All Roll Calls
Yes: 269 • No: 0
IllinoisSB1994104th General Assembly (2025–2026)SenateWALLET
CREDIT UNIONS-VARIOUS
Sponsored By: David Koehler (Democratic)
Became Law
assignmentsfinancial institutionsfinancial institutions and licensingexecutive
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Bill Overview
Analyzed Economic Effects
6 provisions identified: 3 benefits, 0 costs, 3 mixed.
Gestational surrogacy rules and safeguards
A gestational surrogacy contract is enforceable only if it meets the law’s required terms and steps. Each party must have a separate lawyer. The agreement must be in writing before medical procedures. If the contract pays the surrogate, money must be held by a bonded independent escrow agent with at least a $1,000,000 bond. The contract must include custody and support promises and needed spouse consent. Two competent adults must witness it. If the contract does not meet the law, a court decides parentage based on the parties’ intent.
Credit union records and evidence rules
Credit unions must keep accurate books and records so the Department can assess their condition and compliance. The law defines what counts as “financial records,” like signature‑authority forms, account ledgers, and checks. Photocopies or photos of records are admissible as evidence of transactions.
Easier credit union board meetings
Boards and committees can act without a meeting if every voting member signs a written consent. Directors and committee members may attend meetings by phone or similar tools. This counts as being present. One body must meet at least monthly and the other at least quarterly, unless bylaws require more. Well‑rated credit unions can meet fewer times each year: as few as six, or four with asset limits and approvals. A majority of the supervisory committee makes a quorum.
Stronger audits and controls at credit unions
Each credit union’s supervisory committee must do a yearly internal audit and check a sample of member accounts. Credit unions with $10,000,000 or more in assets must get a yearly external audit by a licensed CPA. Unions with $5,000,000 to under $10,000,000 may choose a CPA engagement, and that can satisfy the internal‑audit duty. Audit reports are due to the Secretary within 120 days after the audit period ends. Supervisory committee members get yearly training. Compliance‑review papers and board deliberations are confidential, but regulators and the share insurer can access and use them. Credit unions may use a shorter loss‑history period if documented and reviewed by an external auditor, and small unions under $10,000,000 without an external audit may use a reasonable reserve method under Department rules.
Credit union member voting and notices
Annual meetings are in January–March unless the Department allows another month. Members get at least 7 days’ notice. Members can attend and vote by phone or online if the board authorizes it and gives joining details 7 days ahead. Each member has one vote. The board may set a voter record date between 10 and 90 days before the meeting. Electronic voting must use legally reliable security. Proxy voting is only allowed for director elections, mergers, or dissolution. Organizations get one vote and must authorize an agent in writing.
Credit union mergers and member rights
Any credit unions may merge with the Secretary’s approval, even without a shared common bond. For merger votes, the secretary of the credit union sends notice 45 to 90 days before the member meeting. In serious supervisory cases, the Secretary may allow a merger without a member vote or full notice if both boards agree. When the Secretary issues approval, absorbed credit unions stop operating and file required papers. Members keep all their rights and obligations in the new or surviving credit union.
Sponsors & Cosponsors
Sponsor
David Koehler
Democratic • Senate
Cosponsors
Chris Balkema
Republican • Senate
Graciela Guzmán
Democratic • Senate
Jay Hoffman
Democratic • House
Roll Call Votes
Senate vote • 5/31/2025
House Floor Amendment No. 1 Senate Concurs
Yes: 57 • No: 0
Senate vote • 5/29/2025
House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive;
Yes: 12 • No: 0
House vote • 5/28/2025
Third Reading - Short Debate - Passed
Yes: 114 • No: 0
House vote • 5/20/2025
House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee;
Yes: 11 • No: 0
House vote • 4/29/2025
Do Pass / Short Debate Financial Institutions and Licensing Committee;
Yes: 11 • No: 0
Senate vote • 4/9/2025
Third Reading - Passed;
Yes: 56 • No: 0
Senate vote • 3/5/2025
Do Pass as Amended Financial Institutions;
Yes: 8 • No: 0
Actions Timeline
Public Act . . . . . . . . . 104-0403
8/15/2025SenateEffective Date January 1, 2026
8/15/2025SenateGovernor Approved
8/15/2025SenateSent to the Governor
6/27/2025SenatePassed Both Houses
5/31/2025SenateSenate Concurs
5/31/2025SenateHouse Floor Amendment No. 1 Senate Concurs 057-000-000
5/31/2025SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000
5/29/2025SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive
5/29/2025SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
5/29/2025SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. David Koehler
5/29/2025SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 28, 2025
5/28/2025SenateSecretary's Desk - Concurrence House Amendment(s) 1
5/28/2025SenateThird Reading - Short Debate - Passed 114-000-000
5/28/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
5/28/2025HouseHouse Floor Amendment No. 1 Adopted
5/28/2025HouseThird Reading/Final Action Deadline Extended-9(b) May 31, 2025
5/23/2025HouseAdded as Co-Sponsor Sen. Chris Balkema
5/22/2025SenateHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000
5/20/2025HouseHeld on Calendar Order of Second Reading - Short Debate
5/16/2025HouseSecond Reading - Short Debate
5/16/2025HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
5/14/2025HouseHouse Floor Amendment No. 1 Referred to Rules Committee
5/13/2025HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
5/13/2025HousePlaced on Calendar 2nd Reading - Short Debate
4/30/2025House
Bill Text
Engrossed
Enrolled
House Amendment 1
Introduced
Senate Amendment 1