republic-os/legislation/us/states/il/95th/hb-1288.md

---
type: "Bill"
title: "CREDIT UNION-REGULATIONS"
description: "Amends the Illinois Credit Union Act. Provides that a credit union organized under the laws of Illinois may elect to adopt an assumed corporate name that is not impermissible under applicable law. Establishes the requirements for a credit union to operate under an assumed corporate name. Provides additional criteria that the Director of the Illinois Department of Financial Institutions may use to direct and supervise all the administrative and technical activities of the Illinois Department of Financial Institutions. Contains provisions concerning the rules of office for Directors. Allows a credit union to purchase certain instruments that evidence an indebtedness of its members or of members of another credit union (now, a credit union may only purchase certain instruments of its members). Prohibits those other than an authorized user, without permission, from using the name of or a name similar to the name of an existing credit union when marketing or soliciting business from members or prospective members and provides penalties against those who violate the provision. Effective immediately."
jurisdiction: "us/states/il"
legislature: "Illinois General Assembly"
session: "95th"
identifier: "HB 1288"
citation: "Illinois HB 1288 (95th)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 29
vote_count: 2
first_action: "2007-02-15"
last_action: "2007-08-13"
source: "openstates"
source_identifier: "ocd-bill/d4dc65ad-6c05-4e35-9919-cd0d4f7e3788"
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=1288&GAID=9&DocTypeID=HB&LegId=30053&SessionID=51&GA=95"
source_hash: "ac209179cb6494bdd86c863b6f18db9ee3d1f578b576f3f1d092c869ddf9ab13"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-il"]
---

# Illinois HB 1288 (95th) — CREDIT UNION-REGULATIONS

Amends the Illinois Credit Union Act. Provides that a credit union organized under the laws of Illinois may elect to adopt an assumed corporate name that is not impermissible under applicable law. Establishes the requirements for a credit union to operate under an assumed corporate name. Provides additional criteria that the Director of the Illinois Department of Financial Institutions may use to direct and supervise all the administrative and technical activities of the Illinois Department of Financial Institutions. Contains provisions concerning the rules of office for Directors. Allows a credit union to purchase certain instruments that evidence an indebtedness of its members or of members of another credit union (now, a credit union may only purchase certain instruments of its members). Prohibits those other than an authorized user, without permission, from using the name of or a name similar to the name of an existing credit union when marketing or soliciting business from members or prospective members and provides penalties against those who violate the provision. Effective immediately.

## Version chain

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

1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09500HB1288&GA=95&SessionId=51&DocTypeId=HB&LegID=30053&DocNum=1288&GAID=9&Session=&print=true)
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09500HB1288eng&GA=95&SessionId=51&DocTypeId=HB&LegID=30053&DocNum=1288&GAID=9&Session=&print=true)
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09500HB1288enr&GA=95&SessionId=51&DocTypeId=HB&LegID=30053&DocNum=1288&GAID=9&Session=&print=true)

## Votes

- Third Reading — **57–0** (pass) · upper
- Third Reading — **113–0** (pass) · lower

## Sponsors

- Thomas Holbrook — primary (person)

## Timeline

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

- **2007-02-15** Filed with the Clerk by Rep. Thomas Holbrook `filing`
- **2007-02-20** First Reading `reading-1`
- **2007-02-20** Referred to Rules Committee `referral-committee`
- **2007-02-22** Assigned to Financial Institutions Committee `referral-committee`
- **2007-03-06** House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee `amendment-introduction`
- **2007-03-06** House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote `amendment-passage`
- **2007-03-06** Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000 `committee-passage`
- **2007-03-07** Placed on Calendar 2nd Reading - Short Debate
- **2007-03-07** Added Chief Co-Sponsor Rep. Joseph M. Lyons
- **2007-03-13** Second Reading - Short Debate `reading-2`
- **2007-03-13** Placed on Calendar Order of 3rd Reading - Short Debate
- **2007-03-22** Third Reading - Short Debate - Passed 113-000-000 `reading-3, passage`
- **2007-03-27** Arrive in Senate `introduction`
- **2007-03-27** Placed on Calendar Order of First Reading March 28, 2007 `reading-1`
- **2007-03-27** Chief Senate Sponsor Sen. William R. Haine
- **2007-03-28** First Reading `reading-1`
- **2007-03-28** Referred to Rules `referral-committee`
- **2007-03-30** Assigned to Financial Institutions `referral-committee`
- **2007-04-20** Do Pass Financial Institutions; 006-000-000 `committee-passage`
- **2007-04-20** Placed on Calendar Order of 2nd Reading April 24, 2007
- **2007-04-20** Added as Alternate Chief Co-Sponsor Sen. Dan Rutherford
- **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; 057-000-000 `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 . . . . . . . . . 95-0098 `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/d4dc65ad-6c05-4e35-9919-cd0d4f7e3788`. Confidence: reported (aggregated from official Illinois legislature records).