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On Aug. 16, Illinois Gov. Pat Quinn signed into law H.B. 1572, which amends the state’s Credit Union Act to establish a fair and consistent civil penalty assessment process. Both chambers of the Illinois General Assembly had previously passed the bill, with the Senate voting unanimously in favor of it on May 22, after the House also produced a unanimous vote April 11. After it gained Quinn’s signature, the new rule went into effect immediately.

Peter Strozniak

Credit Union Times

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