Fabio
95 lines
6.3 KiB
Markdown
95 lines
6.3 KiB
Markdown
---
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type: "Bill"
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title: "CREDIT UNIONS-REGULATIONS"
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description: "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."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "96th"
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identifier: "HB 348"
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citation: "Illinois HB 348 (96th)"
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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: 34
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vote_count: 2
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first_action: "2009-01-26"
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last_action: "2009-08-07"
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source: "openstates"
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source_identifier: "ocd-bill/197024ec-561b-4023-8076-30181d563a17"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=348&GAID=10&DocTypeID=HB&LegId=40541&SessionID=76&GA=96"
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source_hash: "e66117f3edba757879df716d38dbeb9b219ed9cd62a1de442597ccd904796544"
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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 348 (96th) — CREDIT UNIONS-REGULATIONS
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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.
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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=09600HB0348&GA=96&SessionId=76&DocTypeId=HB&LegID=40541&DocNum=348&GAID=10&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600HB0348eng&GA=96&SessionId=76&DocTypeId=HB&LegID=40541&DocNum=348&GAID=10&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600HB0348enr&GA=96&SessionId=76&DocTypeId=HB&LegID=40541&DocNum=348&GAID=10&Session=&print=true)
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## Votes
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- Third Reading — **70–34** (pass) · lower
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- Third Reading — **56–0** (pass) · upper
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## Sponsors
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- Bill Brady — cosponsor (person)
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- Thomas Holbrook — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2009-01-26** Filed with the Clerk by Rep. Thomas Holbrook `filing`
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- **2009-01-27** First Reading `reading-1`
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- **2009-01-27** Referred to Rules Committee `referral-committee`
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- **2009-02-11** Assigned to Financial Institutions Committee `referral-committee`
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- **2009-02-18** House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee `amendment-introduction`
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- **2009-02-18** House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote `amendment-passage`
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- **2009-02-18** Do Pass as Amended / Short Debate Financial Institutions Committee; 019-000-000 `committee-passage`
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- **2009-02-19** Placed on Calendar 2nd Reading - Short Debate
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- **2009-02-19** Added Chief Co-Sponsor Rep. Bill Mitchell
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- **2009-02-19** Added Chief Co-Sponsor Rep. Michael K. Smith
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- **2009-02-19** Added Chief Co-Sponsor Rep. Patrick J. Verschoore
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- **2009-02-19** Added Chief Co-Sponsor Rep. Daniel V. Beiser
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- **2009-02-24** Second Reading - Short Debate `reading-2`
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- **2009-02-24** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2009-03-03** Added Co-Sponsor Rep. Lisa M. Dugan
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- **2009-03-03** Third Reading - Short Debate - Passed 070-034-000 `reading-3, passage`
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- **2009-03-04** Arrive in Senate `introduction`
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- **2009-03-04** Placed on Calendar Order of First Reading March 5, 2009 `reading-1`
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- **2009-03-05** Chief Senate Sponsor Sen. William R. Haine
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- **2009-03-06** First Reading `reading-1`
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- **2009-03-06** Referred to Assignments `referral-committee`
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- **2009-04-22** Assigned to Financial Institutions `referral-committee`
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- **2009-04-30** Do Pass Financial Institutions; 011-000-000 `committee-passage`
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- **2009-04-30** Placed on Calendar Order of 2nd Reading May 5, 2009
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- **2009-04-30** Added as Alternate Chief Co-Sponsor Sen. David Koehler
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- **2009-05-07** Second Reading `reading-2`
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- **2009-05-07** Placed on Calendar Order of 3rd Reading May 12, 2009
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- **2009-05-13** Added as Alternate Co-Sponsor Sen. Bill Brady
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- **2009-05-13** Third Reading - Passed; 056-000-001 `reading-3, passage`
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- **2009-05-13** Passed Both Houses
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- **2009-06-11** Sent to the Governor `executive-receipt`
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- **2009-08-07** Governor Approved `executive-signature`
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- **2009-08-07** Effective Date August 7, 2009
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- **2009-08-07** Public Act . . . . . . . . . 96-0141 `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/197024ec-561b-4023-8076-30181d563a17`. Confidence: reported (aggregated from official Illinois legislature records).
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