Illinois Compiled Statutes 205 Financial Regulation: Article -

• Illinois Credit Union Act. - 205 ILCS 305, Section 1
  This Act may be cited as the Illinois Credit Union Act. (Source: P.A. 86-1475.)
• Illinois Credit Union Act. - 205 ILCS 305, Section 1.1
  Definitions. Credit Union - The term "credit union" means a cooperative, non-profit association, incorporated under this Act, under the laws of the United States of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 2
  Organization Procedure. (1) Any 9 or more persons of legal age, the majority of whom shall be residents of the State of Illinois, who have...
• Illinois Credit Union Act. - 205 ILCS 305, Section 3
  Form of articles and bylaws. The Secretary shall provide, at no charge, a form of articles of incorporation and a form of bylaws which may...
• Illinois Credit Union Act. - 205 ILCS 305, Section 4
  Amendments to articles of incorporation and bylaws. Amendments to the articles of incorporation may be made by the members at any regular or special meeting,...
• Illinois Credit Union Act. - 205 ILCS 305, Section 5
  Place of business. (1) A credit union may change its principal place of business within this State upon 45 days prior written notice to...
• Illinois Credit Union Act. - 205 ILCS 305, Section 6
  Fiscal Year. The fiscal year of each credit union organized under this Act shall end on December 31 of each year. (Source: P.A. 81-329.)
• Illinois Credit Union Act. - 205 ILCS 305, Section 7
  Reciprocity - out of state credit unions. (1) A credit union organized and duly chartered as a credit union in another state shall be permitted...
• Illinois Credit Union Act. - 205 ILCS 305, Section 8
  Secretary's powers and duties. Credit unions are regulated by the Department. The Secretary in executing the powers and discharging the duties vested by law in...
• Illinois Credit Union Act. - 205 ILCS 305, Section 9
  Reports and examinations. (1) Credit unions shall report to the Department on forms supplied by the Department, in accordance with a schedule published by the...
• Illinois Credit Union Act. - 205 ILCS 305, Section 9.1
  Disclosures of reports of examinations and confidential supervisory information; limitations. (1) Any report of examination, visitation, or investigation prepared by the Secretary under this Act...
• Illinois Credit Union Act. - 205 ILCS 305, Section 10
  Credit union records; member financial records. (1) A credit union shall establish and maintain books, records, accounting systems and procedures which accurately reflect its operations...
• Illinois Credit Union Act. - 205 ILCS 305, Section 10.1
  Retention of records. Unless a federal law requires otherwise, the Secretary and the Director may by rule prescribe periods of time for which credit unions...
• Illinois Credit Union Act. - 205 ILCS 305, Section 11
  Board of credit union advisors. (1) There shall be a board of credit union advisors who shall consult with, advise, and make recommendations to the...
• Illinois Credit Union Act. - 205 ILCS 305, Section 12
  Regulatory fees. (1) For the fiscal year beginning July 1, 2007, a credit union regulated by the Department shall pay a regulatory fee to the...
• Illinois Credit Union Act. - 205 ILCS 305, Section 13
  General powers. A credit union may: (1) Make contracts; sue and be sued; and adopt and use a common seal and alter the same; (2)...
• Illinois Credit Union Act. - 205 ILCS 305, Section 13a
  Non-English language transactions. A credit union may conduct transactions in a language other than English through an employee or agent acting as interpreter or...
• Illinois Credit Union Act. - 205 ILCS 305, Section 14
  Incidental powers. A credit union may exercise such incidental powers as are granted corporations organized under the laws of this State including, to the extent...
• Illinois Credit Union Act. - 205 ILCS 305, Section 15
  Membership defined. (1) The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and such...
• Illinois Credit Union Act. - 205 ILCS 305, Section 16
  Societies and associations. Societies, associations, clubs, partnerships, corporations, and limited liability companies in which the majority of the members, partners, or shareholders are individuals who...
