SPRINGFIELD, Ill. — Illinois Governor Rod Blagojevich has recently signed three Illinois Credit Union League-initiated legislative measures into law.
H.B. 352 would amend the state law to give each natural person member one vote despite the number of shares, in person or by proxy, the person has, in director elections. The bill passed the Illinois State House unanimously and by a vote of 54-1 in the Senate. It was signed into law Aug. 10.
A separate bill, H.B. 623, would exempt credit unions investing for an employee benefit plan obligation from the investment limitations of the state law for the term of the plan. The law was signed Aug. 13 and is effective immediately.
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H.B. 1288 makes "technical enhancements" to the Illinois Credit Union Act, including mandating examiner training; clarifying when board terms begin and end; authorizing credit union boards to delegate loan and dividend rate setting authority; allowing credit unions to purchase debt from other credit unions for asset and liability management purposes; and prohibiting the name of an existing credit union from being used in marketing other than the credit union.
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