Bill > SB3113

This bill amends the Illinois Credit Union Act to allow a credit union's registered agent's business office to be separate from the credit union's principal place of business, whereas previously it had to be the same. It also updates provisions regarding the preparation and approval of meeting minutes for directors and members, clarifying that minutes are only considered final and binding after approval by a majority vote of directors present at a meeting or by unanimous consent without a meeting, and that membership meeting minutes require approval by a majority of members present. Furthermore, the bill introduces new requirements for credit unions offering digital asset services, which are financial products like cryptocurrencies, by mandating due diligence when contracting with third-party providers and requiring clear disclosures to members about the nature and risks of these assets, including that they are not federally insured or guaranteed by the credit union. Additionally, it permits credit unions to offer debt cancellation services, also known as debt protection or guaranteed asset protection, to members in connection with motor vehicle loans, clarifying that these services are considered loan-related and not insurance. Finally, the bill expands the investment options for credit unions' unused funds, allowing them to invest in commercial mortgage-related securities and collateralized mortgage obligations to better manage their assets, liabilities, and liquidity.

Business and Industry

https://www.ilga.gov/Legislation/BillStatus?DocNum=3113&GAID=18&DocTypeID=SB&SessionID=114&GA=104