SB3217 Summary

• Amends the Illinois Credit Union Act to allow surviving spouses of credit union members to become members within 6 months of the member's death by paying required fees and subscribing for shares.

• Adds automatic expulsion provisions requiring members who fail to maintain one fully paid share to re-subscribe within 30 days or be automatically expelled from the credit union.

• Permits credit unions to adopt age eligibility policies requiring members to be at least 18 years old to vote, sign nominating petitions, or hold elective or appointive office.

• Allows credit unions to implement one-member-one-vote bylaws amendments where individual natural person members cast one vote each regardless of share ownership, instead of voting by number of shares held.

• Establishes that Illinois-chartered credit unions resulting from mergers, consolidations, or conversions are considered the same corporate entity as the predecessor credit unions and automatically inherit all property, rights, liabilities, and obligations.