§ 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
§ 10.2 Electronic 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
§ 44.1 Unclaimed property; dormancy or escheat fee
§ 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

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Conviction: A judgement of guilt against a criminal 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • 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
  • 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.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • 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.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • 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.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • 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
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Venue: The geographical location in which a case is tried.