Illinois Compiled Statutes 205 ILCS 305/1.1 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
Credit Union – The term “credit union” means a cooperative, non-profit association, incorporated under this Act, under the laws of the United States of America or under the laws of another state, for the purposes of encouraging thrift among its members, creating a source of credit at a reasonable rate of interest, and providing an opportunity for its members to use and control their own money in order to improve their economic and social conditions. The membership of a credit union shall consist of a group or groups each having a common bond as set forth in this Act.
Common Bond – The term “common bond” refers to groups of people who meet one of the following qualifications:
(1) Persons belonging to a specific association,
Common Bond – The term “common bond” refers to groups of people who meet one of the following qualifications:
Terms Used In Illinois Compiled Statutes 205 ILCS 305/1.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) Persons belonging to a specific association,
|
group or organization, such as a church, labor union, club or society and members of their immediate families which shall include any relative by blood or marriage or foster and adopted children.
|
(2) Persons who reside in a reasonably compact and
|
well defined neighborhood or community, and members of their immediate families which shall include any relative by blood or marriage or foster and adopted children.
|
(3) Persons who have a common employer or who are
|
members of an organized labor union or an organized occupational or professional group within a defined geographical area, and members of their immediate families which shall include any relative by blood or marriage or foster and adopted children.
|
Shares – The term “shares” or “share accounts” means any form of shares issued by a credit union and established by a member in accordance with standards specified by a credit union, including but not limited to common shares, share draft accounts, classes of shares, share certificates, special purpose share accounts, shares issued in trust, custodial accounts, and individual retirement accounts or other plans established pursuant to Section 401(d) or (f) or Section 408(a) of the Internal Revenue Code, as now or hereafter amended, or similar provisions of any tax laws of the United States that may hereafter exist.
Credit Union Organization – The term “credit union organization” means any organization established to serve the needs of credit unions, the business of which relates to the daily operations of credit unions.
Department – The term “Department” means the Illinois Department of Financial and Professional Regulation.
Secretary – The term “Secretary” means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary or this Act to act in the Secretary’s stead.
Division of Financial Institutions – The term “Division of Financial Institutions” means the Division of Financial Institutions of the Department of Financial and Professional Regulation.
Director – The term “Director of Financial Institutions” means the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation.
Office – The term “office” means the Division of Financial Institutions of the Department of Financial and Professional Regulation.
NCUA – The term “NCUA” means the National Credit Union Administration, an agency of the United States Government charged with the supervision of credit unions chartered under the laws of the United States of America.
Central Credit Union – The term “central credit union” means a credit union incorporated primarily to receive shares from and make loans to credit unions and directors, officers, committee members and employees of credit unions. A central credit union may also accept as members persons who were members of credit unions which were liquidated and persons from occupational groups not otherwise served by another credit union.
Corporate Credit Union – The term “corporate credit union” means a credit union which is a cooperative, non-profit association, the membership of which is limited primarily to other credit unions.
Insolvent – “Insolvent” means the condition that results when the total of all liabilities and shares exceeds net assets of the credit union.
Danger of insolvency – For purposes of Section 61, a credit union is in “danger of insolvency” if its net worth to asset ratio falls below 2%. In calculating the danger of insolvency ratio, secondary capital shall be excluded. For purposes of Section 61, a credit union is also in “danger of insolvency” if the Department is unable to ascertain, upon examination, the true financial condition of the credit union.
Net Worth – “Net worth” means the retained earnings balance of the credit union, as determined under generally accepted accounting principles, and forms of secondary capital approved by the Secretary and the Director pursuant to rulemaking.
Charitable Donation Account – The term “charitable donation account” means an account owned by a credit union that is held in a segregated custodial account or special purpose entity and specifically identified as a charitable donation account whereby, no less frequently than every 5 years and upon termination of the account, at least 51% of the total return on assets in the account is distributed to one or more charitable organizations or non-profit entities.
Credit Union Organization – The term “credit union organization” means any organization established to serve the needs of credit unions, the business of which relates to the daily operations of credit unions.
Department – The term “Department” means the Illinois Department of Financial and Professional Regulation.
Secretary – The term “Secretary” means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary or this Act to act in the Secretary’s stead.
Division of Financial Institutions – The term “Division of Financial Institutions” means the Division of Financial Institutions of the Department of Financial and Professional Regulation.
Director – The term “Director of Financial Institutions” means the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation.
Office – The term “office” means the Division of Financial Institutions of the Department of Financial and Professional Regulation.
NCUA – The term “NCUA” means the National Credit Union Administration, an agency of the United States Government charged with the supervision of credit unions chartered under the laws of the United States of America.
Central Credit Union – The term “central credit union” means a credit union incorporated primarily to receive shares from and make loans to credit unions and directors, officers, committee members and employees of credit unions. A central credit union may also accept as members persons who were members of credit unions which were liquidated and persons from occupational groups not otherwise served by another credit union.
Corporate Credit Union – The term “corporate credit union” means a credit union which is a cooperative, non-profit association, the membership of which is limited primarily to other credit unions.
Insolvent – “Insolvent” means the condition that results when the total of all liabilities and shares exceeds net assets of the credit union.
Danger of insolvency – For purposes of Section 61, a credit union is in “danger of insolvency” if its net worth to asset ratio falls below 2%. In calculating the danger of insolvency ratio, secondary capital shall be excluded. For purposes of Section 61, a credit union is also in “danger of insolvency” if the Department is unable to ascertain, upon examination, the true financial condition of the credit union.
Net Worth – “Net worth” means the retained earnings balance of the credit union, as determined under generally accepted accounting principles, and forms of secondary capital approved by the Secretary and the Director pursuant to rulemaking.
Charitable Donation Account – The term “charitable donation account” means an account owned by a credit union that is held in a segregated custodial account or special purpose entity and specifically identified as a charitable donation account whereby, no less frequently than every 5 years and upon termination of the account, at least 51% of the total return on assets in the account is distributed to one or more charitable organizations or non-profit entities.