Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/57.1

(205 ILCS 305/57.1)
Sec. 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.)