IllinoisSB3113104th General Assembly (2025–2026)Senate

CREDIT UNIONS-VARIOUS

Sponsored By: David Koehler (Democratic)

Signed by Governor

Summary

Amends the Illinois Credit Union Act. Provides that the business office for a credit union's registered agent may, but is not required to, be (instead of shall be) the same as the principal place of business of the credit union. In provisions concerning meetings of directors, sets forth provisions concerning the preparation and approval of meeting minutes. Adds provisions concerning disclosure and due diligence requirements for credit unions when providing digital asset services or contracting with a covered person or digital asset service provider and provisions concerning sales of debt cancellation services and products by a credit union to its members. In provisions concerning the investment of funds not used in loans, provides that the funds may be invested in commercial mortgage related securities and collateralized mortgage obligations to aid in the credit union's management of its assets, liabilities, and liquidity. Effective immediately.

assignmentsfinancial institutionsexecutive

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 1 costs, 2 mixed.

Oil operators face bonding and permit costs

Certain permit applicants must provide financial security before drilling, deepening, converting, or operating covered wells. This applies to applicants without a prior permit of record or permittees who failed to pay required assessments in the past five years. Security is $10,000 for one well, $25,000 for up to 10 wells, $50,000 for up to 50, and $100,000 for up to 100; extra coverage is required above 100 wells. A certificate of deposit or irrevocable letter of credit can replace a bond. The Department can also charge up to $300 for each vacuum permit application.

Higher penalties for oil and gas violations

Maximum daily penalties depend on how long a violation lasts: $1,000 for 90 days or less, $2,000 for more than 90 but less than 180 days, and $4,000 for 180 days or more. Each falsification or misstatement can bring a penalty of up to $5,000. The Department must notify a permittee before assessing a penalty. A permittee can delay penalties when an extraordinary event, such as flooding or road weight limits, prevents repairs and the permittee gives required notice and evidence. Penalties above $1,000 per day go to the Plugging and Restoration Fund.

Oil and gas rules protect land and water

The law defines fresh water under oil and gas rules as natural water useful for specified purposes, able to support aquatic life, and containing less than 10,000 parts per million of dissolved solids. It also treats permitting unnecessary damage to land, soil, animals, fish, aquatic life, or property from oil and gas operations as waste. These definitions clarify which water and conduct fall within the Act’s protections.

Oil rights holders can name an owner

People who share the rights to drill for and produce oil or gas can name the owner in a written operating agreement or similar agreement. Without one, a majority of the rights holders can name the owner in writing. Other sections of the Oil and Gas Act still apply.

Oil well fees support landowner grants

Operators pay $100 each year for every well in temporary-abandonment status. Half of those fees deposited into the Plugging and Restoration Fund must support the Landowner Grant Program. The Department cannot take administrative charges or chargebacks from deposits to that fund or the Underground Resources Conservation Enforcement Fund unless the Act allows them.

Sponsors & Cosponsors

Sponsor

  • David Koehler

    Democratic • Senate

Cosponsors

  • Jay Hoffman

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 272 • No: 13

Senate vote • 5/31/2026

House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Executive;

Yes: 12 • No: 0

Senate vote • 5/31/2026

House Floor Amendment No. 2 Senate Concurs

Yes: 50 • No: 6

House vote • 5/31/2026

Third Reading - Short Debate - Passed

Yes: 112 • No: 2

House vote • 5/29/2026

House Floor Amendment No. 2 Recommends Be Adopted Energy & Environment Committee;

Yes: 23 • No: 2

House vote • 5/13/2026

Do Pass / Short Debate Executive Committee;

Yes: 8 • No: 3

Senate vote • 4/15/2026

Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions;

Yes: 6 • No: 0

Senate vote • 4/15/2026

Third Reading - Passed;

Yes: 55 • No: 0

Senate vote • 3/11/2026

Do Pass as Amended Financial Institutions;

Yes: 6 • No: 0

Bill Text

  • Engrossed

  • Enrolled

  • House Amendment 1

  • House Amendment 2

  • Introduced

  • Senate Amendment 1

  • Senate Amendment 2

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