• Illinois Credit Union Act. - 205 ILCS 305, Section 16.1
  Service to the economically disadvantaged. (a) Persons who reside in investment areas as defined in the Community Development Banking and Financial Institutions Act of 1994...
• Illinois Credit Union Act. - 205 ILCS 305, Section 17
  Members who leave field. Nothing in this Act shall be construed to impair the charter of an existing credit union, prevent the merger of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 18
  Liability of members. The members of the credit union shall not be personally or individually liable for the payment of its debts. A reduction...
• Illinois Credit Union Act. - 205 ILCS 305, Section 19
  Meeting of members. (1) The annual meeting shall be held each year during the months of January, February or March or such other month as...
• Illinois Credit Union Act. - 205 ILCS 305, Section 20
  Election or appointment of officials. (1) The credit union shall be directed by a board of directors consisting of no less than 7 in number,...
• Illinois Credit Union Act. - 205 ILCS 305, Section 21
  Record of board and committee members. Within 30 days after election or appointment, the names and addresses of the members of the board of directors,...
• Illinois Credit Union Act. - 205 ILCS 305, Section 22
  Vacancies. (a) The board of directors shall, by appointment from among the credit union members, fill any vacancies occurring on the board for the remainder...
• Illinois Credit Union Act. - 205 ILCS 305, Section 23
  Compensation of officials. (1) No director or committee member may receive compensation for his service as such. "Compensation" as used in this subsection (1) refers...
• Illinois Credit Union Act. - 205 ILCS 305, Section 24
  Conflicts of interest. No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the...
• Illinois Credit Union Act. - 205 ILCS 305, Section 25
  Indemnification. A credit union may indemnify any and all of its directors, committee members, officers or employees or former directors, committee members, officers or employees...
• Illinois Credit Union Act. - 205 ILCS 305, Section 26
  Executive officers. (1) At their first meeting, the board of directors shall elect from among their own number a chairman of the board and one...
• Illinois Credit Union Act. - 205 ILCS 305, Section 27
  Authority of directors. (1) The board of directors shall be charged with and have control over the general management of the operations, funds and records...
• Illinois Credit Union Act. - 205 ILCS 305, Section 28
  Executive committee. From the persons elected to the board, the board may appoint an executive committee of not less than 3 directors who may be...
• Illinois Credit Union Act. - 205 ILCS 305, Section 29
  Meetings of directors. (1) The board of directors and the executive committee shall meet as often as necessary, but one body must meet at...
• Illinois Credit Union Act. - 205 ILCS 305, Section 30
  Duties of directors. (a) It shall be the duty of the directors to: (1) Review actions on applications for membership. A record of the membership...
• Illinois Credit Union Act. - 205 ILCS 305, Section 31
  Supervision of loans. The credit committee shall have the general supervision of all loans and lines of credit to members. If no credit committee has...
• Illinois Credit Union Act. - 205 ILCS 305, Section 32
  Meetings of credit committee. If a credit committee has been appointed by the board, the provisions of this Section shall apply. The credit committee shall...
• Illinois Credit Union Act. - 205 ILCS 305, Section 33
  Credit manager. (1) The credit committee may or, if no credit committee has been appointed, the board of directors shall appoint a credit manager who...
• Illinois Credit Union Act. - 205 ILCS 305, Section 34
  Duties of supervisory committee. (1) The supervisory committee shall make or cause to be made an annual internal audit of the books and affairs of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 34.1
  Compliance review. (a) As used in this Section: "Affiliate" means an organization established to serve the needs of credit unions, the business of which...
• Illinois Credit Union Act. - 205 ILCS 305, Section 35
  Suspension and removal of officials. (1) The supervisory committee, by a unanimous vote of the whole committee, may suspend any member of the credit committee...
• Illinois Credit Union Act. - 205 ILCS 305, Section 36
  Calling of special meetings. The supervisory committee, by a majority vote, may, after written notice of its intended action is first given to the board...
• Illinois Credit Union Act. - 205 ILCS 305, Section 37
  Shares and classes of shares. (1) The capital of a credit union shall consist of the payments made by members for shares of the credit...
