Stava-Murray supports SB3113 to expand digital asset services for Illinois credit unions

Rep. Anne Stava-Murray (D-81st) cast a Yes vote on SB3113, legislation to revise the Illinois Credit Union Act and permit digital asset services, during the 104th General Assembly on May 31, 2026, the Illinois House reported; the measure passed the chamber by a 112-2 vote.

The bill's official text identifies it as "CREDIT UNIONS-VARIOUS."

The following summary clarifies key provisions of the legislation and may reflect interpretive details for better understanding.

Essentially, the bill updates the Illinois Credit Union Act by permitting a credit union's registered agent office to be at a different location than its principal address and standardizes procedures for preparing, signing, and approving board and membership meeting minutes. It authorizes credit unions to deliver or arrange digital asset services for members through approved third parties, requiring due diligence, written contracts, and risk disclosures. The legislation allows for credit unions to provide fee-based motor vehicle debt cancellation products, categorizing them as loan-related rather than insurance. Additionally, it broadens permissible credit union investments to include commercial mortgage securities and collateralized mortgage obligations as defined by federal guidelines. The bill is effective immediately.

For SB3113, the recorded action was 'Third Reading - Short Debate - Passed.'

Stava-Murray earned a BA from Dartmouth College in 2008.

Stava-Murray, who belongs to the Democratic Party, began representing Illinois’ 81st House District in 2019, succeeding David S. Olsen.

Legislation in Illinois follows a multi-step legislative process that starts with a bill’s introduction in either the House or Senate, moves through committee evaluation, floor debates, and votes in both legislative chambers, and ends with the governor’s approval or veto. The General Assembly meets on a biennial basis, and while thousands of bills may be introduced per session, only a small number are enacted into law.