# Illinois SB1994: CREDIT UNIONS-VARIOUS Illinois SB1994, CREDIT UNIONS-VARIOUS, is a 104th General Assembly (2025–2026) Senate bill sponsored by David Koehler (Democratic); status signed, last action 2025-08-15 (Public Act . . . . . . . . . 104-0403) (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/IL-SB1994-2025-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Illinois SB1994 - State: Illinois - Session: 104th General Assembly (2025–2026) - Title: CREDIT UNIONS-VARIOUS - Status: signed - Chamber: Senate - Introduced: 2025-02-06 - Last action: 2025-08-15, Public Act . . . . . . . . . 104-0403 - Sponsor: David Koehler (Democratic) - Cosponsors: 3 - Subjects: assignments, financial institutions, financial institutions and licensing, executive - Touches household money: no - Roll calls: 7 (269 yes, 0 no in all) - Economic provisions PRIA read: 6 ## 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. ## Bill overview: provisions PRIA read - Credit unions can flag suspected financial exploitation: benefit, low. 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, authori… - Credit union voting and merger notices: benefit, low. 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… - Small credit unions get accounting options: benefit, low. 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-audi… - Strong-rated credit unions can meet quarterly: benefit, low. 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 Secret… - Financial safeguards for paid surrogacy contracts: mixed, medium. 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… - Credit union mergers can bypass member votes: mixed, medium. 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 losin… ## Sponsors and cosponsors - Sponsor: David Koehler (Democratic), Senate - Cosponsor: Chris Balkema (Republican), Senate - Cosponsor: Graciela Guzmán (Democratic), Senate - Cosponsor: Jay Hoffman (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2025-05-31 | Senate | House Floor Amendment No. 1 Senate Concurs | pass | 57 | 0 | | | 2025-05-29 | Senate | House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; | pass | 12 | 0 | | | 2025-05-28 | House | Third Reading - Short Debate - Passed | pass | 114 | 0 | | | 2025-05-20 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; | pass | 11 | 0 | | | 2025-04-29 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; | pass | 11 | 0 | | | 2025-04-09 | Senate | Third Reading - Passed; | pass | 56 | 0 | | | 2025-03-05 | Senate | Do Pass as Amended Financial Institutions; | pass | 8 | 0 | | ## Actions (47) - 2025-08-15: Public Act . . . . . . . . . 104-0403 (Senate) - 2025-08-15: Effective Date January 1, 2026 (Senate) - 2025-08-15: Governor Approved (Senate) - 2025-06-27: Sent to the Governor (Senate) - 2025-05-31: Passed Both Houses (Senate) - 2025-05-31: Senate Concurs (Senate) - 2025-05-31: House Floor Amendment No. 1 Senate Concurs 057-000-000 (Senate) - 2025-05-29: House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000 (Senate) - 2025-05-29: House Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive (Senate) - 2025-05-29: House Floor Amendment No. 1 Motion to Concur Referred to Assignments (Senate) - 2025-05-29: House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. David Koehler (Senate) - 2025-05-28: Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 28, 2025 (Senate) - 2025-05-28: Secretary's Desk - Concurrence House Amendment(s) 1 (Senate) - 2025-05-28: Third Reading - Short Debate - Passed 114-000-000 (House) - 2025-05-28: Placed on Calendar Order of 3rd Reading - Short Debate (House) - 2025-05-28: House Floor Amendment No. 1 Adopted (House) - 2025-05-23: Third Reading/Final Action Deadline Extended-9(b) May 31, 2025 (House) - 2025-05-22: Added as Co-Sponsor Sen. Chris Balkema (Senate) - 2025-05-20: House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 (House) - 2025-05-16: Held on Calendar Order of Second Reading - Short Debate (House) - 2025-05-16: Second Reading - Short Debate (House) - 2025-05-14: House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee (House) - 2025-05-13: House Floor Amendment No. 1 Referred to Rules Committee (House) - 2025-05-13: House Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman (House) - 2025-04-30: Placed on Calendar 2nd Reading - Short Debate (House) - 2025-04-29: Do Pass / Short Debate Financial Institutions and Licensing Committee; 011-000-000 (House) - 2025-04-17: Assigned to Financial Institutions and Licensing Committee (House) - 2025-04-10: Referred to Rules Committee (House) - 2025-04-10: First Reading (House) - 2025-04-10: Chief House Sponsor Rep. Jay Hoffman (House) - 2025-04-09: Arrived in House (House) - 2025-04-09: Third Reading - Passed; 056-000-000 (Senate) - 2025-04-09: Placed on Calendar Order of 3rd Reading (Senate) - 2025-04-04: Placed on Calendar Order of 3rd Reading ** (Senate) - 2025-03-18: Placed on Calendar Order of 3rd Reading March 19, 2025 (Senate) - 2025-03-18: Second Reading (Senate) - 2025-03-05: Placed on Calendar Order of 2nd Reading March 6, 2025 (Senate) - 2025-03-05: Do Pass as Amended Financial Institutions; 008-000-000 (Senate) - 2025-03-05: Senate Committee Amendment No. 1 Adopted (Senate) - 2025-03-04: Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions (Senate) - 2025-03-03: Senate Committee Amendment No. 1 Referred to Assignments (Senate) - 2025-03-03: Senate Committee Amendment No. 1 Filed with Secretary by Sen. David Koehler (Senate) - 2025-02-25: Added as Chief Co-Sponsor Sen. Graciela Guzmán (Senate) - 2025-02-25: Assigned to Financial Institutions (Senate) - 2025-02-06: Referred to Assignments (Senate) - 2025-02-06: First Reading (Senate) - 2025-02-06: Filed with Secretary by Sen. David Koehler (Senate) ## Bill text - Engrossed: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994eng.pdf) - Enrolled: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994enr.pdf) - House Amendment 1: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994ham001.pdf) - Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994.pdf) - Senate Amendment 1: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994sam001.pdf) ## Related bills - HB5198: AFFORDABLE HOUSING-CILAS (passed house) - SB1937: PENSION CODE-VARIOUS (passed senate) - HB2563: CONDO-RESERVE STUDY (in committee) - HB4701: LIMITATIONS FACILITY FEES ACT (in committee) - SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate) - SB3484: VEH CD-PLATES-REGISTRATION (signed) ## Sources - [Engrossed (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994eng.pdf) - [Enrolled (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994enr.pdf) - [House Amendment 1 (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994ham001.pdf) - [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994.pdf) - [Senate Amendment 1 (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1994sam001.pdf) ## Related - [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026) - [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026) - [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026) - [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026) - [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026) - [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026) - [Illinois bills](https://policyrisk.com/states/illinois/bills) - [Illinois state hub](https://policyrisk.com/states/illinois) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/IL-SB1994-2025-2026 (as of 2026-11-01).