Sen. Seth Lewis supports SB3113 to expand digital asset offerings for credit unions

Sen. Seth Lewis (R-24th) supported SB3113 on May 31, 2026, during the 104th General Assembly, backing a measure that would allow credit union members access to digital asset services, as shown in records from the Illinois Senate. The bill advanced with a 50-6 Senate vote.

The bill summary describes this legislation as: "CREDIT UNIONS-VARIOUS."

This summary draws on the actual bill language and may interpret sections for clarification purposes.

Fundamentally, the bill revises the Illinois Credit Union Act to allow a credit union’s registered agent office to be at a different location than its principal business office. It clarifies procedures for documenting, signing and accepting board and membership meeting minutes. Credit unions would be permitted to facilitate digital asset services for members through vetted third parties, provided due diligence, formal agreements and required risk disclosures are completed. The bill also enables credit unions to offer fee-based motor vehicle debt cancellation products—treating them as related to loans rather than as insurance. It authorizes investment in commercial mortgage-backed securities and collateralized mortgage obligations in line with certain federal rules. The legislation will take effect upon passage.

The official legislative action for SB3113 was noted as 'House Floor Amendment No. 2 Senate Concurs.'

Lewis received his BS from the University of Iowa in 1991.

A Republican, Lewis began serving in the Illinois Senate in 2023, representing the 24th District after succeeding former state senator Suzy Glowiak.

In Illinois, bills undergo a multi-stage legislative process that starts with introduction in either legislative chamber, proceeds to committee hearings and floor debates, and requires votes in both the House and Senate before reaching the governor for signature or veto. The General Assembly holds sessions every two years, and although thousands of bills may be submitted each session, only a limited number ultimately become law.