DeLaRosa supports SB3113 to update Illinois Credit Union Act and broaden services

Rep. Margaret A. DeLaRosa (D-42nd) backed SB3113, casting a Yes vote for a measure designed to amend the Illinois Credit Union Act and expand the offerings of credit unions during the 104th General Assembly on May 31, 2026. The Illinois House approved the bill in a 112-2 vote.

The official summary of the bill described it as: "CREDIT UNIONS-VARIOUS."

Here is a summary based on the actual text of the bill, with clarification added where needed.

SB3113 provides amendments allowing a credit union’s registered agent office to be separate from its main business location and sets additional requirements for the preparation, signing, and approval of board and membership meeting minutes. It enables credit unions to provide or facilitate digital asset services to members via authorized third-party vendors, provided there is proper review, written contracts, and mandatory risk disclosures. The measure authorizes credit unions to offer fee-based motor vehicle debt cancellation products, considering them loan products rather than insurance. In addition, it extends allowable investments to include commercial mortgage-related securities and collateralized mortgage obligations as defined by federal law. These changes take effect immediately upon enactment.

The action for SB3113 is recorded as 'Third Reading - Short Debate - Passed.'

DeLaRosa holds a Bachelor of Science from DePaul University.

DeLaRosa, a Democrat, began representing Illinois’ 42nd House District after winning office in 2025, succeeding former state representative Terra Costa Howard.

In Illinois, the legislative process involves several steps starting in either the House or Senate, followed by committee evaluations, floor discussions, and voting in both chambers before reaching the governor, who can sign or veto a bill. The General Assembly schedules new sessions every two years, and while thousands of proposals are introduced, only a small percentage become law.