Bill Title: Amends the Illinois Credit Union Act. Authorizes a credit union to furnish information to any person on a list submitted and periodically updated by a member who is an elderly person or person with a disability or to specified other persons, if there is suspicion by the credit union that the member has been or may become a victim of financial exploitation. Provides that the board of directors of a credit union with a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System known as the CAMELS supervisory rating system and a management rating under such composite rating of either 1 or 2 may meet not less than 4 (instead of 6) times annually. Provides that the supervisory committee of a credit union with assets of less than $10,000,000 may, at its option, engage (instead of a credit union with assets of $5,000,000 or more, but less than $10,000,000 shall engage) a licensed certified public accountant or licensed certified public accounting firm to perform specified auditing and other services. Permits the merger of credit unions, without meeting certain voting and notice requirements, where supervisory concerns exist and upon agreement of the boards of directors of the merging and continuing credit unions, as confirmed by a majority vote of the directors present at a meeting of each board at which a quorum is present. Makes other changes.

Sponsorship: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2025-08-15 - Public Act . . . . . . . . . 104-0403 [SB1994 Detail]

Text: Latest bill text (Enrolled) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Concurrence in Senate	2025-05-31	57	0	2	0	59	Passed	Link	View
Senate	Senate Executive Committee	2025-05-29	12	0	1	0	13	Passed	Link	View
House	Third Reading in House	2025-05-28	114	0	1	1	116	Passed	Link	View
House	House Financial Institutions & Licensing Committee	2025-05-20	11	0	1	0	12	Passed	Link	View
House	House Financial Institutions & Licensing Committee	2025-04-29	11	0	1	0	12	Passed	Link	View
Senate	Motion in Senate	2025-04-09	56	0	3	0	59	Passed	Link	View
Senate	Senate Financial Institutions Committee	2025-03-05	8	0	1	0	9	Passed	Link	View
Senate	Senate Financial Institutions Committee	2025-03-05	8	0	1	0	9	Passed	Link	View