Fabio
101 lines
7.3 KiB
Markdown
101 lines
7.3 KiB
Markdown
---
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type: "Bill"
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title: "CREDIT UNIONS-EXAMINATION FEES"
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description: "Amends the Illinois Credit Union Act. Provides that a credit union regulated by the Department of Financial and Professional Regulation that is a covered financial institution under the Illinois Community Reinvestment Act shall pay an examination fee to the Department subject to the rules adopted by the Department. Provides that the aggregate of all credit union examination fees collected by the Department under the Illinois Community Reinvestment Act shall be paid and transferred promptly, accompanied by a detailed statement, into the State Treasury and shall be set apart in the Credit Union Community Reinvestment Act Fund. Provides the limits to the amounts of funds that a credit union may invest in the purchase of an investment interest in a pool of loans when the investment is greater than the net worth of the credit union. Provides that credit unions may invest funds in derivatives transactions to aid in the credit union's management of interest rate risk if certain specified conditions are satisfied. Makes changes to provisions concerning conflicts between bylaws adopted by the subscribers of a credit union and the Act. Makes changes to provisions concerning rules adopted by the Secretary of Financial and Professional Regulation and the Act. Makes other changes. Amends the State Finance Act. Creates the Credit Union Community Reinvestment Act Fund. Effective immediately."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "103rd"
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identifier: "SB 3687"
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citation: "Illinois SB 3687 (103rd)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["David Koehler", "Jay Hoffman"]
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version_count: 4
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action_count: 34
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vote_count: 5
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first_action: "2024-02-09"
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last_action: "2024-08-09"
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source: "openstates"
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source_identifier: "ocd-bill/7e2317e1-b9c8-42de-8990-aca44a9a5aa8"
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source_url: "https://beta.ilga.gov/Legislation/BillStatus?DocNum=3687&GAID=17&DocTypeID=SB&LegId=153668&SessionID=112"
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source_hash: "cb440f7e0aee4144b930afe77e3950ed4e63ad5378c24d0117273057b08d1a4a"
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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 SB 3687 (103rd) — CREDIT UNIONS-EXAMINATION FEES
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Amends the Illinois Credit Union Act. Provides that a credit union regulated by the Department of Financial and Professional Regulation that is a covered financial institution under the Illinois Community Reinvestment Act shall pay an examination fee to the Department subject to the rules adopted by the Department. Provides that the aggregate of all credit union examination fees collected by the Department under the Illinois Community Reinvestment Act shall be paid and transferred promptly, accompanied by a detailed statement, into the State Treasury and shall be set apart in the Credit Union Community Reinvestment Act Fund. Provides the limits to the amounts of funds that a credit union may invest in the purchase of an investment interest in a pool of loans when the investment is greater than the net worth of the credit union. Provides that credit unions may invest funds in derivatives transactions to aid in the credit union's management of interest rate risk if certain specified conditions are satisfied. Makes changes to provisions concerning conflicts between bylaws adopted by the subscribers of a credit union and the Act. Makes changes to provisions concerning rules adopted by the Secretary of Financial and Professional Regulation and the Act. Makes other changes. Amends the State Finance Act. Creates the Credit Union Community Reinvestment Act Fund. 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](https://beta.ilga.gov/documents/legislation/103/SB/PDF/10300SB3687.pdf)
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2. **Engrossed** (committee substitute) — [source](https://beta.ilga.gov/documents/legislation/103/SB/PDF/10300SB3687eng.pdf)
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3. **Senate Amendment 001** (committee substitute) — [source](https://beta.ilga.gov/documents/legislation/103/SB/PDF/10300SB3687sam001.pdf)
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4. **Enrolled** (enrolled) — [source](https://beta.ilga.gov/documents/legislation/103/SB/PDF/10300SB3687enr.pdf)
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## Votes
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- Financial Institutions, Amendment 1 — **6–0** (pass) · lower
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- Third Reading — **58–0** (pass) · lower
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- Third Reading — **110–0** (pass) · lower
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- Financial Institutions & Licensing — **12–0** (pass) · lower
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- Financial Institutions — **7–0** (pass) · lower
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## Sponsors
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- David Koehler — primary (person)
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- Jay Hoffman — primary (person)
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- Omar Aquino — cosponsor (person)
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- Willie Preston — cosponsor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2024-02-09** Filed with Secretary by Sen. David Koehler `filing`
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- **2024-02-09** First Reading `reading-1`
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- **2024-02-09** Referred to Assignments
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- **2024-02-28** Assigned to Financial Institutions `referral-committee`
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- **2024-03-06** Postponed - Financial Institutions
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- **2024-03-13** Do Pass Financial Institutions; 007-000-000
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- **2024-03-13** Placed on Calendar Order of 2nd Reading March 14, 2024 `reading-2`
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- **2024-04-01** Senate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler `amendment-introduction`
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- **2024-04-01** Senate Floor Amendment No. 1 Referred to Assignments
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- **2024-04-09** Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
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- **2024-04-10** Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000
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- **2024-04-10** Senate Floor Amendment No. 1 Adopted `amendment-passage`
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- **2024-04-10** Second Reading `reading-2`
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- **2024-04-10** Placed on Calendar Order of 3rd Reading April 11, 2024
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- **2024-04-12** Third Reading - Passed; 058-000-000 `passage, reading-3`
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- **2024-04-12** Arrived in House `introduction`
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- **2024-04-12** Chief House Sponsor Rep. Jay Hoffman
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- **2024-04-12** Added as Co-Sponsor Sen. Omar Aquino
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- **2024-04-12** Added as Co-Sponsor Sen. Willie Preston
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- **2024-04-15** First Reading `reading-1`
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- **2024-04-15** Referred to Rules Committee
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- **2024-04-24** Assigned to Financial Institutions and Licensing Committee `referral-committee`
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- **2024-04-30** Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
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- **2024-05-01** Placed on Calendar 2nd Reading - Short Debate `reading-2`
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- **2024-05-16** Second Reading - Short Debate `reading-2`
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- **2024-05-16** Held on Calendar Order of Second Reading - Short Debate `reading-2`
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- **2024-05-17** Third Reading/Final Action Deadline Extended-9(b) May 24, 2024
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- **2024-05-22** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2024-05-22** Third Reading - Short Debate - Passed 110-000-000 `passage, reading-3`
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- **2024-05-22** Passed Both Houses
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- **2024-06-20** Sent to the Governor `executive-receipt`
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- **2024-08-09** Governor Approved `executive-signature`
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- **2024-08-09** Effective Date August 9, 2024
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- **2024-08-09** Public Act . . . . . . . . . 103-1034 `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/7e2317e1-b9c8-42de-8990-aca44a9a5aa8`. Confidence: reported (aggregated from official Illinois legislature records).
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