Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
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made to the current law.
(205 ILCS 305/57.1)
Services to other credit unions.
A credit union may act as a representative of and enter into an agreement with credit unions or other organizations for the purposes of:
(1) sharing, utilizing, renting, leasing, purchasing,
selling, and joint ownership of fixed assets or engaging in activities and services that relate to the daily operations of credit unions; and
(2) providing correspondent services to other credit
unions or other organizations that the service provider credit union is authorized to perform for its own members or as part of its operations, including, but not limited to, loan processing, loan servicing, member check cashing services, disbursing share withdrawals and loan proceeds, cashing and selling money orders, ACH and wire transfer services, implementation and administrative support services related to the use of debit cards, payroll debit cards, and other prepaid debit cards and credit cards, coin and currency services, performing internal audits, and automated teller machine deposit services.
(Source: P.A. 100-201, eff. 8-18-17; 101-567, eff. 8-23-19.)