205 ILCS 305/57.3: Digital asset services.

(a) For purposes of this Section, the terms "covered person", "digital asset", "digital asset business activity", and "service provider" have the meanings given to those terms in the Digital Assets and Consumer Protection Act.

(b) A credit union may establish relationships with covered persons and service providers in connection with the offering or provision by those covered persons or service providers of a digital asset business activity to enable the members of the credit union to hold, buy, and sell digital assets. The credit union shall have the authority to perform administrative functions related to digital asset business activity to facilitate digital asset transactions between its members and covered persons and service providers.

(c) A credit union must exercise appropriate due diligence in selecting a covered person or service provider with whom to do business, and the written agreement between the credit union and covered person or service provider must address:

(1) the features of the digital asset program;

(2) the responsibilities and duties of the covered person or service provider and credit union under the program;

(3) the confidentiality, security, disclosure, and processing of credit union member information;

(4) the applicable reporting and termination provisions; and

(5) compliance with the requirements of all applicable laws.

(d) When marketing or advertising digital assets, digital asset business activities conducted by covered persons or service providers, and related administrative functions to the members of the credit union, the members shall be informed that the digital assets:

(1) are not federally insured or insured by any other insurer approved by the Secretary;

(2) are not guaranteed by the credit union;

(3) are or may be speculative and volatile;

(4) may have associated fees;

(5) may not allow member recourse; and

(6) are or are not being offered by a third party.