republic-os/legislation/us/states/il/95th/hb-623.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	CREDIT UNION ACT-FUND INVEST	Amends the Illinois Credit Union Act. 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.	us/states/il	Illinois General Assembly	95th	HB 623	Illinois HB 623 (95th)	bill		enacted		3	32	2	2007-02-05	2007-08-13	openstates	ocd-bill/5926daa3-5f1a-47bb-b1aa-2d842c323af1	http://ilga.gov/legislation/BillStatus.asp?DocNum=623&GAID=9&DocTypeID=HB&LegId=27718&SessionID=51&GA=95	8540907828cc14424d861f1dc85434e84bacd8f4d3fccec47bc92286f873cd35	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-il

Illinois HB 623 (95th) — CREDIT UNION ACT-FUND INVEST

Amends the Illinois Credit Union Act. 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.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Introduced (filed) — source
2. Engrossed (committee substitute) — source
3. Enrolled (enrolled) — source

Votes

• Third Reading — 58–0 (pass) · upper
• Third Reading — 114–0 (pass) · lower

Sponsors

• Michael K. Smith — primary (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2007-02-05 Filed with the Clerk by Rep. Michael K. Smith filing
• 2007-02-05 First Reading reading-1
• 2007-02-05 Referred to Rules Committee referral-committee
• 2007-02-07 Assigned to Financial Institutions Committee referral-committee
• 2007-02-16 Added Co-Sponsor Rep. Kurt M. Granberg
• 2007-02-21 Do Pass / Short Debate Financial Institutions Committee; 020-000-000 committee-passage
• 2007-02-22 Placed on Calendar 2nd Reading - Short Debate
• 2007-02-23 Second Reading - Short Debate reading-2
• 2007-02-23 Placed on Calendar Order of 3rd Reading - Short Debate
• 2007-02-23 Added Chief Co-Sponsor Rep. Aaron Schock
• 2007-02-23 Added Chief Co-Sponsor Rep. Thomas Holbrook
• 2007-02-23 Added Chief Co-Sponsor Rep. Patrick J Verschoore
• 2007-03-01 Third Reading - Short Debate - Passed 114-000-000 reading-3, passage
• 2007-03-01 Added Co-Sponsor Rep. Joseph M. Lyons
• 2007-03-01 Added Co-Sponsor Rep. Monique D. Davis
• 2007-03-06 Arrive in Senate introduction
• 2007-03-06 Placed on Calendar Order of First Reading reading-1
• 2007-03-06 Chief Senate Sponsor Sen. David Koehler
• 2007-03-06 First Reading reading-1
• 2007-03-06 Referred to Rules referral-committee
• 2007-03-30 Assigned to Financial Institutions referral-committee
• 2007-04-19 Added as Alternate Chief Co-Sponsor Sen. Michael Noland
• 2007-04-20 Do Pass Financial Institutions; 007-000-000 committee-passage
• 2007-04-20 Placed on Calendar Order of 2nd Reading April 24, 2007
• 2007-05-03 Second Reading reading-2
• 2007-05-03 Placed on Calendar Order of 3rd Reading May 8, 2007
• 2007-05-16 Third Reading - Passed; 058-000-000 reading-3, passage
• 2007-05-16 Passed Both Houses
• 2007-06-14 Sent to the Governor executive-receipt
• 2007-08-13 Governor Approved executive-signature
• 2007-08-13 Effective Date August 13, 2007
• 2007-08-13 Public Act . . . . . . . . . 95-0124 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/5926daa3-5f1a-47bb-b1aa-2d842c323af1. Confidence: reported (aggregated from official Illinois legislature records).