Sen. Linda Holmes supports SB3113 to broaden credit union powers in digital assets and investments

Sen. Linda Holmes (D-42nd) backed SB3113 with a Yes vote during the 104th General Assembly on May 31, 2026, as shown in records from the Illinois Senate. The legislation passed with 50 senators in favor and 6 opposed.

The official bill summary describes it as "CREDIT UNIONS-VARIOUS."

The analysis below is derived from the bill’s actual language and aims to clarify its main components.

This measure updates the Illinois Credit Union Act to permit a credit union’s registered agent office to be located at an address different from its principal business location. It introduces clearer processes for drafting, signing, and approving both board and membership meeting minutes. The bill allows credit unions to offer or facilitate digital asset services via approved third parties if due diligence is performed, agreements are in writing, and risk disclosures are issued. Additionally, it lets credit unions provide fee-based motor vehicle debt cancellation products, classifying such products as loan-related rather than insurance. The scope of allowable investments is extended to include commercial mortgage-related securities and collateralized mortgage obligations compliant with certain federal requirements. The law is set to take effect immediately.

For SB3113, the official action recorded was 'House Floor Amendment No. 2 Senate Concurs'.

Holmes earned her BA from National College of Education in 1984.

A member of the Democratic Party, Holmes was first elected to the Illinois State Senate in 2007, succeeding Phyllis Petka as the representative for the 42nd Senate District.

Illinois legislation progresses through a multi-step process beginning with introduction in either legislative chamber, followed by committee examination, full chamber debates, and votes in both houses before proceeding to the governor for approval or veto. The General Assembly meets every two years, and while thousands of bills enter the process each session, relatively few are enacted as law.