The Illinois Credit Union League said it played a central role in advancing new legislation, establishing a fast track or expedited foreclosure process to remedy abandoned residential properties.
The Naperville-based league was involved in negotiations with state lawmakers over the last two years that led to the successful passage of Senate Bill 16. The new law balances the interests of consumers, lenders and local governments and provides solutions that address abandoned homes, according to the ICUL.
"Throughout the two-year process, the excellent reputation and respect credit unions have earned with legislators were very apparent," said Stephen R. Olson, ICUL executive vice president and general counsel. "The active participation and support of Illinois credit unions played a key part in helping to pass this critical measure."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
