Fabio
92 lines
5.1 KiB
Markdown
92 lines
5.1 KiB
Markdown
---
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type: "Bill"
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title: "CREDIT UNION ACT-FUND INVEST"
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description: "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."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "95th"
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identifier: "HB 623"
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citation: "Illinois HB 623 (95th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 32
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vote_count: 2
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first_action: "2007-02-05"
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last_action: "2007-08-13"
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source: "openstates"
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source_identifier: "ocd-bill/5926daa3-5f1a-47bb-b1aa-2d842c323af1"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=623&GAID=9&DocTypeID=HB&LegId=27718&SessionID=51&GA=95"
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source_hash: "8540907828cc14424d861f1dc85434e84bacd8f4d3fccec47bc92286f873cd35"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois HB 623 (95th) — CREDIT UNION ACT-FUND INVEST
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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.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09500HB0623&GA=95&SessionId=51&DocTypeId=HB&LegID=27718&DocNum=623&GAID=9&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09500HB0623eng&GA=95&SessionId=51&DocTypeId=HB&LegID=27718&DocNum=623&GAID=9&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09500HB0623enr&GA=95&SessionId=51&DocTypeId=HB&LegID=27718&DocNum=623&GAID=9&Session=&print=true)
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## Votes
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- Third Reading — **58–0** (pass) · upper
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- Third Reading — **114–0** (pass) · lower
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## Sponsors
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- Michael K. Smith — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2007-02-05** Filed with the Clerk by Rep. Michael K. Smith `filing`
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- **2007-02-05** First Reading `reading-1`
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- **2007-02-05** Referred to Rules Committee `referral-committee`
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- **2007-02-07** Assigned to Financial Institutions Committee `referral-committee`
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- **2007-02-16** Added Co-Sponsor Rep. Kurt M. Granberg
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- **2007-02-21** Do Pass / Short Debate Financial Institutions Committee; 020-000-000 `committee-passage`
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- **2007-02-22** Placed on Calendar 2nd Reading - Short Debate
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- **2007-02-23** Second Reading - Short Debate `reading-2`
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- **2007-02-23** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2007-02-23** Added Chief Co-Sponsor Rep. Aaron Schock
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- **2007-02-23** Added Chief Co-Sponsor Rep. Thomas Holbrook
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- **2007-02-23** Added Chief Co-Sponsor Rep. Patrick J Verschoore
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- **2007-03-01** Third Reading - Short Debate - Passed 114-000-000 `reading-3, passage`
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- **2007-03-01** Added Co-Sponsor Rep. Joseph M. Lyons
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- **2007-03-01** Added Co-Sponsor Rep. Monique D. Davis
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- **2007-03-06** Arrive in Senate `introduction`
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- **2007-03-06** Placed on Calendar Order of First Reading `reading-1`
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- **2007-03-06** Chief Senate Sponsor Sen. David Koehler
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- **2007-03-06** First Reading `reading-1`
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- **2007-03-06** Referred to Rules `referral-committee`
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- **2007-03-30** Assigned to Financial Institutions `referral-committee`
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- **2007-04-19** Added as Alternate Chief Co-Sponsor Sen. Michael Noland
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- **2007-04-20** Do Pass Financial Institutions; 007-000-000 `committee-passage`
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- **2007-04-20** Placed on Calendar Order of 2nd Reading April 24, 2007
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- **2007-05-03** Second Reading `reading-2`
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- **2007-05-03** Placed on Calendar Order of 3rd Reading May 8, 2007
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- **2007-05-16** Third Reading - Passed; 058-000-000 `reading-3, passage`
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- **2007-05-16** Passed Both Houses
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- **2007-06-14** Sent to the Governor `executive-receipt`
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- **2007-08-13** Governor Approved `executive-signature`
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- **2007-08-13** Effective Date August 13, 2007
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- **2007-08-13** Public Act . . . . . . . . . 95-0124 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/5926daa3-5f1a-47bb-b1aa-2d842c323af1`. Confidence: reported (aggregated from official Illinois legislature records).
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