All Roll Calls
Yes: 269 • No: 0
IllinoisSB1994104th General Assembly (2025–2026)Senate
CREDIT UNIONS-VARIOUS
Sponsored By: David Koehler (Democratic)
Signed by Governor
Summary
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.
assignmentsfinancial institutionsfinancial institutions and licensingexecutive
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Bill Overview
Analyzed Economic Effects
6 provisions identified: 4 benefits, 0 costs, 2 mixed.
Financial safeguards for paid surrogacy contracts
Paid gestational surrogacy contracts must meet escrow requirements to receive the law’s presumption that they are enforceable. Compensation must go to an independent escrow agent before the surrogate begins medical procedures, except specified eligibility evaluations. The agent must hold a bond of at least $1 million. That bond requirement applies to the agent; it is not a $1 million payment owed by the parents or surrogate.
Credit union mergers can bypass member votes
Illinois regulators may waive a merging credit union’s member vote, usual meeting notice, or both to address supervisory concerns. The credit union must not yet be in danger of insolvency. Both boards must agree by majority vote of directors present at meetings with a quorum. Concerns include losing key leaders without suitable replacements, major losses of sponsor support, or serious, ongoing recordkeeping problems. Financial decline qualifies when at least 12 months of records show net worth falling below 2% within 18 months. A member meeting may still take place with shorter notice.
Credit unions can flag suspected financial exploitation
Credit unions may alert trusted people when they suspect financial exploitation of a member age 60 or older. This also covers members whose physical or mental disability limits their ability to prevent exploitation or seek protection. Contacts may include listed contacts, account co-owners, authorized signers, beneficiaries, or known family members—but not the suspected exploiter. The credit union may share only its suspicion and the reasons, while following other privacy laws. Credit unions and employees receive liability protection for good-faith actions based on reasonable suspicion.
Credit union voting and merger notices
Credit union members retain an in-person written ballot option on questions covered by the law, alongside board-approved electronic voting. A credit union being absorbed in a merger may send meeting notices electronically when authorized, as well as by mail. Notices generally must be sent 45 to 90 days before the meeting, subject to the law’s exceptions. Each credit union’s board must approve merger terms by a majority of directors present at a meeting with a quorum.
Small credit unions get accounting options
Credit unions with under $10 million in assets may choose among specified annual audit options using a licensed accountant. Options include agreed procedures, an independent audit, or a financial statement audit using regulatory accounting rules. Qualifying work can satisfy the annual internal-audit requirement. Those without the specified annual independent audit need not use generally accepted accounting principles to calculate loan-loss reserves. Instead, they may use a reasonable method, including incurred loss, that covers known and probable losses and follows Department rules.
Strong-rated credit unions can meet quarterly
Qualifying credit union boards may use a reduced schedule of at least four meetings annually, one each fiscal quarter. The credit union must have a composite regulatory rating of 1 or 2, or equivalent, and a management rating of 1 or 2. Credit unions with under $50 million in assets need the Secretary’s prior written approval. Those with at least $50 million do not need that approval.
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
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