summary
Introduced
02/02/2026
02/02/2026
In Committee
02/06/2026
02/06/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill 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.
AI Summary
This bill makes several changes to the Illinois Credit Union Act, including allowing a credit union's registered agent's business office to be separate from the credit union's principal place of business, and clarifying provisions for preparing and approving meeting minutes for directors. It also introduces new requirements for credit unions when offering digital asset services, which are financial products based on blockchain technology, by mandating due diligence and specific disclosures to members about the risks involved, such as the assets not being federally insured or guaranteed by the credit union. Additionally, the bill permits credit unions to offer debt cancellation services, also known as debt protection or guaranteed asset protection, to members for motor vehicle loans, clarifying that these services are considered loan-related and not insurance. Finally, it expands the investment options for credit unions' unused funds to include commercial mortgage-related securities and collateralized mortgage obligations, which are types of bonds backed by mortgages, to help manage their assets, liabilities, and liquidity.
Sponsors (1)
Last Action
Referred to Rules Committee (on 02/06/2026)
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