Amends the Illinois Credit Union Act. Authorizes a credit union to furnish information to any person on a list submitted and periodically updated by a member who is an elderly person or person with a disability or to specified other persons, if there is suspicion by the credit union that the member has been or may become a victim of financial exploitation. Provides that the board of directors of a credit union with a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System known as the CAMELS supervisory rating system and a management rating under such composite rating of either 1 or 2 may meet not less than 4 (instead of 6) times annually. Provides that the supervisory committee of a credit union with assets of less than $10,000,000 may, at its option, engage (instead of a credit union with assets of $5,000,000 or more, but less than $10,000,000 shall engage) a licensed certified public accountant or licensed certified public accounting firm to perform specified auditing and other services. Permits the merger of credit unions, without meeting certain voting and notice requirements, where supervisory concerns exist and upon agreement of the boards of directors of the merging and continuing credit unions, as confirmed by a majority vote of the directors present at a meeting of each board at which a quorum is present. Makes other changes.
Senate Committee Amendment No. 1: Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Makes changes to disclosure requirements in provisions concerning the furnishing of information to any person on a list submitted and periodically updated by a member who is an elderly person or person with a disability if there is suspicion that the member has been or may become a victim of financial exploitation. In provisions concerning member voting, provides that members shall have the right to vote on specified questions in person by written ballot. Provides that the board of directors of a credit union with $50,000,000 or more in assets, a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System known as the CAMELS supervisory rating system (or an equivalent rating under a comparable rating system), and a management rating under the composite rating of either 1 or 2 shall meet no fewer than 4 times annually, with at least one meeting held during each fiscal quarter. Provides that the board of directors of a credit union with less than $50,000,000 in assets, but with the composite and management ratings referenced in this subsection, may meet no fewer than 4 times annually, with at least one meeting held during each fiscal quarter, upon prior written approval of the Secretary of Financial and Professional Regulation. Establishes requirements regarding the meeting frequency schedule for the board of directors. Provides that the supervisory committee of a credit union with assets of less than $10,000,000 may, at its option, engage a licensed certified public accounting firm to perform the procedures to minimally satisfy certain supervisory committee internal audit standards within the standards established by the American Institute of Certified Public Accountants (instead of to perform agreed-upon procedures to minimally satisfy certain supervisory committee internal audit standards).
House Floor Amendment No. 1: Amends the Gestational Surrogacy Act. Provides if the gestational surrogacy contract provides for the payment of compensation to the gestational surrogate, a gestational surrogacy contract must require that compensation be placed in escrow with an independent escrow agent that is bonded before the gestational surrogate's commencement of any medical procedure (other than medical or mental health evaluations necessary to determine the gestational surrogate's eligibility). Provides that the independent escrow agent must hold a minimum bond of no less than $1,000,000.

Statutes affected:
Introduced: 205 ILCS 305/10, 205 ILCS 305/29, 205 ILCS 305/34, 205 ILCS 305/63
Engrossed: 205 ILCS 305/10, 205 ILCS 305/19, 205 ILCS 305/29, 205 ILCS 305/34, 205 ILCS 305/63
Enrolled: 205 ILCS 305/10, 205 ILCS 305/19, 205 ILCS 305/29, 205 ILCS 305/34, 205 ILCS 305/63, 750 ILCS 47/25