(205 ILCS 305/13) (from Ch. 17, par. 4414)
    Sec. 13. General powers. A credit union may:
        (1) Make contracts; sue and be sued; and adopt and
    
use a common seal and alter the same;
        (2) Acquire, lease (either as lessee or lessor),
    
hold, pledge, mortgage, sell and dispose of real property, either in whole or in part, or any interest therein, as may be necessary or incidental to its present or future operations and needs, subject to such limitations as may be imposed thereon in rules and regulations promulgated by the Secretary; acquire, lease (either as lessee or lessor), hold, pledge, mortgage, sell and dispose of personal property, either in whole or in part, or any interest therein, as may be necessary or incidental to its present or future operations and needs;
        (3) At the discretion of the board of directors,
    
require the payment of an entrance fee or annual membership fee, or both, of any person admitted to membership;
        (4) Receive savings from its members in the form of
    
shares of various classes, or special purpose share accounts; act as custodian of its members' accounts; issue shares in trust as provided in this Act;
        (5) Lend its funds to its members and otherwise as
    
hereinafter provided;
        (6) Borrow from any source in accordance with policy
    
established by the board of directors to a maximum of 50% of capital, surplus and reserves;
        (7) Discount and sell any obligations owed to the
    
credit union;
        (8) Honor requests for withdrawals or transfers of
    
all or any part of member share accounts, and any classes thereof, in any manner approved by the credit union board of directors;
        (9) Sell all or a part of its assets or purchase all
    
or a part of the assets of another credit union and assume the liabilities of the selling credit union, subject to the prior approval of the Director, which approval shall not be required in the case of loan transactions otherwise authorized under applicable law;
        (10) Invest surplus funds as provided in this Act;
        (11) Make deposits in banks, savings banks, savings
    
and loan associations, trust companies; and invest in shares, classes of shares or share certificates of other credit unions;
        (12) Assess charges and fees to members in accordance
    
with board resolution;
        (13) Hold membership in and pay dues to associations
    
and organizations; to invest in shares, stocks or obligations of any credit union organization;
        (14) Declare dividends and pay interest refunds to
    
borrowers as provided in this Act;
        (15) Collect, receive and disburse monies in
    
connection with providing negotiable checks, money orders and other money-type instruments, and for such other purposes as may provide benefit or convenience to its members, and charge a reasonable fee for such services;
        (16) Act as fiscal agent for and receive deposits
    
from the federal government, this State, or any other state, or any agency or political subdivision thereof, including, but not limited to, political subdivisions as defined in subsection (b) of Section 59. The receipt of deposits from any state other than Illinois, or any agency or political subdivision thereof, shall not exceed the total limit of the greater of 50% of paid-in and unimpaired capital and surplus or $3,000,000 as described in 12 CFR 701.32 and shall otherwise comply with the requirements of 12 CFR 701.32;
        (17) Receive savings from nonmembers in the form of
    
shares or share accounts in the case of credit unions serving predominantly low-income members. The term "low income members" shall mean those members who make less than 80% of the average for all wage earners as established by the Bureau of Labor Statistics or those members whose annual household income falls at or below 80% of the median household income for the nation as established by the Census Bureau. The term "predominantly" is defined as a simple majority;
        (18) Establish, maintain, and operate terminals as
    
authorized by the Electronic Fund Transfer Act;
        (19) Subject to Article XLIV of the Illinois
    
Insurance Code, act as the agent for any fire, life, or other insurance company authorized by the State of Illinois, by soliciting and selling insurance and collecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said credit union and the insurance company for which it may act as agent; provided, however, that no such credit union shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal; and provided further, that the credit union shall not guarantee the truth of any statement made by an assured in filing his application for insurance; and
        (20) Make reasonable contributions to civic,
    
charitable, or service organizations not organized for profit; religious corporations; and fundraisers benefiting persons in the credit union's service area.
(Source: P.A. 103-1034, eff. 8-9-24.)