Illinois SB 1994: CREDIT UNIONS-VARIOUS

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SB1994 EnrolledLRB104 07807 BAB 17853 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Credit Union Act is amended by 

5changing Sections 10, 19, 29, 34, and 63 as follows:

6 (205 ILCS 305/10) (from Ch. 17, par. 4411)

7 Sec. 10. Credit union records; member financial records. 

8 (1) A credit union shall establish and maintain books, 

9records, accounting systems and procedures which accurately 

10reflect its operations and which enable the Department to 

11readily ascertain the true financial condition of the credit 

12union and whether it is complying with this Act.

13 (2) A photostatic or photographic reproduction of any 

14credit union records shall be admissible as evidence of 

15transactions with the credit union. 

16 (3)(a) For the purpose of this Section, the term 

17"financial records" means any original, any copy, or any 

18summary of (1) a document granting signature authority over an 

19account, (2) a statement, ledger card or other record on any 

20account which shows each transaction in or with respect to 

21that account, (3) a check, draft or money order drawn on a 

22financial institution or other entity or issued and payable by 

23or through a financial institution or other entity, or (4) any 

SB1994 Enrolled- 2 -LRB104 07807 BAB 17853 b

1other item containing information pertaining to any 

2relationship established in the ordinary course of business 

3between a credit union and its member, including financial 

4stateme