A multi-mode quick-release chuck assembly is adapted for receiving tool bits having varying shank cross-sectional-sizes. The chuck assembly includes a hub having a longitudinal hub bore for receiving tool bits, a locking mechanism to retain the tool bits, and a sleeve. The sleeve is slidable between a first and a second sleeve position to engage and disengage the locking mechanism from the tool bit. Within the longitudinal hub bore is an elastic body, and a slidably disposed plunger. The longitudinal hub bore is adapted to receive a first tool bit having a first profile, and the plunger is adapted to receive a second tool bit having a second profile that is smaller than the first profile. The elastic body acts to bias the plunger towards the forward end of the hub into a first position. The first tool bit is inserted into the longitudinal hub bore displacing the plunger.