• Illinois Credit Union Act. - 205 ILCS 305, Section 38
  Dividends. The board of directors may declare a dividend to be paid periodically from net earnings or undivided earnings and distributed ratably among holders of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 39
  Special purpose share accounts; charitable donation accounts. (1) If provided for in and consistent with the bylaws, Christmas clubs, vacation clubs and other special purpose...
• Illinois Credit Union Act. - 205 ILCS 305, Section 40
  Shares to minors. Shares may be issued in the name of a minor or in the name of a custodian under the Illinois Uniform Transfers...
• Illinois Credit Union Act. - 205 ILCS 305, Section 41
  Joint accounts. Shares shall be issued in the name of the owner and may be issued in the name of 2 or more persons in...
• Illinois Credit Union Act. - 205 ILCS 305, Section 42
  Shares in trust. (1) Shares may be issued in trust to a member as trustee or to an individual or corporate trustee. If a corporate...
• Illinois Credit Union Act. - 205 ILCS 305, Section 42.5
  Marketing of services. For purposes of promoting its services to persons eligible for membership, a credit union may sell to persons within its field of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 43
  Liens. Without being required to take any action to perfect the same, a credit union shall have a lien on the shares, accumulated dividends...
• Illinois Credit Union Act. - 205 ILCS 305, Section 43.1
  Enforcement of child support. (a) Any credit union governed by this Act shall encumber or surrender accounts or assets held by the credit union on...
• Illinois Credit Union Act. - 205 ILCS 305, Section 44
  Share accounts; garnishment. A credit union may be subject to garnishment proceedings concerning the share accounts of its members. (Source: P.A. 97-133, eff. 1-1-12.)
• Illinois Credit Union Act. - 205 ILCS 305, Section 45
  Reduction in shares. Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its...
• Illinois Credit Union Act. - 205 ILCS 305, Section 46
  Loans and interest rate. (1) A credit union may make loans to its members for such purpose and upon such security and terms, including rates...
• Illinois Credit Union Act. - 205 ILCS 305, Section 46.1
  Non-recourse reverse mortgage loans. Any credit union authorized under this Act to make loans secured by an interest or equity in real estate may make...
• Illinois Credit Union Act. - 205 ILCS 305, Section 46.2
  Reverse mortgage; disclosure. At the time a reverse mortgage loan is made, the lender must provide to the mortgagor a separate document that informs...
• Illinois Credit Union Act. - 205 ILCS 305, Section 47
  Loan applications. Every application for a loan shall be made in the manner prescribed by the credit committee, credit manager, or loan officer. The application...
• Illinois Credit Union Act. - 205 ILCS 305, Section 48
  Loan limit. Within any limitations set forth in the bylaws of the credit union, the board of directors may place a limit upon the aggregate...
• Illinois Credit Union Act. - 205 ILCS 305, Section 49
  Security. In addition to generally accepted types of security, the endorsement of a note by a surety, comaker or guarantor, or assignment of shares or...
• Illinois Credit Union Act. - 205 ILCS 305, Section 50
  Line of credit. (1) A credit union may grant a self-replenishing line of credit to a member up to a stated maximum amount. The...
• Illinois Credit Union Act. - 205 ILCS 305, Section 51
  Other loan programs. (1) Subject to such rules and regulations as the Secretary may promulgate, a credit union may participate in loans to credit union...
• Illinois Credit Union Act. - 205 ILCS 305, Section 52
  Loans to directors, officers, credit committee, credit manager, and supervisory committee members. A credit union may make loans to its directors, officers, credit committee members,...
• Illinois Credit Union Act. - 205 ILCS 305, Section 53
  Loans to credit unions. A credit union may make loans to other credit unions if so provided and within the limits set forth in its...
• Illinois Credit Union Act. - 205 ILCS 305, Section 54
  Loans to associations. A credit union may make loans to any credit union association or corporation, of which the credit union is a member or...
