Reasonable fines may be levied as provided in the bylaws of each credit union and may be deducted from the share balance or added to the loan balance of a member upon whom a fine is levied. Interest or fines that may accrue to a credit union are not usurious and they may be collected under the law of this State. The shares and loans provided for in this Act are not subject to taxation.
205 ILCS 305/68
Interest, fines, not usurious-shares and loans not to be taxed
Known as the Illinois Credit Union Act
The act spans §§ 205-305-1 to 205-305-9-1 (91 sections).
P.A. 97-133, eff. 1-1-12.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.