SB1994 - 104th General Assembly (2025-2026)

CREDIT UNIONS-VARIOUS
Last Action
08/15/2025 - Senate: Public Act . . . . . . . . . 104-0403
Statutes Amended In Order of Appearance
205 ILCS 305/10  from Ch. 17, par. 4411
205 ILCS 305/29  from Ch. 17, par. 4430
205 ILCS 305/34  from Ch. 17, par. 4435
205 ILCS 305/63  from Ch. 17, par. 4464
Synopsis As Introduced
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.

Senate Committee Amendment No. 1
Adds reference to:
205 ILCS 305/19  from Ch. 17, par. 4420
Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Makes changes to disclosure requirements in provisions concerning the furnishing of information to any person on a list submitted and periodically updated by a member who is an elderly person or person with a disability if there is suspicion that the member has been or may become a victim of financial exploitation. In provisions concerning member voting, provides that members shall have the right to vote on specified questions in person by written ballot. Provides that the board of directors of a credit union with $50,000,000 or more in assets, a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System known as the CAMELS supervisory rating system (or an equivalent rating under a comparable rating system), and a management rating under the composite rating of either 1 or 2 shall meet no fewer than 4 times annually, with at least one meeting held during each fiscal quarter. Provides that the board of directors of a credit union with less than $50,000,000 in assets, but with the composite and management ratings referenced in this subsection, may meet no fewer than 4 times annually, with at least one meeting held during each fiscal quarter, upon prior written approval of the Secretary of Financial and Professional Regulation. Establishes requirements regarding the meeting frequency schedule for the board of directors. Provides that the supervisory committee of a credit union with assets of less than $10,000,000 may, at its option, engage a licensed certified public accounting firm to perform the procedures to minimally satisfy certain supervisory committee internal audit standards within the standards established by the American Institute of Certified Public Accountants (instead of to perform agreed-upon procedures to minimally satisfy certain supervisory committee internal audit standards).

House Floor Amendment No. 1
Adds reference to:
750 ILCS 47/25  
Amends the Gestational Surrogacy Act. Provides if the gestational surrogacy contract provides for the payment of compensation to the gestational surrogate, a gestational surrogacy contract must require that compensation be placed in escrow with an independent escrow agent that is bonded before the gestational surrogate's commencement of any medical procedure (other than medical or mental health evaluations necessary to determine the gestational surrogate's eligibility). Provides that the independent escrow agent must hold a minimum bond of no less than $1,000,000.
Actions
DateChamberAction
02/06/2025SenateFiled with Secretary by Sen. David Koehler
02/06/2025SenateFirst Reading
02/06/2025SenateReferred to Assignments
02/25/2025SenateAssigned to Financial Institutions
02/25/2025SenateAdded as Chief Co-Sponsor Sen. Graciela Guzmán
03/03/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. David Koehler
03/03/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
03/04/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
03/05/2025SenateSenate Committee Amendment No. 1 Adopted
03/05/2025SenateDo Pass as Amended Financial Institutions; 008-000-000
03/05/2025SenatePlaced on Calendar Order of 2nd Reading March 6, 2025
03/18/2025SenateSecond Reading
03/18/2025SenatePlaced on Calendar Order of 3rd Reading March 19, 2025
04/04/2025SenatePlaced on Calendar Order of 3rd Reading **
04/09/2025SenatePlaced on Calendar Order of 3rd Reading
04/09/2025SenateThird Reading - Passed; 056-000-000
04/09/2025HouseArrived in House
04/10/2025HouseChief House Sponsor Rep. Jay Hoffman
04/10/2025HouseFirst Reading
04/10/2025HouseReferred to Rules Committee
04/17/2025HouseAssigned to Financial Institutions and Licensing Committee
04/29/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 011-000-000
04/30/2025HousePlaced on Calendar 2nd Reading - Short Debate
05/13/2025HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
05/13/2025HouseHouse Floor Amendment No. 1 Referred to Rules Committee
05/14/2025HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
05/16/2025HouseSecond Reading - Short Debate
05/16/2025HouseHeld on Calendar Order of Second Reading - Short Debate
05/20/2025HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000
05/22/2025SenateAdded as Co-Sponsor Sen. Chris Balkema
05/23/2025HouseThird Reading/Final Action Deadline Extended-9(b) May 31, 2025
05/28/2025HouseHouse Floor Amendment No. 1 Adopted
05/28/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
05/28/2025HouseThird Reading - Short Debate - Passed 114-000-000
05/28/2025SenateSecretary's Desk - Concurrence House Amendment(s) 1
05/28/2025SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 28, 2025
05/29/2025SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. David Koehler
05/29/2025SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
05/29/2025SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive
05/29/2025SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000
05/31/2025SenateHouse Floor Amendment No. 1 Senate Concurs 057-000-000
05/31/2025SenateSenate Concurs
05/31/2025SenatePassed Both Houses
06/27/2025SenateSent to the Governor
08/15/2025SenateGovernor Approved
08/15/2025SenateEffective Date January 1, 2026
08/15/2025SenatePublic Act . . . . . . . . . 104-0403