• Illinois Credit Union Act. - 205 ILCS 305, Section 55
  Insurance for members. (1) A credit union may purchase or make available insurance for its members. (2) A credit union may enter into cooperative marketing...
• Illinois Credit Union Act. - 205 ILCS 305, Section 56
  Liability insurance for directors and officers. A credit union may purchase and maintain insurance on behalf of any person who is or was a director,...
• Illinois Credit Union Act. - 205 ILCS 305, Section 57
  Group purchasing. A credit union may, consistent with rules and regulations promulgated by the Secretary, enter into cooperative marketing arrangements to facilitate its members' voluntary...
• Illinois Credit Union Act. - 205 ILCS 305, Section 57.1
  Services to other credit unions. (a) A credit union may act as a representative of and enter into an agreement with credit unions or other...
• Illinois Credit Union Act. - 205 ILCS 305, Section 58
  Share insurance. (1) Each credit union operating in this State shall insure its share accounts with the NCUA, under 12 U.S.C. 1781 to 1790 or...
• Illinois Credit Union Act. - 205 ILCS 305, Section 59
  Investment of funds. (a) Funds not used in loans to members may be invested, pursuant to subsection (7) of Section 30 of this Act, and...
• Illinois Credit Union Act. - 205 ILCS 305, Section 60
  Reserves. (A) At the end of each accounting period the gross income shall be determined. From this amount, there shall be set aside, as a...
• Illinois Credit Union Act. - 205 ILCS 305, Section 61
  Suspension. (1) If the Secretary determines that any credit union is bankrupt, insolvent, impaired or that it has violated this Act, or is operating in...
• Illinois Credit Union Act. - 205 ILCS 305, Section 62
  Liquidation. (1) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this Section. (2) The board of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 63
  Merger and consolidation. (1) Any two or more credit unions, regardless of whether or not they have the same common bond, may merge or consolidate...
• Illinois Credit Union Act. - 205 ILCS 305, Section 64
  Conversion of charter. A credit union chartered under the laws of this State may be converted to a credit union chartered under the laws of...
• Illinois Credit Union Act. - 205 ILCS 305, Section 64.5
  Continuation of corporate entity. (a) For purposes of this Section, a "resulting credit union" means an Illinois-chartered credit union that is the surviving credit union...
• Illinois Credit Union Act. - 205 ILCS 305, Section 65
  Conformity with Federal Credit Union Act. After the effective date of this Act, any credit union incorporated under the laws of this State shall have...
• Illinois Credit Union Act. - 205 ILCS 305, Section 66
  Illegal loans. (1) Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates...
• Illinois Credit Union Act. - 205 ILCS 305, Section 67
  Use of public property. Any credit union, the membership of which consists primarily of employees of this State or of any county, city, village, incorporated...
• Illinois Credit Union Act. - 205 ILCS 305, Section 68
  Interest, fines, not usurious-shares and loans not to be taxed. Reasonable fines may be levied as provided in the bylaws of each credit union and...
• Illinois Credit Union Act. - 205 ILCS 305, Section 69
  Effect of invalidity of part of this Act. If a court of competent jurisdiction shall adjudge to be invalid or unconstitutional any clause, sentence, paragraph,...
• Illinois Credit Union Act. - 205 ILCS 305, Section 69.1
  Review under Administrative Review Law. The provisions of the Administrative Review Law, and all amendments and modifications thereof and the rules adopted pursuant thereto, shall...
• Illinois Credit Union Act. - 205 ILCS 305, Section 70
  Use of name, sentence. (a) No individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited...
• Illinois Credit Union Act. - 205 ILCS 305, Section 71
  False statements. Any person who knowingly makes any false statement or report upon any application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment or loan...
• Illinois Credit Union Act. - 205 ILCS 305, Section 72
  Repeal. "An Act to revise the law in relation to credit unions and to repeal a certain act therein named", approved June 16, 1953,...

Last modified: February 18, 2015