republic-os/legislation/us/states/il/94th/sb-173.md

---
type: "Bill"
title: "CREDIT UNIONS-POWERS"
description: "Amends the Illinois Credit Union Act. Authorizes a credit union to: (i) make reasonable contributions to certain civic, charitable, religious, or service organizations and to fundraisers to benefit persons in the credit union's service area and (ii) to act as a trustee or custodian under health savings accounts and similar tax-advantaged plans established under the federal Internal Revenue Code. Provides that loan applications shall be made in the manner prescribed by the Credit Committee, credit manager, or loan officer (now, the applications are made in writing upon a prescribed form) and may be evidenced by an electronically stored or generated record. Provides that the signature on a loan application includes any symbol executed or adopted, or any security procedure employed or adopted, using electronic means or otherwise, by or on behalf of a person with intent to authenticate a record. Prohibits any individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited partnership, or joint venture that is not an authorized user from using any name or title that contains the words \"credit union\" or any abbreviation thereof. Authorizes the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation to impose a penalty of up to $10,000 for each violation. Effective immediately."
jurisdiction: "us/states/il"
legislature: "Illinois General Assembly"
session: "94th"
identifier: "SB 173"
citation: "Illinois SB 173 (94th)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 29
vote_count: 2
first_action: "2005-02-02"
last_action: "2005-07-08"
source: "openstates"
source_identifier: "ocd-bill/7d2b7563-6534-4f77-860e-f8ed3d8e7056"
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=173&GAID=8&DocTypeID=SB&LegId=15299&SessionID=50&GA=94"
source_hash: "0e0ec40ce1eb85c65ef61100dbd70b9bd5657a75c283be15f853ef6d792c1fcd"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-il"]
---

# Illinois SB 173 (94th) — CREDIT UNIONS-POWERS

Amends the Illinois Credit Union Act. Authorizes a credit union to: (i) make reasonable contributions to certain civic, charitable, religious, or service organizations and to fundraisers to benefit persons in the credit union's service area and (ii) to act as a trustee or custodian under health savings accounts and similar tax-advantaged plans established under the federal Internal Revenue Code. Provides that loan applications shall be made in the manner prescribed by the Credit Committee, credit manager, or loan officer (now, the applications are made in writing upon a prescribed form) and may be evidenced by an electronically stored or generated record. Provides that the signature on a loan application includes any symbol executed or adopted, or any security procedure employed or adopted, using electronic means or otherwise, by or on behalf of a person with intent to authenticate a record. Prohibits any individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited partnership, or joint venture that is not an authorized user from using any name or title that contains the words "credit union" or any abbreviation thereof. Authorizes the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation to impose a penalty of up to $10,000 for each violation. Effective immediately.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09400SB0173&GA=94&SessionId=50&DocTypeId=SB&LegID=15299&DocNum=173&GAID=8&Session=&print=true)
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09400SB0173eng&GA=94&SessionId=50&DocTypeId=SB&LegID=15299&DocNum=173&GAID=8&Session=&print=true)
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09400SB0173enr&GA=94&SessionId=50&DocTypeId=SB&LegID=15299&DocNum=173&GAID=8&Session=&print=true)

## Votes

- Third Reading — **114–0** (pass) · lower
- Third Reading — **56–0** (pass) · upper

## Sponsors

- Mike Boland — cosponsor (person)
- Terry Link — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2005-02-02** Filed with Secretary by Sen. Terry Link `filing`
- **2005-02-02** First Reading `reading-1`
- **2005-02-02** Referred to Rules `referral-committee`
- **2005-02-03** Assigned to Financial Institutions `referral-committee`
- **2005-02-24** Do Pass Financial Institutions; 006-000-000 `committee-passage`
- **2005-02-24** Placed on Calendar Order of 2nd Reading March 1, 2005
- **2005-03-01** Second Reading `reading-2`
- **2005-03-01** Placed on Calendar Order of 3rd Reading March 2, 2005
- **2005-03-08** Third Reading - Passed; 056-000-000 `reading-3, passage`
- **2005-03-08** Arrived in House `introduction`
- **2005-03-08** Placed on Calendar Order of First Reading `reading-1`
- **2005-03-10** Chief House Sponsor Rep. Angelo Saviano
- **2005-03-15** Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons
- **2005-03-15** First Reading `reading-1`
- **2005-03-15** Referred to Rules Committee `referral-committee`
- **2005-04-05** Assigned to Financial Institutions Committee `referral-committee`
- **2005-04-11** Added Alternate Chief Co-Sponsor Rep. Thomas Holbrook
- **2005-04-26** Do Pass / Short Debate Financial Institutions Committee; 026-000-000 `committee-passage`
- **2005-04-27** Placed on Calendar 2nd Reading - Short Debate
- **2005-04-27** Added Alternate Co-Sponsor Rep. Mike Boland
- **2005-04-28** Second Reading - Short Debate `reading-2`
- **2005-04-28** Placed on Calendar Order of 3rd Reading - Short Debate
- **2005-05-04** Added Alternate Chief Co-Sponsor Rep. Kurt M. Granberg
- **2005-05-05** Third Reading - Short Debate - Passed 114-000-001 `reading-3, passage`
- **2005-05-05** Passed Both Houses
- **2005-06-03** Sent to the Governor `executive-receipt`
- **2005-07-08** Governor Approved `executive-signature`
- **2005-07-08** Effective Date July 8, 2005
- **2005-07-08** Public Act . . . . . . . . . 94-0150 `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/7d2b7563-6534-4f77-860e-f8ed3d8e7056`. Confidence: reported (aggregated from official Illinois legislature records).