§ 1 This Act may be cited as the Illinois Credit Union Act
§ 1.1 Definitions
§ 2 Organization procedure
§ 3 Form of articles and bylaws
§ 4 Amendments to articles of incorporation and bylaws
§ 5 Place of business
§ 6 Fiscal Year
§ 7 Reciprocity; out-of-state credit unions
§ 8 Secretary’s powers and duties
§ 9 Reports and examinations
§ 9.1 Disclosures of reports of examinations and confidential supervisory information; limitations
§ 10 Credit union records; member financial records
§ 10.1 Retention of records
§ 11 Board of credit union advisors
§ 12 Regulatory fees
§ 13 General powers
§ 13a Non-English language transactions
§ 14 Incidental powers
§ 15 Membership defined
§ 16 Societies and associations
§ 16.1 Service to the economically disadvantaged
§ 17 Members who leave field
§ 18 Liability of members
§ 19 Meeting of members
§ 20 Election or appointment of officials
§ 21 Record of board and committee members
§ 22 Vacancies
§ 23 Compensation of officials
§ 24 Conflicts of interest
§ 25 Indemnification
§ 26 Executive officers
§ 27 Authority of directors
§ 28 Executive committee
§ 29 Meetings of directors
§ 30 Duties of directors
§ 31 Supervision of loans
§ 32 Meetings of credit committee
§ 33 Credit manager
§ 34 Duties of supervisory committee
§ 34.1 Compliance review
§ 35 Suspension and removal of officials
§ 36 Calling of special meetings
§ 37 Shares and classes of shares
§ 38 Dividends
§ 39 Special purpose share accounts; charitable donation accounts
§ 40 Shares to minors
§ 41 Joint accounts
§ 42 Shares in trust
§ 42.5 Marketing of services
§ 42.7 Savings promotion raffle
§ 43 Liens
§ 43.1 Enforcement of child support
§ 44 Share accounts; garnishment
§ 45 Reduction in shares
§ 46 Loans and interest rate
§ 47 Loan applications
§ 48 Loan limit
§ 49 Security
§ 50 Line of credit
§ 51 Other loan programs
§ 52 Loans to directors, officers, credit committee, and supervisory committee members
§ 53 Loans to credit unions
§ 54 Loans to associations
§ 55 Insurance for members
§ 56 Liability insurance for directors and officers
§ 57 Group purchasing and marketing
§ 57.1 Services to other credit unions
§ 58 Share insurance
§ 59 Investment of funds
§ 60 Reserves
§ 61 Suspension
§ 62 Liquidation
§ 63 Merger and consolidation
§ 64 Conversion of charter
§ 64.5 Continuation of corporate entity
§ 64.7 Network credit unions
§ 65 Conformity with Federal Credit Union Act
§ 66 Illegal loans
§ 67 Use of public property
§ 68 Interest, fines, not usurious-shares and loans not to be taxed
§ 69 Effect of invalidity of part of this Act
§ 69.1 Review under Administrative Review Law
§ 70 Use of name, sentence
§ 71 False statements
§ 72 Repeal

Terms Used In Illinois Compiled Statutes > 205 ILCS 305

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appraisal: A determination of property value.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Commerce and Economic Opportunity. See Illinois Compiled Statutes 30 ILCS 780/5-5
  • Dependent: A person dependent for support upon another.
  • Donee: The recipient of a gift.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Legatee: A beneficiary of a decedent
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • National school lunch program: means a program administered by the U. See Illinois Compiled Statutes 30 ILCS 780/5-5
  • oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probate: Proving a will
  • Quorum: The number of legislators that must be present to do business.
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supplemental appropriation: Budget authority provided in an appropriations act in addition to regular or continuing appropriations already provided. Supplemental appropriations generally are made to cover emergencies, such as disaster relief, or other needs deemed too urgent to be postponed until the enactment of next year's regular appropriations act.
  • Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Venue: The geographical location in which a case is tried.