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SB 3113

Illinois Senate bill in Session 104.

Status: passed_upper. Latest action: April 16, 2026.

CREDIT UNIONS-VARIOUS.

Bill ID IL-104-SB-3113
Session 104
Status passed_upper
Committee Rules Committee
Senate passed_upper 2026-04-16
Business / Commerce
Summary

Amends the Illinois Credit Union Act. Provides that the business office for a credit union's registered agent may, but is not required to, be (instead of shall be) the same as the principal place of business of the credit union. In provisions concerning meetings of directors, sets forth provisions concerning the preparation and approval of meeting minutes. Adds provisions concerning disclosure and due diligence requirements for credit unions when providing digital asset services or contracting with a covered person or digital asset service provider and provisions concerning sales of debt cancellation services and products by a credit union to its members. In provisions concerning the investment of funds not used in loans, provides that the funds may be invested in commercial mortgage related securities and collateralized mortgage obligations to aid in the credit union's management of its assets, liabilities, and liquidity. Effective immediately.

Sponsor
David Koehler
Official Source Back to Bills
Actions Timeline
Date Event Detail
2026-02-02 Introduced Bill introduced
2026-04-16 Status passed_upper
2026-04-16 Latest Action 4/16/2026 - House:
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Minnesota • 2026 Regular • unknown