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Illinois Credit Union Act

Illinois · Financial Regulation · §§ 205-305-1 to 205-305-9-1 · 91 sections

Overview

The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Enacted in other states

Connecticut, Florida, Iowa, Idaho, Maryland, Montana, Nebraska, New Hampshire, New Mexico, Oregon, South Carolina, Texas

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