Sen. Laura Ellman supports SB3113 to revise credit union laws, increase digital asset offerings

On May 31, 2026, Sen. Laura Ellman (D-21st) cast a Yes vote on SB3113 during the 104th General Assembly, supporting updates to credit union rules and expansion of digital asset offerings. The Illinois Senate passed the bill with a 50-6 vote.

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

This overview, derived from the full bill, includes some explanation to better outline its provisions.

SB3113 modifies the Illinois Credit Union Act, letting a credit union’s registered agent office be different from its main business location and establishing more detailed requirements for the preparation, execution and approval of board and membership meeting minutes. It allows credit unions to offer or facilitate digital asset services through third-party providers, provided there is proper due diligence, written contracts, and clear risk disclosure to members. The measure permits fee-based motor vehicle debt cancellation products, defining them as loan assistance instead of insurance. The new law also broadens approved investments to encompass commercial mortgage securities and collateralized mortgage obligations, within specified federal guidelines. The bill goes into effect immediately.

The legislative record for SB3113 reads, 'House Floor Amendment No. 2 Senate Concurs.'

Ellman earned her bachelor’s degree from Grinnell College in 1987.

First elected in 2019, Ellman, a Democrat, serves the 21st Senate District, succeeding Michael Connelly in the role.

In Illinois, legislative proposals follow a multi-step process, beginning with introduction in either legislative chamber, continuing through committee evaluations, floor discussion, and required approvals by both chambers, before reaching the governor for further action. The General Assembly convenes on a biennial cycle and considers thousands of bills each period, though only a select number advance to become law.