WHEATON – Legislation sponsored by State Representative Amy Grant (R-Wheaton) that amends Illinois’ law regulating credit unions was signed in to law earlier this week. The changes will align Illinois’ law more with federal law and allow Illinois credit unions to operate more efficiently and effectively.
“Credit unions are neighborhood necessities that help support local communities and thereby the state’s economy. It’s important we make sure that Illinois is a place where they can thrive,” said Grant. “I believe this was an important step to keep our credit unions competitive. This law makes it easier for credit unions to do business in Illinois.”
Senate Bill 1813 brings credit unions into the 21st Century by allowing electronic records and signatures to satisfy any statutory mailing or disclosure requirement. The law adds to an existing illustrative list of reasons for which a Board may expel a member and permits the board to delegate expulsion authority to senior management officials. In addition, the law makes technical changes, which increases a credit union’s aggregate loan amount and the total amount of funds. The law also makes changes to internal policies within the credit unions advocated for by the Illinois Credit Union League.
SB 1813 passed the Senate unanimously in April and the House by an overwhelming vote of 88-27 in May. The provisions of the bill took effect immediately upon the bill’s signing.