IL SB1813

Permits credit unions to satisfy written notice and document delivery requirements through electronic records and delivery methods, including posting on websites or disclosing in newsletters and account statements.

Expands member expulsion grounds to include fraud, misdeed, and inappropriate behavior (physical or verbal abuse), allows senior management officials to expel members with 30-day appeal rights to the board, and requires 30-day advance notice to members before expulsion policy becomes effective.

Allows directors and committee members to receive reasonable compensation with amounts set by the board and disclosed annually to members; establishes Department authority to set maximum compensation rates by rule.

Permits credit unions to deduct dormancy charges or escheat fees from unclaimed property transfers to state administrators, and allows allocation of deductions as minimum share amounts to preserve member status.

Authorizes credit unions to provide correspondent services and loan servicing to other credit unions and organizations, and allows purchase of loan interests from other financial institutions with credit analysis and risk management procedures.