ActorsFCU News

January 17, 2020

Coogan Law now in effect in Illinois

The Coogan Law, also known as the California Child Actor’s Bill, is now in effect in Illinois.  Illinois is the fifth state to enforce the Coogan law; joining California, New York, Louisiana, and New Mexico. As of January 1st, 2020, minor performers who live or work in Illinois are required to adhere to the Coogan Law.

 

The Coogan Law stipulates that all preforming minors have a “Coogan account” (i.e., blocked trust account) to hold 15% of their earnings until they reach adulthood.  Adulthood is typically defined as 18-years old.  In Illinois, Coogan accounts will be required for all minors under the age of 16.  The law applies to both union and non-union acting and modeling work.


Actors Federal Credit Union is an industry leader in Coogan accounts.  The credit union has been offering Coogan accounts for more than a decade, and currently manages over $23 million in deposits for 8,200+ performing minors.

 

The credit union opens Coogan accounts for minors with or without union affiliation, and there are no minimum balance requirements and no monthly fees.  Actors Federal Credit Union has a Chicago office located inside the Actors’ Equity Association building in the West Loop.  However, Coogan accounts can be opened remotely by downloading an application from the credit union’s website.

 

The credit union also offers Youth Savings accounts separate from their Coogan accounts.  Separate youth accounts are an excellent way for parents to manage the other 85% of their child's earnings.

 

Question?  Please contact Actors Federal Credit Union’s Chicago Branch Manager, Cathy Valenzuela at (212) 869-8926, ext. 339 or cvalenzuela@actorsfcu.com

 

Learn more about Coogan Trust Accounts

 

About Actors Federal Credit Union: Actors Federal Credit Union is a full service financial cooperative headquartered in New York, New York.  The credit union maintains branch offices in Chicago, Los Angeles, and North Hollywood.  Since its founding in 1962, the credit union has grown to service nearly 25,000 members in all fifty states