Hirschauer backs SB3113 to expand digital asset and investment services for credit unions

Rep. Maura Hirschauer (D-49th) cast a Yes vote for SB3113 during the 104th General Assembly on May 31, 2026, permitting credit unions to provide digital asset services and diversify investment options. The Illinois House approved the bill by a vote of 112-2.

The official bill summary describes the measure as: "CREDIT UNIONS-VARIOUS."

Below is a summary based on the bill’s actual language, including interpretative content to clarify its major components.

The legislation updates the Illinois Credit Union Act, permitting a credit union's registered agent office to be different from its main business address and requiring explicit procedures for documenting, signing, and approving minutes from board and membership meetings. It enables credit unions to facilitate or provide digital asset services via designated third parties when certain due diligence, formal agreements, and risk disclosures are in place. The bill also allows credit unions to offer fee-based motor vehicle debt cancellation products, treating these as loan products and not insurance. Additional changes expand qualifying investments to include commercial mortgage-related securities and collateralized mortgage obligations as defined under established federal regulations. The law takes immediate effect.

The recorded action on SB3113 was 'Third Reading - Short Debate - Passed'.

Hirschauer holds a BA from Colby College.

A Democrat, Hirschauer was elected in 2021 to serve the 49th House District, succeeding former state representative Karina Villa.

Illinois bills move through a multi-step process that starts with introduction in either chamber, committee examination, debate on the floor, and votes in both the House and Senate before being sent to the governor. The General Assembly meets every two years and considers thousands of bills each session; only a small portion become law.