Blair-Sherlock casts Yes vote as SB3113 to update Illinois credit union rules passes House

Rep. Diane Blair-Sherlock (D-46th) supported SB3113—a measure focused on updating credit union regulations and expanding available services for Illinois residents—during the 104th General Assembly on May 31, 2026, with the Illinois House approving it by a 112-2 margin, according to the Illinois House.

The formal bill summary describes SB3113 as: "CREDIT UNIONS-VARIOUS."

The following overview summarizes and interprets the key elements of the bill based on the official text.

Key provisions of the legislation include amendments to the Illinois Credit Union Act permitting a credit union’s registered agent office to differ from its main business location and establishing clearer standards for how board and membership meeting minutes must be managed. It enables credit unions to offer and facilitate digital asset services through qualified third parties, contingent on thorough due diligence, written contracts, and mandatory risk disclosures. The measure authorizes credit unions to sell fee-based motor vehicle debt cancellation products as loan-related, not insurance offerings. It widens approved investment options to include commercial mortgage-related securities and collateralized mortgage obligations under designated federal guidelines. The bill becomes effective immediately.

The legislative record for SB3113 noted its passage during the 'Third Reading - Short Debate.'

Blair-Sherlock holds an Associate of Arts from College of DuPage (1985), a Bachelor of Science from Northern Illinois University (1987), and a Juris Doctor from John Marshall Law School (1993).

Since 2023, Blair-Sherlock, a Democrat, has represented Illinois’ 46th House District in the State House, succeeding former representative Deborah Conroy.

The path for bills in Illinois involves a multi-step legislative process, including introduction in either chamber, review by committees, floor debate, and votes in both the House and Senate, after which approved legislation is sent to the governor. The General Assembly operates on a biennial basis, with thousands of measures proposed per session, though only a limited share are enacted into law.