CREDIT UNIONS-REGULATIONS House SponsorsRep. Thomas Holbrook-Bill Mitchell-Michael K. Smith-Patrick J. Verschoore-Daniel V. Beiser and Lisa M. Dugan Senate Sponsors(Sen. William R. Haine-David Koehler and Bill Brady) 8/7/2009HousePublic Act . . . . . . . . . 96-0141 205 ILCS 305/34from Ch. 17, par. 4435205 ILCS 305/42from Ch. 17, par. 4443205 ILCS 305/42.5 new205 ILCS 305/46from Ch. 17, par. 4447 Amends the Illinois Credit Union Act. Provides that in determining the appropriate balance in the allowance for loan losses account, a credit union may determine its historical loss rate using a defined period of time of less than 5 years, provided that specified criteria are met. Provides that shares issued in trust may serve as the subscription to a share required under specified provisions for a trustee having the same social security number as the grantor. Contains provisions concerning marketing of services by a credit union. Provides that credit unions may make residential real estate mortgage loans on terms and conditions established by the United States Department of Agriculture through its Rural Development Housing and Community Facilities Program and that the portion of any loan in excess of the appraised value of the real estate shall be allocable only to the guarantee fee required under the program. Imposes conditions on any rulemaking authority. Effective immediately.House Committee Amendment No. 1 Deletes reference to:205 ILCS 305/42from Ch. 17, par. 4443Deletes language that provides that shares issued in trust may serve as the subscription to a share required under specified provisions for a trustee having the same social security number as the grantor. Deletes language that imposes conditions on any rulemaking authority. 1/26/2009HouseFiled with the Clerk by Rep. Thomas Holbrook 1/27/2009HouseFirst Reading 1/27/2009HouseReferred to Rules Committee 2/11/2009HouseAssigned to Financial Institutions Committee 2/18/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee 2/18/2009HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote 2/18/2009HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 019-000-000 2/19/2009HousePlaced on Calendar 2nd Reading - Short Debate 2/19/2009HouseAdded Chief Co-Sponsor Rep. Bill Mitchell 2/19/2009HouseAdded Chief Co-Sponsor Rep. Michael K. Smith 2/19/2009HouseAdded Chief Co-Sponsor Rep. Patrick J. Verschoore 2/19/2009HouseAdded Chief Co-Sponsor Rep. Daniel V. Beiser 2/24/2009HouseSecond Reading - Short Debate 2/24/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/3/2009HouseAdded Co-Sponsor Rep. Lisa M. Dugan 3/3/2009HouseThird Reading - Short Debate - Passed 070-034-000 3/4/2009SenateArrive in Senate 3/4/2009SenatePlaced on Calendar Order of First Reading March 5, 2009 3/5/2009SenateChief Senate Sponsor Sen. William R. Haine 3/6/2009SenateFirst Reading 3/6/2009SenateReferred to Assignments 4/22/2009SenateAssigned to Financial Institutions 4/30/2009SenateDo Pass Financial Institutions; 011-000-000 4/30/2009SenatePlaced on Calendar Order of 2nd Reading May 5, 2009 4/30/2009SenateAdded as Alternate Chief Co-Sponsor Sen. David Koehler 5/7/2009SenateSecond Reading 5/7/2009SenatePlaced on Calendar Order of 3rd Reading May 12, 2009 5/13/2009SenateAdded as Alternate Co-Sponsor Sen. Bill Brady 5/13/2009SenateThird Reading - Passed; 056-000-001 5/13/2009HousePassed Both Houses 6/11/2009HouseSent to the Governor 8/7/2009HouseGovernor Approved 8/7/2009HouseEffective Date August 7, 2009 8/7/2009HousePublic Act . . . . . . . . . 96-0141