRB094 06716 MKM 36815 b limited partnership, or joint venture that is not an authorized user partnership, or corporation, except corporations organized under this Act, the credit union acts of other states, or under the Federal Credit Union Act, associations of such corporations, or subsidiaries of such associations, may use any name or title which contains the words "credit union" or any abbreviation thereof, and such use is a Class A Misdemeanor.
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Action History

  1. Public Act . . . . . . . . . 94-0150

  2. Effective Date July 8, 2005

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Third Reading - Short Debate - Passed 114-000-001

  7. Added Alternate Chief Co-Sponsor Rep. Kurt M. Granberg

  8. Placed on Calendar Order of 3rd Reading - Short Debate

  9. Second Reading - Short Debate

  10. Added Alternate Co-Sponsor Rep. Mike Boland

  11. Placed on Calendar 2nd Reading - Short Debate

  12. Do Pass / Short Debate Financial Institutions Committee; 026-000-000

  13. Added Alternate Chief Co-Sponsor Rep. Thomas Holbrook

  14. Assigned to Financial Institutions Committee

  15. Referred to Rules Committee

  16. First Reading

  17. Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons

  18. Chief House Sponsor Rep. Angelo Saviano

  19. Placed on Calendar Order of First Reading

  20. Arrived in House

  21. Third Reading - Passed; 056-000-000

  22. Placed on Calendar Order of 3rd Reading March 2, 2005

  23. Second Reading

  24. Placed on Calendar Order of 2nd Reading March 1, 2005

  25. Do Pass Financial Institutions; 006-000-000

  26. Assigned to Financial Institutions

  27. Referred to Rules

  28. First Reading

  29. Filed with Secretary by Sen. Terry Link

Sponsors

  • Terry Link · Cosponsor
  • Mike Boland · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 2 co-sponsors · 181 not signed on

Sponsors (0)

None.

Co-sponsors (2)

  • Terry Link
  • Mike Boland

Not signed on (181)

181 members have not signed on to this bill.

Show all 181 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 114 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 102004
Democrat 9000
Republican 3000
Total 114004
% of votes cast 97%0%0%3%
How each member voted (118)
Member Party Vote
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Schock — Yea
Sommer — Yea
Soto — Yea
Younge — Yea
Acevedo — Yea
Bassi — Yea
Mathias — Yea
Beaubien — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Biggins — Yea
Mautino — Yea
Black — Not Voting
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Coulson — Yea
Mulligan — Yea
Munson — Yea
Holbrook — Yea
Jefferson — Yea
Jenisch — Yea
Osmond — Yea
Lang — Yea
Leitch — Yea
Bailey — Yea
Lindner — Yea
McAuliffe — Yea
Lyons, Eileen — Yea
McCarthy — Yea
Mendoza — Yea
Reitz — Yea
Lyons, Joseph — Yea
Meyer — Yea
Millner — Yea
Moffitt — Yea
Molaro — Yea
Scully — Yea
Tenhouse — Yea
Tryon — Yea
Turner — Yea
McGuire — Yea
Bradley, John — Yea
Bradley, Richard — Yea
Brady — Yea
Mitchell, Bill — Yea
Hannig — Yea
Burke — Yea
Sullivan — Yea
Mitchell, Jerry — Yea
Howard — Yea
Chavez — Yea
Churchill — Yea
Dugan — Yea
Dunkin — Yea
Dunn — Yea
Eddy — Yea
Flider — Yea
Flowers — Yea
Fritchey — Yea
Froehlich — Yea
Giles — Yea
Gordon — Yea
Graham — Yea
Granberg — Yea
Hamos — Yea
Hassert — Yea
Krause — Yea
Madigan — Yea
McKeon — Not Voting
Watson — Yea
Jones — Yea
Myers — Yea
Nekritz — Yea
Davis, Monique — Yea
Phelps — Yea
Poe — Not Voting
Verschoore — Yea
Wait — Yea
Washington — Yea
Winters — Yea
Colvin — Yea
Cross — Yea
Cultra — Yea
Currie — Yea
D'Amico — Yea
Daniels — Yea
Franks — Not Voting
Hultgren — Yea
Jakobsson — Yea
Kosel — Yea
Yarbrough — Yea
Osterman — Yea
Parke — Yea
Patterson — Yea
Pihos — Yea
Pritchard — Yea
Reis — Yea
Ryg — Yea
Chapa LaVia — Yea
Eva-Dina Delgado Democrat Yea
Jay Hoffman Democrat Yea
Lakesia Collins Democrat Yea
Michael J. Kelly Democrat Yea
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea

Official roll call →

Third Reading

Passed 56 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 50003
Democrat 5000
Republican 1000
Total 56003
% of votes cast 95%0%0%5%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Silverstein — Not Voting
Link — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Burzynski — Yea
Cronin — Not Voting
Garrett — Yea
Haine — Yea
Halvorson — Yea
Meeks — Yea
Schoenberg — Yea
Shadid — Yea
Sieben — Yea
Munoz — Yea
Geo-Karis — Yea
Lauzen — Yea
Brady — Yea
Luechtefeld — Yea
Sullivan, D. — Yea
Maloney — Yea
Sullivan, J. — Yea
Petka — Yea
Peterson — Yea
Jacobs — Yea
Jones, J. — Yea
Cullerton — Yea
Watson — Yea
Jones, W. — Yea
Demuzio — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Winkel — Yea
Wojcik — Yea
Clayborne — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Not Voting
Forby — Yea
Hendon — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Rauschenberger — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 173 do?
Amends the Illinois Credit Union Act. Authorizes a credit union to: (i) make reasonable contributions to certain civic, charitable, religious, or service organizations and to fundraisers to benefit persons in the credit union's service area and (ii) to act as a trustee or custodian under health savings accounts and similar tax-advantaged plans established under the federal Internal Revenue Code. Provides that loan applications shall be made in the manner prescribed by the Credit Committee, credit manager, or loan officer (now, the applications are made in writing upon a prescribed form) and may be evidenced by an electronically stored or generated record. Provides that the signature on a loan application includes any symbol executed or adopted, or any security procedure employed or adopted, using electronic means or otherwise, by or on behalf of a person with intent to authenticate a record. Prohibits any individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited partnership, or joint venture that is not an authorized user from using any name or title that contains the words "credit union" or any abbreviation thereof. Authorizes the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation to impose a penalty of up to $10,000 for each violation. Effective immediately.
Who sponsors SB 173?
SB 173 is sponsored by Terry Link and Mike Boland.
What is the current status of SB 173?
This bill has been enacted into law. Introduced February 02, 2005. Enacted.
Where can I track SB 173?
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