Illinois Administrative Code

Section 185.490 Implementation Period a) Credit unions with total assets of $391,000,000 or more shall have until February 1, 2025 to comply with the requirements of this Part. b) Credit unions with total assets less than $391,000,000 shall have until August 1, 2025 to comply wit…

Section 185.500 Enforcement a) Any failure to comply with a requirement of the ILCRA, this Part or other law referenced in ILCRA or this Part shall be grounds for enforcement actions as authorized under the ILCRA and under the Act, as applicable to the particular credit union. b)…

Section 185.510 Provisions for Granting of Variance from Rules The Secretary may grant variances in individual cases from this Part in individual cases where it is determined that in their sole discretion that: a) The provision from which the variance is granted is not statutoril…

Section 185.APPENDIX E ILCRA Illustrative List of Qualifying Activities for Credit Unions This list is a non-exhaustive, illustrative list of examples of activities that would meet the criteria for a community development qualifying activity under 38 Ill. Adm. Code 185 provided t…

Section 190.10 Field of Membership Procedures a) All requests to amend the field of membership of a credit union must be in writing and provide sufficient detail to establish conformance with a definition of common bond as specified in Section 1.1 of the Illinois Credit Union Act…

Section 190.100 Classes of Share and Special Purpose Share Accounts a) Any account which is not a common share account shall be considered as a class of share or special purpose share account as applicable. Section 38 of the Illinois Credit Union Act [205 ILCS 305/38] requires di…

Section 190.110 Share Drafts a) A credit union with total assets of $1 million or less may, upon resolution of the Board of Directors, request permission of the Division to offer share drafts to their members provided that: 1) the total assets of the credit union are at a suffici…

Section 190.120 Bond and Insurance Requirements a) Bond: 1) The board of directors or liquidating agent of each credit union shall provide a fidelity bond in a form determined by the Secretary to meet the requirements of this Section and issued by a corporate surety authorized to…

Section 190.130 Verification of Share and Loan Accounts a) The Supervisory Committee must make or cause to be made at least once each year a reasonable percentage verification of members' share and loan accounts. Except when prior written permission is given by the Division, for …

Section 190.140 Real Estate Lending a) A credit union with total assets greater than $1 million may, following a resolution of its board, make loans secured by a lien on real estate, including an assignment of a beneficial interest in a land trust, subject to the following proced…

Section 190.15 Civil Penalty As provided in Section 8(6) of the Act, the amount of time specified by the Department, at the Secretary's or his or her designee's discretion, within which the credit union must remediate the specific violations shall depend on the nature and extent …

Section 190.150 Reverse Mortgage (Repealed) (Source: Repealed at 41 Ill. Reg. 4764, effective May 1, 2017)

Section 190.160 Lending Limits – Consumer Loans a) The board of directors of a credit union shall, for loans other than loans secured by an interest in real estate, establish the maximum lending limits that shall not exceed the limits in the following schedule. A credit union may…

Section 190.165 Business Loans a) Purpose and Scope 1) This Section is intended to accomplish two broad objectives. First, it sets out policy and program responsibilities that an Illinois chartered credit union must adopt and implement as part of a safe and sound commercial lendi…

Section 190.170 Group Purchasing A credit union may enter into cooperative marketing arrangements that are related to the promotion of thrift and to improve the economic and social conditions of its members under the following conditions: a) that participation whether directly or…

Section 190.180 Investments The board of directors of a credit union shall use the following procedures in managing and investing funds not being used for loans to members. a) The board must develop a written investment policy that includes, at a minimum: 1) persons authorized to…

Section 190.185 Investment in "Other Financial Institutions" For purposes of Section 59(a)(7) of the Act, the term "other financial institution" means a bank established under the laws of this or any other state or established under the laws of the United States, a savings and lo…

Section 190.19 Service of Orders a) Unless otherwise provided for in the Act, the Department may serve orders, administrative actions, or regulatory decisions by personal delivery, certified mail or email. b) Proof of service by email, mail or personal delivery will be attached t…

Section 190.190 Liquidation A credit union may enter liquidation through actions initiated by its board of directors to voluntarily dissolve or by actions initiated by the Secretary of the Department to involuntarily dissolve and be liquidated by a Liquidating Agent of one person…

Section 190.2 Definitions For purposes of the Illinois Credit Union Act and this Part, the words and phrases defined in this Section shall have the meanings ascribed to them unless the context requires otherwise. "Act" means the Illinois Credit Union Act [205 ILCS 305]. "Credit u…

Section 190.20 Petition for Hearings When a credit union or applicant has the right to request a hearing under the Act or other applicable law, a credit union shall have 90 days, unless otherwise specified in the Act or other applicable law, after service of any order, administra…

Section 190.200 Conversion of Charter a) Conversion from a State of Illinois chartered credit union to a credit union chartered by NCUA or by a state regulatory authority of credit unions of another state shall be authorized subject to the following requirements: 1) The proposal …

Section 190.210 Reimbursement for Financial Records a) A credit union shall be reimbursed for costs that are reasonably necessary (including but not limited to personnel costs, reproduction costs and transportation costs) and that have been incurred in searching for, reproducing …

Section 190.220 Registration of Out of State Credit Unions A credit union organized and duly chartered as a credit union in another state shall: a) Register with the Secretary prior to operating in this State, on a form specified by the Secretary, which shall include or be accomp…

Section 190.230 Remote Meetings Unless expressly prohibited by the articles of incorporation or bylaws and subject to requirements of the Illinois Credit Union Act, the Board of Directors of a Credit Union may provide by resolution that members may attend, participate in, act, an…

Section 190.25 Regulatory Examination Consistency and Due Process To ensure consistency and due process, the Department shall make every reasonable effort to adhere to the following standards of performance in conducting its regulatory examinations of credit unions. To supplement…

Section 190.30 Cease and Desist Procedures a) If the Secretary issues a Cease and Desist Order pursuant to Section 8(4) of the Act, that Cease and Desist Order will be served on the credit union in the manner set forth in Section 190.19, with a copy sent to each member of the boa…

Section 190.40 Removal or Suspension Procedures a) Under circumstances described in Section 8(5) of the Act, the Secretary or the Secretary's agent shall issue and serve upon a director, officer or committee member a written Order of Suspension to remove the named persons from of…

Section 190.5 Credit Union Service Organizations a) The provisions of this Section apply to credit unions investing in or lending to a Credit Union Service Organization (CUSO), which is a credit union organization as defined in Section 1.1 of the Act. b) Prior to the initial inve…

Section 190.50 Fees The schedule of annual regulatory fees is contained in Section 12 of the Act. In addition, pursuant to Sections 8 and 9 of the Act, the Secretary prescribes the following fees: a) Service Fee Charges: 1)........ Investigation of application for permission to o…

Section 190.500 Definitions (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.505 Applicability of Rule (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.510 Good Faith Requirements (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.515 Fraudulent or Deceptive Practices (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.520 Prohibited Refinances (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.525 Negative Amortization (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.530 Negative Equity (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.535 Balloon Payments (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.540 Financing of Certain Points and Fees (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.545 Financing of Single Premium Insurance Products (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.550 Lending Without Due Regard to Ability to Repay (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.555 Verification of Ability to Repay (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.560 Payments to Contractors (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.565 Counseling Prior to Perfecting Foreclosure (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.570 Mortgage Awareness Program (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.575 Offer of Mortgage Awareness Program (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017)

Section 190.580 Third Party Review (Repealed) (Source: Repealed at 41 Ill. Reg. 11307, effective August 28, 2017) SUBPART C: PAYDAY LOANS