Amends the Illinois Credit Union Act. Provides that the business office for a credit union's registered agent may, but is not required to, be (instead of shall be) the same as the principal place of business of the credit union. In provisions concerning meetings of directors, sets forth provisions concerning the preparation and approval of meeting minutes. Adds provisions concerning disclosure and due diligence requirements for credit unions when providing digital asset services or contracting with a covered person or digital asset service provider and provisions concerning sales of debt cancellation services and products by a credit union to its members. In provisions concerning the investment of funds not used in loans, provides that the funds may be invested in commercial mortgage related securities and collateralized mortgage obligations to aid in the credit union's management of its assets, liabilities, and liquidity. Effective immediately.
Senate Committee Amendment No. 1: Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Makes changes to senior management official and executive officer provisions. In provisions concerning the delegation of duties by the board of directors, provides that the board of directors may delegate to the chief management official the hiring of employees other than the chief management official, including, without limitation, vice presidents and other officers (instead of just the hiring of employees other than the chief management official), and fixing their title, grade, and compensation (instead of just their compensation). Removes provisions concerning a credit union's authority to engage in digital asset business activity and perform custodial services. Provides that, when marketing or advertising digital assets, digital asset business activities conducted by covered persons or service providers (instead of digital asset business activities), and related administrative functions to the members of the credit union, the members shall receive the specified information. Makes changes to compliance requirements in provisions concerning the investment of credit union funds in commercial mortgage related securities and collateralized mortgage obligations. Effective immediately.
Senate Floor Amendment No. 2: Removes provisions concerning sales of debt cancellation services and products.
House Floor Amendment No. 2: Replaces everything after the enacting clause with the following. Amends the Illinois Oil and Gas Act. Defines terms. Provides that the Department of Natural Resources may charge a vacuum permit application fee of up to $300 per permit. Provides that a modification of a notice of violation of the Act may include the assessment of civil penalties not to exceed $4,000 (rather than $1,000) per day for each and every act of violation not including a falsification or misstatement of information. Provides that the specified annually collected temporary abandonment status fees shall be deposited into the Plugging and Restoration Fund, and one-half of all such fees shall be used solely for the Landowner Grant Program (rather than one-half of all such fees shall be deposited into the Plugging and Restoration Fund and one-half of all such fees so deposited shall be used solely for the Landowner Grant Program). Provides that any person who violates any provision of the Act or any valid rule, regulation, permit, or order of the Department, or who repeats or continues the violation shall be subject to a civil penalty not to exceed $2,000 a day for any violation lasting more than 90 days but less than 180 days and $4,000 a day for any violation lasting 180 days or more. Provides that any civil penalties that are assessed in excess of $1,000 per day shall be deposited into the Plugging and Restoration Fund. Provides that civil penalties may not be assessed until notice has been sent to the permittee, and such notice may be sent electronically at the time the notice of violation is sent to the Springfield office of the Department. Provides that a permittee may notify the Department if an extraordinary circumstance prevents abatement of a violation for which civil penalties are sought to be addressed against the permittee. Provides that the assessment of a civil penalty shall not begin until the extraordinary circumstance terminates, as set forth by rule. Provides that the process to declare an extraordinary circumstance, the Department's review and approval of the extraordinary circumstance, and any appeal of the Department's determination shall be set by rule. Makes other changes.

Statutes affected:
Introduced: 205 ILCS 305/20, 205 ILCS 305/29, 205 ILCS 305/57, 205 ILCS 305/59
Engrossed: 205 ILCS 305/15, 205 ILCS 305/20, 205 ILCS 305/26, 205 ILCS 305/29, 205 ILCS 305/30, 205 ILCS 305/57, 205 ILCS 305/59
Enrolled: 225 ILCS 725/1, 225 ILCS 725/6, 225 ILCS 725/8, 225 ILCS 725/14, 225 ILCS 725/26